Gold and silver were up sharply Tuesday morning following discouraging reports on U.S. home prices and durable goods orders. Spot gold was up 0.91% at 10:45 a.m. Tuesday, having traded as high as $1,786.20 and as low as $1,775.60. The London afternoon reference price was fixed at $1,781, $9 an ounce higher than Monday’s afternoon reference price, according to .
Spot silver was showing a 2.82% gain, bid at $36.46 with an ask price of $36.56. The morning high as of time of writing was $36.60, and the low was $35.87. Tuesday’s reference price was set at $35.60 in the London a.m., 51 cents an ounce above Monday’s reference price.
U.S home prices closed out 2011 on a weak note, as all three S&P/Case-Shiller Home Price indices fell to their lowest levels. The national composite index decline 3.8%, during 4Q 2011, down 4% year-over-year, while the 10- and 20-City Composites fell 1.1% monthly in December, recording annual declines of 3.9% and 4%, respectively. All three indices hit their lowest levels since the housing crisis began in mid-2006, S&P reported.
The Census Bureau’s report added to the discouraging economic news. New orders for manufactured durable goods declined $8.6 billion to $206.1 billion in January. The 4% fall follows three successive monthly increases, the bureau noted, including a 3.2% increase in December.
On a positive note, the Conference Board reported that its Consumer Confidence Index rose to 70.8 in February following a January decline to 61.5. The Present Situation Index rose to 45 from 38.8, while the Expectations Index rose to 88 from 76.7.
The price of gold bullion hit in London morning trading Tuesday, 0.3% below last week’s high, according to BullionVault’s London Gold 蜜桃传媒 report. Gold prices “may be entering a period of consolidation,” according to market commentary from HSBC, with “the inability of the market to clear the November 8 high of $1803 an ounce” leading to light profit-taking. “$1,800 will be a key resistance level for the time being,” added Li Ning, an analyst at CIFCO Futures in Shanghai.
Gold and silver trusts were showing strong gains Tuesday morning.
- The SPDR Gold Trust (NYSE:) was moving higher, up around 0.95%.
- The iShares Gold Trust (NYSE:) was showing gains of around 0.9%.
- The iShares Silver Trust (NYSE:) was up nearly 3%.
Gold and silver mining ETFs were moving up sharply as well.
- The 蜜桃传媒 Vectors Gold Miners ETF (NYSE:) was up nearly 0.9%.
- The 蜜桃传媒 Vectors Junior Gold Miners ETF (NYSE:) was showing gains of just over 1%.
- The Global X Silver Miners ETF (NYSE:) was up around 1.7%.
Gold mining shares were up across the board.
- Agnico-Eagle Mines (NYSE:) was showing gains of 1.5% and more.
- Barrick Gold (NYSE:) was up around 0.6%.
- Eldorado Gold (NYSE:) was up around 0.5%.
- Goldcorp (NYSE:) was around 0.6% higher.
- Kinross Gold Corp. USA (NYSE:) was up more than 0.6%.
- Newmont Mining (NYSE:) was up slightly, less than 0.05%.
- NovaGold Resources (AMEX:) was up around 0.8%.
- Yamana Gold (USA) (NYSE: ) was up nearly 0.75%.
Silver mining shares were showing very healthy morning gains.
- Coeur d’Alene Mines (NYSE:) was moving higher, up more than 3.5%.
- Hecla Mining (NYSE:) was up some 1.15%.
- Pan American Silver (NASDAQ:) was showing gains of around 2.25%.
- Silver Wheaton (NYSE:) was up around 2.15%.
- Silver Standard Resources (NASDAQ:) was nearly 0.9% higher.
As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.
