Gold was trading higher in early New York trading Tuesday, reaching a high of $1,909.70 after trading erratically in overnight Asia-Pacific and European trading, which followed the Swiss National Bank’s announcement that it would peg the Swiss franc to the euro at a rate of CHF1.20:1.

Gold swung widely overnight and into London early morning trading, dropping from $1,920 to hit a low of $1,863 per ounce, then rebounding to above $1,900. The London p.m. fix price was set at $1,895.

Silver dropped sharply early Tuesday in New York, from just shy of $42.80 to a low of $41.86 after being set at $41.85 per ounce, according to LBMA market data.

Looking at the U.S. economic calendar this week, the MBA Mortgage Index and Fed Beige Book reports come out Wednesday, and initial weekly and continuing jobless claims, crude inventories and consumer credit reports are set for Thursday. The July wholesale inventories report caps the week’s releases on Friday.

In exchange trading, gold trusts were higher and the iShares Silver Trust was lower early Tuesday.

• The SPDR Gold Trust (NYSE:GLD) was nearly 0.8% higher.
• The iShares Gold Trust (NYSE:IAU) was up nearly 0.9%.
• The iShares Silver Trust (NYSE:SLV) was 1.8% lower.

Gold mining ETFs were moving up while the Global X Silver Miners ETF was lower.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was nearly 1.9% higher.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down less than 0.1%.
• The Global X Silver Miners ETF (NYSE:SIL) was about 1.2% lower.

Shares of gold miners were showing strong gains, with NovaGold Resources up more than 4.5%.

• Agnico Eagle Mines (USA) (NYSE:AEM) was more than 1.3% higher.
• Barrick Gold Corp. (NYSE:ABX) was up more than 3.5%.
• Goldcorp (NYSE:GG) was up around 1.7%.
• Newmont Mining Corp. (NYSE:NEM) was around 1.9% higher.
• NovaGold Resources (USA) (AMEX:NG) was up more than 4.5%.

Silver mining shares were moving higher, the exception being Silver Wheaton.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was more than 0.7% higher.
• Hecla Mining (NYSE:HL) was up around 2.5%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was about 0.9% higher.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was 0.25% lower.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was up 1.65%.

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