The Metals:

Gold climbed $14.87 to $1746.97 in Asia before it fell back to $1725.19 in late morning New York trade and then bounced back higher midday, but it still ended with a loss of 0.01%. Silver rose to $34.065 in Asia before it slipped back to as low as $32.482 and then also rebounded, but it still ended with a loss of 0.6%.

Euro gold fell to about €1344, platinum jumped $47 to $1647.00, and copper remained at about $3.70.

Gold and silver equities fell about 2% by midmorning, but they then rallied back higher for most of the rest of trade and ended with slight gains.

The Economy:

Mortgage applications rose last week: MBA Reuters

U.S. Poverty Rate Stays at Almost Two-Decade High, Income Falls Bloomberg

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/08 expected at 369,000 and PPI for August expected at 1.2%. Core PPI is expected at 0.2%. At 12:30 is a FOMC Rate decision, and at 2PM is the Treasury Budget for August expected at -$192.0 billion.

The Markets:

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

Oil fell after the Energy Information Administration reported that crude inventories rose 2.0 million barrels, gasoline inventories fell 1.2 million barrels, and distillates rose 1.5 million barrels.

The U.S. dollar index fell as the euro rose after Germany’s Federal Constitutional Court cleared the way for Berlin to ratify the euro zone’s permanent rescue fund, the European Stability Mechanism.

Treasuries fell as the Dow, Nasdaq, and S&P traded mostly higher on relief over Europe.

Among the big names making news in the market today were Chesapeake and Facebook.

GATA Posts:

Paper gold and gold passbook scams

The Statistics:

As of close of business: 9/10/2012

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 191.83: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,803.55: No change from yesterday’s data.

The Miners:

WINNERS

LOSERS

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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© Gold Seeker 2012

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