Stock 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.
Gold and silver mining ETFs were sharply higher.
Gold mining shares were moving higher.
Silver mining shares were up sharply.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.