(May 17 2012)
Many gold and silver miners enjoyed a rally today, thanks to a recovery rally in silver and gold prices. Gold rallied today on shortcovering and bargain hunting to end 2.5% higher at $1,574.90 an ounce. Gold closed at a 10-month low of $1526.70 an ounce on Wedensday. Silver futures for July delivery surged 3 percent to $28.02 an ounce, the biggest advance since April 12.
Here are some of the major mover’s in Thursday’s regular session:
McEwen Mining Inc. (NYSE: MUX) Closed Up 8.48%
Great Panther Silver Ltd (NYSEAMEX: GPL) Closed Up 12.99%
A rebound rally may have also contributed, GPL plunged on Wednesday.
Extorre Gold Mines Limited (NYSEAMEX: XG) Closed Up 15.8%
In addition to the rise in silver prices- a company’s update added to the rally. XG announced high grade drilling results from its Cerro Morro project in Argentina- including 5.00 meters at 54.0 grams per ton (g/t) gold and 7,155 g/t silver.
Gabriel Resources (TSE:GBU) Closed Up 26.47%
Reported that a written judgment confirmed that the urbanism plans currently in place for the Rosia Montana gold and silver Project in Romania remain legal and valid.