Gold, Silver, Miners All Head South Tuesday

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tdp2664 InvestorPlace The price of physical gold fell more than $20 per ounce Tuesday morning despite a greater-than-expected increase in September U.S. producer prices — another sign that inflation is building up in the supply chain. Gold traditionally has been a hedge against rising inflation. Slower growth in China and Europe is likely to put a lid on further increases in inflation, however, according to several economists. Spot gold was bid at $1,638.80 with an ask price of $1,639.80 early Tuesday. The morning high as of this writing was $1,648.10 and the low was $1,626.10, according to Kitco market data . The London p.m. reference price was set at $1,631 per ounce. Spot silver was trading at $31.22 Bid, $31.32 Ask, having hit a morning high of $31.32 and a low of $30.47. Today’s reference price was set at $31 in the London a.m. On the stock exchanges, gold and silver trusts were sharply lower. The SPDR Gold Trust (NYSE: GLD ) was more than 2% lower. The iShares Gold Trust (NYSE: IAU ) was down around 2%. The iShares Silver Trust (NYSE: SLV ) was down about 2.74%. Gold and silver mining ETFs also were moving lower. The Market Vectors Gold Miners ETF (NYSE: GDX ) was 2.9% lower. The Market Vectors Junior Gold Miners ETF (NYSE: GDXJ ) was more than 2.1% lower. The Global X Silver Miners ETF (NYSE: SIL ) was down nearly 2.3%. Shares of gold miners were heading south, NovaGold Resources again the exception. Agnico-Eagle Mines (USA) (NYSE: AEM ) was around 2.5% lower. Barrick Gold Corp. (NYSE: ABX ) was down some 2.4%. Goldcorp (NYSE: GG ) was down around 2.3%. Newmont Mining Corp. (NYSE: NEM ) was nearly 2.2% lower. NovaGold Resources (USA) (AMEX: NG ) was showing gains of around 0.4%. Silver miners’ shares were showing the biggest losses for the second consecutive morning. Coeur D’Alene Mines Corp. (NYSE: CDE ) was around 1% lower. Hecla Mining (NYSE: HL ) also was down more than 1%. Pan American Silver Corp. (USA) ( NASDAQ : PAAS ) was about 2.9% lower. Silver Wheaton Corp. (USA) (NYSE: SLW ) was down more than 4.3%. Silver Standard Resources Inc. (USA) ( NASDAQ : SSRI ) was down nearly 4%. As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.