A weaker than expected U.S. employment report sent gold prices on a tear in early Friday trade. Spot gold shot up from around $1527 just before the report’s release to just over $1545 per ounce. The market was $1542.60 Bid, $1543.60 Ask as of 10:30 this morning with the London p.m. fix set at $1541.50, a full $15.50 above the morning fix, according to market data.
Spot silver was up and down in early N.Y. trade. Spot prices rose more than $0.50 per ounce after the jobs report’s release, but retraced almost all of the upward move as of 10:30 this morning. Spot silver was set at $36.28 in the London a.m., $0.42 higher than yesterday’s reference price.
Taking a look at gold and silver stocks, the major gold ETFs were higher while the iShares Silver Trust (NYSE:) was trading slightly lower.
- The SPDR Gold Trust (NYSE: ) was up around 0.8%.
- The iShares Gold Trust (NYSE: ) was down nearly 0.7%.
- The iShares Silver Trust (NYSE: ) was down less than 0.5%.
Similarly, gold mining ETFs were trading higher while the silver miner’s were off slightly.
- The Market Vectors Gold Miners ETF (NYSE: ) was up between 0.15% and 0.3%.
- The Market Vector Junior Gold Miners ETF (NYSE: ) was up around 0.5%.
- The Global X Silver Miners ETF (NYSE:) was some 0.6% lower.
Major gold mining stocks were giving up some of yesterday’s gains, with the exception of Goldcorp (NYSE:) and Barrick Gold (NYSE:).
- Agnico Eagle Mines (NYSE: ) was trading down 0.15% to 0.3%.
- Barrick Gold (NYSE: ) was trading higher, up between 0.2% and 0.35%.
- Goldcorp (NYSE: ) was up 0.5% to 0.6%.
- Newmont Mining Corp. (NYSE: ) was trading flat to less than 0.1% lower.
- NovaGold Resources (AMEX: ) was down 0.3%.
Silver Wheaton (NYSE:) and Silver Standard Resources International (NASDAQ:) were trading higher while their peers were moving down.
- Coeur D’Alene Mines Corp. (NYSE: ) was some 0.6% lower.
- Hecla Mining (NYSE: ) was trading 0.1%-0.25% lower.
- Pan American Silver Corp. (NASDAQ: ) was trading flat.
- Silver Wheaton Corp. (USA) (NYSE: ) was up more than 0.6%.
- Silver Standard Resources Inc. (USA) (NASDAQ: ) was trading up around 0.4%-0.5%.
