Precious Metals Shares Shine. Spot Silver Rises over 4% to $79.95/Oz While Spot Gold Jumps to $4,485/Oz. Helca Mining up over 6%; Harmony Gold, AG up over 5%
Tiger Newspress
Jan 06
Precious metals shares shined on Tuesday. Helca Mining up over 6%; Harmony Gold, First Majestic Silver, Gold Fields up about 5%.
Spot silver rose 4.36% to $79.95 per ounce while spot gold rose 0.85% to $4,485.5 per ounce.
Morgan Stanley forecast gold would hit $4,800 per ounce by the fourth quarter of this year, exceeding last year's records, citing falling interest rates, a change in leadership at the Federal Reserve, and buying by central banks and funds.
In a note dated January 5, it also said events in Venezuela over the weekend were likely to attract buyers to gold as a safe haven, but did not specify this as a reason for its $4,800/oz forecast.
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