Gold, Silver Tread Water; Silver Miners Advance Smartly

Gold prices were treading water Friday, trading in a narrow range around $1,740 per ounce, as European market participants turned from Greece to Italy as a focal point of EU debt problems in the wake of euro zone leaders agreeing to a framework for resolving the region’s debt crisis.

The Commerce Department reported an expected 0.6% increase in September U.S. consumer spending, though wages and salaries continue to exhibit sluggish growth.

Spot gold was down slightly at 0.16% at 9:45 a.m., having hit a high of $1,746.40 and a low of $1,733.90 Friday morning. Spot gold was bid at $1,742.90 with an ask price of $1,743.90 per ounce, while the London p.m. reference price fix came in at $1741, according to Kitco market data.

Spot silver was unchanged, trading at $35.09 Bid, $35.19 Ask, having hit a morning high of $35.38 and a low of $34.76. Friday’s reference price was set at $35.42 per ounce in the London a.m.

Gold trusts were showing losses, but the iShares Silver Trust (AMEX:SLV) was up sharply Friday morning.

  • The SPDR Gold Trust (AMEX:GLD) was around 0.5% lower.
  • The iShares Gold Trust (AMEX:IAU) was down some 0.4%.
  • The iShares Silver Trust was sharply higher, up more than 2.8%.

The Market Vectors ETF of major gold miners was higher, but the gold juniors and silver miners’ ETFs were moving lower.

  • The Market Vectors Gold Miners ETF (AMEX:GDX) was some 0.3% higher.
  • The Market Vector Junior Gold Miners ETF (AMEX:GDXJ) was down around 0.9%.
  • The Global X Silver Miners ETF (AMEX:SIL) was around 0.45% lower.

Shares of gold miners were showing gains, with Newmont Mining (NYSE:NEM) the exception.

  • Agnico-Eagle Mines (USA) (NYSE:AEM) was more than 1.2% higher.
  • Barrick Gold Corp. (NYSE:ABX) was more than 1.6% higher.
  • Goldcorp (NYSE:GG) was up around 0.9%.
  • Newmont Mining was some 0.2% lower.
  • NovaGold Resources (USA) (AMEX:NG) was up around 2.8%.

Silver miners’ shares were up across the board.

  • Coeur D’Alene Mines Corp. (NYSE:CDE) was up around 2.3%.
  • Hecla Mining (NYSE:HL) was up around 1.8%.
  • Pan American Silver Corp. (USA) (NASDAQ:PAAS) was up nearly 0.5%.
  • Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of more than 2.7%.
  • Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up nearly 0.8%.

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

Article printed from InvestorPlace Media,

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