Gold and silver were moving higher in early trading Tuesday after the Commerce Department reported that housing starts dropped 1.5% July — in line with expectations — and greater-than-expected increases in July industrial production and capacity utilization. The markets also were digesting news that Q1 GDP growth in the 17-nation European Union was slower than expected.
Spot gold was trading at $1,781.60 Bid, $1,782.60 Ask, with the London PM fix set at $1,782.50. Spot silver was trading at $39.83 with a $39.93 Ask, having been set at $39.36 in the London AM, .
Gold and silver trusts were moving higher early Tuesday.
- The SPDR Gold Trust (NYSE:) was up more than 1.1%.
- The iShares Gold Trust (NYSE:) also was up about 1.1%.
- The iShares Silver Trust (NYSE:) was up more than 0.9%.
The gold mining ETFs were higher, but the Global X Silver Miners ETF was lower.
- The Market Vectors Gold Miners ETF (NYSE:) was around 0.2% higher.
- The Market Vector Junior Gold Miners ETF (NYSE:) was up around 0.4%.
- The Global X Silver Miners ETF (NYSE:) was 0.25% lower.
Shares of gold miners were mixed.
- Agnico Eagle Mines (USA) (NYSE:) was around 0.5% lower.
- Barrick Gold Corp. (NYSE:) was down about 0.2%
- Goldcorp (NYSE:) was more than 0.5% higher.
- Newmont Mining Corp. (NYSE:) was up about 0.9%.
- NovaGold Resources (USA) (AMEX:) was down nearly 0.5%.
Silver mining shares also were mixed.
- Coeur D’Alene Mines Corp. (NYSE:) was around 0.8% lower.
- Hecla Mining (NYSE:) was down almost 1.6%.
- Pan American Silver Corp. (USA) (NASDAQ:) was more than 0.3% higher.
- Silver Wheaton Corp. (USA) (NYSE:) was down around 0.9%.
- Silver Standard Resources Inc. (USA) (NASDAQ:) was more than 1.3% higher.
The author does not hold positions in any of the above-mentioned investments.
