Gold and silver prices rose Monday in early U.S. trading as Europeans bought unusually large volumes of the yellow metal.
The spot price of gold rose $1.42 to $1,740.01 while silver climbed 24 cents to $39.46.
"The prices still continue to be a reflection of global issues," said Peter Thomas, director of business development for PFG Precious Metals. "We are seeing tremendous amounts of money, larger than ever before, coming from Europeans. Europeans are very concerns they are going to see their paper money become worthless."
Shares of gold mining and silver mining companies were mixed. Barrick Gold Corp. was up fractionally at $49.58 and Newmont Mining Corp. fell 81 cents to $56.63. Among silver producers, Silver Wheaton Corp. added 34 cents to $37.63 and Pan American Silver Corp.was up 21 cents to $29.37.
The broader U.S. stock market was gaining with the S&P 500up 16.42 to 1,195.43 and the Dow Jones Industrial Average rose 140.47 to 11,409.49.