The spot price of gold was dropping fast early Thursday as the European Central Bank — along with the help of the U.S. Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank — announced it would provide as many dollars as banks needed to avoid a year-end funding crunch.

Spot gold was trading at $1,778.90 Bid, $1,779.90 Ask, down from a high of $1,802.90 and off a low thus far of $1,774. Spot gold was fixed at $1,782 in the London p.m.

Spot silver was bid at $39.67 with an ask price of $39.77, down from a morning high of $40.47 and off a morning low of $39.48. Spot silver was fixed at $40.34 in the London a.m., according to Kitco market data.

The ECB announced it would hold three fixed-rate money market operations between October and December, during which it would offer banks all the dollars they needed to meet their year-end funding needs and avoid a liquidity crisis. The U.S., U.K., Japanese and Swiss central banks said they would support the program.

On the exchanges, gold and silver trusts were sharply lower.

• The SPDR Gold Trust (NYSE:GLD) was moving about 2.4% lower.
• The iShares Gold Trust (NYSE:IAU) was down around 2.4%.
• The iShares Silver Trust (NYSE:SLV) was around 2.9% lower.

Gold and silver mining ETFs were moving sharply lower for a fourth consecutive morning.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was around 2.6% lower.
• The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was down some 2.9%.
• The Global X Silver Miners ETF (NYSE:SIL) was around 2.5% lower.

Shares of gold miners were down, with NovaGold Resources dropping more than 5%.

• Agnico Eagle Mines (USA) (NYSE:AEM) was nearly 3.5% lower.
• Barrick Gold Corp. (NYSE:ABX) was around 1.4% lower.
• Goldcorp (NYSE:GG) was showing losses of 2.85%.
• Newmont Mining Corp. (NYSE:NEM) was down nearly 1.9%.
• NovaGold Resources (USA) (AMEX:NG) was more than 5.6% lower.

Silver mining shares were moving sharply lower, with Coeur D’Alene Mines plunging.

• Coeur D’Alene Mines Corp. (NYSE:CDE) was around 6% lower.
• Hecla Mining (NYSE:HL) was down 4.7%.
• Pan American Silver Corp. (USA) (NASDAQ:PAAS) was more than 3% lower.
• Silver Wheaton Corp. (USA) (NYSE:SLW) was down 2.25%.
• Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was around 3.4% lower.

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