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Gold Seeker Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold-Seeker.com


-- Posted Wednesday, 11 April 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1658.10

-$0.90

Silver

$31.55

-$0.16

XAU

164.32

-1.65%

HUI

443.64

-1.25%

GDM

1285.29

-1.26%

JSE Gold

2316.73

+53.85

USD

79.76

-0.10

Euro

131.08

+0.27

Yen

123.60

-0.37

Oil

$102.70

+$1.68

10-Year

2.028%

+0.040

T-Bond

140.78125

-0.625

Dow

12805.39

+0.70%

Nasdaq

3016.46

+0.84%

S&P

1368.71

+0.74%

 
 

 

The Metals:

 

Gold fell to $1652.94 in London before it edged up to $1662.42 in midmorning New York trade, but it then chopped back lower into the close and ended with a loss of 0.05%.  Silver slipped to as low as $31.343 in the last hour of trade and ended with a loss of 0.5%.

 

Euro gold fell to about €1265, platinum lost $14.50 to $1579.50, and copper fell slightly to about $3.64.

 

Gold and silver equities fell a little over 1% by midday and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Import Prices

Mar

1.3%

-

-0.1%

Import Prices ex-oil

Mar

0.5%

-

0.0%

Export Prices

Mar

0.8%

-

0.4%

Export Prices ex-ag.

Mar

0.5%

-

0.5%

Treasury Budget

Mar

-$198.2B

-$193.0B

-$188.2B

 

The fed’s Beige Book showed that the U.S. economy continued to grow at a "modest to moderate pace” over the last month.

 

Mortgage applications fall; rates ease: MBA Reuters

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/07 expected at 355,000, PPI for March expected at 0.3%, Core PPI expected at 0.2%, and the Trade Balance for February expected at -$53.0 billion.

 

The Markets:

 

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

 

Oil rose after the Energy Information Administration reported that crude inventories rose 2.8 million barrels, gasoline inventories fell 4.3 million barrels, and distillates fell 4.0 million barrels.

 

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on decent earnings reports and easing debt worries in Europe.  Today’s $21 billion 10-year note auction sold at a high yield of 2.043% with a bid to cover of 3.08.

 

Among the big names making news in the market today were Nokia, Apple, Best Buy, and Las Vegas Sands.

 

GATA Posts:

 

 

Avery Goodman: Morgan Stanley's failure to segregate client assets creates default risk

Rob Kirby: Blythe Masters lays an egg

Mike Kosares: Surging central bank gold demand will guide bull market

What's keeping the gold shares down, and what can we do about it?

Russia Today's 'Capital Account' examines gold and silver manipulation

 

The Statistics:

As of close of business: 4/10/2012

Gold Warehouse Stocks:

11,154,661.621

-64.3

Silver Warehouse Stocks:

139,682,097.200

+71.209.1

 

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

1286.167

41,351,566

US$68,548m

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

Gold Bullion Securities

115.09

3,700,319

US$6,136m

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

472,494

US$758m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.87

1,281,721

US$2,124m

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.454 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.77: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,626.12: -39.26 change from yesterday’s data.

 

The Miners:

 

Nevsun’s (NSU) operating results, Midway’s (MDW) budget, Timmins Gold’s (TGD) record production, AuRico’s (AUQ) production, Loncor’s (LON) drill results, Endeavour Silver’s (EXK) record production, and Silver Bull’s (SVBL) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Reserve

GRZ+6.01% $3.88

2.  Loncor

LON +5.08% $1.24

3.  Taseko

TGB +4.08% $3.32

 

LOSERS

1.  Jaguar

JAG-23.21% $3.54

2.  Mines MGMT

MGN -4.46% $1.50

3.  Exeter

XRA -4.26% $2.47

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 Wednesday, 11 April 2012 | Digg This Article | Source: GoldSeek.com

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