Gold Hits Another Record High; Silver Surges

by Andrew Burger | July 27, 2011 11:19 am

Gold moved steadily higher late Tuesday in electronic Globex trading and popped up near $1,625 overnight during Asia-Pacific trading hours. Silver moved sharply higher after hitting an intraday low Tuesday at just below $40.10 per ounce. Spot silver then moved up to around $40.90 in two sharp moves in electronic trading before leveling off at the $40.80 level during Asia-Pacific trading hours.

After steadily making its way lower, to around $1,617 per ounce midway through London morning trading, gold surged upward, to around $1,628, in early morning N.Y. trade Wednesday, after U.S. durable goods orders for June fell 2.1% and negotiations to raise the U.S. debt ceiling appeared far from being settled. Silver followed suit, spiking up to just shy of $41.50 per ounce from around the $40.60 level.

Spot gold was fixed at a new nominal high of $1,625 per ounce Wednesday afternoon in London. Spot silver was set at $40.81 per ounce, the highest price fix since being set at $43.61 on May 3, according to Kitco market data[1].

Turning to exchange-listed products, gold and silver ETFs were higher in early trading Wednesday.

Gold and silver mining ETFs were headed south.

Shares of gold mining majors were moving lower.

Silver mining shares were moving lower, as well.

The author does not hold positions in any of the above-mentioned investments.

Endnotes:
  1. according to Kitco market data: http://www.kitco.com/market/
  2. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  3. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  4. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  5. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  6. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  7. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  8. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  9. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  10. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  11. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  12. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  13. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  14. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  15. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  16. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  17. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI

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