October 17, 2011 at 11:51 AM EDT
Gold Surging While Silver, Miners Down in Monday Trading
Gold was trading in the low $1,680s early Monday, and silver around $32.15. Silver miners like Coeur D'Alene and Hecla are among Monday's biggest midday losers.

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.

  • The SPDR Gold Trust (NYSE:GLD) was up 0.06%.
  • The iShares Gold Trust (NYSE:IAU) was up around 0.2%.
  • The iShares Silver Trust (NYSE:SLV) was up about 0.1%.

Gold and silver mining ETFs were moving lower.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down some 1.2%.
  • The Market Vector Junior Gold Miners ETF (NYSE:GDXJ) was around 2.5% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) was also down some 2.5%.

Shares of gold miners also were moving lower, with NovaGold Resources just barely the exception.

  • Agnico-Eagle Mines (USA) (NYSE:AEM) was losing around 2.7%.
  • Barrick Gold Corp. (NYSE:ABX) was down around 1.2%.
  • Goldcorp (NYSE:GG) was some 1.7% lower.
  • Newmont Mining Corp. (NYSE:NEM) was off around 0.5%.
  • NovaGold Resources (USA) (AMEX:NG) was moving between small losses and gains of around 0.1%

Silver miners’ shares were the biggest losers Monday morning.

  • Coeur D’Alene Mines Corp. (NYSE:CDE) was nearly 4% lower.
  • Hecla Mining (NYSE:HL) was also down around 4%.
  • Pan American Silver Corp. (USA) (NASDAQ:PAAS) was around 1.5% lower.
  • Silver Wheaton Corp. (USA) (NYSE:SLW) was down between 1.2% and 1.3%.
  • Silver Standard Resources Inc. (USA) (NASDAQ:SSRI) was down around 3.1%.

As of this writing, Andrew Burger did not own a position in any of the aforementioned stocks.


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