US Stock Market Move | Gold and silver both surged, Silvercorp Metals Inc. (SVM.US) rose 9% in response.

Silvercorp Metals Inc. (SVM.US) closed up 9.05% on Tuesday, at $4.46. In terms of news, gold broke through historical highs, reaching a new record of $2643 per ounce. COMEX gold futures closed up 1.08% at $2682.1 per ounce. Deutsche Bank stated that gold is having its best year in 14 years. The bank's commodity analyst, Carsten Fritsch, pointed out that the current price is $110 higher than the previous historical high set five weeks ago, which was maintained until mid-September. Furthermore, silver prices have also risen due to tensions in the Middle East and expectations of interest rate cuts. COMEX December silver futures rose 4.34% to $32.435 per ounce. RJO Futures' senior market strategist, Bob Haberkorn, noted that if tensions in the Middle East escalate further and there are rumors of further interest rate cuts by the Federal Reserve, gold prices could potentially break $2700 as soon as this weekend.