Gold was moving higher and silver lower in Monday morning trading, as news from Germany regarding a much-anticipated solution to the euro zone’s debt crisis overwhelmed a Fed report showing U.S. industrial production increased 1.2% in September. German Chancellor Angela Merkel’s chief spokesman said European Union leaders won’t produce a debt crisis solution by an Oct. 23 summit meeting.
Spot gold hit a high of $1,688.70 and a low of $1,677.70 this morning, and it was trading at $1,682.80 Bid, $1,683.80 Ask as of this writing, according to Kitco market data. The London p.m. reference price was set at $1,682 per ounce.
Spot silver was trading at $32.12 Bid, $32.22 Ask, having hit a morning high of $32.53 and a low of $31.78. Today’s reference price was set at $32.30.
Gold and silver trusts were moving up, but fractionally, Monday morning.
Gold and silver mining ETFs were moving lower.
Shares of gold miners also were moving lower, with NovaGold Resources just barely the exception.
Silver miners’ shares were the biggest losers Monday morning.
As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.