Gold Up as Economic Uncertainty Increases

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tdp2664 InvestorPlace 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 Bernanke’s statement tomorrow in Jackson Hole, Wyo., sent stocks downward after Thursday’s 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 D’Alene 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.