• Gold: 1,289.79 -15.09
  • Silver: 20.49 -0.43
  • Euro: 1.347 0.000
  • USDX: 80.865 0.052
  • Oil: 102.70 -0.59

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 3% and 5% on the Week

|
March 16, 2012 - 4:18pm

 

 

Close

Gain/Loss

On Week

Gold

$1660.10

+$2.10

-3.02%

Silver

$32.51

+$0.05

-4.86%

XAU

177.33

-0.20%

-5.09%

HUI

476.52

-0.52%

-6.55%

GDM

1382.28

-0.46%

-6.33%

JSE Gold

2457.30

-18.84

-3.33%

USD

79.80

-0.40

-0.24%

Euro

131.67

+0.87

+0.40%

Yen

119.97

+0.17

-1.14%

Oil

$107.06

+$1.95

-0.32%

10-Year

2.298%

+0.017

+12.76%

Bond

137.875

-0.09375

-2.73%

Dow

13232.62

-0.15%

+2.40%

Nasdaq

3055.26

-0.04%

+2.24%

S&P

1404.17

+0.11%

+2.43%

 

The Metals:

 

Gold climbed up to $1664.27 in Asia before it fell back to $1639.54 by a little after 8AM EST, but it then rallied back higher in New York and ended with a gain of 0.13%.Silver slipped to as low as $32.12 before it also rallied back higher in New York and ended with a gain of 0.15%.

 

Euro gold fell to about €1260, platinum lost $9 to $1668.00, and copper fell a couple of cents to about $3.87.

 

Gold and silver equities waffled near unchanged and ended with slight losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

CPI

Feb

0.4%

0.4%

0.2%

Core CPI

Feb

0.1%

0.2%

0.2%

Industrial Production

Feb

0.0%

0.5%

0.4%

Capacity Utilization

Feb

78.7%

78.8%

78.8%

Michigan Sentiment

Mar

74.3

75.8

75.3

 

All of this week’s other economic reports:

 

Philadelphia Fed - March

12.5 v. 10.2

 

Net Long-Term TIC Flows - January

$101.0B v. $19.1B

 

PPI - February

0.4% v. 0.1%

 

Core PPI - February

0.2% v. 0.4%

 

Initial Claims - 3/10

351K v. 365K

 

Empire Manufacturing- March

20.2 v. 19.5

 

Export Prices - February

0.4% v. 0.2%

 

Export Prices ex-ag. - February

0.5% v. 0.0%

 

Import Prices - February

0.4% v. 0.0%

 

Import Prices ex-oil - February

-0.1% v. 0.1%

 

Current Account Balance - Q4

-$124.1B v. -$110.3B

 

FOMC Rate Decision - 3/15

0.00% - 0.25%

 

Business Inventories - February

0.7% v. 0.6%

 

Retail Sales - February

1.1% v. 0.6%

 

Retail Sales ex-auto - February

0.9% v. 1.1%

 

Treasury Budget - February

-$231.7B v. -$222.5B

 

Next week’s economic highlights include the NAHB Housing Market Index on Monday, Housing Starts and Building Permits on Tuesday, Existing Home Sales on Wednesday, Initial Jobless Claims, Leading Economic Indicators, and the FHFA Housing Price Index on Thursday, and New Home Sales on Friday.

 

The Markets:

 

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

 

Oil rose on worries about Iran while the U.S. dollar index fell on poor economic data.

 

Treasuries continued this week’s substantial move lower on inflation worries.

 

The Dow, Nasdaq, and S&P waffled near unchanged and ended near mixed.

 

Among the big names making news in the market Friday were Goldman Sachs, Sprint, and Apple.

 

GATA Posts:

 

Hinde Capital's Ben Davies on financial and political repression

Indian government again raises tax on gold imports to swat people into line

CFTC notices market rigging by high-frequency trading but action doubtful

Embargo of Iran could restore gold standard in southwest Asia

Departing banker's criticism sends Goldman shares down $2 billion

 

The Statistics:

Activity from: 3/15/2012

Gold Warehouse Stocks:

11,410,822

+9,704

Silver Warehouse Stocks:

132,230,863

+17,211

 

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

1293.268

41,579,863

US$68,922m

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$6,337m

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

472,633

US$756m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.75

1,278,062

US$2,160m

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: 9,752.67: No change from yesterday’s data.

 

The Miners:

 

Extorre’s closed financing and Bear Creek’s (BCM.V) new CFO were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.Avino

ASM+10.14% $2.28

2.Claude

CGR +7.48% $1.15

3.Solitario

XPL +7.41% $1.45

 

LOSERS

1.Timmins

TGD-10.12% $2.31

2.Exeter

XRA -4.24% $2.71

3.Extorre

XG -3.64% $6.62

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.

 

No votes yet

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/

Silver from the Mint!

Buy Silver Bullion Online

Highest Voted

Article Comments

Sponsored Links