Gold and silver prices were in positive territory Monday morning, as upbeat
earnings from the likes of Caterpillar (NYSE: CAT ), optimism that EU leaders
will find a solution to the euro zone debt crisis and good numbers from China
about factory orders lent support to both precious metals and stocks. Spot gold
was up nearly 0.8% Monday morning, having hit a high of $1,663.20 and a low of
$1,649.30. Spot gold was bid at $1,655 with an ask price of $1,666 per ounce at
11 a.m., while the London p.m. reference price fix came in at $1,652 an ounce,
according to Kitco market data . Spot silver was up some 1.3% and trading at
$31.81 Bid, $31.91 Ask, having hit a morning high of $31.99 and a low of $31.35.
Fridays reference price was set at $31.70 in the London a.m. Gold and silver
trusts were moving higher in exchange trading Monday. The SPDR Gold Trust (AMEX:
GLD ) was more than 1% higher. The iShares Gold Trust (AMEX: IAU ) was up over
1%. The iShares Silver Trust (AMEX: SLV ) was 1.8% higher. Gold and silver
mining ETFs were moving up sharply. The Market Vectors Gold Miners ETF (AMEX:
GDX ) was nearly 2.9% higher. The Market Vector Junior Gold Miners ETF (AMEX:
GDXJ ) was up nearly 4.6%. The Global X Silver Miners ETF (AMEX: SIL ) was 4.2%
higher. Shares of gold miners were showing strong gains as well. Agnico-Eagle
Mines (USA) (NYSE: AEM ) was more than 2.3% higher after taking a battering last
week. Barrick Gold Corp. (NYSE: ABX ) was nearly 3% higher. Goldcorp (NYSE: GG )
was up over 3.1%. Newmont Mining Corp. (NYSE: NEM ) was more than 1.2% higher.
NovaGold Resources (USA) (AMEX: NG ) was nearly 4% higher. Silver miners shares
were moving up sharply, with Coeur DAlene Mines Corp. (NYSE: CDE ) and Pan
American Silver Corp. (USA) (NASDAQ: PAAS ) showing particularly strong buying
interest. Coeur DAlene Mines Corp. was up more than 5.6%. Hecla Mining (NYSE: HL
) was around 2.7% higher. Pan American Silver Corp. was up 5.6%. Silver Wheaton
Corp. (USA) (NYSE: SLW ) was showing gains of more than 4%. Silver Standard
Resources Inc. (USA) (NASDAQ: SSRI ) was up more than 4.8%. As of this writing,
Andrew Burger did not own a position in any of the aforementioned stocks.
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