• Gold: 1,339.31 -0.71
  • Silver: 14.83 -0.01
  • Euro: 1.122 0.001
  • USDX: 97.558 0.072
  • Oil: 52.1 -0.47

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

|
February 2, 2012 - 5:19pm

 

 

 

Close

Gain/Loss

Gold

$1759.20

+$14.90

Silver

$34.30

+$0.59

XAU

202.74

+0.98%

HUI

551.19

+1.78%

GDM

1595.49

+1.63%

JSE Gold

2930.05

+0.70

USD

78.97

+0.05

Euro

131.46

-0.22

Yen

131.26

-0.05

Oil

$96.36

-$1.25

10-Year

1.825%

-0.021

T-Bond

144.59375

+0.25

Dow

12705.41

-0.09%

Nasdaq

2859.68

+0.40%

S&P

1325.54

+0.11%

 

The Metals:

 

Gold rose to $1753.40 in Asia before it fell back to $1741.00 by a little before 8AM EST, but it then climbed to a new session high of $1760.95 in New York and ended with a gain of 0.85%.Silver fell to as low as $33.455 in London, but it then climbed to as high as $34.39 in New York and ended with a gain of 1.75%.

 

Euro gold rose to almost €1339, platinum gained $7.50 to $1626.50, and copper fell 5 cents to about $3.78.

 

Gold and silver equities rose over 2% by about 11AM EST before they fell back off a bit midday, but they still ended with about 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Challenger Job Cuts

Jan

+38.9%

-

+30.6%

Productivity

Q4

0.7%

0.7%

1.9%

Unit Labor Costs

Q4

1.2%

0.7%

-2.1%

Initial Claims

1/28

367K

375K

379K

 

“Federal Reserve Chairman Ben S. Bernanke said the economy has shown signs of improvement while remaining vulnerable to shocks, and he called on lawmakers to reduce the long-term U.S. budget deficit.

 

“Fortunately, over the past few months, indicators of spending, production, and job-market activity have shown some signs of improvement,” Bernanke said today, according to prepared testimony to the House Budget Committee in Washington. “The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary.”

 

Bernanke repeated the Federal Open Market Committee’s Jan. 25 statement that the outlook for the economy would likely warrant near-zero interest rates through at least late 2014. The FOMC also established an inflation goal of 2 percent, achieving Bernanke’s longstanding aim to reduce “public uncertainty” about monetary policy.”

 

Tomorrow at 8:30AM EST brings January’s jobs data.Nonfarm Payrolls are expected at 155,000, the Unemployment Rate is expected at 8.5%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.4.At 10AM are Factory Orders for December expected at 1.5% and ISM Services for January expected at 53.1.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index rose on the lack of progress over Greece’s debt deal.

 

Treasuries saw slight gains as the Dow, Nasdaq, and S&P remained near unchanged ahead of tomorrow’s jobs data.

 

Among the big names making news in the market today were MasterCard, Merck, Dow Chemical, Sony, Glencore and Xstrata, Facebook, Viacom, and Evercore.

 

GATA Posts:

 

Gold in a bubble? Not in Europe, where public can't sell fast enough

Mises Institute's Doug French reviews Rickards' 'Currency Wars'

 

The Statistics:

Activity from: 2/1/2012

Gold Warehouse Stocks:

11,524,188

+30,743

Silver Warehouse Stocks:

130,176,068

+1,193,041

 

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

1271.089

40,866,777

US$71,530m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

115.35

3,708,632

US$6,523m

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$7,136m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,863

US$804m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.98

1,317,578

US$2,275m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 176.95: +0.85 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,608.95: No change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) project progress, Claude’s (CGR) completed acquisition of St. Eugene Mining, NovaGold’s (NG) bought deal equity offering, Royal Gold’s (RGLD) second quarter results, New Gold’s (NGD) fourth quarter production, Great Basin’s (GBG) mine progress, and Brigus Gold’s (BRD) assay results were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.Seabridge

SA +13.1% $22.80

2.Solitario

XPL +6.45% $1.65

3.MAG Silver

MVG+5.99% $8.67

 

LOSERS

1.NovaGold

NG -8.03% $9.50

2.Gold Reserve

GRZ -4.12% $2.87

3.Jaguar

JAG -1.68% $7.01

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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