Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 3%

The Metals:

Gold fell $21.10 to $1641.60 by a little before 8:30AM EST before it rebounded to $1657.72 by late morning in New York, but it then fell back off again midday and ended with a loss of 0.89%.Silver slipped 90 cents to as low as $32.01 before it also bounced back higher in morning New York trade, but it then fell to a new session low of $31.787 and ended with a loss of 2.61%.

Euro gold fell to about €1247, platinum lost $26 to $1650.50, and copper fell 7 cents to about $3.83.

Gold and silver equities fell about 2% at the open, but they then rallied back higher for most of the rest of trade and ended with modest gains.

The Economy:

Tomorrow at 10AM EST brings Existing Home Sales for February expected at 4,600,000.

The Markets:

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

Oil fell on word that Saudi Arabia will make up for any supply disruptions caused by Iran.

The U.S. dollar index and treasuries saw slight gains on worries about slowing growth in China that sent the Dow, Nasdaq, and S&P lower.

Among the big names making news in the market today were Glencore, Facebook, Jeffries, Oracle, and Disney.

GATA Posts:

U.S. has launched economic nuclear war, Jim Sinclair tells Ellis Martin

The Statistics:

As of close of business: 3/19/2012

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: 182.36: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,752.67: No change from yesterday’s data.

The Miners:

Entree Gold’s (EGI) drill results, Brigus Gold’s (BRD) operational update, Hecla’s (HL) presentation, and SilverCrest’s (SVL.V) drill results were among the 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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