Silver Outperforms Gold in Highest Close Since June

On Monday, gold (NYSEARCA:GLD) futures for December delivery increased $3.60 to settle at $1,623 per ounce, while silver (NYSEARCA:SLV) futures jumped 59 cents to close at $28.59. It was silver’s biggest move in three weeks and its highest close since June.

The U.S. dollar index fell to as low as 82.38, as the European Central Bank denied speculation that they are preparing to deploy interest rate caps on government bond yields in struggling euro zone countries such as Spain and Italy.

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“It is absolutely misleading to report on decisions which have not yet been taken and also on individual views, which have not yet been discussed by the ECB’s Governing Council,” an ECB representative said.

In afternoon trading, the SPDR Gold Trust (NYSEARCA:GLD) gained 0.34 percent, while the iShares Silver Trust (NYSEARCA:SLV) surged 2.57 percent. Gold miners (NYSEARCA:GDX) such as Newmont Mining (NYSE:NEM) and Barrick Gold (NYSE:ABX) both increased more than 1 percent. Meanwhile, silver names such as Silver Wheaton (NYSE:SLW) and First Majestic (NYSE:AG) jumped 2.07 percent and 2.97 percent, respectively.

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Disclosure: Long EXK, AG, HL, PHYS