Gold Climbs in Wake of Weak Jobs Report

Gold was moving higher early Thursday after the U.S. Department of Labor
reported worse-than-expected weekly unemployment claims for the week ended Sept.
3. Spot gold was up $37.70 per ounce, more than 2%, hitting a high of $1,866.60
and a low of $1,839.20. Spot silver was up 76 cents per ounce, hitting an early
Thursday high of $42.77 and a low of $42.06. The London p.m. fix price for spot
gold was set at $1,855. The London a.m. silver price fix came in at $42.14,
according to Kitco market data . The Labor Department reported that seasonally
adjusted weekly jobless claims totaled 414,000 the week ended Sept. 3, a weekly
increase of 2,000. The four-week moving average totaled 414,750, an increase of
3,750 from the previous weeks revised 411,000. Market participants awaited
President Barack Obamas speech and expected announcement of a jobs stimulus
program Thursday night, as well as a speech later Thursday from Federal Reserve
Chairman Ben Bernanke. Gold and silver trusts were higher in exchange trading
early Thursday. The SPDR Gold Trust (NYSE: GLD ) was showing gains of around
1.7%. The iShares Gold Trust (NYSE: IAU ) was up about the same. The iShares
Silver Trust (NYSE: SLV ) was around 1.3% higher. Gold and silver mining ETFs
were higher as well. The Market Vectors Gold Miners ETF (NYSE: GDX ) was up more
than 1.6%. The Market Vector Junior Gold Miners ETF (NYSE: GDXJ ) was around
2.8% higher. The Global X Silver Miners ETF (NYSE: SIL ) was showing gains of
around 1.75%. Shares of gold miners were showing broad gains, with Newmont
Mining up strongly but NovaGold Resources down sharply. Agnico Eagle Mines (USA)
(NYSE: AEM ) was nearly 1% higher. Barrick Gold Corp. (NYSE: ABX ) was up around
1.5%. Goldcorp (NYSE: GG ) was trading around 1.3% higher. Newmont Mining Corp.
(NYSE: NEM ) was up over 3%. NovaGold Resources (USA) (AMEX: NG ) was down
between 4% and 5%. Silver mining shares also were showing gains early Thursday.
Coeur DAlene Mines Corp. (NYSE: CDE ) was around 0.8% higher. Hecla Mining
(NYSE: HL ) was up 2.25%. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was
around 1.4% higher. Silver Wheaton Corp. (USA) (NYSE: SLW ) was moving between
slight gains and losses. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI )
was up around 1.2%. The author does not hold positions in any of the
above-mentioned investments.