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Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Higher on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 30 March 2012 | | Disqus

 

Close

Gain/Loss

On Week

Gold

$1668.20

+$8.10

+0.33%

Silver

$32.31

+$0.06

+0.56%

XAU

175.46

+0.94%

-0.93%

HUI

472.90

+1.09%

-0.11%

GDM

1371.90

+1.03%

-0.40%

JSE Gold

2398.02

+4.11

-2.70%

USD

78.95

-0.18

-0.48%

Euro

133.44

+0.43

+0.57%

Yen

120.78

-0.54

-0.44%

Oil

$103.02

+$0.24

-3.60%

10-Year

2.216%

+0.057

-0.94%

Bond

137.78125

-1.09375

-0.07%

Dow

13212.04

+0.50%

+1.00%

Nasdaq

3091.57

-0.12%

+0.77%

S&P

1408.47

+0.37%

+0.81%

 
 

 

The Metals:

 

Gold gained $9.60 to $1669.70 at about 8AM EST before it fell back to roughly unchanged by midmorning in New York, but it then climbed to a new session high of $1670.44 in afternoon trade and ended with a gain of 0.49%.  Silver rose to as high as $32.63 before it fell back off a bit midday, but it still ended with a gain of 0.19%.

 

Euro gold rose to about €1251, platinum gained $10.45 to $1633.75, and copper rose a couple of cents to about $3.83.

 

Gold and silver equities waffled near unchanged for most of the morning, but they then climbed higher in afternoon trade and ended with about 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Feb

0.2%

0.3%

0.2%

Personal Spending

Feb

0.8%

0.6%

0.4%

PCE Prices - Core

Feb

0.1%

0.1%

0.2%

Chicago PMI

Mar

62.2

63.0

64.0

Michigan Sentiment

Mar

76.2

74.3

74.3

 

All of this week’s other economic reports:

 

GDP - Q4

3.0% v. 3.0%

 

GDP Deflator - Q4

0.9% v. 0.9%

 

Initial Claims - 3/24

359K v. 364K

 

Durable Orders - February

2.2% v. -3.6%

 

Durable Orders -ex Trans. - February

1.6% v. -3.0%

 

Consumer Confidence - March

70.2 v. 71.6

 

Case-Shiller 20-city Index - January

-3.8% v. -4.1%

 

Pending Home Sales - February

-0.5% v. 1.9%

 

Next week’s economic highlights include Construction Spending and the ISM Index on Monday, Factory Orders and FOMC Minutes on Tuesday, ADP Employment and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and Nonfarm Payrolls, the Unemployment Rate, Hourly Earnings, the Average Workweek, and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil rose and the U.S. dollar index fell as the euro climbed higher after Spanish officials said the government will cut 27 billion euros from its budget this year.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on decent economic data and relief over Europe.

 

Among the big names making news in the market Friday were Apple, JetBlue, AIG, Oaktree, and RIM.

 

GATA Posts:

 

 

International Business Times notes GATA and gold price manipulation

Norway's sovereign wealth fund to reduce European exposure

Bank of Korea cuts dollar reserves by 3%

Canada will scrap the penny this year; nickel next?

 

The Statistics:

Activity from: 3/29/2012

Gold Warehouse Stocks:

11,350,479.410

-57,197.05

Silver Warehouse Stocks:

137,072,881.080

-37,686.44

 

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

1286.621

41,366,147

US$68,743m

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

Gold Bullion Securities

119.15

3,830,754

US$6,369m

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

472,559

US$762m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.87

1,281,721

US$2,124m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.17: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,746.63: +30.21 change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) reserves, Lake Shore’s (LSG) updated resource estimate, Great Basin’s (GBG) closed offering, Timberline’s (TLR) permit application, Vista Gold’s (VGZ) update on the status of its anticipated definitive feasibility study, Gold Fields’ (GFI) annual report, Pan American’s (PAAS) acquisition of Minefinders, and Excellon’s (EXN.TO) year end results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Exeter

XRA +9.16% $2.74

2.  Gold Reserve

GRZ +6.42% $3.98

3.  Fortuna

FSM +5.61% $4.52

 

LOSERS

1.  Lake Shore

LSG -6.31% $1.04

2.  Timmins

TGD -5.08% $2.24

3.  Great Panther

GPL -0.88% $2.25

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 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 Friday, 30 March 2012 | Digg This Article | Source: GoldSeek.com

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