Gold, silver and miners were all posting strong gains Tuesday morning off the
back of good news on Spanish bonds and the German economy, as well as a 9.3%
jump in U.S. November housing starts , albeit from close to record lows, to a
seasonally adjusted 685,000 the highest level since April 2010. Building
permits surged 5.7% from October and a whopping 20.7% since last November. Spot
gold was back over $1,600 per ounce and more than 1.3% higher at 10:50 a.m.,
with a bid price of $1,614.90 and an ask price of $1,615.90. Spot gold traded as
high as $1,618 and as low as $1,602.20 this morning. The London afternoon
reference price fix came in at $1,613.50, according to Kitco market data . Spot
silver was up more than 2.35%, bid at $29.48 per ounce with an ask price of
$29.58. The morning high as of time of writing was $29.62, and the low was
$29.11. Tuesdays reference price was set at $29.28 in the London a.m. Gold
bullion prices had rallied in the London a.m. , as well, up 2.8% from last weeks
low, though one trader noted that liquidity remained light, according to
BullionVaults London Gold Report. Short-term the (precious metals) complex is
likely to remain vulnerable to bouts of long liquidation amid concerns over
funding levels, an analyst at Swiss refiner MKS said. Turning to exchange
trading, gold and silver trusts were making good headway. The SPDR Gold Trust
(NYSE: GLD ) was showing gains of around 1.5%. The iShares Gold Trust (NYSE: IAU
) was up some 1.35%. The iShares Silver Trust (NYSE: SLV ) was around 2.8%
lower. Gold and silver mining ETFs were surging higher. The Market Vectors Gold
Miners ETF (NYSE: GDX ) was moving sharply higher, up more than 3.6%. The Market
Vectors Junior Gold Miners ETF (NYSE: GDXJ ) was up over 6%. The Global X Silver
Miners ETF (NYSE: SIL ) was more than 4.1% higher. Gold mining shares also were
showing strong gains. Agnico-Eagle Mines (NYSE: AEM ) was showing gains of some
4.8%. Barrick Gold (NYSE: ABX ) was up around 4%. Eldorado Gold (NYSE: EGO ) was
up nearly 2.5% higher. Goldcorp (NYSE: GG ) was nearly 3.6% higher. Newmont
Mining (NYSE: NEM ) was more than 2.7% higher. NovaGold Resources (AMEX: NG )
was up about 4.5%. Silver mining shares were surging higher as well. Shares of
Hecla Mining (NYSE: HL ) were recovering strongly following news of an accident
at its Lucky Friday Mine in Idaho last week in which seven miners were injured
after a seismic event resulted in a rock burst. The U.S. Mine Safety and Health
Administration has temporarily shut down the mine as it conducts its
investigation. Coeur dAlene Mines (NYSE: CDE ) was moving higher, up around
6.3%. Hecla Mining was up more than 7.8%. Pan American Silver (NASDAQ: PAAS )
was some 4.7% higher. Silver Wheaton (NYSE: SLW ) was showing gains of more than
5%. Silver Standard Resources (NASDAQ: SSRI ) was up around 5.8%. As of this
writing, Andrew Burger did not hold a position in any of the aforementioned
securities. Adrian Ash of BullionVault contributed to this report.
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