Gold and silver dropped through the trapdoor along with stocks and commodities as full-blown fear of recession hit investors and traders yesterday in late N.Y. trading. Gold dropped nearly $40 per ounce, from over $1,680 to just above the $1,640 before bottoming out and recovering during after-hours Globex and overnight Asia-Pacific trading. Silver dropped from over $42 to bottom out below $39 before steadying.
Spot gold was set at $1,658.75 per ounce at the London PM fix and was trading at $1,657.70 Bid, $1,658.70 Ask early Friday. Spot silver was set at $39.24 per ounce in the London AM and was trading at $39.01 Bid, $39.11 Ask.
On the exchanges, gold trusts were moving higher early Friday.
- The SPDR Gold Trust (NYSE:GLD) was moving higher, up more than 0.4%.
- The iShares Gold Trust (NYSE:IAU) was around 0.3% higher.
- The iShares Silver Trust (NYSE:SLV) was up more than 0.6%.
Gold and silver mining ETFs were volatile.
- The Market Vectors Gold Miners ETF (NYSE:GDX) was moving between small gains and losses.
- The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down around 3.9%.
- The Global X Silver Miners ETF (NYSE:SIL) was up 0.08%.
Shares of gold miners were broadly higher, with NovaGold Resources the exception.
- Agnico Eagle Mines (USA) (NYSE:AEM) was up more than 1.1%.
- Barrick Gold Corp. (NYSE:ABX) was trading about 0.7% higher.
- Goldcorp (NYSE:GG) was moving about 0.6% higher.
- Newmont Mining Corp. (NYSE:NEM) was up around 1.2%.
- NovaGold Resources (USA) (AMEX:NG) was down around 3.5%.
Silver mining shares were also volatile and broadly lower.
- Coeur D’Alene Mines Corp. (NYSE:CDE) was moving between small gains and losses of 0.4%.
- Hecla Mining (NYSE:HL) was up around 0.1%.
- Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down around 1.2%.
- Silver Wheaton Corp. (USA) (NYSE:SLW) was moving lower, down about 0.9%.
- Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was moving lower, down about 0.5%.
The author does not hold positions in any of the above-mentioned investments.
