Gold 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.
Gold and silver mining ETFs were heading south as well.
Shares of gold miners were showing large morning losses.
Silver miners’ shares were getting pummeled.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.