Gold, Silver Climb as Euro Zone Finance Ministers Meet
Gold and silver miners were making decent gains on slightly higher metal prices Tuesday morning, with NovaGold Resources (NG) once again leading the pack.

Gold Silver GLD IAU SLVGold 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.

  • The SPDR Gold Trust (NYSE:GLD) was showing gains of about 0.2%.
  • The iShares Gold Trust (NYSE:IAU) was up more than 0.1%.
  • The iShares Silver Trust (NYSE:SLV) was just about flat.

Gold and silver mining ETFs were showing strong gains for a second morning running.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was up some 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was moving higher, up some 1.75%.
  • The Global X Silver Miners ETF (NYSE:SIL) was more than 2% higher.

Gold mining shares were showing healthy gains as well, with NovaGold Resources (AMEX:NG) shares continuing to surge higher.

  • Agnico-Eagle Mines (NYSE:AEM) was showing gains of around 1.1%.
  • Barrick Gold Corp. (NYSE:ABX) was nearly 1.4% higher.
  • Goldcorp (NYSE:GG) was showing gains of nearly 1.5%.
  • Newmont Mining Corp. (NYSE:NEM) was some 1.7% higher.
  • NovaGold Resources was up more than 2.7%.

Silver mining shares also were moving higher Tuesday.

  • Coeur d’Alene Mines Corp. (NYSE:CDE) was some 2.2% higher.
  • Hecla Mining (NYSE:HL) was up some 1.8%.
  • Pan American Silver Corp. (NASDAQ:PAAS) was around 0.3% higher.
  • Silver Wheaton Corp. (NYSE:SLW) was up about 0.9%.
  • Silver Standard Resources Inc. (NASDAQ:SSRI) was up around 0.8%.

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


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