Gold and Silver Holding Steady at This Level
The University of Michigan Consumer Sentiment Index final report for October came in at 60.9, a welcome improvement from the 57.5 preliminary report from two weeks ago but still reflective of a recessionary mindset. The Briefing.com consensus expectation was for 58.0. Meanwhile, the markets are holding steady the day after a plan from the EU emerged. Europe pitched its euro-zone deal to China (NYSE:FXI) today with the arrival of Klaus Regling, chief executive of the European Financial Stability Facility (EFSF) in Beijing. China has said to accept the deal and will discuss whether or not they will participate in the fund. In a news conference, Regling said “no conclusion, certainly, today during our visit” would occur.
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Many silver miners (NYSE:SIL) moved in opposite directions. Although First Majestic (NYSE:AG) and Endeavour Silver (NYSE:EXK) edged lower, Great Panther Silver (AMEX:GPL) surged 7%, and is now approaching overhead resistance at $2.80.
After edging down earlier in the trading day, gold miners (AMEX:GDXJ) climbed higher. After reaching an intra-day low of $45.42, shares of AngloGold Ashanti (NYSE:AU) climbed more than 4% higher to $47. Barrick Gold (NYSE:ABX) also jumped 4%, while Yamana Gold (NYSE:AUY) increased 2%.
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