Gold, Silver Cautiously Higher as Attention Shifts Back to Euro Zone

Caution and prudence re-emerged in financial markets Thursday morning as
comments by European Central Bank president Mario Draghi refocused attention on
the daunting task still before euro zone leaders as they try to reach accord on
structural reforms to deal with the regional sovereign debt crisis. Gold and
silver were adding to Wednesdays gains, however. Spot gold was up slightly, with
a bid price of $1,751.90 per ounce and an ask price of $1,752.90 at 10:30 a.m.,
having traded as high as $1,754.60 and as low as $1,742.10. The London afternoon
reference price fixing came in at $1,752, according to Kitco market data . Spot
silver was up nearly 1.5%, bid at $33.32 with an ask price of $33.42. The
morning high as of time of writing was $33.55 and the low was $32.77. Mondays
reference price was set at $33.28 in the London a.m. Gold trusts were showing
losses, while the iShares Silver Trust (NYSE: SLV ) was gaining. The SPDR Gold
Trust (NYSE: GLD ) was down about 0.2%. The iShares Gold Trust (NYSE: IAU ) had
lost around 0.12%. The iShares Silver Trust was moving higher, showing gains of
between 0.6% and 0.75%. Gold and silver mining ETFs were mixed. The Market
Vectors Gold Miners ETF (NYSE: GDX ) was down nearly 0.3%. The Market Vectors
Junior Gold Miners ETF (NYSE: GDXJ ) was higher, up around 0.5%. The Global X
Silver Miners ETF (NYSE: SIL ) was unchanged. Gold mining shares were broadly
lower, with NovaGold Resources (AMEX: NG ) giving back some of its recent sharp
gains. Agnico-Eagle Mines (NYSE: AEM ) was showing small gains of less than
0.1%. Barrick Gold Corp. (NYSE: ABX ) was nearly 0.6% lower. Goldcorp (NYSE: GG
) was showing losses of more than 0.5%. Newmont Mining Corp. (NYSE: NEM ) was
some 0.4% lower. NovaGold Resources was down around 2.3%. Silver mining shares
also were moving lower. Coeur dAlene Mines Corp. (NYSE: CDE ) was about 1.5%
lower. Hecla Mining (NYSE: HL ) was down nearly 1%. Pan American Silver Corp.
(NASDAQ: PAAS ) was some 2.2% lower. Silver Wheaton Corp. (NYSE: SLW ) was down
some 0.2%. Silver Standard Resources Inc. (NASDAQ: SSRI ) was down about 0.25%.
As of this writing, Andrew Burger did not hold a position in any of the
aforementioned stocks.