Gold and silver shares relinquished a portion of their gains as Fed Chairman Ben Bernanke began his post-FOMC press conference on Wednesday.
The Philadelphia Gold & Silver Index (XAU) climbed as much as 3.5% this morning, but was higher by just 1.4% this afternoon. Notable advancers included XAU components Goldcorp (GG), Randgold Resources (GOLD), and Silver Standard Resources (SSRI) – which rose 2.0%, 3.0%, and 1.2%, respectively.
The sector largely followed the broader equity markets, with the Dow Jones Industrial Average up 161.66 points at 11,819.62 as of 2:40pm ET after earlier rising as much as 218.87 points to 11,876.83.
Source; http://www.goldalert.com/2011/11/gold-silver-shares-pare-gains-bernanke-press-conference-begins/
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