Gold and silver were heading sharply lower Wednesday morning, as
weaker-than-expected reports on durable goods orders and personal spending
along with what was said to be the worst auction of 10-year German government
bonds in recent memory sent investors and traders running for safer havens.
Spot gold was some 0.92% lower around 10:20 a.m. Wednesday, while spot silver
was down 3.72%. Spot gold was bid at $1,683.70 per ounce with an ask price of
$1,684.70, having traded at a high of $1,696.60 and a low of $1,679.90. The
London afternoon reference price fixing was set at $1,681, according to Kitco
market data . Spot silver was bid at $31.55 per ounce with an ask price of
$31.65. The morning high as of time of writing was $31.95, and the low was
$31.36. Mondays reference price was set at $31.51 in the London a.m. Gold trusts
were down and the iShares Silver Trust (NYSE: SLV ) was sharply lower in the
run-up to the long Thanksgiving holiday weekend. The SPDR Gold Trust (NYSE: GLD
) was around 0.9% lower. The iShares Gold Trust (NYSE: IAU ) was nearly 1%
lower. The iShares Silver Trust was showing losses of more than 3.7%. Gold and
silver mining ETFs were heading south as well. The Market Vectors Gold Miners
ETF (NYSE: GDX ) was down more than 3%. The Market Vectors Junior Gold Miners
ETF (NYSE: GDXJ ) was around 4.75% lower. The Global X Silver Miners ETF (NYSE:
SIL ) was more than 4.4% lower. Shares of gold miners were showing large morning
losses. Agnico-Eagle Mines (NYSE: AEM ) was some 2.8% lower. Barrick Gold Corp.
(NYSE: ABX ) was between 2.75% and 2.9% lower. Goldcorp (NYSE: GG ) was showing
losses of around 3.75%. Newmont Mining Corp. (NYSE: NEM ) was more than 2.1%
lower. NovaGold Resources (AMEX: NG ) was showing losses of almost 5% after
surging higher recently. Silver miners shares were getting pummeled. Coeur
dAlene Mines Corp. (NYSE: CDE ) was between 4.5% and 4.8% lower. Hecla Mining
(NYSE: HL ) was down around 6.3%. Pan American Silver Corp. (NASDAQ: PAAS ) was
some 3% lower. Silver Wheaton Corp. (NYSE: SLW ) was down around 4%. Silver
Standard Resources Inc. (NASDAQ: SSRI ) was down some 5.8%. As of this writing,
Andrew Burger did not hold a position in any of the aforementioned stocks.
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