Gold Marches Near Record Highs

Gold was trading higher in early New York trading Tuesday, reaching a high of
$1,909.70 after trading erratically in overnight Asia-Pacific and European
trading, which followed the Swiss National Banks announcement that it would peg
the Swiss franc to the euro at a rate of CHF1.20:1. Gold swung widely overnight
and into London early morning trading, dropping from $1,920 to hit a low of
$1,863 per ounce, then rebounding to above $1,900. The London p.m. fix price was
set at $1,895. Silver dropped sharply early Tuesday in New York, from just shy
of $42.80 to a low of $41.86 after being set at $41.85 per ounce, according to
LBMA market data . Looking at the U.S. economic calendar this week, the MBA
Mortgage Index and Fed Beige Book reports come out Wednesday, and initial weekly
and continuing jobless claims, crude inventories and consumer credit reports are
set for Thursday. The July wholesale inventories report caps the weeks releases
on Friday. In exchange trading, gold trusts were higher and the iShares Silver
Trust was lower early Tuesday. The SPDR Gold Trust (NYSE: GLD ) was nearly 0.8%
higher. The iShares Gold Trust (NYSE: IAU ) was up nearly 0.9%. The iShares
Silver Trust (NYSE: SLV ) was 1.8% lower. Gold mining ETFs were moving up while
the Global X Silver Miners ETF was lower. The Market Vectors Gold Miners ETF
(NYSE: GDX ) was nearly 1.9% higher. The Market Vector Junior Gold Miners ETF
(NYSE: GDXJ ) was down less than 0.1%. The Global X Silver Miners ETF (NYSE: SIL
) was about 1.2% lower. Shares of gold miners were showing strong gains, with
NovaGold Resources up more than 4.5%. Agnico Eagle Mines (USA) (NYSE: AEM ) was
more than 1.3% higher. Barrick Gold Corp. (NYSE: ABX ) was up more than 3.5%.
Goldcorp (NYSE: GG ) was up around 1.7%. Newmont Mining Corp. (NYSE: NEM ) was
around 1.9% higher. NovaGold Resources (USA) (AMEX: NG ) was up more than 4.5%.
Silver mining shares were moving higher, the exception being Silver Wheaton.
Coeur DAlene Mines Corp. (NYSE: CDE ) was more than 0.7% higher. Hecla Mining
(NYSE: HL ) was up around 2.5%. Pan American Silver Corp. (USA) (NASDAQ: PAAS )
was about 0.9% higher. Silver Wheaton Corp. (USA) (NYSE: SLW ) was 0.25% lower.
Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was up 1.65%. The author
does not hold positions in any of the above-mentioned investments.