Gold, Silver and Miners on Recovery Road

Down big yesterday morning, up and strong this morning. Volatility continues to
be high as market participants hang on every bit of news regarding the euro
zones debt travails, as well as the latest economic indicators and third-quarter
earnings reports. Today its the release of the Federal Reserves latest policy
statement, which might provide the impetus for investors to move capital into
higher- or lower-risk assets, depending on the result. Investors are sending
gold and silver higher Wednesday morning following Greek Prime Minister George
Papandreous decision to force the issue and call for the Greek populace to vote
on the latest EU debt resolution package. The October ADP Employment Report came
in better than expected, easing concerns that the U.S. economy is falling into
another recession. Spot gold was sharply higher, up around 1.2% at 10:50 a.m.,
having hit a high of $1,744.50 and a low of $1,724.60 Wednesday morning. Spot
gold was bid at $1,740.80 with an ask price of $1,741.80 per ounce. The morning
reference price was fixed at $1,731 per ounce, according to Kitco market data .
Spot silver was some 2.3% higher, trading at $34.24 Bid, $34.34 Ask. The morning
high as of time of writing was $34.43, and the low was $33.59. Wednesdays
reference price was set at $33.83 per ounce in the London a.m. Gold and silver
trusts were showing healthy gains in exchange trading. The SPDR Gold Trust
(AMEX: GLD ) was nearly 1.3%. The iShares Gold Trust (AMEX: IAU ) was nearly
1.4% higher. The iShares Silver Trust (AMEX: SLV ) was up more than 3.1%. Gold
and silver mining ETFs were recovering from yesterdays sharp losses as well. The
Market Vectors Gold Miners ETF (AMEX: GDX ) was nearly 3.1% higher. The Market
Vector Junior Gold Miners ETF (AMEX: GDXJ ) also was up about 3.1%. The Global X
Silver Miners ETF (AMEX: SIL ) was more than 4.6% higher. Shares of gold miners
were showing strong morning gains. Agnico-Eagle Mines (USA) (NYSE: AEM ) was
around 1.9% higher. Barrick Gold Corp. (NYSE: ABX ) was more than 4% higher.
Goldcorp (NYSE: GG ) was up more than 3.5%. Newmont Mining Corp. (NYSE: NEM )
was between 2.35% and 2.7% higher. NovaGold Resources (USA) (AMEX: NG ) was up
more than 4.6%. Silver miners shares also were recovering nicely. Coeur DAlene
Mines Corp. (NYSE: CDE ) was around 4.1% higher. Hecla Mining (NYSE: HL ) was up
nearly 4.3%. Pan American Silver Corp. (USA) (NASDAQ: PAAS ) was up more than
4.8%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was showing gains of more than 4%.
Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was up nearly 5%. As of
this writing, Andrew Burger did not own a position in any of the aforementioned
stocks.