• Gold: 1,672.51 29.00
  • Silver: 18.82 0.33
  • Euro: 1.086 0.001
  • USDX: 99.254 -0.083
  • Oil: 50.71 -2.73

Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 4%

|
February 28, 2012 - 4:23pm

 

 

Close

Gain/Loss

Gold

$1785.20

+$18.40

Silver

$36.89

+$1.55

XAU

202.19

+1.96%

HUI

548.43

+2.21%

GDM

1590.24

+2.20%

JSE Gold

2769.44

+7.51

USD

78.21

-0.36

Euro

134.69

+0.75

Yen

124.32

+0.24

Oil

$106.55

-$2.01

10-Year

1.929%

+0.007

T-Bond

143.8125

-0.15625

Dow

13005.12

+0.18%

Nasdaq

2986.76

+0.69%

S&P

1372.18

+0.34%

The Metals:

 

Gold climbed to as high as $1789.87 by a little before noon EST before it fell back off a bit in early afternoon trade, but it still ended with a gain of 1.04%.Silver surged to as high as $37.204 and ended with a gain of 4.39%.

 

Euro gold rose to about €1326, platinum gained $8.75 to $1713.25, and copper gained 4 cents to about $3.90.

 

Gold and silver equities rose throughout most of trade and ended with about 2% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Durable Orders

Jan

-4.0%

-1.4%

3.2%

Durable Orders -ex Trans.

Jan

-3.2%

0.2%

2.1%

Case-Shiller 20-city Index

Dec

-4.0%

-3.6%

-3.8%

Consumer Confidence

Feb

70.8

62.5

61.5

 

Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 2.8%.The GDP Deflator is expected at 0.4%.At 9:45 is Chicago PMI for February expected at 60.0 and at 2PM is the fed’s Beige Book.

 

The Markets:

 

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

 

Oil fell on disappointing factory and housing data.

 

The U.S. dollar index fell as the euro rose ahead of the ECB's Longer Term Refinancing Operation.

 

Treasuries turned lower after this morning’s strong Consumer Confidence report sent the Dow, Nasdaq, and S&P higher.

 

Among the big names making news in the market today were Facebook, Apple, Tenet, Yahoo and Facebook, Peugeot, and Morgan Stanley.

 

The Commentary:

 

Gold and silver mining shares are moving higher today, especially silver shares, but the HUI is still lagging from a technical analysis perspective. It just cannot seem to clear this stubborn level near the 555-560 region.

If you note on the chart, this band of horizontal resistance also corresponds exactly with the downside gap that opened up in early December of last year. This gap is currently serving as a barrier for further upside progress.

We will have to watch to see whether bulls in mining shares are feeling confident enough to try to mark these things up against the hedge fund ratio spread traders. One would have expected a better performance in these seriously undervalued shares especially with silver's sharp rally through resistance at $35.50 and gold's ability to remain above $1780. So far, nothing doing.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

Iran considers taking gold as payment for oil

Return to gold standard would be damaging, study group says

Japan may be bailing out Europe in secret, economist Mosler says

 

The Statistics:

Activity from: 2/27/2012

Gold Warehouse Stocks:

11,426,660

+96

Silver Warehouse Stocks:

130,623,192

+1,166,273

 

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

1284.609

41,301,472

US$73,531m

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$6,808m

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

472,724

US$816m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.76

1,278,315

US$2,272m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.24: +0.36 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,715.62: +22.66 change from yesterday’s data.

 

The Miners:

 

Lake Shore’s (LSG) PEA, Midway’s (MDW) independent director, Entree’s (EGI) assay results, Comstock’s (LODE) exploration program, Avino’s (ASM) royalty agreement, United Silver’s (USC.TO) exploration and development plan, Huldra Silver’s (HDA.V) bulk sample update, Silver Predator’s (SPD.TO) new CEO and completed acquisition, and Hecla’s (HL) drill results were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.Avino

ASM+17.74% $2.19

2.Almaden

AAU+14.84% $3.25

3.Coeur

CDE+7.70% $30.22

 

LOSERS

1.Entree

EGI -6.47% $1.30

2.Richmont

RIC-5.98% $11.00

3.Kimber

KBX -5.13% $1.11

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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