Gold, Silver Heading South for Thanksgiving
Gold was slipping and silver plummeting Wednesday morning. Especially hit hard were miners, including NovaGold Resources and Hecla Mining.

Gold Silver GLD IAU SLVGold and silver were heading sharply lower Wednesday morning, as weaker-than-expected reports on durable goods orders and personal spending — along with what was said to be the worst auction of 10-year German government bonds in recent memory — sent investors and traders running for safer havens.

Spot gold was some 0.92% lower around 10:20 a.m. Wednesday, while spot silver was down 3.72%. Spot gold was bid at $1,683.70 per ounce with an ask price of $1,684.70, having traded at a high of $1,696.60 and a low of $1,679.90. The London afternoon reference price fixing was set at $1,681, according to Kitco market data.

Spot silver was bid at $31.55 per ounce with an ask price of $31.65. The morning high as of time of writing was $31.95, and the low was $31.36. Monday’s reference price was set at $31.51 in the London a.m.

Gold trusts were down and the iShares Silver Trust (NYSE:SLV) was sharply lower in the run-up to the long Thanksgiving holiday weekend.

  • The SPDR Gold Trust (NYSE:GLD) was around 0.9% lower.
  • The iShares Gold Trust (NYSE:IAU) was nearly 1% lower.
  • The iShares Silver Trust was showing losses of more than 3.7%.

Gold and silver mining ETFs were heading south as well.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down more than 3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was around 4.75% lower.
  • The Global X Silver Miners ETF (NYSE:SIL) was more than 4.4% lower.

Shares of gold miners were showing large morning losses.

  • Agnico-Eagle Mines (NYSE:AEM) was some 2.8% lower.
  • Barrick Gold Corp. (NYSE:ABX) was between 2.75% and 2.9% lower.
  • Goldcorp (NYSE:GG) was showing losses of around 3.75%.
  • Newmont Mining Corp. (NYSE:NEM) was more than 2.1% lower.
  • NovaGold Resources (AMEX:NG) was showing losses of almost 5% after surging higher recently.

Silver miners’ shares were getting pummeled.

  • Coeur d’Alene Mines Corp. (NYSE:CDE) was between 4.5% and 4.8% lower.
  • Hecla Mining (NYSE:HL) was down around 6.3%.
  • Pan American Silver Corp. (NASDAQ:PAAS) was some 3% lower.
  • Silver Wheaton Corp. (NYSE:SLW) was down around 4%.
  • Silver Standard Resources Inc. (NASDAQ:SSRI) was down some 5.8%.

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

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