Gold Settles After Overnight Surge to $1,760

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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.


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

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