Gold and silver were higher Monday morning after the Greek parliament passed the latest and toughest European Union austerity measures. Spot gold was 0.28% higher at 11:00 a.m., bid at $1,727 with an ask price of $1,728. Spot gold traded as high as $1,731.40 and as low as $1,714.90. The London afternoon fixed-reference price came in at $1,720, $8.50 an ounce higher than Friday’s price fix, according to Kitco market data.
Spot silver was showing a 0.6% gain, with a bid at $33.79 with an ask price of $33.89. The morning high as of this writing was $34.01, and the low was $33.38. Friday’s reference price was set at $33.84 in the London a.m., 29 cents an ounce above Friday’s reference price fix.
Central Athens was burning even as Greece’s parliament met for 10 hours before finally passing the latest EU package of austerity measures. Eurozone finance ministers will meet on Wednesday to review and possibly sign off on Greece’s €130 billion ($171 billion) second bailout. Approving the funds would also enable a debt swap between Greece and private-sector bondholders to proceed. In the U.S., the federal budget, debt and deficits are likely to take center stage this week as President Obama submits his fiscal 2013 budget.
Gold bullion prices hit $1,733 an ounce in London morning trading, up 0.5% on Friday’s close, according to BullionVault’s London Gold Market report. “The weakness in the dollar…creates a bit of demand for gold,” noted Bernard Sin, head of currency and metal dealing at Swiss metal refiner MKS.
Gold and silver trusts were moving higher on U.S. stock exchanges.
The SPDR Gold Trust (NYSE:GLD) was moving higher, up around 0.25%.
The iShares Gold Trust (NYSE:IAU) showed gains of around 0.2%.
The iShares Silver Trust (NYSE:SLV) was moving higher, up around 0.75%.
Gold and silver mining ETFs also were mixed.
The Market Vectors Gold Miners ETF (NYSE:GDX) was around 0.3% lower.
The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) showed gains of nearly 0.2%.
The Global X Silver Miners ETF (NYSE:SIL) was up less than 0.1%.
Gold mining shares were mixed as well, with Kinross Gold and Newmont Mining the leading gainers.
Agnico-Eagle Mines (NYSE:AEM) was showing gains of some 0.6%.
Barrick Gold (NYSE:ABX) was down around 0.8%.
Eldorado Gold (NYSE:EGO) was up around 0.2%.
Goldcorp (NYSE:GG) was up around 0.2%.
Kinross Gold Corp. USA (NYSE:KGC) was down nearly 1.5%.
Newmont Mining (NYSE:NEM) was down around 1.55%.
NovaGold Resources (AMEX:NG) was showing gains of some 1.4%.
Yamana Gold (USA) (NYSE:AUY) was unchanged.
Silver mining shares were moving lower, with Silver Wheaton the exception.
Coeur d’Alene Mines (NYSE:CDE) was moving lower, down some 0.75%.
Hecla Mining (NYSE:HL) was around 1.4% lower.
Pan American Silver (NASDAQ:PAAS) was showing losses of nearly 1.1%.
Silver Wheaton (NYSE:SLW) was up around 0.2%.
Silver Standard Resources (NASDAQ:SSRI) was showing losses of 0.6%.
Adrian Ash of BullionVault contributed to this report.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities.
