The broader U.S. equity markets oscillated between gains and losses on Thursday as investors digested the impact of monetary policy meetings in England and the euro zone. The S&P 500 Index inched higher by 0.1% to 1,351.20 in mid-day trading, while the Dow Jones Industrial Average (DJIA) rose 0.2% to 12,905.48 – near a three and a half year high for the benchmark index.
Across the Atlantic, the Bank of England announced a £50 billion increase in its quantitative easing program, while the European Central Bank (ECB) reiterated the need for record low interest rates to combat escalating sovereign debt risks.
Gold and silver shares fared better than the broader markets, as the Philadelphia Gold & Silver Index (XAU) climbed 0.6% to 200.12. The sector was lifted by gains in precious metals, as COMEX gold futures rose 1.1% to $1,750.10 per ounce and silver jumped 1.3% to $34.14 per ounce.
Among gold producers, notable advancers included Gold Fields (GFI) and Newmont Mining (NEM), which rose 0.7% and 1.0%, respectively. Among silver stocks, Hecla Mining (HL) added 1.1% and Silver Standard Resources (SSRI) rose 0.6%.
Fortuna Delivers 5th Straight Year of Production Growth
- Fortuna delivered its fifth consecutive year of silver production growth and sustained low cash costs per silver ounce
- The Company issued 2012 production guidance of 3.7 million ounces of silver and 17,400 ounces of gold, or 4.6 million silver equivalent ounces plus base metal credits
- Exploration at San Jose in 2012 will continue to concentrate on the evaluation and advancement of multiple mineral occurrences outlined through mapping and stream and soil sampling
- Caylloma District exploration for 2012 includes 24,000 meters of diamond drilling and 3,500 meters of underground drifting and is focused on the evaluation of high-grade silver targets on the 32,000 hectare land package controlled around the mine
