Gold, Silver Range-Bound Early Friday

Gold has been trading in a relatively tight range around $1,780 early Friday,
as the Commerce Department revised its Q2 GDP estimate downward to 1% from its
original 1.3% estimate. One non-event was followed by another as comments from
Fed Chairman Ben Bernanke in Jackson Hole, Wyo., did not cause any sharp moves
in either direction. The Commerce Department also reported after-tax corporate
profits rose at the fastest rate in a year. Though fundamentally good news for
shareholders, the figure is backwards-looking, and it does little to bolster
confidence that jobs and income growth in the U.S. will rebound in the near
future. Spot gold was trading at $1,779.30 Bid, $1,780.30 Ask early Friday,
having hit a high of $1,791.80 and a low of $1,763.10. The London p.m. fix was
set at $1,788. Spot silver was bid at $40.45 with a $40.55 Ask, having hit a
high of $41.21 and a low of $40.03. Spot silver was fixed at $41.06 in the
London a.m., according to Kitco market data . On the exchanges, gold trusts were
higher and the iShares Silver Trust was lower. The SPDR Gold Trust (NYSE: GLD )
was moving higher, up more than 0.8%. The iShares Gold Trust (NYSE: IAU ) was up
0.86%. The iShares Silver Trust (NYSE: SLV ) was down more than 1%. Gold miners
ETFs were mixed, and the silver miners ETF was lower. The Market Vectors Gold
Miners ETF (NYSE: GDX ) was around 0.7% lower. The Market Vector Junior Gold
Miners ETF (NYSE: GDXJ ) was up 0.15%. The Global X Silver Miners ETF (NYSE: SIL
) was around 0.1% lower. Shares of gold miners were broadly lower, with NovaGold
Resources the exception, up more than 3.5%. Agnico Eagle Mines (USA) (NYSE: AEM
) was around 0.9% lower. Barrick Gold Corp. (NYSE: ABX ) was down more than
0.6%. Goldcorp (NYSE: GG ) was around 0.2% lower. Newmont Mining Corp. (NYSE:
NEM ) was down 1%. NovaGold Resources (USA) (AMEX: NG ) was up more than 3.8%.
Silver mining shares were moving lower, with the exception of Hecla Mining.
Coeur DAlene Mines Corp. (NYSE: CDE ) was 0.15% lower. Hecla Mining (NYSE: HL )
was around 1.5% higher. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was down
around 1%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was 0.75% lower. Silver
Standard Resources Inc. (USA) (NASDAQ: SSRI ) was more than 0.5% lower. The
author does not hold positions in any of the above-mentioned investments.