Dollar Up on Japan Intervention; Gold, Silver, Miners Down

A stronger U.S. dollar is taking its toll on precious metals, along with
stocks, as October draws to an end. Japans central bank intervened in the
foreign exchange market to put an end to the appreciation of the yen, marking
the third time this year Japan has done so. Japan is believed to have sold the
largest amount of yen ever for a single day in its latest intervention. The
dollar jumped nearly 3% against the yen and strengthened against other major
currencies as a result, which in turn sent precious metals, commodities and
share prices lower. Spot gold was down around 1.35% at 10 a.m., having hit a
high of $1,726.80 and a low of $1,715 Monday morning. Spot gold was bid at
$1,719.70 per ounce with an ask price of $1,720.70. The morning reference price
was fixed at $1,718, according to Kitco market data . Spot silver was nearly
2.9% lower, trading at $34.27 Bid, $34.37 Ask, having hit a morning high of
$34.73 and a low of $34.03. Fridays reference price was set at $34.24 per ounce
in the London a.m. Gold and silver trusts were down sharply in exchange trading.
The SPDR Gold Trust (AMEX: GLD ) was more than 1.3% lower. The iShares Gold
Trust (AMEX: IAU ) was down nearly 1.3%. The iShares Silver Trust (AMEX: SLV )
was sharply lower, down more than 2.6%. Gold and silver mining ETFs were sharply
lower as well. The Market Vectors Gold Miners ETF (AMEX: GDX ) was 1.7% lower.
The Market Vector Junior Gold Miners ETF (AMEX: GDXJ ) was down over 2.2%. The
Global X Silver Miners ETF (AMEX: SIL ) was more than 2.3% lower. Shares of gold
miners were showing sizable morning losses. Agnico-Eagle Mines (USA) (NYSE: AEM
) was around 1% lower. Barrick Gold Corp. (NYSE: ABX ) was between 1.5% and
1.65% lower. Goldcorp (NYSE: GG ) was down around 1.5%. Newmont Mining Corp.
(NYSE: NEM ) was between 2.3% and 2.5% lower. NovaGold Resources (USA) (AMEX: NG
) was down some 1.9%. Silver miners shares were down sharply across the board.
Coeur DAlene Mines Corp. (NYSE: CDE ) was some 2.8% lower. Hecla Mining (NYSE:
HL ) was down around 2.75%. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was
down 2.2%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was showing losses of around
2.8%. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was down more than
2.5%. As of this writing, Andrew Burger did not own a position in any of the
aforementioned stocks.