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Gold Seeker Closing Report: Gold and Silver Fall About 1%
By: Chris Mullen, Gold-Seeker.com

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Gold Seeker Closing Report: Gold and Silver Gain Roughly 1%
By: Chris Mullen, Gold-Seeker.com


-- Posted Wednesday, 7 March 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1685.00

+$10.90

Silver

$33.35

+$0.42

XAU

185.67

-0.10%

HUI

502.87

+0.09%

GDM

1459.87

+0.19%

JSE Gold

2577.93

+30.29

USD

79.70

-0.13

Euro

131.46

+0.32

Yen

123.24

-0.42

Oil

$106.16

+$1.46

10-Year

1.972%

+0.028

T-Bond

142.9375

-0.50

Dow

12837.33

+0.61%

Nasdaq

2935.69

+0.87%

S&P

1352.63

+0.69%

 
 

 

The Metals:

 

Gold fell to $1671.21 in Asia before it rebounded to $1682.73 in London and then dropped back to $1672.40 by midmorning in New York, but then rose to a new session high of $1687.70 in the last hour of trade and ended with a gain of 0.65%.  Silver slipped to $32.695 before it climbed back to $33.223 and then dropped to $32.826, but it then rose to a new session high of $33.556 and ended with a gain of 1.28%.

 

Euro gold rose to about €1282, platinum gained $17.75 to $1626.50, and copper gained a few cents to about $3.77.

 

Gold and silver equities waffled near unchanged and ended mixed.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Feb

216K

218K

173K

Productivity

Q4

0.9%

0.9%

0.7%

Unit Labor Costs

Q4

2.8%

1.1%

1.2%

Consumer Credit

Jan

$17.8B

$12.0B

$16.3B

 

Mortgage applications dipped last week: MBA Reuters

Bernanke Seen Accepting Faster Inflation as Fed Seeks Jobs Boost Bloomberg

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/03 expected at 355,000.

 

The Markets:

 

(Insert Charts Here)

Charts Courtesy of http://finance.yahoo.com/

 

Oil extended higher after the Energy Information Administration reported that crude inventories rose 800,000 barrels, gasoline inventories fell 400,000 barrels, and distillates fell 1.9 million barrels.

 

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on decent economic data and rumors that the fed is considering a new bond-buying program.

 

Fed weighing new form of bond buying: report MarketWatch

 

Among the big names making news in the market today were Olympus, Netflix, Freddie Mac, and Sprint.

 

GATA Posts:

 

 

James Turk: A perspective on money from Howard and Warren Buffett

 

The Statistics:

Activity from: 3/06/2012

Gold Warehouse Stocks:

11,440,859

+21,406

Silver Warehouse Stocks:

127,873,692

-3,172,266

 

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

1293.676

41,592,971

US$69,739m

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

Gold Bullion Securities

118.63

3,813,918

US$6,429m

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

ETFS Physical Gold

126.23

4,058,350

US$6,985m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,682

US$770m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.76

1,278,175

US$2,179m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 182.36: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,763.25: -42.3 change from yesterday’s data.

 

The Miners:

 

Indonesia’s plans to limit foreign ownership of its mines, Extorre’s (XG) bought deal financing, Great Basin’s (GBG) update, and New Gold’s (NGD) increase in gold resources were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Kimber

KBX+8.00% $1.08

2.  Banro

BAA+6.42% $5.14

3.  Entree

EGI +6.35% $1.34

 

LOSERS

1.  Loncor

LON -5.36% $1.43

2.  Seabridge

SA -3.05% $20.97

3.  Tanzanian Royalty

TRX -2.74% $3.90

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

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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 Gold-Seeker.com 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. Gold-Seeker.com 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 Gold-Seeker.com’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 Wednesday, 7 March 2012 | Digg This Article | Source: GoldSeek.com

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