Gold Poised to Rise on Central Bank Stimulus Expectations, Safety

With weak economic data coming in from China and the United States, and the ongoing sovereign debt crisis in Europe, it appears the probability of even more stimulus will be inevitable.

The presidential election in the United States, which is increasingly competitive, and could result in Obama getting routed as the economy continues to fall apart and he panders to his radical base.

It's highly improbable that more austerity will be put in place before elections, although some in the euro zone remain adamant about it, with the most important player - Germany - continuing to resist eurobonds without more controls in place.

Even then it's uncertain the euro zone will be allowed to go forward with the idea that all the countries can spend and go into debt with impunity, while the rest of the countries share their risk.

That won't work over time, but it could be attempted and put in place because of the politically religious commitment to the euro and the European Union, which both are in danger of collapsing.

Consequently, with expectations of more stimulus growing, currencies are coming under pressure again, with the U.S. among them, providing a positive environment for the rise in the price of gold and silver.

With the U.S. dollar losing appeal, gold is again rising in importance for the place to safely place capital. There really is no other alternative when the dollar falls out of favor, as most other currencies are in even worse shape.

Gold miners are also getting a closer look from investors, as they have been hit hard by the recent fall in price of gold.

A couple of companies receiving recent analyst attention are Randgold Resources Ltd. (NASDAQ: GOLD) and Yamana Gold (NYSE: AUY).

Randgold was upgraded by Goldman Sachs (NYSE: GS) from a "Sell" rating to a "Neutral" rating.

Yamana Gold was downgraded by Dundee from a "Buy" rating to a "Neutral" rating.

Randgold's (GOLD) Hammering Continues

Following its record breaking previous quarter, shares of Randgold Resources (NASDAQ: GOLD) continues to get pummeled by investors after its latest quarter results revealed the company profits were down by 28 percent and its gold production down 13 percent over the previous quarter.

So far it hasnt mattered to investors that the company profits were up 126 percent over the first quarter of 2011.

That hasn't influenced JPMorgan Chase (NYSE: JPM), which upgraded it from an "Underweight" rating to a "Neutral" rating.

Since its report on May 3, Randgold had plunged from $86.40 a share down to $77.37 a share, as of 1:56 PM EDT. It is down $3.55, or 4.39 percent on the day so far.

It appears the company is now being oversold.

Eldorado (EGO) (GOLD) (TC) (BAC) (RJF) (DB) (FGP) Ratings, Price Targets

Eldorado Gold Co. (EGO), Randgold Resources Ltd. (GOLD), Thompson Creek Metals (TC), Bank of America (BAC), Raymond James (RJF), Deutsche Bank (DB) and Ferrellgas Partners (FGP) had ratings and price targets on them adjusted by analysts.

Canaccord Genuity upgraded Eldorado Gold Co. (EGO) from a "Hold" rating to a "Buy" rating.

Stifel Nicolaus upgraded Randgold Resources Ltd. (GOLD) from a "Hold" rating to a "Buy" rating. They placed a price target of $110.00 on the company.

Deutsche Bank upgraded Thompson Creek Metals (TC) from a "Sell" rating to a "Hold" rating.

Guggenheim upgraded Bank of America (BAC) from a "Neutral" rating to a "Buy" rating. They placed a price target of $11.00 on the company.

Wells Fargo & Co. initiated coverage on Raymond James (RJF). They have an "Outperform" rating on the company.

TheStreet upgraded Deutsche Bank (DB) to a "Hold" rating.

JPMorgan Chase & Co. initiated coverage on Ferrellgas Partners (FGP). They placed an "Underweight" rating and a price target of $12.00 on the company.

Randgold (GOLD) (ANR) (DB) (DFS) (GS) (COR) Ratings, Price Targets

Randgold Resources Ltd. (GOLD), Alpha Natural Resources (ANR), Deutsche Bank (DB), Discover Financial Services (DFS), Goldman Sachs (GS) and CoreSite Realty Corp (COR) had ratings and price targets on them adjusted by analysts.

Citigroup downgraded Randgold Resources Ltd. (GOLD) from a "Buy" rating to a "Neutral" rating.

Davenport downgraded Alpha Natural Resources (ANR) from a "Buy" rating to a "Neutral" rating.

RBC Capital upgraded Deutsche Bank (DB) from a "Sector Perform" rating to a "Outperform" rating.

Goldman Sachs upgraded Discover Financial Services (DFS) from a "Neutral" rating to a "Buy" rating.

RBC Capital upgraded Goldman Sachs (GS) from a "Underperform" rating to a "Sector Perform" rating.

Citigroup downgraded CoreSite Realty Corp (COR) from a "Buy" rating to a "Neutral" rating.

John Paulson's Barrick (ABX) (GLD) (GOLD) (IAG) Positions Changed

After a rough 2011, which followed a record-breaking 2010, John Paulson changed his positions in gold-related stocks SPDR Gold Trust ETF (NYSE:GLD), Randgold Resources (NASDAQ:GOLD), Iamgold (NYSE:IAG) and Barrick Gold (NYSE:ABX).

SPDR Gold Trust ETF (GLD), which continues to remain his largest holding, was lowered by Paulson by close to 3 million shares, now owning 17.3 million shares in the gold ETF. As of December 31, SPDR Gold Trust shares held by Paulson had a market value $2.6 billion.

Randgold Resources (GOLD), Iamgold (IAG) and Barrick Gold (ABX) were among the 10 positions Paulson increased his holdings in, a nod towards the continued belief that some gold miners are still undervalued when measured against the price of gold.

Other gold holdings of Paulson include NovaGold (AMEX:NG), Gold Fields (NYSE:GFI) and AngloGold Ashanti (NYSE:AU).

Randgold (GOLD) (ABT) (UTHR) (BHE) (SANM) (BSX) Downgraded

Randgold Resources Ltd. (NASDAQ: GOLD), Abbott Laboratories (NYSE: ABT), United Therapeutics (NASDAQ: UTHR), Benchmark Electronics, Inc. (NYSE: BHE), Sanmina-SCI Co. (NASDAQ: SANM) and Boston Scientific (NYSE: BSX) downgraded by analysts.

Randgold Resources Ltd. (GOLD) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating.

Abbott Laboratories (ABT) was downgraded by Morgan Keegan from an “Outperform” rating to a “Market Perform” rating. They have a price target of $57.00 on the company, down from $60.00.

United Therapeutics (UTHR) was downgraded by JPMorgan Chase & Co. (NYSE:JPM) from an “Overweight” rating to a “Neutral” rating.

Benchmark Electronics, Inc. (BHE) was downgraded by RBC Capital from an “Outperform” rating to a “Sector Perform” rating. They have a price target of $13.00 on the company, down from $20.00.

Sanmina-SCI Co. (SANM) was downgraded by RBC Capital from a “Sector Perform” rating to an “Underperform” rating. They have a price target $5.00 on the company, down from $12.00.

Boston Scientific (BSX) was downgraded by Morgan Keegan from an “Outperform” rating to a “Market Perform” rating. They have a price target of $7.00 on the company, down from $8.00.

Randgold (GOLD), AngloGold (AU) Starting Construction on Kibali Project

The joint venture between Randgold (NYSE:GOLD) and AngloGold Ashanti(NYSE:AU) on the Kibali gold mine is about to enter into the construction stage, as relocation of residents to a new town built just for them has started.

There wasn't the typical level of resistance for the new town, which will eventually be made up of over 3,500 houses accommodating close to 15,000 people, a government office, church buildings, schools, 7 medical centers and 5 public market places.

While Randgold and AngloGold each hold 45 percent of the project, development responsibilities are Randgold's.

According to Randgold's CEO, Mark Bristow, he believes Kibali is the largest gold mine in Africa outside of South Africa.

It includes a Proven & Probable mineral reserve of 74.32 million tons of ore grading 4.21 g/t gold for a total of 10.05 million ounces of gold.

The most recent resource estimate places Measured and Indicated categories at 124 million tons grading 3.4 g/t for 13.54 million ounces and a further Inferred resource of 59 million tons at 2.6 g/t for 4.9 million ounces.

As the company explores and delineation drilling continues, an increasing amount of mineral resource is being brought into reserve status.

In the early years of production, gold output on an annual basis is expected to be at about 400,000 ounces.

AnglGold Ashanti was trading at $44.07, falling $0.34, or 0.77 percent, as of 10:11 AM EDT. Randgold was trading at $87.90, down $0.43, or 0.49 percent.

Randgold (GOLD) (HMY) (GRS) (ANV) (AUY) (GSS) Close Up on Higher Gold Prices

Harmony Gold Mining (NYSE:HMY), Randgold (NASDAQ:GOLD), Gammon Gold (NYSE:GRS), Allied Nevada Gold (AMEX:ANV), Yamana Gold (NYSE:AUY) and Golden Star Resources (AMEX:GSS) end higher as gold futures settled up.

Gold futures for August delivery roe $4 to $1,547.70 an ounce. Silver prices were also up, settling at $37.32 an ounce, gaining 2 percent.

The job market in the U.S. was also weak, as the number of people applying for unemployment benefits for the first time climbed to 427,000 last week. Economists had expected the number to fall to 419,000. The number applying for jobless benefits jumped from the prior week too, being upwardly revised from 422,000 to 426,000.

Gold was also stronger on the decision by the European Central Bank to keep its interest rate at the same level. It did give a nod toward raising interest rates in July.

The European Central Bank kept its key interest rate at 1.25 percent. The Bank of England left its main interest rate unchanged at 0.50 percent, a record low.

Golden Star Resources closed Thursday at $2.51, gaining $0.13, or 5.46 percent. Yamana Gold ended the day at $11.90, up $0.14, or 1.19 percent. Allied Nevada Gold closed at $31.62, jumping $0.09, or 0.29 percent. Gammon Gold ended the session at $9.51, climbing $0.54, or 6.02 percent. Randgold closed at $80.08, rising $3.04, or 3.95 percent. Harmony Gold Mining closed at $13.21, increasing $13.21, up $0.24, or 1.85 percent.

Randgold (GOLD) Trades Down as Gold Prices Fall

Randgold (GOLD) traded down as gold prices fell slightly on Thursday.

Gold for June delivery closed down $3.40, or 0.2 percent, at $1,492.40 a troy ounce on the Comex division of the New York Mercantile Exchange.

Silver prices ended the session down. July delivery for silver fell 16.5 cents, or 0.5 percent, to $34.932 a troy ounce.

The ICE Futures' dollar index was down 0.5 percent at 75.106. The U.S. dollar was down against most of its major peers at the end of trading Thursday.

Extremely bad news on Obama's economy pressured the commodity sector.

July contracts had copper falling 5.25 cents to settle at $4.0525 a pound and platinum dropped $10.90 to $1,769 an ounce. June palladium settled down $9.05 at $728.15 an ounce.

Housing sales and manufacturing data revealed an ongoing weak and fragile American economy.

Randgold Resources is a gold exploration and mining company which focuses primarily on African assets, including the 7.5 million ounce Morila deposit in southern Mali, the 7 million ounce Yalea deposit and the 5 million ounce Gounkoto deposit, both in western Mali, the 4 million ounce Tongon deposit in the Côte d’Ivoire and the 3 million ounce Massawa deposit in eastern Senegal. The tongon mine started pouring gold in the latter part of 2010. Mining was launched at Gounkoto in January 2011.

Randgold (GOLD) closed Thursday at $77.01, falling $0.77, or 0.99 percent.

Miners Barrick (ABX) (HMY) (GOLD) (MGH) (AZK) Trade Up

Shares of Barrick Gold (NYSE:ABX), Harmony Gold Mining (NYSE:HMY), Randgold (NASDAQ:GOLD), Minco Gold Corporation (AMEX:MGH) and Aurizon Mines (AMEX:AZK) all traded up on Wednesday as gold and silver prices climbed on the day.

Jaguar Mining soared on an earnings beat, closing up over 23 percent on the day.

June gold climbed $15.80 to $1,495.80 per troy ounce, a 1.1 percent gain on the Comex division of the New York Mercantile Exchange. The less traded May contract was up $15.80, or 1.1 percent, to $1,495.60 a troy ounce.

The silver contract for May delivery gained $1.61, or 4.8 percent, to $35.10 a troy ounce.

A weaker dollar was the major catalyst for gold and silver specifically, and commodities in general on Wednesday.

Benchmark West Texas Intermediate crude for June delivery was up $3.19, or 3.3 percent, to settle at $100.10 a barrel on the New York Mercantile Exchange.

Brent crude rose $2.31 in London, or 2.1 percent, to settle at $112.30 a barrel on the ICE Futures exchange.

The U.S. dollar index, which measures the dollar against a basket of six currencies, traded at 75.438, down a little from 75.441 late Tuesday. That was also a factor in gold and silver prices going up.

Harmony Gold Mining (HMY) closed Wednesday at $13.48, gaining $0.21, or 1.58 percent.

Miners (HMY) (GRS) (GOLD) (RGLD) (IAG) (AEM) All Close Up Tuesday

Shares of Harmony Gold Mining (NYSE:HMY), Gammon Gold (NYSE:GRS), Randgold (NASDAQ:GOLD), Royal Gold (Nasdaq:RGLD), IAMGOLD Corporation (NYSE:IAG) and Agnico-Eagle (NYSE:AEM) went against the grain of gold prices, all closing up on Tuesday, even though gold prices dropped again.

Gold futures for June delivery closed down $10.60, or 0.7 percent, at $1,480.00 per ounce in New York. Trade ranged from a low $1,471.10 to a high of $1,497.50.

The yellow metal has dropped $100 or 6 percent from its record highs of over $1,575 an ounce set earlier in May.

Silver gained 0.7 percent to settle at $33.80 an ounce. Since the latter part of April it has fallen almost 33 percent from a record high of $49.51.

Agnico-Eagle (AEM) closed Tuesday at $62.44, gaining $0.83, or 1.35 percent.

Randgold (GOLD) Crunched Along with Gold Prices

Randgold (NASDAQ:GOLD), along with most other gold miners, fell again in Wednesday trading, as gold price came under pressure in the ongoing volatile market conditions.

Gold for June delivery dropped $15.50 to settle at $1,501.40 at the Comex division of the New York Mercantile Exchange. The gold price Wednesday traded as high as $1,526.80 and as low as $1,495.40.

Gold lost 1 percent overall and silver plunged close to 8 percent on a broad commodity selloff, as the U.S. dollar index climbed over 1 percent to $75.41, as the euro was weakened by the seemingly endless sovereign debt crisis in Europe that isn't going away.

Gold and silver also garnered no support from rising inflation data. China said prices dropped to 5.3 percent in April from 5.4 percent in March, but that number was higher than the 5.2 percent looked for.

The Bank of England said that inflation could hit 5 percent in 2011.

Silver prices dropped almost $3 to close at $35.51 an ounce.

Randgold Resources Limited participates in the mining and exploration of gold mines in West and Central Africa.

Randgold (GOLD) closed Wednesday at $11.84, falling $0.05, or 0.42 percent.

Eldorado (EGO) (GOLD) (NG) (ANV) (IAG) Trade Down As Gold Drops

Gold and silver prices went through a reversal Friday, as gold closed down and silver rebounded to close higher, putting pressure on gold miners such as Eldorado Gold Corporation (NYSE:EGO), Randgold (NASDAQ:GOLD), NovaGold Resources Inc. (AMEX:NG), Allied Nevada Gold (AMEX:ANV) and IAMGOLD Corporation (NYSE:IAG) - which closed down - and gold ETFS.

Gold for June delivery fell $13.10 to close at $1,493.60 at the Comex division of the New York Mercantile Exchange. The spot gold price was down by about $13 an ounce. Silver prices settled up 21 cents to $35.01 an ounce.

The U.S. dollar index was up 0.74 percent to $75.75 as the euro continued to get hammered on the sovereign debt crises in Europe. The euro plunged 1.7 percent last week as Greece was again in the spotlight for the need to probably be bailed out again, as it appears the country refuses to implement austerity measures to deal with the situation, as it, along with numerous countries, has made progressive, socialists promises they aren't able to keep.

Besides the long-term collapse of the U.S. dollar and the European sovereign debt crises, other factors offering support to gold include tightening in China, inflation, and unrest in the middle east.

Eldorado Gold Corporation (EGO) closed Friday at $15.11, dropping $0.15, or 0.98 percent.

Miners (NEM) (GOLD) (GG) (IVN) (EGO) Trade Mixed as Gold Jumps Again

Shares of gold miners Newmont Mining (NYSE:NEM), Randgold (NASDAQ:GOLD), Goldcorp (NYSE:GG), Ivanhoe Mines Ltd. (NYSE:IVN) and Eldorado Gold Corporation (NYSE:EGO) closed mixed Tuesday

Gold for June delivery added $13.70, or 0.9%, to $1,516.90 an ounce on the Comex division of the New York Mercantile Exchange.

Silver also extended its rebound, with the July contract gaining $1.37, or 3.7%, to $38.47 an ounce.

Separately, HSBC Global Research boosted its average price estimate for gold, silver and platinum.

HSBC raised its gold price projection to $1,525 an ounce from $1,450 an ounce this year, and to $1,500 from $1,300 for 2012.

For silver, the bank sees it averaging $34 in 2011, up from a previous estimate of $26, and $29 from $20 in 2012.

Platinum is seen closing 2011 at $1,850 from $1,750, according to HSBC, and ending 2012 at $1,750 from $1,650.

For palladium, HSBC sees it averaging $825, from $750, in 2011, and $750 from $650 in 2012.

Eldorado Gold Corporation (EGO) closed at $15.95, down $0.42, or 2.57 percent.

Miners (GOLD) (ANV) (EGO) (PZG) (NCMGY) Trade Up as Gold, Silver Rebound

Gold miners Randgold (NASDAQ:GOLD), Allied Nevada Gold (AMEX:ANV), Eldorado Gold Corporation (NYSE:EGO), Paramount Gold and Silver (AMEX:PZG) and Newcrest Mining (OTC:NCMGY.PK) closed up Monday as gold prices turned around on Monday.

Gold for June delivery increased $11.86 to settle at $1,503.20 at the Comex division of the New York Mercantile Exchange after dropping 4.8 percent in a week. The gold price Monday traded in a range as high as $1,512 and as low as $1,489.

Silver prices jumped $1.82 to close at $37.11 an ounce after plunging 27 percent last week.

According to research firm Lipper, last week almost $1 billion flowed out of silver exchange traded funds (ETFs).

Paramount Gold and Silver (AMEX:PZG) closed Monday at $2.99, gaining $0.16, or 5.65 percent.

Miners (GG) (UXG) (GSS) (GOLD) (NCMGY) Mixed as Gold Closes Up

Gold was able to shake itself of silver Friday, as it has been weighed down by the plummeting price of silver in recent trade, which also has been dragging down gold miners Goldcorp (NYSE:GG), US Gold (AMEX:UXG), Golden Star Resources (AMEX:GSS), Randgold (NASDAQ:GOLD) and Newcrest Mining (OTC:NCMGY.PK).

Gold for June delivery climbed $10.20, or 0.7 percent, to $1,491.60 an ounce. Gold lost 4.2 percent last week, as it had settled at a record $1,556.40 an ounce the Friday before. Gold fell 4.2 percent on the week.

Silver for July delivery dropped 95.3 cents, or 2.6 percent, to $35.29 an ounce on the Comex division of the New York Mercantile Exchange. It had risen as high as $36.43 an ounce in Friday's trading.

The front-month silver contract had its worst week since late March 1980. Silver for May delivery fell 27 percent in the five-day period — its biggest percent drop since that date. The most-active July contract also was down 27 percent on the week.

Silver has lost 14 percent so far in 2011. On April 25, silver had reached as high as $49.845.

Goldcorp (GG) closed Friday at $48.92, gaining $0.20, or 0.41 percent.

Price Targets on (HK) (GOLD) (DTV) (FLO) (GGC) Updated

Analysts updated their price targets on Petrohawk Energy (NYSE: HK), Randgold Resources Ltd. (NASDAQ: GOLD), DirecTV (NYSE: DTV), Flowers Foods, Inc. (NYSE: FLO) and Georgia Gulf (NYSE: GGC) today.

Kaufman Brothers raised their price target on DirecTV (DTV) from $55.00 to $57.00. They have a “buy” rating on the company.

Longbow Research raised their price target on Flowers Foods, Inc. (FLO) from $30.00 to $35.00. They have a “buy” rating on the company.

Dahlman Rose raised their price target on Georgia Gulf (GGC) from $38.00 to $40.00. They have a “buy” rating on the company.

HSBC (NYSE:HBC) raised their price target on shares of Randgold Resources Ltd. (GOLD) from $104.00 to $111.00. They have an “overweight” rating on the company.

FBR Capital raised their price target on Petrohawk Energy (HK) from $24.00 to $32.00. They have an “outperform” rating on the company.

Miners (GG) (HMY) (AUY) (GOLD) Plunge as Gold Prices Fall

Goldcorp (NYSE:GG), Harmony Gold Mining (NYSE:HMY), Yamana Gold (NYSE:AUY) and Randgold (NASDAQ:GOLD) got hit hard Thursday as gold and silver prices continue to drop.

Gold for May delivery, the front-month contract, ended the trading session Thursday down $34, or 2.2 percent, at $1,480.90 per troy ounce on the Comex division of the New York Mercantile Exchange.

The silver contract for May delivery closed 8 percent lower, down $3.152, at $36.231 per troy ounce.

Since the Friday settlement price silver has plummeted 25 percent.

The U.S. dollar was also up, adding pressure to the two precious metals, as it gained 2 percent against the euro. That came largely from European Central Bank President Jean-Claude Trichet who suggested there will no interest-rate boost in the near future.

Nothing has changed the underlying fundamentals for gold or silver though, and this is just a healthy correction before gold and silver prices begin moving up again.

As long as easy money policies continue by the Federal Reserve and interest rates remain near zero, there is nothing to stop gold and silver prices from continuing to rise.

Inflation, political unrest, sovereign debt crisis and the collapsing U.S. dollar will also play a major role over time for gold and silver prices.

Randgold (GOLD) closed Thursday at $79.37, falling $3.76, or 4.52 percent. Goldcorp closed at $48.72, down $2.06, or 4.06 percent.

Miners (IVN) (GOLD) (IAG) (JAG) (ABX) Trade Mixed as Gold Closes Down

Even though several events should have helped support gold prices on Wednesday, that wasn't the case, as Ivanhoe Mines Ltd. (NYSE:IVN), Randgold (NASDAQ:GOLD), IAMGOLD Corporation (NYSE:IAG), Jaguar Mining (NYSE:JAG) and Barrick Gold (NYSE:ABX) closed mixed, with gold for June delivery, the most actively traded contract, falling $25.10 to $1,515.30 an ounce.

Silver prices are the story for commodities and gold at this time, as the plunge in prices is dragging down the overall commodity sector, as traders sell off holdings to take some profits.

Silver fell $3.197, or 7.5 percent, to settle at $39.388 an ounce. That's the third straight day of losses after silver closed in on $50 an ounce mark last week.

Silver for July delivery dropped $2.820, at $39.765 per troy ounce.

The U.S. dollar index lost 0.15 percent to $73.01, dropping from Tuesday's 73.127 close. The dollar index is down 7.5 percent so far in 2011.

Against the euro, the dollar plunged to its lowest level Wednesday since December 2009.

Other than the fall of the dollar, other factors that would have normally supported gold was the underreported decision by the European Union to bail out Portugal for close to 78 billion euros.

Also largely ignored was the ADP Employment Change report for April, which showed the private sector missed the anticipated addition of 200,000 jobs, being able to only generate 179,000 for the month.

Also of note Wednesday was the Institute for Supply Management’s services-sector index, which was weakened more than expected in April, confirming that American growth is slowing.

IAMGOLD Corporation (IAG) closed Wednesday at $20.59, gaining $0.95, or 4.84 percent.

Correction for (TRE) (SA) (GOLD) (AU) as Gold Prices Fall

Shares of gold miners like Randgold (NASDAQ:GOLD), AngloGold Ashanti (NYSE:AU), Tanzanian Royalty Exploration (AMEX:TRE) and Seabridge Gold (Amex:SA) were suffering Tuesday as the price of gold dropped on the session, as the U.S. dollar gained a little.

Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.

A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.

Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.

Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.

Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

Gold looks like it's just taking a needed breather before resuming its upward run.

Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.

A growing number of gold miners are increasing dividends to attract investors.

AngloGold Ashanti (AU) closed at $48.18, falling $2.21, or 4.39 percent.