Gold Nears $1,700 Amid Consumer Confidence, Housing Data

Gold prices spiked from just above $1,650 to nearly $1,690 per ounce Tuesday morning, and silver also was sharply higher, as the Conference Board reported that consumer confidence slumped to its lowest level since March 2009, and an expected increase in the S&P Case-Schiller index of home prices in 20 metropolitan areas came in slightly weaker than expected.

Markets also are jumpy as investors and traders await word from a summit of European leaders in which they are expected to produce a comprehensive plan to address the euro zone’s debt crisis.

Spot gold was up nearly 1.9%, having hit a high of $1,688.90 and a low of $1,647.90. Spot gold was bid at $1,684.60 with an ask price of $1,685.60 at 11 a.m., while the London p.m. reference price fix came in at $1,656 per ounce, according to Kitco market data.

Spot silver was up about 1.5% and trading at $3.21 Bid, $32.31 Ask, having hit a morning high of $32.51 and a low of $31.29. Friday’s reference price was set at $32 an ounce in the London a.m.

Gold and silver trusts were up sharply in exchange trading.

  • The SPDR Gold Trust (AMEX:GLD) was 1.8% higher.
  • The iShares Gold Trust (AMEX:IAU) was up over 1.8%.
  • The iShares Silver Trust (AMEX:SLV) was nearly 1.4% higher.

Gold and silver mining ETFs also were showing gains.

  • The Market Vectors Gold Miners ETF (AMEX:GDX) was nearly 1.4% higher.
  • The Market Vectors Junior Gold Miners ETF (AMEX:GDXJ) was up 0.2%.
  • The Global X Silver Miners ETF (AMEX:SIL) was 0.7% higher.

Shares of gold miners were showing strong gains.

  • Agnico-Eagle Mines (USA) (NYSE:AEM) was around 0.5% higher.
  • Barrick Gold Corp. (NYSE:ABX) was more than 1.3% higher.
  • Goldcorp (NYSE:GG) was up nearly 1.4%.
  • Newmont Mining Corp. (NYSE:NEM) was more than 1.1% higher.
  • NovaGold Resources (USA) (AMEX:NG) was around 1.5% higher.

Silver miners’ shares were mixed.

  • Coeur D’Alene Mines Corp. (NYSE:CDE) was down nearly 0.5%.
  • Hecla Mining (NYSE:HL) was between 0.6% and 0.9% lower.
  • Pan American Silver Corp. (USA) (NASDAQ:PAAS) was up around 0.8%.
  • Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of more than 2.9%.
  • Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up over 0.7%.

As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.

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