INV: Gold Trades Higher, Silver Lower After Weak U.S. Jobs Report
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 Kitco 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:SLV) was trading slightly lower.
The SPDR Gold Trust (NYSE: GLD) was up around 0.8%.
The iShares Gold Trust (NYSE: IAU) was down nearly 0.7%.
The iShares Silver Trust (NYSE: SLV) 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: GDX) was up between 0.15% and 0.3%.
The Market Vector Junior Gold Miners ETF (NYSE: GDXJ) was up around 0.5%.
The Global X Silver Miners ETF (NYSE:SIL) was some 0.6% lower.
Major gold mining stocks were giving up some of yesterday’s gains, with the exception of Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX).
Agnico Eagle Mines (NYSE: AEM) was trading down 0.15% to 0.3%.
Barrick Gold (NYSE: ABX) was trading higher, up between 0.2% and 0.35%.
Goldcorp (NYSE: GG) was up 0.5% to 0.6%.
Newmont Mining Corp. (NYSE: NEM) was trading flat to less than 0.1% lower.
NovaGold Resources (AMEX: NG) was down 0.3%.
Silver Wheaton (NYSE:SLW) and Silver Standard Resources International (NASDAQ:SSRI) were trading higher while their peers were moving down.
Coeur D’Alene Mines Corp. (NYSE: CDE) was some 0.6% lower.
Hecla Mining (NYSE: HL) was trading 0.1%-0.25% lower.
Pan American Silver Corp. (NASDAQ: PAAS) was trading flat.
Silver Wheaton Corp. (USA) (NYSE: SLW) was up more than 0.6%.
Silver Standard Resources Inc. (USA) (NASDAQ: SSRI) was trading up around 0.4%-0.5%.
