Gold Nears $1,700 Amid Consumer Confidence, Housing Data

Gold prices spiked from just above $1,650 to nearly $1,690 per ounce Tuesday
morning, and silver also was sharply higher, as the Conference Board reported
that consumer confidence slumped to its lowest level since March 2009, and an
expected increase in the S&P Case-Schiller index of home prices in 20
metropolitan areas came in slightly weaker than expected. Markets also are jumpy
as investors and traders await word from a summit of European leaders in which
they are expected to produce a comprehensive plan to address the euro zones debt
crisis. Spot gold was up nearly 1.9%, having hit a high of $1,688.90 and a low
of $1,647.90. Spot gold was bid at $1,684.60 with an ask price of $1,685.60 at
11 a.m., while the London p.m. reference price fix came in at $1,656 per ounce,
according to Kitco market data . Spot silver was up about 1.5% and trading at
$3.21 Bid, $32.31 Ask, having hit a morning high of $32.51 and a low of $31.29.
Fridays reference price was set at $32 an ounce in the London a.m. Gold and
silver trusts were up sharply in exchange trading. The SPDR Gold Trust (AMEX:
GLD ) was 1.8% higher. The iShares Gold Trust (AMEX: IAU ) was up over 1.8%. The
iShares Silver Trust (AMEX: SLV ) was nearly 1.4% higher. Gold and silver mining
ETFs also were showing gains. The Market Vectors Gold Miners ETF (AMEX: GDX )
was nearly 1.4% higher. The Market Vectors Junior Gold Miners ETF (AMEX: GDXJ )
was up 0.2%. The Global X Silver Miners ETF (AMEX: SIL ) was 0.7% higher. Shares
of gold miners were showing strong gains. Agnico-Eagle Mines (USA) (NYSE: AEM )
was around 0.5% higher. Barrick Gold Corp. (NYSE: ABX ) was more than 1.3%
higher. Goldcorp (NYSE: GG ) was up nearly 1.4%. Newmont Mining Corp. (NYSE: NEM
) was more than 1.1% higher. NovaGold Resources (USA) (AMEX: NG ) was around
1.5% higher. Silver miners shares were mixed. Coeur DAlene Mines Corp. (NYSE:
CDE ) was down nearly 0.5%. Hecla Mining (NYSE: HL ) was between 0.6% and 0.9%
lower. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was up around 0.8%.
Silver Wheaton Corp. (USA) (NYSE: SLW ) was showing gains of more than 2.9%.
Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was up over 0.7%. As of
this writing, Andrew Burger did not own a position in any of the aforementioned
stocks.