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GoldSeek Web

Gold Seeker Closing Report: Gold and Silver Fall With Stocks
By: Chris Mullen,

-- Posted Monday, 5 March 2012 | | Disqus



















JSE Gold
































The Metals:


Gold fell $16.90 to $1694.70 at about 4:45AM EST before it rebounded to $1709.86 and then dropped back to $1694.23 in New York, but it then bounced back higher midday and ended with a loss of just 0.37%.  Silver slipped to $33.971 before it shot up to $34.754, but it then fell back to $33.53 by early afternoon and ended with a loss of 2.1%.


Euro gold fell to about €1290, platinum lost $37.10 to $1654.40, and copper fell 5 cents to about $3.85.


Gold and silver equities fell over 2% by midmorning and remained near that level for the rest of the day.


PDAC-Money returning for mining equity, bankers say Reuters


The Economy:







Factory Orders





ISM Services






National debt: Washington's $5 trillion interest bill Yahoo

AAA Shortage Drives Foreign Treasury Holdings to $5T Bloomberg


There are no major economic reports due out tomorrow.


The Markets:


Charts Courtesy of


Oil edged higher on worries about Iran.


The U.S. dollar index and treasuries fell as the euro rose on optimism about this week’s debt swap for Greece.


The Dow, Nasdaq, and S&P fell on worries about a lowered growth forecast from China.


“China pared the nation’s economic growth target to 7.5 percent from an 8 percent goal in place since 2005, a signal that leaders are determined to cut reliance on exports and capital spending in favor of consumption.


Officials will also aim for inflation of about 4 percent this year, unchanged from the 2011 goal, according to a state- of-the-nation speech that Premier Wen Jiabao delivered to about 3,000 lawmakers at the annual meeting of the National People’s Congress in Beijing today.”


Among the big names making news in the market today were GM, BP, Citigroup, Apple, AIG, and Cigna.


The Commentary:


The chart I am presenting is due to a special request from a reader that I put one together. It is an interesting method of seeing in visual form the steady decline in the value of the US Dollar against Gold.

A careful inspection of the chart will reveal that there are certain periods during which the price of gold has moved higher while at the same time the US Dollar index was moving higher. It is during those intervals when the gold price has risen strongly when priced in terms of the various major world currencies that comprise the USDX.


The following chart is a picture of America's decline. As much as it deeply saddens me to say it, the US Dollar chart looks abysmal.- Dan Norcini, More at


GATA Posts:



NYTimes lets Walker Todd denounce Fed for coddling big banks

Last week's smash persuades MineWeb's Williams of gold market manipulation

Follow performance of stock exchanges and currencies as priced in gold

China expands yuan export settlement to all qualified companies


The Statistics:

Activity from: 3/02/2012

Gold Warehouse Stocks:



Silver Warehouse Stocks:




Global Gold ETF Holdings

[WGC Sponsored ETF’s]


Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




Note: No change in Total Tonnes from yesterday’s data.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.51: +0.03 change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 9,763.25: -3.75 change from yesterday’s data.


The Miners:


Goldcorp’s (GG) dividend, Newmont’s (NEM) proposed offering of senior notes, NovaGold’s (NG) drill results, AuRico’s (AUQ) updated Reserves and Resources, Gold Resource’s (GORO) new COO, Paramount’s (PZG) drill results, First Majestic’s (AG) 2011 results, Extorre’s (XG) drill results, and Alexco’s (AXU) exploration plans were among big stories in the gold and silver mining industry making headlines today.



1.  Comstock

LODE+1.02% $1.99

2.  Buenaventura

BVN+0.32% $40.41



1.  Lake Shore

LSG -10.83% $1.40

2.  Timmins

TGD-7.21% $2.626

3.  ITH

THM -7.19% $4.65

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.


Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.


- Chris Mullen, Gold Seeker Report

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to is given.



Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Monday, 5 March 2012 | Digg This Article | Source:

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