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Gold, Silver Up in Advance of Weekend EU Debt Meeting

Gold and silver both were moving higher Friday morning as European Union leaders meet for a six-day marathon session to hammer out a plan addressing the euro zone debt crisis.

Spot gold was more than 1% higher Friday morning, having hit a high of $1,649.50 and a low of $1,635.50. Spot gold was bid at $1,637 with an ask price of $1,638 at 10:40 a.m., while the London p.m. reference price fix came in at $1,642.50 an ounce, according to Kitco market data.

Spot silver was up some 1.9% and trading at $31.17 Bid, $31.27 Ask, having hit a morning high of $31.61 and a low of $30.97. Friday’s reference price was set at $30.80 in the London a.m.

On the exchanges, gold and silver trusts were likewise moving higher.

  • The SPDR Gold Trust (AMEX:GLD) was more than 1.1% higher.
  • The iShares Gold Trust (AMEX:IAU) was up over 1%.
  • The iShares Silver Trust (AMEX:SLV) was nearly 2.3% higher.

Gold and silver mining ETFs also were moving up.

  • The Market Vectors Gold Miners ETF (AMEX:GDX) was nearly 1% higher.
  • The Market Vector Junior Gold Miners ETF (AMEX:GDXJ) was up nearly 2.6%.
  • The Global X Silver Miners ETF (AMEX:SIL) was nearly 1.9% higher.

Shares of gold miners were moving up in price as well, with Agnico-Eagle Mines (USA) (NYSE:AEM) the exception.

  • Agnico-Eagle Mines was down some 0.6%, its third consecutive morning loss.
  • Barrick Gold Corp. (NYSE:ABX) was nearly 1% higher.
  • Goldcorp (NYSE:GG) was about 0.5% higher.
  • Newmont Mining Corp. (NYSE:NEM) was more than 1.6% higher.
  • NovaGold Resources (USA) (AMEX:NG) was up between 0.25% and 0.45%.

Silver miners’ shares were moving up sharply, ready to end a string of four consecutive down mornings.

  • Coeur D’Alene Mines Corp. (NYSE:CDE) was up more than 2%.
  • Hecla Mining (NYSE:HL) was more than 2% higher.
  • Pan American Silver Corp. (USA) (NASDAQ:PAAS) was up 2.15%.
  • Silver Wheaton Corp. (USA) (NYSE:SLW) was showing gains of more than 2.3%.
  • Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up more than 1%.

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

Article printed from InvestorPlace Media, https://investorplace.com/2011/10/gold-prices-silver-prices-up-ahead-of-european-union-debt-crisis-meeting-gld-iau-slv/.

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