Gold was slightly higher and silver lower Wednesday morning as ADP reported a healthy January increase in private-sector employment — and nearly half of Greek government bond holders have agreed to the terms of a bond swap.
Spot gold was up 0.18% at 10:40 a.m., having traded as high as $1680.80 and as low as $1671.80. The London afternoon reference price was fixed at $1677.50, $8 an ounce lower than Tuesday’s morning fixed price, according to Kitco market data.
Spot silver was showing a 0.18% loss, bid at $32.89 with an ask price of $32.99. The morning high as of time of writing was $33.22, and the low was $32.71. Wednesday’s reference price was set at $33.17 in the London a.m., five cents an ounce lower than Tuesday’s reference price.
Holders of more than 100 billion euros ($131 billion) in Greek bonds had agreed to the terms of a debt-swap agreement. That’s near the 50% quorum required under Greek law to enact a collective-action clause that would require that all government bond holders comply with the debt-swap terms, the WSJ reported.
Here in the U.S., ADP published its latest report on private-sector employment ahead of the government’s Friday February employment report. Private sector employment increased 216,000 on a seasonally adjusted basis in January, ADP reported in partnership with Macroeconomic Advisers LLC. December’s employment increase was revised slightly higher, to 173,000, from an initially reported 170,000.
The prices of both gold and silver bullion rose from six-week lows Wednesday in Asian and London trading, recovering 2.1% and 1%, respectively, according to BullionVault’s London Gold Market report.
“Another medium-term top has been formed [in the gold price ],” according to Commerzbank London technical analyst Axel Rudolph, “with further weakness to be seen in the coming months, taking gold toward the $1,600-$1500 region.” Scotia Mocatta’s Russell Browne added: “Big picture, the 3.5 year bullish trend line is now seen at $1,591.”
Gold and silver trusts also were recovering from sharp losses yesterday.
The SPDR Gold Trust (NYSE:GLD) was moving higher, up nearly 0.3%.
The iShares Gold Trust (NYSE:IAU) was up more than 0.35%.
The iShares Silver Trust (NYSE:SLV) was up between 0.25% and more than 0.4%.
The major gold- and silver-mining ETFs were lower, while the Market Vectors Junior Gold Miners ETF was higher.
The Market Vectors Gold Miners ETF (NYSE:GDX) was down between 0.1% and 0.25%.
The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was showing gains of more than 0.9%.
The Global X Silver Miners ETF (NYSE:SIL) was down around 0.2%.
Gold-mining shares were showing mixed results Wednesday morning.
Agnico-Eagle Mines (NYSE:AEM) was showing losses of nearly 0.4%.
Barrick Gold (NYSE:ABX) was down around 0.4%.
Eldorado Gold (NYSE: EGO) was unchanged.
Goldcorp (NYSE:GG) was down more than 0.5%.
Kinross Gold Corp. USA (NYSE:KGC) was down nearly 0.2%.
Newmont Mining (NYSE:NEM) was down between 0.6% and 0.9%.
NovaGold Resources (AMEX:NG) was up some 1.86%.
Yamana Gold (USA) (NYSE: AUY) was up around 0.6%.
Silver-mining shares headed higher after yesterday’s sharp fall.
Coeur d’Alene Mines (NYSE:CDE) was showing gains of more than 0.25%.
Hecla Mining (NYSE:HL) was up around 1.25%.
Pan American Silver (NASDAQ:PAAS) was showing gains of around 1.9%.
Silver Wheaton (NYSE:SLW) was up 1.4%.
Silver Standard Resources (NASDAQ:SSRI) was showing gains of around 0.45%.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
