Gold Seeker Closing Report: Gold and Silver End Slightly Lower

The Metals:

Gold fell to $1761.83 by about 6AM EST before it climbed to as high as $1779.17 by late morning in New York, but it then fell back off in late trade and ended with a loss of 0.31%.Silver slipped to $35.04 in London before it rose to as high as $35.60 in New York, but it also fell back off in late trade and ended with a loss of 0.06%.

Euro gold rose to about €1319, platinum lost $3.50 to $1704.50, and copper remained at about $3.86.

Gold and silver equities traded mostly slightly lower and ended with modest losses.

The Economy:

Tomorrow at 8:30AM EST brings Durable Goods Orders for January expected at -1.4%.Excluding transportation, orders are expected at 0.2%.At 9AM is the Case-Shiller 20-city Index for December expected at -3.6% and at 10AM is Consumer Confidence for February expected at 62.5.

The Markets:

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

Oil fell as the U.S. dollar index rose “after the Group of 20 nations refused to boost funding for the International Monetary Fund until the euro zone increases the size of its own regional firewall.”

Treasuries rose on renewed worries about Europe.

The Dow, Nasdaq, and S&P reversed early losses and climbed modestly higher following the release of this morning’s better than expected Pending Home Sales report, but the Dow still ended with a slight loss.

Among the big names making news in the market today were Lowe’s, BP, Motorola Solutions, and Berkshire Hathaway.

GATA Posts:

Philadelphia Fed president notices that Fed is rigging markets

LATimes notes that 'the gold market is moving east'

Greece isn't only one that can't service its debt, Davies tells Martenson

James Turk: No reprieve for Greece from debtor's prison

G-20 aims to assemble $2 trillion European bailout deal

With access to enough money, you can rig any market

The Statistics:

Activity from: 2/24/2012

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.813 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.88: +0.76 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,692.96: +60.44 change from yesterday’s data.

The Miners:

Solitario’s (XPL) NI 43-101 technical report, Gold Fields’ (GFI) reserve update, Newmont’s (NEM) project in Peru, Ivanhoe’s (IVN) construction update, Aurizon’s (AZK) replenishment of mineral reserves and 81% increase in measured and indicated mineral resources, ITH’s (THM) historical resource estimate, Gold Resource’s (GORO) conference call. Allied Nevada’s (ANV) PEA and year end results, Vista Gold’s (VGZ) drill results, South American Silver’s (SAC.TO) project updates, Silvermex’s (SLV.TO) metallurgical testing, Revett’s (RVM) update on exploration and year end reserve and resource estimates, Silver Bull’s (SVBL) drill results, and Silver Standard’s (SSRI) project and resource update 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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Additional Resources for today’s Gold Seeker Report can be found:

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

©Gold Seeker 2012

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