Gold and Silver Miners Lead the Charge Higher
Both precious metals posted modest gains following large moves made on Friday, when the Labor Department announced that the U.S. economy added a net 163,000 jobs for July. However, part-time jobs played a large part in the report and the unemployment rate still ticked higher, keeping additional stimulus hopes alive.
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Today, the U.S. dollar index, which compares the greenback against six other fiat currencies, fell to as low as 82.09. A weaker dollar and geopolitical issues also aided crude oil, which gained nearly 1 percent to climb above $92 per barrel.
In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.57 percent, while the iShares Silver Trust (NYSEARCA:SLV) bounced 0.63 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Newmont Mining (NYSE:NEM) jumped 3 percent and 4 percent, respectively. Meanwhile, First Majestic Silver (NYSE:AG) surged nearly 8 percent and Hecla Mining (NYSE:HL) gained 4.5 percent.
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Disclosure: Long EXK, AG, HL, PHYS