Gold and silver shares advanced Friday amid widespread gains in precious metals and the broader equity markets.
The Philadelphia Gold & Silver Index (XAU), comprised of the world’s largest precious metals companies, jumped 1.5% to 184.21 in morning trading. Two of the XAU’s top performers were Gold Fields (GFI) and Harmony Gold (HMY), which climbed 2.9% and 3.1%, respectively. Among silver shares, Pan American Silver (PAAS) rallied 2.1% and Silver Wheaton (SLW) added 2.2%.
In Canada, the S&P/TSX Global Gold Index posted a more modest gain, rising 0.4% to 371.88.
COMEX gold futures bounced back from a four-day losing streak, by $25.90, or 1.6%, to $1,638.80 per ounce. Silver futures rose $0.88, or 2.9%, to $31.17 per ounce.
U.S. equity markets surged higher, with the Dow Jones Industrial Average (DJIA) up 201.32 points, or 1.7%, at 11,742.80. Risk aversion noticeably subsided, as the CBOE Volatility Index (VIX) tumbled 7.4% to 32.20.
The broad-based rally was fueled in part by renewed hopes that European policymakers were making progress in tackling the sovereign debt crisis. Euro zone finance ministers began a six-day meeting on Friday to develop a more robust plan to prevent a Greek default and to help recapitalize many European banks.
Extorre Gold Mines Makes Key Appointments at Cerro Moro
- Mr. Mulroney is a qualified Mining Engineer with over 25 years' global experience in project management and mine development.
- He has held the positions of Project Director for Kula Gold at the Woodlark Project in PNG, Project Manager for Santa Barbara Mines Ltd in Western Australia, and General Manager Development for Mirabella's Santa Rita nickel mine in Brazil.
- For the past 13 years Mr. Calocchia has held senior management positions in mining companies operating in Santa Cruz Province, Argentina.
- Most recently, he held the positions of Country Manager and Institutional Relations / Legal Manager for Andean Resources Ltd (now Goldcorp Inc).