Miners Surge as Gold Gains Continue

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tdp2664 InvestorPlace Gold ’s rise continued in electronic and overnight Asia-Pacific trading as the Philadelphia Federal Reserve reported its August regional manufacturing survey fell into recessionary territory. At -30.7, the Philly Fed’s index is at its lowest level since March 2009. Spot gold was trading at $1,854.30 Bid, $1,855.30 Ask early Friday, hitting a high of $1,866.10 and a low of $1,840.80. The London p.m. gold fix came in at $1,848 per ounce. London gold fix prices have surged from just below $1,740 on Aug. 12 to exceed $1,820 yesterday. Spot silver was trading at $42.08 Bid, $42.18 Ask, with the reference price fixed at $41.98 in the London a.m., according to Kitco market data . In exchange trading, gold trusts were higher and the iShares Silver Trust was up sharply early Friday. The SPDR Gold Trust (NYSE: GLD ) was more than 0.8% higher. The iShares Gold Trust (NYSE: IAU ) was up more than 0.7%. The iShares Silver Trust (NYSE: SLV ) was up 2.25%. Gold and silver miner ETFs were up sharply, with the Global X Silver Miners ETF soaring. The Market Vectors Gold Miners ETF (NYSE: GDX ) was more than 3% higher. The Market Vector Junior Gold Miners ETF (NYSE: GDXJ ) was nearly 3.5% higher. The Global X Silver Miners ETF (NYSE: SIL ) was up more than 4.6%. Shares of gold miners were sharply higher, with NovaGold Resources leading the way. Agnico Eagle Mines (USA) (NYSE: AEM ) was 3.25% higher. Barrick Gold Corp. (NYSE: ABX ) was up more than 2.3%. Goldcorp (NYSE: GG ) was about 2.6% higher. Newmont Mining Corp. (NYSE: NEM ) was up 3.25%. NovaGold Resources (USA) (AMEX: NG ) was up around 5%. Silver mining shares were sharply higher as well, with Coeur D’Alene Mines headed skyward. Coeur D’Alene Mines Corp. (NYSE: CDE ) surged higher, up more than 7%. Hecla Mining (NYSE: HL ) was around 4.2% higher. Pan American Silver Corp. (USA) ( NASDAQ : PAAS ) was up more than 3.8%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was more than 4.8% higher. Silver Standard Resources Inc. (USA) ( NASDAQ : SSRI ) was up nearly 2.6%. The author does not hold positions in any of the above-mentioned investments.