Gold, Silver Miners Up Sharply as Traders Await Word of ‘Operation Twist’

Gold was moving higher Tuesday morning, moving back up over $1,800 per ounce as
safe-haven demand returned to the market. Prices for longer-dated U.S.
Treasuries also were being bid up in anticipation that the Federal Reserve will
favor longer-dated issues in a so-called Operation Twist, a continuation of its
ongoing efforts to keep a lid on long-term interest rates and interest costs, as
well as stimulate borrowing and lending. The market for spot gold was $1,804.90
Bid, $1,805.90 Ask as of time of writing, up 1.48% with a high of $1,809.90 and
a low of $1,774.90. Tuesdays London p.m. reference price was fixed at $1,799.
Spot silver was up 1%, bid at $40.05 with an ask price of $40.15, with a high of
$40.32 and a low of $39.11. Tuesdays London a.m. silver price fix came in at
$39.18. On the exchanges, gold and silver trusts were trading higher early
Tuesday. The SPDR Gold Trust (NYSE: GLD ) was up around 1.3%. The iShares Gold
Trust (NYSE: IAU ) also was up around 1.3%. The iShares Silver Trust (NYSE: SLV
) was moving up more than 1%. Gold and silver mining ETFs were sharply higher,
breaking a six-day streak of moving down in morning trading. The Market Vectors
Gold Miners ETF (NYSE: GDX ) was about 3.3% higher. The Market Vector Junior
Gold Miners ETF (NYSE: GDXJ ) was up around 3.2%. The Global X Silver Miners ETF
(NYSE: SIL ) was 2.75% higher. Shares of gold miners were sharply higher, with
shares of NovaGold Resources surging up over 6%. Agnico Eagle Mines (USA) (NYSE:
AEM ) was up around 2.9%. Barrick Gold Corp. (NYSE: ABX ) was trading higher, up
more than 2.1%. Goldcorp (NYSE: GG ) was up about 3.6%. Newmont Mining Corp.
(NYSE: NEM ) was up 5.25%. NovaGold Resources (USA) (AMEX: NG ) was sharply
higher as well, up 6.4%. Silver mining shares also were gaining strongly Tuesday
morning, with Pan American Silver up more than 3.5%. Coeur DAlene Mines Corp.
(NYSE: CDE ) was up around 2.8%. Hecla Mining (NYSE: HL ) was almost 4% higher.
Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was 3.7% higher. Silver Wheaton
Corp. (USA) (NYSE: SLW ) was showing gains of 2.25%. Silver Standard Resources
Inc. (USA) (NASDAQ: SSRI ) was about 2.3% higher. The author does not hold
positions in any of the above-mentioned investments.