Gold was moving higher Wednesday morning as mixed signals from euro zone leaders and new data that showed just how much euro zone banks are relying on emergency lending from the European Central Bank dampened hopes that a substantive rewriting of the European Union treaty designed to address the current sovereign debt crisis and prevent future crises would be agreed to by the wider EU community this week.
Spot gold was up 0.25%, with a bid price of $1,733.80 per ounce and an ask price of 1,734.80 at 10:15 a.m., having traded as high as $1,740.30 and as low as $1,719.60. The London afternoon reference price fix came in at $1,735.50, according to Kitco market data.
Spot silver was down 0.43%, bid at $32.62 with an ask price of $32.72. The morning high as of time of writing was $32.92 and the low was $32.15. Monday’s reference price was set at $32.45 in the London a.m.
Turning to stock market trading, gold trusts were higher, while the iShares Silver Trust (NYSE:SLV) was moving lower.
Gold and silver mining ETFs were heading lower.
Gold mining shares were lower as well.
Silver mining shares were sliding lower, with Silver Standard Resources (NASDAQ:SSRI) moving between slight gains and losses.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned stocks.