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.

• The SPDR Gold Trust (NYSE:GLD[2]) was up around 0.4%.
• The iShares Gold Trust (NYSE:IAU[3]) was trading roughly in the same range.
• The iShares Silver Trust (NYSE:SLV[4]) was trading around 0.5% higher.

Gold and silver mining ETFs were headed south.

• The Market Vectors Gold Miners ETF (NYSE:GDX[5]) was down about 1.1%.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ[6]) was off around 2%.
• The Global X Silver Miners ETF (NYSE:SIL[7]) was trading about 1.3% lower.

Shares of gold mining majors were moving lower.

• Agnico Eagle Mines (USA) (NYSE:AEM[8]) was down more than 1.3%.
• Barrick Gold Corp. (NYSE:ABX[9]) was nearly 1% lower.
• Goldcorp (NYSE:GG[10]) was more than 1.5% lower.
• Newmont Mining Corp. (NYSE:NEM[11]) was down almost 0.4%.
• NovaGold Resources (USA) (AMEX:NG[12]) was down nearly 0.5%.

Silver mining shares were moving lower, as well.

• Coeur D’Alene Mines Corp. (NYSE:CDE[13]) was off more than 1.5%.
• Hecla Mining (NYSE:HL[14]) was trading more than 1.9% lower.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS[15]) was down over 2%.
• Silver Wheaton Corp. (USA) (NYSE:SLW[16]) was nearly 1% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI[17]) was down 3%.

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

Source URL: https://investorplace.com/2011/07/gold-record-high-silver/

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