Gold and silver were surging along with stocks Monday morning as investors took heart at strong Black Friday sales and optimism that European Union leaders will come up with a viable resolution of regional debt crises. Gold was up nearly 2% and silver up some 3.6% early Monday.
Thanksgiving weekend retail sales came in at a record high $52.4 billion as shops opened their doors earlier than ever, looking to make the most of the holiday shopping season when they can take in anywhere from 15% to 40% of their annual sales. Also, euro zone finance ministers are to meet in Brussels on Tuesday, when they’re expected to approve details or arrangements that will boost the capital of the euro zone rescue fund, the European Financial Stability Facility.
Shares of NovaGold Resources (AMEX:NG) continued their surge higher — spiking up more than 10% at one point — as last week’s news of an asset spinoff and possible sale continued to draw in investors’ capital.
Spot gold was bid at $1,713.80 per ounce with an ask price of $1,714.80 at 10 a.m., having traded as high as $1,722.70 and as low as $1,712.40. The London morning reference price fixing was set at $1,714, according to Kitco market data.
Spot silver was bid at $32.10 per ounce with an ask price of $32.20. The morning high as of time of writing was $32.33 and the low was $31.90. Monday’s reference price was set at $32 in the London a.m.
Gold and silver trusts were up sharply Monday.
Gold and silver mining ETFs were showing strong gains.
Gold mining shares were up sharply Monday. Investors continue to flock to NovaGold Resources shares off the back of last week’s news of a copper spinoff and asset sale. Barrick Gold Corp. (NYSE:ABX) goes ex-dividend today.
Silver mining shares also were surging higher.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.