Gold Lower; Silver, Miners Up Early Monday

Gold started off the week trading lower but in a narrow range early Monday
after a week of sharp and steep drops and heightened volatility in stock markets
around the world. Gold was hovering around the $1,740 level, and silver shot up
about 60 cents per ounce, from under $39 to touch $39.60, as market participants
chose to downplay a steeper-than-expected decline in the New York-area Empire
Manufacturing Index. A range of other economic data is due out later this week,
including housing starts, industrial production and capacity utilization
Tuesday, PPI on Wednesday and the weekly initial jobless claims report Thursday.
The London PM spot gold fix came in at $1,739 per ounce, and spot silver was set
at $39.18 per ounce Monday. Spot gold was trading $1,740.40 Bid, $1,741.40 Ask,
and spot silver was at $39.46 Bid, $39.56 Ask early Monday, according to Kitco
market data . Turning to exchange trading, gold trusts were heading lower while
the iShares Silver Trust was moving higher. The SPDR Gold Trust (NYSE: GLD ) was
down about 0.2%. The iShares Gold Trust (NYSE: IAU ) was off 0.23%. The iShares
Silver Trust (NYSE: SLV ) was around 0.8% higher. Gold and silver mining ETFs
were trading higher early Monday. The Market Vectors Gold Miners ETF (NYSE: GDX
) was up around 0.2%. The Market Vector Junior Gold Miners ETF (NYSE: GDXJ ) was
about 1.4% higher. The Global X Silver Miners ETF (NYSE: SIL ) was up 1.75%.
Shares of gold miners were mixed. Agnico Eagle Mines (USA) (NYSE: AEM ) was up
more than 0.6%. Barrick Gold Corp. (NYSE: ABX ) was 0.34% higher. Goldcorp
(NYSE: GG ) was around 0.3% higher. Newmont Mining Corp. (NYSE: NEM ) was down
around 1.3%. NovaGold Resources (USA) (AMEX: NG ) was slightly lower, down
around 0.1%. Silver mining shares were showing strong gains across the board
early Monday. Coeur DAlene Mines Corp. (NYSE: CDE ) was nearly 1.9% higher.
Hecla Mining (NYSE: HL ) was up 1.8%. Pan American Silver Corp. (USA) (NASDAQ:
PAAS ) was more than 1.2% higher. Silver Wheaton Corp. (USA) (NYSE: SLW ) was up
around 1.7%. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was up more
than 2%. The author does not hold positions in any of the above-mentioned
investments.