Black Friday Sales, EU Optimism Send Gold, Silver Soaring

Gold and silver were surging along with stocks Monday morning as investors took
heart at strong Black Friday sales and optimism that European Union leaders will
come up with a viable resolution of regional debt crises. Gold was up nearly 2%
and silver up some 3.6% early Monday. Thanksgiving weekend retail sales came in
at a record high $52.4 billion as shops opened their doors earlier than ever,
looking to make the most of the holiday shopping season when they can take in
anywhere from 15% to 40% of their annual sales. Also, euro zone finance
ministers are to meet in Brussels on Tuesday, when theyre expected to approve
details or arrangements that will boost the capital of the euro zone rescue
fund, the European Financial Stability Facility. Shares of NovaGold Resources
(AMEX: NG ) continued their surge higher spiking up more than 10% at one point
as last weeks news of an asset spinoff and possible sale continued to draw in
investors capital. Spot gold was bid at $1,713.80 per ounce with an ask price of
$1,714.80 at 10 a.m., having traded as high as $1,722.70 and as low as
$1,712.40. The London morning reference price fixing was set at $1,714,
according to Kitco market data . Spot silver was bid at $32.10 per ounce with an
ask price of $32.20. The morning high as of time of writing was $32.33 and the
low was $31.90. Mondays reference price was set at $32 in the London a.m. Gold
and silver trusts were up sharply Monday. The SPDR Gold Trust (NYSE: GLD ) was
showing gains of some 2.1%. The iShares Gold Trust (NYSE: IAU ) was up around
2.1%. The iShares Silver Trust (NYSE: SLV ) was moving higher, up more than
3.5%. Gold and silver mining ETFs were showing strong gains. The Market Vectors
Gold Miners ETF (NYSE: GDX ) was up more than 3.4%. The Market Vectors Junior
Gold Miners ETF (NYSE: GDXJ ) was moving higher, up some 5.75%. The Global X
Silver Miners ETF (NYSE: SIL ) was more some 5.25% higher. Gold mining shares
were up sharply Monday. Investors continue to flock to NovaGold Resources shares
off the back of last weeks news of a copper spinoff and asset sale. Barrick Gold
Corp. (NYSE: ABX ) goes ex-dividend today. Agnico-Eagle Mines (NYSE: AEM ) was
showing gains of around 1.2%. Barrick Gold Corp. was more than 5.3% higher.
Goldcorp (NYSE: GG ) was showing gains of more than 4.5%. Newmont Mining Corp.
(NYSE: NEM ) was some 2.8% higher. NovaGold Resources spiked up and was trading
around 10% higher. Silver mining shares also were surging higher. Coeur dAlene
Mines Corp. (NYSE: CDE ) was more than 6.2% higher. Hecla Mining (NYSE: HL ) was
up some 6.6%. Pan American Silver Corp. (NASDAQ: PAAS ) was nearly 4% higher.
Silver Wheaton Corp. (NYSE: SLW ) was up around 5.3%. Silver Standard Resources
Inc. (NASDAQ: SSRI ) was up about 5.5%. As of this writing, Andrew Burger did
not hold a position in any of the aforementioned stocks.