The FED Provides a BOOST for Gold and Silver

On Wednesday, gold (NYSEARCA:GLD) futures for December delivery decreased $2.40 to settle at $1,640.50 per ounce, while silver (NYSEARCA:SLV) futures edged 13 cents higher to close at $29.56. It was silver’s six consecutive trading day of gains.

Both precious metals received a boost later in the day after the Federal Reserve released its minutes from the July 31-August 1 policy meeting. The central bank did not take immediate action today, but rather hinted of more easing to come.

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“Many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery,” the minutes said.

By the end of the day, the SPDR Gold Trust (NYSEARCA:GLD) gained 1.08 percent, while the iShares Silver Trust (NYSEARCA:SLV) closed nearly 2 percent higher. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and Goldcorp (NYSE:GG) jumped 3.82 percent and 2.75 percent, respectively. Meanwhile, First Majestic Silver (NYSE:AG) and Hecla Mining (NYSE:HL) increased 3.01 percent and 2.53 percent, respectively.

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Disclosure: Long EXK, AG, HL, PHYS