Miners Extend Rally Even As Gold Futures Take A Breather (GFI, SLV, PAAS, SLW, SVM, ABX, AU, GG, KGC)

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• Miners Left Behind As Gold, Silver Rally On Debt Concerns (ABX, PAAS, SLW, SVM, AUY, EGO, GFI, ANV, AUQ)
• Search For Safe Haven Sends Gold To Record (AG, EGO, ANV, GLD, SVM, SLW, PAAS)
• China's Rate Hike, Inflation Concerns Aid Gold Rally (ABX, FCX, SLW, SVM, PAAS, AU, AUY, GFI, EGO)

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Shares of Gold Fields (GFI) are higher by 2% as gold and silver miners continue to surge higher despite some lethargic action in gold futures today that has the yellow metal in danger of halting an eight-day winning streak. Diminishing chances for a third round of quantitative easing from the Federal Reserve and a stronger dollar are hampering gold prices today, but those factors aren’t keeping the Gold and Silver Stocks Index from a 1% gain. The Index has soared 15% in the past month.

The Fed’s June industrial production report, while below expectations, showed increased activity last month, and that may be lending a hand to silver prices. Roughly half of all silver produced is consumed for industrial purposes. iShares Silver Trust (SLV), the largest physical silver ETF, is up 1% while miners Pan American Silver (PAAS), Silver Wheaton (SLW) and Silvercorp Metals Inc (SVM) are all higher by 2%.

Following news from Standard & Poor’s that it could cut its credit rating on the U.S. later this month if no agreement on the debt ceiling is reached, analysts are speculating a deal could be reached in the near-term, Barron’s reported. That could pressure the dollar and boost gold and silver as a result. The Treasury Department has set an Aug. 2 deadline for raising the debt ceiling.

Other gold miners are getting in on the act as well with Barrick Gold (ABX) and Anglogold (AU) both higher by 1%. Goldcorp (GG) is modestly higher while Kinross Gold (KGC) is up 2%.

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Tags: ABX, AU, GFI, GG, KGC, PAAS, SLV, SLW, SVM