Caution and prudence re-emerged in financial markets Thursday morning as comments by European Central Bank president Mario Draghi refocused attention on the daunting task still before euro zone leaders as they try to reach accord on structural reforms to deal with the regional sovereign debt crisis. Gold and silver were adding to Wednesday’s gains, however.
Spot gold was up slightly, with a bid price of $1,751.90 per ounce and an ask price of $1,752.90 at 10:30 a.m., having traded as high as $1,754.60 and as low as $1,742.10. The London afternoon reference price fixing came in at $1,752, according to Kitco market data.
Spot silver was up nearly 1.5%, bid at $33.32 with an ask price of $33.42. The morning high as of time of writing was $33.55 and the low was $32.77. Monday’s reference price was set at $33.28 in the London a.m.
Gold trusts were showing losses, while the iShares Silver Trust (NYSE:SLV) was gaining.
Gold and silver mining ETFs were mixed.
Gold mining shares were broadly lower, with NovaGold Resources (AMEX:NG) giving back some of its recent sharp gains.
Silver mining shares also were moving lower.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.