Gold was showing small gains, and silver was giving back some of yesterdays
strong rise Wednesday morning as the Commerce Dept. reported a
less-than-expected increase in new manufacturing orders for November following
two consecutive monthly declines. New orders for manufactured goods increased
$8.2 billion , 1.8% month-to-month, to $459.2 billion overall, the Commerce
Dept. reported, and 0.3% excluding transportation. Shipments rose for the sixth
consecutive month, up $100 million to $455 billion. Unfilled order increased
$11.1 billion, or 1.3%, to $898.3 billion, the 19th increase in the last 20
months. Spot gold was trading 0.16% higher at 10:40 a.m. Wednesday, with a bid
price of $1,603 and an ask price of $1,613. Spot gold traded as high as
$1,615.80 and as low as $1,592.50. The London afternoon reference price fix came
in at $1,613, $15 higher than Tuesdays price fix, according to Kitco market data
. Spot silver was down more than 1.5%, bid at $29.25 an ounce with an ask price
of $29.35. The morning high as of time of writing was $29.67, and the low was
$28.84. Wednesday's reference price was set at $29.18 in the London a.m., 40
cents an ounce above Tuesdays price fix. Gold bullion had slipped below the
$1,600-an-ounce level in London morning trading, having earlier reached $1,612,
its highest level since before Christmas, BullionVault reported in its Wednesday
London Gold Market Report . A technical analyst at bullion dealer Scotia Mocatta
sees another potential downward move ahead. Key [gold price ] resistancelies at
the $1,630 level which represents the 200 day moving average. We believe that
while the 200-day moving average holds, the risk remains for another visit to
the $1,523 area, Russel Browne was quoted as saying. On the exchanges, gold
trusts were higher, but the iShares Silver Trust was moving lower.
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