Gold, Silver Mining Stocks Rocket Higher

Gold on the Comex closed up 1.58 percent to $1,641.60 per ounce, while silver rose 1.7 percent to $30.35.

Stocks exchanges climbed as well: the Dow Jones Industrial Average gained 1.21 percent; the Nasdaq Composite added 2.32 percent and the S&P 500 rose 1.79 percent.

Under such circumstances, some increase in shares of precious metals miners might have been expected. But the size of Wednesday's gains was out of all proportion to related assets.

Among silver miners, Fortuna Silver Mines Inc., which is based in Vancouver, rocketed up 10.97 percent to end the day at $5.36, four cents from its 12-month high.

First Majestic Silver Corp. jumped 10.30 percent to end the day at $15.63, close to its 52-week high of $15.71.

Among gold miners, Vancouver-based New Gold Inc. surged 7.65 percent to settle at $10.84, just pennies shy of its 52-week high.

Toronto-based Yamana Gold Inc. shot up 7.27 percent to close at $13.73. It's 52-week range is $12.69 to $13.78.

The gold bulls have to be impressed with the action in gold today as the market seemed like it was poised to fall under liquidation pressure in the wake of a risk on environment, CME Group, which operates the Comex, said in a statement.

In prior trading sessions gold was seemingly tracking safe haven issues and with anxiety toward the Euro zone on the decline today, one might have expected gold to have come under pressure. However, gold instead seemed to catch a lift from a broad based physical commodity market rally.