It was a great week for Precious Metals investors with money flowing back into the sector in size. On the week, Gold gained $28.60 to close at $626.90, up from $598.30 for a gain of +4.78%. This is the first close above $600 since September 6, 2006, almost two months ago. In addition to Gold, Silver gained 4.74% on the week closing up 57 cents to end at $12.5850, up from last week's close of $12.010 while Platinum exploded by 12.32%, a gain of $132.70 an ounce to end at $1209.40, up from 1076.70 the prior week. For Platinum, this week's gain of 12.32% was the best week advance seen since it gained 13.32% in the week of May 12, 2006, the prior high point of the year.
With metals prices turning red hot once again, not surprisingly, mining stocks enjoyed solid gains with the XAU Index ending the week higher by 4.76% to close at 139.36, up from 133.02 the prior week. For the Amex Gold Bugs Index, the week sported an advance of 5.39% with the index closing at 327.26, up 16.75 index points.
50-day & 200-day Moving Averages
Financial Sense Junior Gold Index
Of course, Junior Mining companies, which have been acting well of late, went along for the ride with the Financial Sense Junior Gold Index (FSJG) up 13.55 index points to close at 259.85, a gain of 5.50% from last week's close of 246.30. On Friday, the FSJG Index closed above the 50-day average at 243.58 AND above the longer-range 200-day average at 250.71.
Within the FSJG Sub-Indices, the star performer on the week was the FSJG Producer Index which gained a whopping 8.81% to end at 285.51, up 23.13 index points from the prior week's close of 262.38. For the Junior Producers, Friday’s close also saw prices move back above the 50-day average at 262.95 and the 200-day average at 271.12.
On the weaker side, gains in the FSJG Development Index were more modest with a gain of just 2.42% on the week. On Friday, the FSJG Development Index ended at 654.85, up 15.52 from last week's close of 639.33. Despite the modest under-performance, the Development Index is still above the 50-day average at 623.53, but remains below the 200-day average at 672.00.
Finally, we have seen a very consistent performance from Exploration Stocks, which ended this week at 134.24, up 5.05 index points or 3.90% from last week's close of 129.19. On Friday, the FSJG Exploration Index ended above the 50-day average at 127.14 and above the 200-day average at 250.71.
That’s all for now,
Financial Sense Junior Gold Index Archive
*Please note that the individual companies in this index are proprietary and will not be disclosed due to compliance and regulatory issues resulting from the relationship of FinancialSense.com, Puplava Financial Services, Inc., Registered Investment Advisor and Puplava Securities, Inc. Member Firm FINRA/SIPC.