• Gold: 1,266.30 1.37
  • Silver: 19.18 0.03
  • Euro: 1.313 0.000
  • USDX: 82.968 0.209
  • Oil: 93.17 -2.48

Gold Seeker Closing Report: Gold and Silver Gain About 1%

|
March 8, 2012 - 5:23pm

 

 

Close

Gain/Loss

Gold

$1700.40

+$15.40

Silver

$33.80

+$0.45

XAU

187.89

+1.20%

HUI

509.41

+1.30%

GDM

1477.05

+1.18%

JSE Gold

2556.05

-21.88

USD

79.16

-0.54

Euro

132.70

+1.21

Yen

122.56

-0.77

Oil

$106.58

+$0.42

10-Year

2.014%

+0.042

T-Bond

1142.125

-0.8125

Dow

12907.94

+0.55%

Nasdaq

2970.42

+1.18%

S&P

1365.91

+0.98%

The Metals:

 

Gold climbed over 1% to $1703.57 in early London trade before it fell back to $1689.40 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended near its late session high of $1703.72 with a gain of 0.91%.Silver rose to $34.145 before it slipped back to $33.37, but it also rallied back higher in late trade and ended with a gain of 1.35%.

 

Euro gold remained at about €1282, platinum gained $25.50 to $1652, and copper rose a couple of cents to about $3.79.

 

Gold and silver equities rose about 1.5% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

3/03

362K

355K

355K

 

Consumer Confidence in U.S. Rises Bloomberg

15-year fixed-rate mortgage hits record low MarketWatch

Job Cuts Fell 3.3% in February: Challenger Report CNBC

 

Tomorrow at 8:30AM EST brings February’s jobs data and the Trade Balance for January expected at -$48.2 billion.Nonfarm Payrolls are expected at 206,000, the Unemployment Rate is expected at 8.3%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5.At 10AM is the Wholesale Inventories report for January expected at 0.6%.

 

The Markets:

 

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

 

Oil rose as the U.S. dollar index and treasuries fell on optimism over a debt swap deal for Greece that sent the Dow, Nasdaq, and S&P higher.

 

“Greece closed a bond swap offer to private creditors on Thursday after clearing the minimum threshold of acceptance to push the deal through, moving closer to unlocking funds it needs to avoid a dangerous debt default.

 

Government officials said before the final deadline for declaring interest passed at 2000 GMT that more than 75 percent of eligible bonds had already been committed.”

 

Among the big names making news in the market today were BMW, Exxon Mobil, AIG, McDonald’s, Facebook, and Fender.

 

GATA Posts:

 

Pat Heller: Liberty Dollar's von Not Haus did nothing wrong or unusual

China offers renminbi loans to other BRICs

Agitation in Switzerland and Germany to bring their gold home from U.S.

Jim Sinclair: Monetary doubletalk beyond MOPE

 

The Statistics:

Activity from: 3/07/2012

Gold Warehouse Stocks:

11,440,859

-

Silver Warehouse Stocks:

130,477,075

+2,603,383

 

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$70,259m

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$6,464m

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

472,676

US$775m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.75

1,278,146

US$2,144m

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: No change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRX) drilling program, Indonesia’s mine rules, AuRico’s (AUQ) monthly update, and Lake Shore’s (LSG) royalty and equity investment agreements with Franco-Nevada Corporation (FNV) were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.Tanzanian Royalty

TRX +7.18% $4.18

2.Mag Silver

MVG +6.69% $10.36

3.New Gold

NGD +4.27% $10.74

 

LOSERS

1.Avino

ASM -2.69% $2.17

2.Midway

MDW-2.44% $1.60

3.Entree

EGI -2.24% $1.31

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.

 

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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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