Gold Futures Drop as Investors Take Profits

After a couple of days of gold futures surging, investors decided to take some profits off of the table, as gold for April delivery dropped $19.80, or 1.2 percent, to close at $1,595.70 an ounce on the Comex division of the New York Mercantile Exchange.

Some media outlets suggested it was positive macroeconomic data out of the U.S. and Europe that resulted in the downturn, but that's doubtful after Federal Reserve Chairman Ben Bernanke stated he has no intention of stopping stimulus measures, which of course confirms the extreme fragile global and American economy.

Another thing is any investor that believes in any way that Europe has anything positive economically to base an investing decision upon, is setting themselves up for failure, as Europe is and will continue to be an economic basket case no matter what positive spin the financial media attempt to put on it.

For example, some news reports said gold futures fell because Italian political parties are starting to work on the possibility of forming a government. So what? Italy is working on forming a government. That's meaningless. Italy is going to have a government no matter what the news reports say. So the idea is put forward that they are working on it is considered news and a reason for gold investors to sell. That would mean gold investors bought gold because there were concerns over whether or not Italy would form a government. It's irrelevant of course.

Britain also continues to be an economically challenged area, where its economy contracted by 0.3 percent from the last quarter.

The only positive economic news in the United States continues to be the housing sector, where pending home sales in January were up a little more than expected. Other than that, most of the economic news in America is dismal.

Durable goods orders were reported as having fallen in January, a nod towards extremely weak manufacturing sector. Durable goods orders in the U.S. plunged 5.2 percent last month, where economists were looking for a drop of about 4.0 percent.

As for currencies, the euro U.S. dollar rose to $1.3101. The dollar index, which measures the U.S. dollar against a basket of currencies, was also down on the day.

Barrick (ABX) (GG) (NEM) Jump on Stimulus Expectations

Gold giants Newmont Mining (NEM), Goldcorp (GG) and Barrick Gold (ABX) jumped on Friday after the August nonfarm payrolls report revealed a dismal month, with an anemic 96,000 jobs created, far below the 125,000 analysts were looking for.

Other commodities and related companies jumped as well, as it pointed towards the likelihood that Ben Bernanke and the Federal Reserve will institute another round of quantitative easing in hopes of jump starting the economy.

As for gold itself, on the Comex division of the New York Mercantile Exchange, the most active contract for December deliver jumped $34.90, or 2.1 percent, to settle at $1,740.50. The last time gold settled that high was on February 28.

If Bernanke does pull the stimulus trigger, when coupled with the potentially unlimited bond-buying program launched by the ECB, gold, silver, and other commodities will soar again in response.

But even if the Fed decides to wait till later in the year, it appears a floor has been placed under the market for now. The longer nothing else is down though, the shakier that floor will become.

Bernanke and the Fed probably only have one real shot left at making it appear they can do something to help the economy recover, so while it's probable there will be some type of stimulus offered next week, it's also possible the decision will be made to wait a little longer.

That would put some downward pressure on gold and silver, along with other commodities in the near term, but it probably won't take long to recover once investors realize it's only a matter of when, and not if, the stimulus will come.

Stocks on the other hand will get crushed if nothing is done be Bernanke.

Barrick Gold closed Friday at $40.16, gaining $1.16, or 3.0 percent. GoldCorp ended the session at $43.00, up $0.86, or 2.0 percent. Newmont Mining closed at $51.69, rising $.79, or 1.6 percent.

Correction for (GG) (GSS) (JAG) (UXG) as Gold Prices Fall

Shares of gold miners like Goldcorp (NYSE:GG), Golden Star Resources (AMEX:GSS) Jaguar Mining (NYSE:JAG) and US Gold (AMEX:UXG) were suffering Tuesday as the price of gold dropped on the session, as the U.S. dollar gained a little.

Gold for June delivery fell $16.70 to $1,540.40 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded in a range as high as $1,551.40 and as low as $1,516.20. The spot gold price fell over $15 for the day.

A temporarily stronger U.S. dollar put some pressure on gold and silver prices Tuesday, as the U.S. dollar index climbed 0.04 percent to $73.09.

Also surprising the market was the decision by India to boost their interest rates by 50 basis points to fight inflation. That puts the lending rate their at 8.89 percent, and the overnight lending rate at 7.25 percent.

Silver fell another $3.49 Tuesday to settle at $42.576 per troy ounce on the Comex division of the Nymex.

Most of pressure on silver prices has come from the CME Group decision to raise margin requirements by 11.6 percent, starting at the close of market on Tuesday.

Gold looks like it's just taking a needed breather before resuming its upward run.

Gold stocks have been overall lagging the price of gold, and that should change assuming the costs of inputs remain lower than the push up in gold prices.

A growing number of gold miners are increasing dividends to attract investors.

US Gold (UXG) closed at $8.07, falling $0.81, or 9.12 percent.

Endeavour Silver (EXK) (CDE) (PAAS) (NXG) (ISVLF) Close Mixed Thursday as Silver Prices Reach 31-Year High

Silver miners Coeur d'Alene Mines (NYSE:CDE), Pan American Silver (NASDAQ:PAAS), Endeavour Silver (AMEX:EXK) and Impact Silver (OTC:ISVLF.PK) closed mixed Thursday as most have been running up with soaring silver prices, which ended the week with silver settling at a 31-year high of just over $46 an ounce. The most active Thursday silver contract, for May delivery, settled at a record $46.059 a troy ounce, up $1.598 or $3.6 percent.

The front-month contract, for April delivery, settled up $1.597, or 3.4 percent, at $46.062 a troy ounce, a 31-year high. Silver is quickly approaching its record high of $50.36 an ounce, set in 1980.

Gold futures hit another record high on Thursday, as gold gold for June delivery settled up $4.90 at $1,503.80 an ounce on the Comex. That was a new settlement high. The contract also reached an intraday high at $1,509.60 an ounce earlier in the day.

A collapsing U.S. dollar continues to be a major part of the gold and silver price story, as the U.S. government refuses to cut spending and limit its size, while the Federal Reserve endlessly has its digital printing presses running, pushing down the value of the greenback.

The dollar index .DXY fell 0.4 percent to 74.092 after falling to 73.735, its lowest level since August 2008.

Other key influences include deepening inflation, tightening in China, sovereign debt crisis in Europe, sovereign debt crisis in America, unrest in the Middle East and impact of the Japanese earthquake.

The weak U.S. dollar and inflation concerns has boosted the attraction of gold. Spot gold XAU= hit a record high at $1,508.75 before cutting gains. Spot silver XAG= jumped to a 31-year high at $46.68 an ounce.

Spot gold prices rose during the first quarter from $1,380 an ounce on January 3 to $1,430 on March 31.

Impact Silver closed Thursday at $2.43, falling $0.08, or 3.19 percent. Endeavour Silver ended the day at $11.79, closing level with the prior trading day. Pan American Silver closed at $37.42, dropping $0.21, or 0.56 percent. Coeur d'Alene Mines ended the session at $32.05, gaining $0.44, or 1.39 percent.

Randgold (GOLD) (NG) (IAG) Close Mixed as Gold Breaks Record Again

NovaGold Resources Inc. (AMEX:NG), IAMGOLD Corporation (NYSE:IAG) and Randgold (NASDAQ:GOLD) closed mixed Wednesday as gold continues to break records on a daily basis recently.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Randgold closed Wednesday at $86.90, gaining $1.58, or 1.85 percent. IAMGOLD Corporation closed at $20.08, falling $0.61, or 2.95 percent. NovaGold Resources Inc. ended the trading session at $13.59, rising $0.41, or 3.11 percent.

Gammon (GRS) (HMY) (NXG) (TRE) Close Up as Gold Breaks Record Again

Harmony Gold Mining (NYSE:HMY), Gammon Gold (NYSE:GRS) Tanzanian Royalty Exploration (AMEX:TRE) and Northgate Minerals (AMEX:NXG) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Northgate Minerals closed Wednesday at $2.88, gaining $0.01, or 0.35 percent. Tanzanian Royalty Exploration closed at $6.32, up $0.02, or 0.32 percent. Gammon Gold ended the trading session at $10.78, rising $0.31, or 2.96 percent. Harmony Gold Mining closed at $15.02, jumping $0.24, or 1.62 percent.

Goldcorp (GG) (UXG) (EGO) (AU) Close Up as Gold Breaks Record Again

US Gold (AMEX:UXG), Eldorado Gold (NYSE:EGO), Goldcorp (NYSE:GG) and AngloGold Ashanti (NYSE:AU) closed up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offering support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

AngloGold Ashanti closed Wednesday at $49.74, gaining $0.72, or 1.47 percent. Goldcorp closed at $54.93, up $0.26, or 0.48 percent. Eldorado Gold Corporation ended the trading session at $18.04, rising $0.07, or 0.39 percent. US Gold closed at $9.58, jumping $0.42, or 4.58 percent.

Newcrest (NCMGY) (AEM) (MGN) (GSS) Close Up as Gold Breaks Record Again

Agnico-Eagle (NYSE:AEM), Golden Star Resources (AMEX:GSS), Mines Management (AMEX:MGN) and Newcrest Mining (OTC:NCMGY.PK) closed Up on Wednesday as gold continues to break records on a daily basis recently.

Gold prices soared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery in at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

After breaking the $45 level, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record.

Gold and silver prices continue to soar on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index was plunging 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy, and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Newcrest Mining closed Wednesday at $44.64, gaining $1.29, or 2.98 percent. Mines Management closed at $2.73, up $0.18, or 7.06 percent. Golden Star Resources ended the trading session at $2.99, rising $0.04, or 1.36 percent. Agnico-Eagle closed at $67.44, jumping $0.46, or 0.69 percent.

Endeavour (EXK) (FVITF) (MGN) (SSRI) Close Mixed as Silver Jumps Again

Fortuna (OTC:FVITF.PK), Mines Management (AMEX:MGN), Silver Standard Resources (NASDAQ:SSRI) and Endeavour Silver (AMEX:EXK) closed mixed Wednesday as silver continues its upward climb gold to break records on almost a daily basis.

After surpassing the $45 level Wednesday, silver prices ended the day up 54 cents to close at $44.46 an ounce. That was also another 31-year high as it pushes to break $50 and move on to an all-time record. Silver traded between $43.835 and $45.400.

Gold prices roared to another intraday record, reaching as high as $1,506.20 an ounce before pulling back to settle for June delivery at $1,498.90 an ounce, an increase of $3.80 at the Comex division of the New York Mercantile Exchange.

Wednesday was the fourth session in a row gold prices broke an intraday record, as well as settling at a new record as well.

Gold and silver prices continue to surge on safe-haven buying with the major impetus at this time probably being a collapsing U.S. dollar. The U.S. dollar index fell 0.84% to $74.43 as it continues to struggle after Monday's S&P downgrade of the U.S. economy and warning of a credit downgrade if the U.S. doesn't quit its outrageous spending and reduce its debt.

The downgrade of the outlook of U.S. debt, sovereign debt crisis in Europe, Chinese inflation, soaring oil prices, and the ongoing fallout from the earthquake in Japan are just some of the other factors offer support to gold.

The gold-silver ratio, which measures how many silver ounces are needed to acquire an ounce of gold, fell under 34 — its lowest level since 1983.

Silver Standard Resources closed Wednesday at $34.72, up $0.75, or 2.21 percent. Mines Management closed at $2.73, gaining $0.18, or 7.06 percent. Fortuna ended the trading day at $6.26, falling $0.02, or 0.32 percent. Endeavour Silver closed at $11.79, up $0.10, or 0.86 percent.

Diversifieds BHP (BHP) (VALE) (RIO) (TCK) (FCX) Trade Mixed

Shares of diversified miners such as BHP Billiton (NYSE:BHP), Rio Tinto (NYSE:RIO), Vale SA (NYSE:VALE), Teck Resources (NYSE:TCK) and Freeport-McMoran (NYSE:FCX) were trading mixed Thursday, metals prices moved in various directions.

In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce. May copper fell 1.05 cents to settle at $4.284 a pound.

Iron ore demand is expected to remain tight over the medium term, and over the long term should jump in response to the rebuilding needs coming from the consequences of the earthquake in Japan.

Gold for June delivery rose $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange.

Spot gold was up 1.4 percent to $1,474.30 an ounce, closing in on its record $1,476.21 set on Monday. Silver rose $1.427, or 3.6 percent, to $41.66 an ounce.

The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.

The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.

Teck Resources closed Thursday at $52.30, falling $0.59, or 1.12 percent. Rio Tinto closed at $71.70, up $0.04, or 0.06 percent. Vale SA ended the day at $32.65, up $0.64, or 2.01 percent. BHP Billiton closed at $100.42, rising $0.17, or 0.17 percent. Freeport-McMoran closed at $51.93, dropping $0.38, or 0.73 percent.

Ventana (VEN) (CSI) (AAL) Trade Mixed as Gold, Silver Rise Again

Shares of most gold miners were up as gold soared again Thursday, although Ventana Gold (TSE:VEN), Colossus Minerals (TSE:CSI) and Anglo American (LSE:AAL) trading mixed.

Gold for June delivery climbed $16.80 to settle at $1,472.40 an ounce on the Comex division of the New York Mercantile Exchange. Silver jumped $1.427, or 3.6 percent, to $41.664 an ounce.

The collapsing U.S. dollar, tightening in China, sovereign debt crisis in Europe, unrest in the Middle East, increasing inflation and consequences of the Japanese earthquake are just some of the negative catalysts affecting the price movements.

The U.S. dollar was close to session lows, resulting in a further impetus to gold. The U.S. currency traded as low as 74.617, its lowest level since December 2009.

In base metals trading, May copper dropped 1.05 cents to settle at $4.284 a pound, July platinum increased $18.40 to $1,795.60 an ounce and June palladium was up $8.95 to $774.25 an ounce.

Ventana Gold closed Thursday level in Toronto at $13.05. Colossus Minerals closed at $8.41, up $0.02, or 0.24 percent. Anglo American closed in London at 3,136.00, falling 10.50, or 0.33 percent.

Harmony Gold (HMY) (IAG) (EGO) (AEM) Drop with Broader Commodities

Gold prices fell Tuesday after jumping recently, as oil prices fell, dragging commodities in general down with them. Gold miners like Harmony Gold (HMY), Iamgold (NYSE:IAG) Eldorado Gold (NYSE:EGO) and Agnico-Eagle (NYSE:AEM) all closed down on the day

Gold for June delivery fell $14.50, or 1%, to $1,453.60 an ounce on the Comex division of the New York Mercantile Exchange. It had traded as low as $1,445 an ounce.

Weak news was enough to push the price of gold and gold miners down, as the market seemed to be looking for any excuse for gold prices to correct. The U.S. dollar fell again, making the downward move even more counterintuitive to the fundamentals.

Agnico-Eagle closed Tuesday at $65.13, down $0.41, or 0.63 percent. Eldorado Gold closed at $17.36, falling $0.23, or 1.31 percent. Iamgold ended the session at $21.93, declining $0.64, or 2.84 percent. Harmony Gold closed at $14.78, dropping $0.30, or 1.99 percent.

Ivanhoe Mines Ltd. (IVN) (RGLD) (EGO) Down as Gold Prices Drop

Gold prices took a breather Monday after soaring for several days, ending up with gold miners like Ivanhoe Mines Ltd. (NYSE:IVN), Royal Gold (Nasdaq:RGLD) and Eldorado Gold Corporation (NYSE:EGO) dropping in price.

On Monday gold prices closed lower, falling $6 to $1,468 an ounce on the Comex division of the New York Mercantile Exchange. The contract had set a new all-time in the last session, reaching $1,478 a troy ounce.

June gold settlements were $1,468.10, down $7.90; Range was $1,465.40-$1,472.80.

Much of the recent jump in gold prices is based upon the collapsing U.S. dollar, pullback in China, sovereign debt crisis in Europe, unrest in the Middle East, deepening inflation and consequences of the Japanese earthquake are just some of the negative factors hitting the markets.

A stronger dollar on Monday pressured gold prices lower. The U.S. dollar battled back to gain lost ground from the euro, with the European currency trading at $1.4426, down from $1.4480 on Friday.

Ivanhoe Mines closed Monday at $27.52, falling $0.59, or 2.10 percent. Royal Gold closed at $53.11, down $0.63, or 4.58 percent. Eldorado Gold Corporation closed at $17.59, dropping $0.46, or 2.55 percent.

Ivanhoe (NYSE:IVN ), Gammon (NYSE:GRS), Yamana (NYSE:AUY) Make Big Moves Up as Gold Prices Soar

Ivanhoe Mines (NYSE:IVN ), Gammon Gold (NYSE:GRS) and Yamana Gold(NYSE:AUY) have all made big upward moves in their share prices today as gold prices came roaring back, as the U.S. dollar fell back to earth where it belongs.

Spot gold prices rose by $18.30, increasing to $1,354.10 an ounce as of this writing. Gold futures for December delivery rose to $1,346.90 on the Comex division of the New York Mercantile Exchange, increasing $10, or 0.8 percent.

The U.S. dollar fell on news Ireland will probably receive billions in order to protect them from failing because of its sovereign debt load, which it is in danger of defaulting on.

Gold is trading today in response to the plunge in value of the dollar.

Yamana Gold was trading at $11.47, rising by $0.33, or 2.96 percent, as of 2:33 PM EST. Gammon Gold was at $6.54, increasing $0.27, or 4.31 percent. Ivanhoe was up to $24.45, gaining $0.83, or 3.51 percent.

Gold Prices Today Pressing Toward Largest Gain in Two Weeks

The anticipated and expected drop in the value of the U.S. dollar is playing a big part in the increase in gold prices today, as it dropped, pushing up the price of commodities, and gold in particular.

Gold futures for December delivery on the Comex in New York rose to $17.70, to $1,354.60 an ounce at about 11:20 AM EDT. That is the largest gain since November 4, if it is able to close at that, or higher.

Spot gold prices were up by $18.30, rising to $1,354.10 an ounce at 1:49 PM EDT.

The only reason the U.S. dollar was stronger recently was because its move up against the euro, which was again under pressure because of the seemingly endless sovereign debt crisis, which is far from over, and is still hidden in obscurity and dishonesty in some countries, making it difficult to ascertain the depth of the crisis.

Greece's recent announcement they had understated the extent of their deficit is a case in point.

The question for gold now is if the correction is over or if there is more room to go down.

Barring unforeseen circumstances, it seems gold prices may be ready to take off again, but only time will tell if that's the correct assessment.

Gold Prices Today: How Low Will They Go?

We are definitely in the midst of the long-anticipated gold price correction, as gold prices today have plummeted in futures and spot gold.

Gold for December delivery was falling by $31.60 to $1,333.90 an ounce at the Comex division of the New York Mercantile Exchange. Spot gold was down by $26.40 to $1,334.10 an ounce.

With some Asian countries thought to be poised to raise interest rates, concerns it could expand to a number of countries has gold investors on edge.

Today South Korea raised their interest rates, which has been the impetus behind the quick drop in the price of gold.

The U.S. dollar index was also up, rising by $0.79, to reach $79.14. The euro continues its plunge against the U.S. dollar, going down to $1.35 against the greenback.

Even though China was the country most believed would raise their interest rates first, the Bank of Korea did it first, raising rates 25 basis points to 2.50 percent. All of this was precipitated by the consumer price index of China rising to 4.4 percent, which was higher than expected, generating the interest rate speculation and probability.

Rising interest rates work to rein in inflation, which is one of the key purposes of holding gold. The more countries raise interest rates, the more possibility gold prices will continue to have downward pressure on them; at least for the short term.

While inflation is one of the factors, there are many other support mechanisms in place for gold prices, and once the euro/U.S. dollar reverse direction, we'll probably see gold do the same, although announcements from other Asian countries they're going to raise interest rates will cause a more volatile gold market.

Yamana (NYSE:AUY), Silver Wheaton (NYSE:SLW), Newmont (NYSE:NEM) Drop Later in Session

Even though silver and gold futures gained on Monday, the majority of gold and silver miners were lower as the U.S. dollar was stronger on the day.

Gold for December delivery was up $3 to $1,368.50 an ounce at the Comex division of the New York Mercantile Exchange.

Silver for December delivery increased by 58 cents, or 0.2%, to $26.09 an ounce.

The U.S. dollar index rose by 0.45 percent to $78.43 while the euro weakened, falling to $1.36 against the dollar.

Yamana closed Monday at $11.46, losing $0.24, or 2.05 percent. Silver Wheaton ended the trading session at $32.99, falling $0.80, or 2.37 percent. Newmont Mining closed at $60.66, dropping $0.89, or 1.45 percent.

According to forecasters surveyed by the Philadelphia Federal Reserve, the U.S. economy is expected to grow at a slower pace than thought, and the 9.6 percent unemployment rate should remain level.

Coeur d'Alene Mines (NYSE:CDE), Goldcorp (NYSE:GG), Pan American (Nasdaq:PAAS) Drop

The rising price of gold and silver futures wasn't enough to help miners like Coeur d'Alene Mines (NYSE:CDE), Goldcorp (NYSE:GG) and Pan American Silver (Nasdaq:PAAS), as many gold and silver companies dropped in conjunction with spot prices.

Gold futures for December delivery settled up $3 to $1,368.50 an ounce at the Comex division of the New York Mercantile Exchange.

Silver for December delivery rose 58 cents, or 0.2%, to $26.09 an ounce.

The U.S. dollar index was stronger Monday, rising to $78.43, a gain of 0.45 percent. The euro fell to $1.36 against the dollar.

Pan American Silver closed Monday at $35.89, falling $0.89, or 2.42 percent. Goldcorp ended at $45.93, losing $0.51, or 1.10 percent. Coeur d'Alene Mines ended the trading day at $22.82, dropping $0.14, or 0.61 percent.

Hecla Mining (NYSE:HL), Eldorado (NYSE:EGO), Barrick (NYSE:ABX) All Down, Even Though Gold, Silver Prices Up

Even though gold and silver futures rose today, Hecla Mining Company(NYSE:HL), Eldorado Gold (NYSE:EGO), Barrick Gold (NYSE:ABX) weren't able to get enough push and fell on the day.

For gold, for December delivery rose to $1,368.50 an ounce at the Comex division of the New York Mercantile Exchange, settling up by $3.

Silver for December delivery increased 58 cents an ounce, to $26.09, gaining 0.2 percent.

Hecla closed at $8.31, losing $0.10, or 1.19 percent. Eldorado Gold ended the trading session at $17.06, falling by $0.73, or 4.10 percent. Barrick was at $50.15, dropping $0.58, or 1.14 percent.

The U.S. dollar index pushed up by 0.45 percent to $78.43 in response to a weaker euro, which was falling to $1.36 against the dollar.

Gold Prices Today Pick Up After Noon

Gold prices today plummeted in morning trading, as on the Comex division of the New York Mercantile Exchange they dropped to as low as $1,341.10.

Spot gold also rebounded to surpass the $1,350 an ounce mark, also dropping to almost $1,340 earlier in the trading session.

Major gold miners like Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) were all still down at about 1:00, although Barrick was closing in on going positive.

SPDR Gold Trust (NYSEArca:GLD) has risen to $132.29, gaining $0.63, or 0.46 percent.

Kinross Gold Corporation (NYSE:KGC), Eldorado Gold (NYSE:EGO) and Agnico-Eagle Mines Limited (NYSE:AEM) were all flirting with going into positive a little after 1:00 PM EDT as well, as gold prices continue to slowly rise in afternoon trading.