Gold, Silver Move Higher Despite Italian Austerity Vote

Gold and silver were moving higher Friday morning despite signs of growing
appetite for risk from investors off the back of Italys Senate passing new
austerity measures. The approval sends the package to a Saturday lower house
vote, and its passing would pave the way for the resignation of Prime Minister
Silvio Berlusconi and the formation of a new, transitional government. Spot gold
was nearly 0.8% higher around 10 a.m., having traded as high as $1,775.70.80 per
ounce and as low as $1,775.70 Friday morning. Spot gold was bid at $1,770.60
with an ask price of $1,771.60. The London morning reference price was set at
$1,764, according to Kitco market data . Spot silver was up 1.15% and trading at
$34.42 Bid, $34.52 Ask. The morning high as of time of writing was $34.66 per
ounce, and the low was $33.78. Fridays reference price was set at $33.78 in the
London a.m. Gold and silver trusts were moving higher Friday morning. The SPDR
Gold Trust (NYSE: GLD ) was nearly 0.9% higher. The iShares Gold Trust (NYSE:
IAU ) was around 0.75% higher. The iShares Silver Trust (NYSE: SLV ) was up
about 1.1%. Gold and silver mining ETFs also were moving up. The Market Vectors
Gold Miners ETF (NYSE: GDX ) was more than 2.3% higher. The Market Vectors
Junior Gold Miners ETF (NYSE: GDXJ ) was nearly 2% higher. The Global X Silver
Miners ETF (NYSE: SIL ) was more than 1.9% higher. Shares of gold miners were
up, with NovaGold Resources (AMEX: NG ) more than 4% higher. Agnico-Eagle Mines
(NYSE: AEM ) was around 0.7% higher. Barrick Gold Corp. (NYSE: ABX ) was more
than 2.3% higher. Goldcorp (NYSE: GG ) was up nearly 2.5%. Newmont Mining Corp.
(NYSE: NEM ) was showing gains of nearly 2%. NovaGold Resources was up about
4.3%. Silver miners shares were showing sharp gains. Coeur dAlene Mines Corp.
(NYSE: CDE ) was some 3.6% higher. Hecla Mining (NYSE: HL ) was up around 2.9%.
Pan American Silver Corp. (NASDAQ: PAAS ) was more than 2.5% higher. Silver
Wheaton Corp. (NYSE: SLW ) was around 2.3% higher. Silver Standard Resources
Inc. (NASDAQ: SSRI ) was about 3.8% higher. As of this writing, Andrew Burger
did not own a position in any of the aforementioned stocks.