Gold was moving lower in early trading Wednesday. Word that President Barack
Obama will announce a $300 billion job creation and economic stimulus package
along with news that the German parliament validated the legality of the Greek
bailout package and the creation of the European Financial Stability Facility
sent stock markets higher but might have taken some of the luster off gold. Spot
gold was down some $61.70 an ounce, 3.29% lower Wednesday morning, having hit a
high of $1,839.20 and a low of $1,800.80, according to Kitco market data . The
London p.m. price fix came in at $1,810, according to the LBMA . Spot silver was
down $1, or 2.38% per ounce, having hit a high of $41.21 and a low of $40.24.
The London a.m. price fix was set at $40.98 per ounce. Gold and silver trusts
were off sharply in exchange trading early Wednesday. The SPDR Gold Trust (NYSE:
GLD ) was off more than 4%. The iShares Gold Trust (NYSE: IAU ) was down nearly
4.1%. The iShares Silver Trust (NYSE: SLV ) was around 3.3% lower. Gold and
silver mining ETFs were moving lower as well. The Market Vectors Gold Miners ETF
(NYSE: GDX ) was around 1.8% lower. The Market Vector Junior Gold Miners ETF
(NYSE: GDXJ ) was down some 2.7%. The Global X Silver Miners ETF (NYSE: SIL )
was off more than 1.6%. Shares of gold miners were showing sharp losses, with
NovaGold Resources especially hit hard. Agnico Eagle Mines (USA) (NYSE: AEM )
was down 1.9%. Barrick Gold Corp. (NYSE: ABX ) was down around 1.9%. Goldcorp
(NYSE: GG ) was around 1.8% lower. Newmont Mining Corp. (NYSE: NEM ) was nearly
3.9% lower. NovaGold Resources (USA) (AMEX: NG ) was off more than 6.7%. Silver
mining shares were moving higher, the exception being Silver Wheaton. Coeur
DAlene Mines Corp. (NYSE: CDE ) was nearly 2.9% lower. Hecla Mining (NYSE: HL )
was around 4% lower. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was off
nearly 2.5%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was down about 2.5%. Silver
Standard Resources Inc. (USA) (NASDAQ: SSRI ) was around 3.5% lower. The author
does not hold positions in any of the above-mentioned investments.
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