Gold, Silver Higher Amid Positive October Retail, PPI Reports

Gold and silver were moving higher in morning trading Tuesday, as the Commerce
Department reported higher-than-expected U.S. retail sales and the Labor
Department reported an October Produce Price Index that was much lower than
expected. Eurostat reported that the 27-nation European Union economy grew a
slight 0.2% in this years third quarter, driven by growth in France and Germany.
The U.S. PPI registered its largest drop in 20 months in October, falling 0.3%,
according to the Labor Departments report, while October retail sales rose 0.5%
, according to the Commerce Department. Spot gold was about 0.25% higher around
10 a.m. Tuesday, while spot silver was up nearly 1.6%. Spot gold was bid at
$1,785 per ounce with an ask price of $1,786 as of 10 a.m., having traded as
high as $1,787.90 and as low as $1,768.60. The London morning reference price
was set at $1,765, according to Kitco market data . Spot silver was bid at
$34.78 per ounce with an ask price of $34.88. The morning high as of time of
writing was $34.94, and the low was $34.14. Mondays reference price was set at
$34.02 in the London a.m. Gold and silver trusts were moving higher early
Tuesday. The SPDR Gold Trust (NYSE: GLD ) was about 0.2% higher. The iShares
Gold Trust (NYSE: IAU ) also was around 0.2% higher. The iShares Silver Trust
(NYSE: SLV ) was up around 1.15%. Gold and silver mining ETFs were showing small
losses. The Market Vectors Gold Miners ETF (NYSE: GDX ) was trading flat. The
Market Vectors Junior Gold Miners ETF (NYSE: GDXJ ) was nearly 0.7% lower. The
Global X Silver Miners ETF (NYSE: SIL ) was around 0.8% lower. Shares of gold
and silver miners were moving lower. Agnico-Eagle Mines (NYSE: AEM ) was some
0.7% higher. Barrick Gold Corp. (NYSE: ABX ) was showing losses of about 0.1%.
Goldcorp (NYSE: GG ) was down between 0.7% and 1%. Newmont Mining Corp. (NYSE:
NEM ) was showing losses of between 0.5% and 0.6%. NovaGold Resources (AMEX: NG
) was down around 0.9%. Silver miners shares were showing losses as well. Coeur
dAlene Mines Corp. (NYSE: CDE ) was around 1% lower. Hecla Mining (NYSE: HL )
was down around 0.9%. Pan American Silver Corp. (NASDAQ: PAAS ) was between 0.5%
and 0.8% lower. Silver Wheaton Corp. (NYSE: SLW ) was about 0.6% lower. Silver
Standard Resources Inc. (NASDAQ: SSRI ) was down around 1.65%. As of this
writing, Andrew Burger did not own a position in any of the aforementioned
stocks.