Gold, Silver Tread Water; Silver Miners Advance Smartly

by Andrew Burger | October 28, 2011 10:43 am

Gold prices were treading water Friday, trading in a narrow range around $1,740 per ounce, as European market participants turned from Greece to Italy as a focal point of EU debt problems in the wake of euro zone leaders agreeing to a framework for resolving the region’s debt crisis.

The Commerce Department reported an expected 0.6% increase in September U.S. consumer spending, though wages and salaries continue to exhibit sluggish growth.

Spot gold was down slightly at 0.16% at 9:45 a.m., having hit a high of $1,746.40 and a low of $1,733.90 Friday morning. Spot gold was bid at $1,742.90 with an ask price of $1,743.90 per ounce, while the London p.m. reference price fix came in at $1741, according to Kitco market data[1].

Spot silver was unchanged, trading at $35.09 Bid, $35.19 Ask, having hit a morning high of $35.38 and a low of $34.76. Friday’s reference price was set at $35.42 per ounce in the London a.m.

Gold trusts were showing losses, but the iShares Silver Trust (AMEX:SLV[2]) was up sharply Friday morning.

• The SPDR Gold Trust (AMEX:GLD[3]) was around 0.5% lower.
• The iShares Gold Trust (AMEX:IAU[4]) was down some 0.4%.
• The iShares Silver Trust was sharply higher, up more than 2.8%.

The Market Vectors ETF of major gold miners was higher, but the gold juniors and silver miners’ ETFs were moving lower.

• The Market Vectors Gold Miners ETF (AMEX:GDX[5]) was some 0.3% higher.
• The Market Vector Junior Gold Miners ETF (AMEX:GDXJ[6]) was down around 0.9%.
• The Global X Silver Miners ETF (AMEX:SIL[7]) was around 0.45% lower.

Shares of gold miners were showing gains, with Newmont Mining (NYSE:NEM[8]) the exception.

• Agnico-Eagle Mines (USA) (NYSE:AEM[9]) was more than 1.2% higher.
• Barrick Gold Corp. (NYSE:ABX[10]) was more than 1.6% higher.
• Goldcorp (NYSE:GG[11]) was up around 0.9%.
• Newmont Mining was some 0.2% lower.
• NovaGold Resources (USA) (AMEX:NG[12]) was up around 2.8%.

Silver miners’ shares were up across the board.

• Coeur D’Alene Mines Corp. (NYSE:CDE[13]) was up around 2.3%.
• Hecla Mining (NYSE:HL[14]) was up around 1.8%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS[15]) was up nearly 0.5%.
• Silver Wheaton Corp. (USA) (NYSE:SLW[16]) was showing gains of more than 2.7%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI[17]) was up nearly 0.8%.

As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.

Source URL: https://investorplace.com/2011/10/gold-prices-silver-prices-tread-water-silver-miners-up/

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