Gold continued to fall from its recent nominal record high, and silver was moving lower with a rebound in investors’ appetite for risk as debt deliberations in the United States and European Union appeared to take a turn for the better and U.S. companies – Apple prominent among them – posted better-than-expected Q2 earnings.

Investor optimism rose as President Barack Obama and U.S. senators embraced a compromise that might avoid a debt default by raising the U.S. debt ceiling, while German Chancellor Angela Merkel met with French President Nicolas Sarkozy to discuss the EU’s government debt problems.

Spot gold was set at $1,586 per ounce at the London p.m. fix and was trading $1,586.40 Bid, $1,587.40 Ask in early morning trading. Spot silver was set at $38.59 per ounce and was trading at $38.59 Bid, $38.69 Ask, according to Kitco market data.

Gold ETFs were essentially flat and silver ETFs lower in Wednesday morning trading.

• The SPDR Gold Trust (NYSE:GLD) was moving between small losses and gains of less than 0.05%.
• The iShares Gold Trust (NYSE:IAU) was trading within a similar range.
• The iShares Silver Trust (NYSE:SLV) was down about 0.9%.

Gold and silver mining ETFs were moving lower.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was between 0.15% and 0.25% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down nearly 0.75%.
• The Global X Silver Miners ETF (NYSE:SIL) was trading around 0.25% lower.

Shares of gold miners were lower, as well, with NovaGold Resources (USA) (AMEX:NG) more than 1.5% lower.

• Agnico Eagle Mines (USA) (NYSE:AEM) was down more than 0.9%.
• Barrick Gold Corp. (NYSE:ABX) was down nearly 0.1%.
• Goldcorp (NYSE:GG) was around 0.3% lower.
• Newmont Mining Corp. (NYSE:NEM) was off around 0.25%.
• NovaGold Resources (USA) was trading more than 1.6% lower.

Silver mining shares were mixed.

• Coeur D’Alene Mines Corp. (NYSE:CDE) reversed its earlier course and was up about 0.9%.
• Hecla Mining (NYSE:HL) was down 1.2%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was 1.3% higher.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was up about 1.2%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was around 0.55% higher.

The author does not hold positions in any of the above-mentioned investments.