Gold, Silver Cautiously Higher as Attention Shifts Back to Euro Zone

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Gold Silver GLD IAU SLVCaution and prudence re-emerged in financial markets Thursday morning as comments by European Central Bank president Mario Draghi refocused attention on the daunting task still before euro zone leaders as they try to reach accord on structural reforms to deal with the regional sovereign debt crisis. Gold and silver were adding to Wednesday’s gains, however.

Spot gold was up slightly, with a bid price of $1,751.90 per ounce and an ask price of $1,752.90 at 10:30 a.m., having traded as high as $1,754.60 and as low as $1,742.10. The London afternoon reference price fixing came in at $1,752, according to Kitco market data.

Spot silver was up nearly 1.5%, bid at $33.32 with an ask price of $33.42. The morning high as of time of writing was $33.55 and the low was $32.77. Monday’s reference price was set at $33.28 in the London a.m.

Gold trusts were showing losses, while the iShares Silver Trust (NYSE:SLV) was gaining.

  • The SPDR Gold Trust (NYSE:GLD) was down about 0.2%.
  • The iShares Gold Trust (NYSE:IAU) had lost around 0.12%.
  • The iShares Silver Trust was moving higher, showing gains of between 0.6% and 0.75%.

Gold and silver mining ETFs were mixed.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down nearly 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was higher, up around 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) was unchanged.

Gold mining shares were broadly lower, with NovaGold Resources (AMEX:NG) giving back some of its recent sharp gains.

  • Agnico-Eagle Mines (NYSE:AEM) was showing small gains of less than 0.1%.
  • Barrick Gold Corp. (NYSE:ABX) was nearly 0.6% lower.
  • Goldcorp (NYSE:GG) was showing losses of more than 0.5%.
  • Newmont Mining Corp. (NYSE:NEM) was some 0.4% lower.
  • NovaGold Resources was down around 2.3%.

Silver mining shares also were moving lower.

  • Coeur d’Alene Mines Corp. (NYSE:CDE) was about 1.5% lower.
  • Hecla Mining (NYSE:HL) was down nearly 1%.
  • Pan American Silver Corp. (NASDAQ:PAAS) was some 2.2% lower.
  • Silver Wheaton Corp. (NYSE:SLW) was down some 0.2%.
  • Silver Standard Resources Inc. (NASDAQ:SSRI) was down about 0.25%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.


Article printed from InvestorPlace Media, https://investorplace.com/2011/12/gold-price-silver-price-slv-novagold-gld-mining-stocks/.

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