Gold Settles After Overnight Surge to $1,760

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 havent
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 DAlene 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.