Gold and silver shares posted strong gains alongside precious metals on Tuesday, with the Philadelphia Gold & Silver Index (XAU) rising 4.40 points, or 2.3%, to 197.08 in mid-day trading.
Among gold producers, Barrick Gold (ABX) and Randgold Resources (GOLD) were two of the top performers. ABX climbed 2.0% to $48.33 per share and GOLD surged 3.8% to $101.53 per share.
Pan American Silver (PAAS) and Silver Wheaton (SLW), two of the world’s largest silver companies, advanced 2.8% to $28.58 and 4.3% to $33.65, respectively.
COMEX gold futures for December 2011 delivery rallied $70.40, or 4.4%, to $1,665.20 per ounce. Silver futures, per the COMEX December 2011 contract, soared $2.28, 7.6%, to 32.26 per ounce.
Strength in the gold and silver sectors was fueled by U.S. dollar weakness, as the euro rose 1.1% to 1.3609 against the greenback.
The broader equity markets charged higher as well, with the Dow Jones Industrial Average (DJIA) climbing 273.98 points, or 2.5%, to 11,317.84. Today’s rally put the Dow on pace for its best two-day gain since a 5.1% surge on August 11-12 of this year.
Colossus Strikes High Grade Gold at Serra Pelada
- Hole SPD-113 intersected several ultra high-grade subzones within a continuously mineralized intercept of 74.4m at 31.17 grams per tonne (g/t) gold, 3.02 g/t platinum and 6.78 g/t palladium in the Central Mineralized Zone (CMZ).
- These results confirm the continuity of and extend the high-grade CMZ in the first area to be underground bulk sampled in 2012.
- Hole SPD-115 intersected 11.65m at 57.28 g/t gold, 6.58 g/t platinum and 7.66 g/t palladium.
- A detailed geochemical program is nearing completion on the entire concession package and new targets have been generated.
