Gold, Silver, Miners All Headed Lower as Greek Government Faces Confidence Vote

The U.S. Labor Departments October employment report out Friday might have
proved somewhat reassuring, but uncertainty over the fate of Greece, its
government and the euro zones sovereign debt problems continued to cast a shadow
over gold, silver and stock markets. The Labor Department reported that 80,000
jobs were created in October and revised upward employment figures for September
and August, but the headline unemployment rate dropped just 0.1% to 9%. Market
participants awaited the results of a planned confidence vote on Greek Prime
Minister George Papandreous governing socialist party. Spot gold was off some
0.8% as of 11 a.m., having hit a high of $1,764.30 per ounce and a low of
$1,748.10 Friday morning. Spot gold was bid at $1,750.10 with an ask price of
$1,751.10. The morning reference price was fixed at $1,756 an ounce, according
to Kitco market data . Spot silver was lower, down 1.45% and trading at $33.98
Bid, $34.08 Ask. The morning high as of time of writing was $34.52 per ounce,
and the low was $33.74. Thursdays reference price was set at $33.95 in the
London morning fix. Gold and silver trusts were moving lower Friday morning. The
SPDR Gold Trust (NYSE: GLD ) was around 0.8% lower. The iShares Gold Trust
(NYSE: IAU ) also was around 0.8% lower. The iShares Silver Trust (NYSE: SLV )
was down about 1.5%. Gold and silver mining ETFs were down as well. The Market
Vectors Gold Miners ETF (NYSE: GDX ) was around 2% lower. The Market Vector
Junior Gold Miners ETF (NYSE: GDXJ ) was down more than 2.1%. The Global X
Silver Miners ETF (NYSE: SIL ) was around 1.3% lower. Gold miners also were
losing ground, with NovaGold Resources (USA) (AMEX: NG ) the exception.
Agnico-Eagle Mines (USA) (NYSE: AEM ) was around 2.7% lower. Barrick Gold Corp.
(NYSE: ABX ) was about 2.15% lower. Goldcorp (NYSE: GG ) was down more than 2%.
Newmont Mining Corp. (NYSE: NEM ) was down more than 0.8%. NovaGold Resources
was up between 0.2% and more than 0.5%. Silver miners shares also were losing
value. Coeur DAlene Mines Corp. (NYSE: CDE ) was some 2% lower. Hecla Mining
(NYSE: HL ) was down more around 2.9%. Pan American Silver Corp. (USA) (NASDAQ:
PAAS ) was down nearly 1.4%. Silver Wheaton Corp. (USA) (NYSE: SLW ) was between
1.75% and 2% lower. Silver Standard Resources Inc. (USA) (NASDAQ: SSRI ) was
more than 3% lower. As of this writing, Andrew Burger did not own a position in
any of the aforementioned stocks.