• Gold: 1,286.68 -10.30
  • Silver: 20.46 -0.18
  • Euro: 1.338 -0.001
  • USDX: 81.462 0.04
  • Oil: 99.42 -0.07

Gold Seeker Closing Report: Gold and Silver Fall About 2% and 3%

|
March 6, 2012 - 5:20pm

 

 

Close

Gain/Loss

Gold

$1674.10

-$31.20

Silver

$32.93

-$1.07

XAU

185.86

-2.14%

HUI

502.40

-2.09%

GDM

1457.06

-2.14%

JSE Gold

2547.64

-58.67

USD

79.83

+0.50

Euro

131.14

-1.03

Yen

123.69

+1.05

Oil

$104.70

-$2.02

10-Year

1.944%

-0.061

T-Bond

143.4375

+1.09375

Dow

12759.15

-1.57%

Nasdaq

2910.32

-1.36%

S&P

1343.36

-1.54%

The Metals:

 

Gold fell $41 to as low as $1664.30 in early New York trade before it bounced back higher at times, but it still ended with a loss of 1.83%.Silver slipped to as low as $32.46 and ended with a loss of 3.15%.

 

Euro gold fell to about €1277, platinum lost $46.25 to $1608.75, and copper fell 11 cents to about $3.74.

 

Gold and silver equities fell over 3% in the first half hour of trade before they rebounded some in the last hour of trade, but they still ended with over 2% losses.

 

The Economy:

 

Obama to announce new housing initiatives Yahoo

Creditor group sees 1 trillion euro Greek default risk Reuters

 

There were no major economic reports today.Tomorrow at 8:15AM EST brings ADP Employment for February expected at 218,000.At 8:30 is fourth quarter Productivity expected at 0.9% and Unit Labor Costs expected at 1.1%, and at 3PM is Consumer Credit for January expected at $12 billion.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose on renewed worries about Greece that sent the Dow, Nasdaq, and S&P about 1.5% lower.

 

“A disorderly Greek default would cause more than a trillion euros ($1.3 trillion) of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading, the main bondholders group has said.

 

Greek private creditors have until Thursday night to say whether they will participate in a bond swap that is part of a bailout and restructuring deal to help it manage its finances and meet a debt repayment on March 20.

 

Investors will lose almost three-quarters of the value of their debt in the exchange. Finance Minister Evangelos Venizelos told Reuters on Monday it was the best deal they would get and those who did not sign up would still be forced to take losses.”

 

Among the big names making news in the market today were Merck, Lehman Brothers, Qualcomm, and Oaktree.

 

GATA Posts:

 

Chinese bank leased 63 tonnes of gold in 2011

 

The Statistics:

Activity from: 3/05/2012

Gold Warehouse Stocks:

11,419,453

+4,131

Silver Warehouse Stocks:

131,045,990

+10,803

 

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$69,387m

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$6,371m

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

472,687

US$764m

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: +0.85 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,805.55: +42.3 change from yesterday’s data.

 

The Miners:

 

Almaden’s (AAU) drill results, ITH’s (THM) drill results, Allied Nevada’s (ANV) new CFO, and Fresnillo’s (FRES.L) 2011 results were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.ITH

THM +3.44% $4.81

2.IAMGOLD

IAG+0.35% $14.29

 

LOSERS

1.Golden Minerals

AUMN -7.45% $6.83

2.Avino

ASM -6.96% $2.14

3.Banro

BAA -6.94% $4.83

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

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.

 

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About Chris Mullen

Chris Mullen has been the Chief Content Manager of GoldSeek.com, SilverSeek.com, UraniumSeek.com, GoldReview.com, CapitalUpdates.com, and Gold-Seeker.com since 2004. Sign up for free email lists from these sites at http://email.goldseek.com/

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