Gold Softens, Miners Up as Merkel, Sarkozy Meet in Paris
Gold was flat to slightly lower Monday morning, but miners -- especially silver interests like Hecla and Silver Standard -- were enjoying strong gains.

Gold Silver GLD IAU SLVStock markets popped higher at the open Monday morning, but gold was flat to slightly down as traders and investors took some profits after last week’s strong rally. Optimism grew that the 27-nation European Union, or at least the 17-member euro zone, would follow the lead of Germany and France and agree to a new treaty that would include sanctions against members that violate fiscal and monetary constraints being discussed by German Chancellor Angela Merkel and French President Nicolas Sarkozy in Paris.

Spot gold was slightly down early Monday, with a bid price of $1,743.70 per ounce and an ask price of 1,744.70 at 10:15 a.m., having traded as high as $1,748.50 and as low as $1,729.10. The London morning reference price fixing came in at $1,744, $7 per ounce lower than Friday’s reference fix, according to Kitco market data.

Spot silver was up 0.67%, bid at $32.86 per ounce with an ask price of $32.96. The morning high as of time of writing was $33.10 and the low was $32.46. Monday’s reference price was set at $32.48 in the London a.m.

Turning to stock exchange trading, gold trusts were lower, but the iShares Silver Trust (NYSE:SLV) was moving up.

  • The SPDR Gold Trust (NYSE:GLD) was showing losses of some 0.15%.
  • The iShares Gold Trust (NYSE:IAU) was down some 0.1%.
  • The iShares Silver Trust was moving higher, showing gains of about 1.3%.

Gold and silver mining ETFs were sharply higher.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was up around 2.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was up about 2.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) had gained nearly 2%.

Gold mining shares were moving higher.

  • Agnico-Eagle Mines (NYSE:AEM) was showing gains of around 1.9%.
  • Barrick Gold Corp. (NYSE:ABX) was more than 0.8% higher.
  • Goldcorp (NYSE:GG) was showing gains of about 1.75%.
  • Newmont Mining Corp. (NYSE:NEM) was around 1.1% higher.
  • NovaGold Resources (AMEX:NG) was up some 2.4%.

Silver mining shares were up sharply.

  • Coeur d’Alene Mines Corp. (NYSE:CDE) was moving about 2.7% higher.
  • Hecla Mining (NYSE:HL) was up around 3%.
  • Pan American Silver Corp. (NASDAQ:PAAS) was nearly 2.8% higher.
  • Silver Wheaton Corp. (NYSE:SLW) was up about 2.2%.
  • Silver Standard Resources Inc. (NASDAQ:SSRI) was up nearly 3%.

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


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