Gold’s rise continued in electronic and overnight Asia-Pacific trading as the Philadelphia Federal Reserve reported its August regional manufacturing survey fell into recessionary territory. At -30.7, the Philly Fed’s index is at its lowest level since March 2009.
Spot gold was trading at $1,854.30 Bid, $1,855.30 Ask early Friday, hitting a high of $1,866.10 and a low of $1,840.80. The London p.m. gold fix came in at $1,848 per ounce. London gold fix prices have surged from just below $1,740 on Aug. 12 to exceed $1,820 yesterday.
Spot silver was trading at $42.08 Bid, $42.18 Ask, with the reference price fixed at $41.98 in the London a.m., .
In exchange trading, gold trusts were higher and the iShares Silver Trust was up sharply early Friday.
- The SPDR Gold Trust (NYSE:) was more than 0.8% higher.
- The iShares Gold Trust (NYSE:) was up more than 0.7%.
- The iShares Silver Trust (NYSE:) was up 2.25%.
Gold and silver miner ETFs were up sharply, with the Global X Silver Miners ETF soaring.
- The Market Vectors Gold Miners ETF (NYSE:) was more than 3% higher.
- The Market Vector Junior Gold Miners ETF (NYSE:) was nearly 3.5% higher.
- The Global X Silver Miners ETF (NYSE:) was up more than 4.6%.
Shares of gold miners were sharply higher, with NovaGold Resources leading the way.
- Agnico Eagle Mines (USA) (NYSE:) was 3.25% higher.
- Barrick Gold Corp. (NYSE:) was up more than 2.3%.
- Goldcorp (NYSE:) was about 2.6% higher.
- Newmont Mining Corp. (NYSE:) was up 3.25%.
- NovaGold Resources (USA) (AMEX:) was up around 5%.
Silver mining shares were sharply higher as well, with Coeur D’Alene Mines headed skyward.
- Coeur D’Alene Mines Corp. (NYSE:) surged higher, up more than 7%.
- Hecla Mining (NYSE:) was around 4.2% higher.
- Pan American Silver Corp. (USA) (NASDAQ:) was up more than 3.8%.
- Silver Wheaton Corp. (USA) (NYSE:) was more than 4.8% higher.
- Silver Standard Resources Inc. (USA) (NASDAQ:) was up nearly 2.6%.
The author does not hold positions in any of the above-mentioned investments.
