Gold Drops, But a Strong Start for Silver

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Gold was moving lower but trading above $1,810 early Wednesday amid a mixed bag of economic reports.

Spot gold was trading at $1,821 Bid, $1,822 Ask, having hit a high of $1,834.50 and a low of $1,810.70. The London p.m. gold fix was set at $1,813.50. Spot silver was trading at $41.43 Bid, $41.53 Ask, hitting a high of $41.99 and a low of $41.08. The London a.m. fix price was set at $41.35.

The August ADP Employment Change report came in at a lower-than-expected 91,000, while the Chicago Purchasing Managers Index and July factory manufactured goods orders rose to higher-than-expected levels.

Looking at trading on the exchanges, gold trusts were lower and the iShares Silver Trust was higher early Wednesday.

  • The SPDR Gold Trust (NYSE:GLD) was around 0.9% lower.
  • The iShares Gold Trust (NYSE:IAU) was down 0.95%.
  • The iShares Silver Trust (NYSE:SLV) was up around 0.2%

Gold mining ETFs were almost flat while the Global X Silver Miners ETF was up over 2%.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was showing no to slight gains.
  • The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was up around 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) was more than 2% higher.

Shares of gold miners were mixed early Wednesday.

  • Agnico Eagle Mines (USA) (NYSE:AEM) was down nearly 0.5%.
  • Barrick Gold Corp. (NYSE:ABX) was up around 0.3%.
  • Goldcorp (NYSE:GG) was lower by about 0.4%.
  • Newmont Mining Corp. (NYSE:NEM) was around 0.3% higher.
  • NovaGold Resources (USA) (AMEX:NG) was about 0.1% higher.

Silver mining shares were moving higher.

  • Coeur D’Alene Mines Corp. (NYSE:CDE) was up more than 0.3%.
  • Hecla Mining (NYSE:HL) was more than 0.6% higher.
  • Pan American Silver Corp. (USA) (NASDAQ:PAAS) was up around 1.15%.
  • Silver Wheaton Corp. (USA) (NYSE:SLW) was around 1.3% higher.
  • Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was around 1% higher.

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


Article printed from InvestorPlace Media, https://investorplace.com/2011/08/gold-prices-silver-prices-global-x-ishares/.

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