Gold Up as Economic Uncertainty Increases

Spot gold was rising in New York trading Thursday morning. Having dropped from
a peak at $1,740 to $1,705, spot gold reversed course and rose to just above
$1,730 per ounce, where it leveled off as of 10:30 a.m. EST. A weak weekly
jobless claims report, the resignation of Steve Jobs and a tempering of the
optimistic outlook regarding Fed Chairman Ben Bernankes statement tomorrow in
Jackson Hole, Wyo., sent stocks downward after Thursdays market open. Spot gold
was set at $1,729 per ounce at the London p.m. fix and was trading at $1,730.40
Bid, $1,731.40 Ask early Thursday. Fixed at $39 per ounce in the London a.m.,
spot silver was trading at $39.79 Bid, $39.89 Ask, having traded as high as
$39.97 and as low as $39 Thursday morning. On the exchanges, gold trusts were
lower and the iShares Silver Trust was higher. The SPDR Gold Trust (NYSE: GLD )
was down around 1.4%. The iShares Gold Trust (NYSE: IAU ) was around 1.5% lower.
The iShares Silver Trust (NYSE: SLV ) was around 0.5% higher. Shares of gold and
silver miners ETFs were mixed. The Market Vectors Gold Miners ETF (NYSE: GDX )
was moving between small gains and losses. The Market Vector Junior Gold Miners
ETF (NYSE: GDXJ ) was up 0.25%. The Global X Silver Miners ETF (NYSE: SIL ) was
off 0.25%. Shares of gold miners also were mixed, with Newmont Mining and
NovaGold Resources moving lower. Agnico Eagle Mines (USA) (NYSE: AEM ) was
showing a gain around 0.2%. Barrick Gold Corp. (NYSE: ABX ) was up 0.65%.
Goldcorp (NYSE: GG ) was around 0.5% higher. Newmont Mining Corp. (NYSE: NEM )
was more than 1% lower. NovaGold Resources (USA) (AMEX: NG ) was down more than
1.1%. Silver mining shares were heading lower. Coeur DAlene Mines Corp. (NYSE:
CDE ) was up about 0.9%. Hecla Mining (NYSE: HL ) was down more than 1%. Pan
American Silver Corp. (USA) (NASDAQ: PAAS ) was down more than 1.1%. Silver
Wheaton Corp. (USA) (NYSE: SLW ) was around 0.6% higher. Silver Standard
Resources Inc. (USA) (NASDAQ: SSRI ) was down around 0.8%. The author does not
hold positions in any of the above-mentioned investments.