Both precious metals were relatively quiet in trading, as Federal Reserve Bank of Dallas President Richard Fisher spoke out against more central bank stimulus.
In an interview with Bloomberg Television, Fisher explained, “I believe we have done our job. We have done enough. It [easing] does not solve the problem.” He also cautioned that a move in the near future could be seen as a politically motivated action, due to the upcoming presidential election. Meanwhile, the U.S. dollar index edged higher to 82.53.
Investor Insight: Gold and Silver Lessons from Pawn Stars
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) traded flat, while the iShares Silver Trust (NYSEARCA:SLV) fell 0.33 percent. Gold miners (NYSEARCA:GDX) such as Goldcorp (NYSE:GG) and Yamana Gold (NYSE:AUY) both increased about 0.30 percent. Silver miners (NYSEARCA:SIL) such as First Majestic (NYSE:AG) and Endeavour Silver (NYSE:EXK) both jumped 0.70 percent.
Silver Wheaton (NYSE:SLW) shares surged more than 5 percent, after entering into a deal to help fund HudBay Minerals’ (NYSE:HBM) Constancia copper mine in Peru. Silver Wheaton will receive 100 percent of the life-of-mine silver production from HudBay’s 777 mine in Canada and the Constancia mine, according to WSJ.
Don’t Miss: The Mining Industry Welcomes Central Bank QE
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Disclosure: Long EXK, AG, HL, PHYS