Gold, Miners Lower, Silver Higher Tuesday

Gold dropped from above $1,830 to fall below $1,800 per ounce in overnight
electronic and Asia-Pacific trading Tuesday before bouncing back to hit $1,830
in London and opening trading in New York. Spot gold has been moving lower
since, however, as heightened uncertainty regarding the outlook for European
Union sovereign debt and the U.S. economy continue. Spot gold was down 80 cents
as of 10:30 a.m., bid at $1,813.60 with an Ask price of $1,814.60. The
early-morning high reached $1,833.90 and the low $1,809.60. The spot gold
reference price was set at $1,820 at the London p.m. fix. Spot silver was up 20
cents early Tuesday, hitting a high of $40.92 and a low of $40.32. Tuesdays
reference price was fixed at $40.02 in the London a.m., according to Kitco
market data . In exchange trading, gold trusts were down slightly and the
iShares Silver Trust was higher. The SPDR Gold Trust (NYSE: GLD ) was off just
0.01%. The iShares Gold Trust (NYSE: IAU ) was down some 0.05%. The iShares
Silver Trust (NYSE: SLV ) was around 0.65% higher. Gold and silver miners ETFs
were moving lower for a second consecutive morning. The Market Vectors Gold
Miners ETF (NYSE: GDX ) was more than 0.75% lower. The Market Vector Junior Gold
Miners ETF (NYSE: GDXJ ) was down some 0.55%. The Global X Silver Miners ETF
(NYSE: SIL ) was 0.9% lower. Shares of gold miners were moving lower, though
NovaGold Resources was breaking ranks and heading higher. Agnico Eagle Mines
(USA) (NYSE: AEM ) was about 0.35% lower. Barrick Gold Corp. (NYSE: ABX ) was
down nearly 0.4%. Goldcorp (NYSE: GG ) was showing losses of 2.15% and more.
Newmont Mining Corp. (NYSE: NEM ) was off nearly 1.7%. NovaGold Resources (USA)
(AMEX: NG ) was up nearly 0.7%. Silver mining shares were moving lower for a
second consecutive morning Tuesday. Coeur DAlene Mines Corp. (NYSE: CDE ) was
down some 2.3%. Hecla Mining (NYSE: HL ) was showing losses around 0.7%. Pan
American Silver Corp. (USA) (NASDAQ: PAAS ) was down around 0.2%. Silver Wheaton
Corp. (USA) (NYSE: SLW ) was around 2.25% lower. Silver Standard Resources Inc.
(USA) (NASDAQ: SSRI ) was nearly 2% lower after dropping sharply yesterday. The
author does not hold positions in any of the above-mentioned investments.