Gold Spikes as Housing Price Index Falls

Gold spiked higher at the market open Tuesday in the wake of a 4.5%
year-to-year decline in the June S&P/Case-Shiller Index, which measures property
prices in 20 U.S. cities. Spot gold climbed from $1,790 to touch $1,830 per
ounce following the reports release. Spot gold was trading at $1,828 Bid, $1,829
Ask early Tuesday, up $39.50, or 2.21%. Spot silver was trading at $41.42 Bid,
$41.52 Ask, up $0.54, or 1.32%. The London p.m. gold fix came in at $1,825,
while spot silver was set at $40.90 in the London a.m., according to Kitco
market data . Due out Wednesday are the ADP August employment report, July
factory orders, crude oil inventories and Chicago PMI. Initial and continuing
jobless claims, the ISM Index, construction spending, and auto and truck sales
come out Thursday, and Fridays the day for reports on August non-farm payrolls
and unemployment. On the exchanges, gold and silver trusts were sharply higher.
The SPDR Gold Trust (NYSE: GLD ) was more than 2.5% higher. The iShares Gold
Trust (NYSE: IAU ) was up around 2.6%. The iShares Silver Trust (NYSE: SLV ) was
more than 1.9% higher. Gold and silver miners ETFs were moving higher as well.
The Market Vectors Gold Miners ETF (NYSE: GDX ) was up 1%. The Market Vector
Junior Gold Miners ETF (NYSE: GDXJ ) was more than 2% higher. The Global X
Silver Miners ETF (NYSE: SIL ) was 0.75% higher. Shares of gold miners were
higher. Agnico Eagle Mines (USA) (NYSE: AEM ) was up more than 1.2%. Barrick
Gold Corp. (NYSE: ABX ) was around 0.7% higher. Goldcorp (NYSE: GG ) was 0.8%
higher. Newmont Mining Corp. (NYSE: NEM ) was up 0.75%. NovaGold Resources (USA)
(AMEX: NG ) was around 0.7% higher. Silver mining shares also were moving up
early Tuesday. Coeur DAlene Mines Corp. (NYSE: CDE ) was around 1% higher. Hecla
Mining (NYSE: HL ) was about 1.2% higher. Pan American Silver Corp. (USA)
(NASDAQ: PAAS ) was up around 1.4%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was
nearly 1.6% higher. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was up
around 1.3%. The author does not hold positions in any of the above-mentioned
investments.