Gold, Silver Slide as Investors Wait on Economic Data

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Gold Silver GLD IAU SLVGold and silver were both down Monday morning as euro zone “jitters” persist and market participants awaited a slew of U.S. economic data due out this week.

Spot gold was bid at $1,779.60 per ounce with an ask price of $1,780.60 as of 10 a.m., having traded as high as $1,787.50 and as low as $1,775.90. The London morning reference price was set at $1,780.50, according to Kitco market data.

Spot silver was bid at $34.29 per ounce with an ask price of $34.39. The morning high as of time of writing was $34.67 and the low was $34.13. Monday’s reference price was set at $34.38 in the London a.m.

Tuesday brings reports on the October Producer Price Index (PPI), as well as retail sales, the Empire Manufacturing Index and September business inventories. The October Consumer Price Index report comes out Wednesday, as do reports on industrial production, capacity utilization and the NAHB Housing Market Index.

Gold and silver trusts were moving lower to start off the week.

  • The SPDR Gold Trust (NYSE:GLD) was nearly 0.5% lower.
  • The iShares Gold Trust (NYSE:IAU) was around 0.5% lower.
  • The iShares Silver Trust (NYSE:SLV) was down nearly 1.2%.

Gold and silver mining ETFs were moving lower as well.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was some 0.4% lower.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was nearly 0.4% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) was around 0.8% lower.

Shares of gold and silver miners also were down.

  • Agnico-Eagle Mines (NYSE:AEM) was about 0.3% lower.
  • Barrick Gold Corp. (NYSE:ABX) was more than 1% lower.
  • Goldcorp (NYSE:GG) was down more than 0.8%.
  • Newmont Mining Corp. (NYSE:NEM) was showing losses of around 0.5%.
  • NovaGold Resources (AMEX:NG) was down around 2.7%.

Silver miners’ shares were showing sharp declines.

  • Coeur d’Alene Mines Corp. (NYSE:CDE) was around 0.8% lower.
  • Hecla Mining (NYSE:HL) was down around 0.9%.
  • Pan American Silver Corp. (NASDAQ:PAAS) was more than 3% lower.
  • Silver Wheaton Corp. (NYSE:SLW) was around 0.9% lower.
  • Silver Standard Resources Inc. (NASDAQ:SSRI) was down around 1.7%.

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/2011/11/gold-prices-silver-prices-gld-miners-ng-paas/.

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