Gold, Silver Higher to Close Out Eventful Week

Gold and silver were higher Friday morning as U.S. existing home sales were
reported to have hit an 11-month high in December. However, ongoing talks among
EU leaders and private holders of Greek government debt continue in Europe,
casting a long shadow over the markets. Spot gold was showing a gain just shy of
0.25%, bid at $1,660.70.40 per ounce with an ask price of $1,661.70. Spot gold
traded as high as $1,663.80 and as low as $1,646.60. The London afternoon
reference price fix came in at $1,653, $2 per ounce lower than Thursdays
reference price, according to Kitco market data . Spot silver was up 0.72%, bid
at $30.86 per ounce with an ask price of $30.96. The morning high as of time of
writing was $31.01 and the low was $30.35. Fridays reference price was set at
$30.36 in the London a.m., 43 cents per ounce lower than yesterdays price fix.
December existing home sales rose at a seasonally adjusted 5% monthly rate , to
4.61 million units, 3.6% higher than December 2010s 4.45 million total.
Decembers increase carries on a recent upward trend that might signal a
sustained recovery is under way, NAR chief economist Lawrence Yin commented.
Gold bullion prices were down 1.4% from the weeks high of $1,646 as of lunchtime
Friday, according to BullionVaults London Gold Market report. Trading in
physical gold is winding down as China prepares for the long Chinese New Year
holiday. The direction of the U.S. dollar-euro exchange rate is likely to set
the tone for gold prices next week as physical demand from Asia will be all but
absent given the Shanghai Gold Exchange will be closed, market participants
commented. Gold trusts were showing small gains, while the iShares Silver Trust
(NYSE: SLV ) was making a stronger move higher. The SPDR Gold Trust (NYSE: GLD )
was showing slight gains of less than 0.1%. The iShares Gold Trust (NYSE: IAU )
also was showing gains of less than 0.1%. The iShares Silver Trust was up about
1.3%. Gold and silver mining ETFs were moving higher. The Market Vectors Gold
Miners ETF (NYSE: GDX ) was showing gains of nearly 0.7%. The Market Vectors
Junior Gold Miners ETF (NYSE: GDXJ ) was up around 0.45%. The Global X Silver
Miners ETF (NYSE: SIL ) was up more than 0.5%. Gold mining shares were almost
all higher, with Kinross Gold (NYSE: KGC ) moving up sharply. Agnico-Eagle Mines
(NYSE: AEM ) was showing losses of some 0.36%. Barrick Gold (NYSE: ABX ) was up
nearly 0.6%. Eldorado Gold (NYSE: EGO ) was unchanged. Goldcorp (NYSE: GG ) was
up around 0.8%. Kinross Gold was up about 1.9%. Newmont Mining (NYSE: NEM ) was
up nearly 0.5%. NovaGold Resources (AMEX: NG ) was up around 0.9%. Yamana Gold
(NYSE: AUY ) was trading around 0.2% lower. Silver mining shares were up, with
Hecla Mining (NYSE: HL ) showing strong gains. Coeur dAlene Mines (NYSE: CDE )
was moving higher, up between 1% and 1.25%. Hecla Mining was up more than 2.3%.
Pan American Silver (NASDAQ: PAAS ) was up nearly 1.6%. Silver Wheaton (NYSE:
SLW ) was showing gains of 1.1% and more. Silver Standard Resources (NASDAQ:
SSRI ) was up over 1%. 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.