Silver Higher, Gold Lower Tuesday Morning

by Andrew Burger | May 22, 2012 12:28 pm

Gold was lower, but silver was showing healthy gains Tuesday morning as markets hang on every bit of eurozone, U.S. and China economic news in advance of Greece’s mid-June elections.

Spot gold was down 0.19%, bid at $1,589.40 an ounce as of 11:16 a.m. Prices reached as high as $1,591.70 and as low as $1,575.20, according to Kitco market data[1]. The London afternoon reference price was set at $1,582.50, $10 an ounce below Monday’s afternoon reference price.

Spot silver was showing a 0.88% gain, bid at $28.72 an ounce. The morning high as of time of writing was $28.93, with the low reaching $28.06. Tuesday’s reference price was set at $28.07, 32 cents an ounce below Monday’s price fix.

U.S. existing-home sales rose for the first time[2] in three months in April, increasing 3.4%, to a 4.62 million rate, the National Association of Realtors reported. The national median price of an existing home in the U.S. increased 10% in April from March, to $177,400.

Persistently high levels of public debt led Fitch Ratings to lower  Japan’s credit rating[3] one notch, to A+ with a negative outlook.

The euro resumed weakening[4] vis-a-vis the U.S. dollar, trading as low as 1.2741.

Gold bullion prices dropped lower in London morning trading Tuesday after again failing to breach the $1,600-an-ounce level, BullionVault reported[5].

“A move back below $1,568 keeps the bears alive, looking for another leg lower,” BullionVault quoted Russell Browne at Scotia Mocatta.

“We continue to eye the topside resistance between $1,625-35 as being fairly strong technically,” added Swiss refiner and finance group MKS’s Australian office. “Traders need to remain cautious of negative euro headlines, which could easily propel the yellow metal lower.”

Gold trusts were lower, and the iShares Silver Trust higher.

• The SPDR Gold Trust (NYSE:GLD[6]) was showing losses of around 0.4%.
• The iShares Gold Trust (NYSE:IAU[7]) was down around 0.45%.
• The iShares Silver Trust (NYSE:SLV[8]) was up around 0.6%.

Gold and silver mining ETFs were mixed.

• The Market Vectors Gold Miners ETF (NYSE:GDX[9]) was showing gains of around 1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[10]) was down some 1.13%.
• The Global X Silver Miners ETF (NYSE:SIL[11]) was around 1.45% higher.

Gold mining shares were showing gains, with the exception of NovaGold Resources.

• Agnico-Eagle Mines (NYSE:AEM[12]) was up around 2.4%.
• Barrick Gold (NYSE:ABX[13]) was some 1.7% higher.
• Eldorado Gold (NYSE:EGO[14]) was up around 0.35%.
• Goldcorp (NYSE:GG[15]) was up some 1.13%.
• Kinross Gold (NYSE:KGC[16]) was up around 0.6%.
• Newmont Mining (NYSE:NEM[17]) was showing gains of more than 2%.
• NovaGold Resources (AMEX:NG[18]) was down around 1.7%.
• Yamana Gold (NYSE:AUY[19]) was up between 0.3% and 0.55%.

Silver mining shares were up, Coeur d’Alene Mines notwithstanding.

• Coeur d’Alene Mines (NYSE:CDE[20]) was down between 0.15% and 0.35%.
• Hecla Mining (NYSE:HL[21]) was around 0.5% higher.
• Pan American Silver (NASDAQ:PAAS[22]) was showing gains of around 1.6%.
• Silver Wheaton (NYSE:SLW[23]) was up around 1%.
• Silver Standard Resources (NASDAQ:SSRI[24]) was up some 0.35%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.

Source URL: https://investorplace.com/2012/05/silver-higher-gold-lower-tuesday-morning/

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