Gold Seeker Closing Report: Gold and Silver End With Modest Gains

The Metals:

Gold rose almost 1% to $1647.07 in Asia before it fell back to nearly unchanged at $1633.66 near the open of trade in New York, but it then chopped its way higher for most of the rest of trade and ended with a gain of 0.59%.Silver saw an over 1% gain at $30.265 in Asia before it fell to see an over 1% loss at $29.564 in early New York trade, but it also chopped its way back higher for most of the rest of trade and ended with a gain of 0.1%.

Euro gold climbed to almost €1292, platinum gained $29.50 to $1487.30, and copper gained another few cents to about $3.54.

Gold and silver equities waffled near unchanged and ended mixed.

China’s Gold Imports From Hong Kong Climb to Record on Investment Demand Bloomberg

The Economy:

Mortgage demand fell at year-end, purchases sag Reuters

Bernanke Doubles Down on Fed Mortgage Bet Bloomberg

The Fed's Beige Book noted that “economic expansion improved last month across most of the country while hiring was limited and housing remained stagnant.”

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 1/07 expected at 375,000 and Retail Sales for December expected at 0.4%.Excluding autos, sales are expected at 0.3%.At 10AM is the Business Inventories report for November expected at 0.5%, and at 2PM is the Treasury Budget for December expected at -$84.0 billion.

The Markets:

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

Oil remained lower after the Energy Information Administration reported that crude inventories rose 5.0 million barrels, gasoline inventories rose 3.6 million barrels, and distillates rose 4.0 million barrels.

The U.S. dollar index and treasuries rose on worries about European credit ratings, debt auctions, and tomorrow’s European Central Bank meeting that sent the euro lower.Today’s $21 billion 10-year note auction sold at a high yield of 1.90% with a bid to cover of 3.19.

The Dow, Nasdaq, and S&P waffled near unchanged on concern about Europe.

Among the big names making news in the market today were Hostess, NYSE-Deutsche Boerse, Amazon, Health Management, Blackstone and DDR, and Kodak.

GATA Posts:

Real metal costs more than paper gold, Turk tells Tekoa Da Silva

GATA board member Ed Steer interviewed by Dave Janda

The Statistics:

Activity from: 1/10/2012

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.84: +0.84 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,516.75: No change from yesterday’s data.

The Miners:

Richmont’s (RIC) Board appointment, Tanzanian Royalty’s (TRX) amended warrants, Kimber’s (KBX) new COO, SEMAFO’s (SMF.TO) 2011 production, ITH’s (THM) Board appointment, Aurizon’s (AZK) 2011 production and 2012 plans, Brigus Gold’s (BRD) assay results, IMPACT’s (IPT.V) construction of the new Capire Open Pit Silver Mine, Revett’s (RVM) ringing of the closing bell, Hecla’s (HL) mine closure, Paramount’s (PZG) drill results, Silver Bull’s (SVBL) drill results, Golden Minerals’ (AUMN) operational improvements, and International Minerals’ (IMZ.TO) positive results for its independent Feasibility study were among big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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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• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com

©Gold Seeker 2012

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