Gold and Silver Rebound, Freeport SURGES Almost 5%

Wall St. Cheat Sheet

On Thursday, gold (NYSEARCA:GLD) futures for August delivery increased $9.60 to settle at $1,580.40 per ounce, while silver (NYSEARCA:SLV) futures edged 12 cents higher to close at $27.22.

Both precious metals climbed higher as the U.S. dollar index declined to as low as 82.73, despite Spanish yields rising above 7 percent. Thursday morning, Spain raised nearly 3 billion euros in a bond auction. The yield on the country’s 10-year hit 7.03 percent.

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The WSJ reports, “Thursday’s results make clear markets are exceptionally wary, and raise the troubling specter that Spain won’t be able to find enough buyers for the debt it needs to sell.” However, the euro held steady and briefly touched its highest level against the dollar in almost two weeks.

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In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) increased 0.26 percent, while the iShares Silver Trust (NYSEARCA:SLV) traded flat. Gold miners (NYSEARCA:GDX) such as Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) both popped more than 1 percent. Silver names such as Endeavour Silver (NYSE:EXK) and Silver Wheaton (NYSE:SLW) jumped 1.16 percent and 1.29 percent, respectively.

Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) surged 4.82 percent after the company released financial results for the second-quarter. Net income fell to $710 million (74 cents per share), compared to $1.37 billion ($1.43 per share) a year earlier. However, excluding charges for litigation reserves and environmental liabilities, the company earned 80 cents per share, topping analyst estimates of 75 cents per share.

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Disclosure: Long EXK, AG, HL, PHYS