Gold Extends Winning Streak

Wall St. Cheat Sheet

On Thursday, gold (NYSEARCA:GLD) futures for August delivery edged 20 cents higher to settle at $1,619.60 per ounce, while silver (NYSEARCA:SLV) futures fell 53 cents to close at $28.41. Gold has now closed higher the past five trading days.

Conditions continue to set the tone for more quantitative easing to be announced by central banks. The Labor Department reported that more Americans “unexpectedly” applied for jobless benefits. Claims for unemployment insurance increased 6,000 to 386,000 in the week ended June 9. Economists projected the number of claims to decrease to around 375,000.

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“The data shows that there is skepticism on the part of companies that are hiring,” said Peter Cardillo, an economist at Rockwell Global Capital in New York. Claims for unemployment benefits have now increased five of the past six weeks.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) gained .40 percent, while the iShares Silver Trust (NYSEARCA:SLV) dropped .68 percent. Gold miners (NYSEARCA:GDX) such as Goldcorp Inc. (NYSE:GG) and Newmont Mining (NYSE:NEM) half a percent, while Barrick Gold (NYSE:ABX) jumped nearly 1 percent. Silver miners (NYSEARCA:SIL) Coeur d’Alene Mines (NYSE:CDE) and Endeavour Silver (NYSE:EXK) increased .80 percent and 1.16 percent, respectively.

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Disclosure: Long EXK, AG, HL, PHYS