Gold surged $40 per ounce in overnight electronic and Asia-Pacific trading, climbing from just under $1,720 at the NYMEX close Monday to hit $1,760 before turning around and moving down below $1,740 in trading early Tuesday. Concerns that investors’ stock market losses would trigger sales in gold and silver haven’t materialized, as growing concerns of a sequel to the financial system collapse and Great Recession of 2008-09 continue to drive demand for precious metals.
Spot gold was trading at $1,734.60 Bid, $1,735.60 Ask early Tuesday, with the London PM fix coming in at $1,736 per ounce. Spot silver was trading at $37.88 Bid, $37.98 Ask, having been set at $38.36 in the London AM.
On the exchanges, the SPDR Gold and iShares Gold trusts were higher while the iShares Silver Trust sank.
- The SPDR Gold Trust (NYSE:GLD) was up more than 1%.
- The iShares Gold Trust (NYSE:IAU) was up more than 1%, as well.
- The iShares Silver Trust (NYSE:SLV) was down around 2.95%.
Gold and silver mining ETFs were all higher early Tuesday.
- The Market Vectors Gold Miners ETF (NYSE:GDX) was more than 1% higher.
- The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was more than 0.2% higher.
- The Global X Silver Miners ETF (NYSE:SIL) was trading 1.75% higher.
Shares of gold miners were trading higher.
- Agnico Eagle Mines (USA) (NYSE:AEM) was showing gains of more than 1.5%.
- Barrick Gold Corp. (NYSE:ABX) was trading 0.75% higher.
- Goldcorp (NYSE:GG) was moving up nearly 0.7%.
- Newmont Mining Corp. (NYSE:NEM) was up around 0.2%.
- NovaGold Resources (USA) (AMEX:NG) was down more than 1.3%.
Silver mining shares also were moving up.
- Coeur D’Alene Mines Corp. (NYSE:CDE) was sharply higher, trading up 5.45%.
- Hecla Mining (NYSE:HL) was up 1.65%.
- Pan American Silver Corp. (USA) (NASDAQ:PAAS) was around 0.9% lower.
- Silver Wheaton Corp. (USA) (NYSE:SLW) was more than 2.5% higher.
- Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up 0.25%.
The author does not hold positions in any of the above-mentioned investments.
