• Gold: 1,488.35 0.67
  • Silver: 17.55 0.03
  • Euro: 1.113 -0.000
  • USDX: 97.519 0.191
  • Oil: 54.48 0.84

Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 2%

|
March 12, 2012 - 4:17pm

 

 

 

Close

Gain/Loss

Gold

$1699.40

-$12.40

Silver

$33.57

-$0.60

XAU

184.22

-1.41%

HUI

501.07

-1.74%

GDM

1452.48

-1.57%

JSE Gold

2544.39

+2.44

USD

79.85

-0.14

Euro

131.53

+0.29

Yen

121.60

+0.31

Oil

$106.34

-$1.06

10-Year

2.031%

-0.007

T-Bond

141.96875

+0.21875

Dow

12959.71

+0.29%

Nasdaq

2983.66

-0.16%

S&P

1371.09

+0.02%

 

The Metals:

 

Gold fell over 1% to as low as $1692.132 by a little after 10:30AM EST before it rebounded midday, but it still ended with a loss of 0.72%.Silver slipped to as low as $33.34 and ended with a loss of 1.76%.

 

Euro gold fell to about €1305, platinum gained $12 to $1690.50, and copper fell slightly to about $3.83.

 

Gold and silver equities fell almost 2% by midmorning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Treasury Budget

Feb

-$231.7B

-$229.0B

-$222.5B

 

Tomorrow at 8:30AM EST brings Retail Sales for February expected at 1.0%.Excluding autos, sales are expected at 0.6%.At 10AM is the Business Inventories report for January expected at 0.6% and at 2:15 is a FOMC rate decision.

 

The Markets:

 

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

 

Oil fell on concerns about slowing growth in China after they posted their largest trade deficit in at least a decade.

 

“China's trade balance plunged $31.5 billion into the red in February as imports swamped exports to leave the largest deficit in at least a decade and fuel doubts about the extent to which frail foreign demand or seasonal distortion drove the drop.”

 

The U.S. dollar index ended slightly lower ahead of tomorrow’s fed meeting.

 

Treasuries saw modest gains on worries about China and Europe that held the Dow, Nasdaq, and S&P near unchanged.

 

Among the big names making news in the market today were Volkswagen, PepsiCo, Asahi Kasei, IBM, Citigroup, and United.

 

GATA Posts:

 

Taiwan boasts of gold gains but promises not to repeat them

Please help us get support from mining companies and World Gold Council

Got Gold Report: Short covering in play

Jim Sinclair to speak at CMRE dinner in New York on May 17

Zero Hedge cites Fed's market rigging, China's dumping dollars for oil and gold

 

The Statistics:

Activity from: 3/09/2012

Gold Warehouse Stocks:

11,405,165

-815

Silver Warehouse Stocks:

130,318,464

-620,117

 

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$70,567m

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$6,482m

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

472,655

US$777m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.75

1,278,132

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: 9,763.25: No change from yesterday’s data.

 

The Miners:

 

Banro’s (BAA) 43-101 technical report, Goldcorp’s (GG) clarification, NovaGold’s (NG) Corporate Communications appointment, Gold Resource’s (GORO) gold and silver dividend program, Vista Gold’s (VGZ) drill results, and Silver Standard’s (SSRI) fourth quarter and year end results were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.Mines MGMT

MGN +7.65% $1.97

2.Tanzanian Royalty

TRX +7.29% $4.71

3.Timmins

TGD +3.56% $2.62

 

LOSERS

1.Midway

MDW -7.14% $1.56

2.Golden Minerals

AUMN -5.93% $6.98

3.NovaGold

NG -5.86% $7.55

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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