Gold and silver were marching higher Tuesday for a second consecutive morning, though not anywhere near the degree they did Monday morning, as hope remains that euro zone finance ministers meeting today in Brussels can hammer out a substantive plan to resolve the European debt crisis.
Spot gold was slightly up with a bid price of $1,713.80 per ounce and an ask price of $1,714.80 at 10:10 a.m., having traded as high as $1,717.10 and as low as $1,705.30. The London afternoon reference price fixing came in at $1,717, according to Kitco market data.
Spot silver was bid at $32.08 per ounce with an ask price of $32.18. The morning high as of time of writing was $32.24 and the low was $31.59. Monday’s reference price was set at $31.96 in the London a.m.
Italy managed to sell 8 billion euros’ worth of three-year and 10-year government bonds but had to yield well more than the perceived crisis level interest rate of 7% on both issues. In the U.S., property values in 20 cities dropped a greater-than-expected 3.6% year-over-year in September, according to the S&P/Case-Shiller Index.
Gold and silver trusts were generally higher Tuesday morning.
Gold and silver mining ETFs were showing strong gains for a second morning running.
Gold mining shares were showing healthy gains as well, with NovaGold Resources (AMEX:NG) shares continuing to surge higher.
Silver mining shares also were moving higher Tuesday.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.