Indexes tracking mining and metals shares rallied on Wednesday. The Philadelphia Gold and Silver Index surged 4.1% at 188.09 points. The CBOE Gold Index rose 3.5% at 190.18 points and the Amex Gold Bugs Index rallied 3.8% at 435.08 points.
As for sector exchange-traded funds, the StreetTracks Gold Trust ETF gained 1.6% at $78.62, the iShares Silver Trust ETF rose 1.8% at $143.60 and the Market Vectors-Gold Miners ETF surged 3.7% at $50.60.
Gold warehouse inventories fell by 9,835 troy ounces to stand at 7.3 million troy ounces, according to Nymex data as of late Tuesday. Silver inventories rose by 732,159 troy ounces to stand at 133.7 million troy ounces, while copper supplies were virtually unchanged at 19,570 short ton