Gold was trading in an uncharacteristically narrow range between $1,700 and $1,720 per ounce Wednesday morning while good news came out on both the U.S. economic and euro zone debt crisis fronts, and Silver Standard Resources Inc. (NASDAQ:SSRI) stuck its neck out from the mining pack.
The U.S. Commerce Dept. reported that September home sales rose a higher than expected 5.7%, though median prices dropped 10% year over year, the biggest decline in two years. Also Wednesday, Germany’s Bundestag approved a motion that would add leverage to the European Financial Stability Facility’s euro zone bank rescue fund.
Spot gold was up 0.5%, having hit a high of $1,724.40 and a low of $1,709.70 Wednesday morning. Spot gold was bid at $1,713.20 with an ask price of $1,715 at 11 a.m., while the London p.m. reference price fix came in at $1,656 an ounce, according to Kitco market data.
Spot silver was slightly lower, down some 0.1% and trading at $33.23 Bid, $33.33 Ask, having hit a morning high of $33.81 and a low of $33.04. Friday’s reference price was set at $33.30 per ounce in the London a.m.
Gold and silver trusts were higher in exchange trading.
- The SPDR Gold Trust (AMEX:GLD) was some 0.9% higher.
- The iShares Gold Trust (AMEX:IAU) was up around 0.9%.
- The iShares Silver Trust (AMEX:SLV) was slightly higher, up around 0.05%.
Gold and silver mining ETFs also were up.
- The Market Vectors Gold Miners ETF (AMEX:GDX) was nearly 0.4% higher.
- The Market Vectors Junior Gold Miners ETF (AMEX:GDXJ) was up around 0.5%.
- The Global X Silver Miners ETF (AMEX:SIL) was 0.35% higher.
Shares of gold miners were showing gains, with NovaGold Resources (AMEX:NG) the exception.
- Agnico-Eagle Mines (USA) (NYSE:AEM) was around 0.5% lower.
- Barrick Gold Corp. (NYSE:ABX) was more than 1% higher.
- Goldcorp (NYSE:GG) was up around 0.2%.
- Newmont Mining Corp. (NYSE:NEM) was about 1.5% higher.
- NovaGold Resources (AMEX:NG) was down 1.7%.
Silver miners’ shares were mixed, with SSRI shares still climbing higher on Monday’s announcement that it had resumed silver concentrate sales from an Argentinian mine.
- Coeur D’Alene Mines Corp. (NYSE:CDE) was down nearly 1%.
- Hecla Mining (NYSE:HL) was up between 0.2% and 0.5%.
- Pan American Silver Corp. (USA) (NASDAQ:PAAS) was down more than 3%.
- Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of more than 1.7%.
- Silver Standard Resources was surging higher, up over 5%.
As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.