Gold advanced for a fourth straight session as the US Dollar weakened. Traders continue to weigh the prospects for further QE from the Federal Reserve and other Central Banks. The Fed meets on June 19-20th.
Today’s economic data supported the prospects for Fed action. US retail sales fell and producer prices in May saw their biggest one-month drop in almost three years.
The gold and silver stocks were positive for most of the day but finished mixed. GDX inched higher by 0.1% while GDXJ declined 1.5% and SIL dropped 0.3%.
Our screen of 70 gold and silver stocks ranged mostly from +2% to -3%. Mcewen Mining gained 6% and Alacer Gold gained 5%.