Gold and silver continued to retrace recent gains early Wednesday in anticipation of Fed Chairman Ben Bernanke’s statement at the conclusion of the central bankers conference Friday in Jackson Hole, Wyo. A somewhat positive report on U.S. durable goods orders for July also appeared to help investors regain some confidence about economic prospects.

Spot gold was trading at $1,825.40 Bid, $1,826.40 Ask early Wednesday, having hit an early Wednesday high of $1,851 and low of $1,812.60. The London p.m. fix was set at $1,770 per ounce. Spot silver was trading at $41.25 Bid, $41.35 Ask, having hit an early-morning high of $42.08 and a low of $40.79. The London a.m. silver fix was set at $42.08 per ounce, according to Kitco market data.

The Commerce Department reported that new orders for manufactured durable goods rose more than expected in July, rising 4% and wiping out a June drop, which was revised upward. Volatile transportation orders were the main driver, however. New durable goods orders ex-transportation increased 0.7% in July and 0.6% in June. Orders for non-defense capital goods ex-aircraft actually fell 1.5% in July as compared to a 0.6% increase in June.

Other ominous economic signs emerged Wednesday. Moody’s downgraded Japan’s credit rating one notch to Aa3, and Germany’s Ifo Business Climate Index for August dropped to its lowest level since June 2010. Eurozone industrial new orders fell more than expected in June from May as well. Adding to the negative tone, the Mortgage Bankers Association reported that U.S. mortgage applications fell 2.4% in the week ended Aug. 19, a 15-year low.

Turning to exchange trading, gold and silver trusts were moving down sharply early Wednesday.

• The SPDR Gold Trust (NYSE:GLD) was more than 3% lower.
• The iShares Gold Trust (NYSE:IAU) also was down about 3%.
• The iShares Silver Trust (NYSE:SLV) was off around 3.4%.

The major gold and silver miner ETFs also were moving down sharply.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was more than 3% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was 4.25% lower.
• The Global X Silver Miners ETF (NYSE:SIL) was down nearly 2.9%.

Shares of gold miners were heading due south early Wednesday as well.

• Agnico Eagle Mines (USA) (NYSE:AEM) was more than 2% lower.
• Barrick Gold Corp. (NYSE:ABX) was around 2.8% lower.
• Goldcorp (NYSE:GG) was over 4% lower.
• Newmont Mining Corp. (NYSE:NEM) was down around 2.4%.
• NovaGold Resources (USA) (AMEX:NG) was more than 5.5% lower.

Silver mining shares also were heading lower.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was off more than 2.7%.
• Hecla Mining (NYSE:HL) was more than 3% lower.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down around 1.4%.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was more than 4.2% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was off more than 4.2%.

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