Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil

The Metals:

Gold saw slight gains in Asia before it fell to as low as $1628.00 by about 9:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.41%.Silver slipped to as low as $31.09 by early afternoon in New York before it also bounced back higher in late trade, but it still ended with a loss of 2.18%.

Euro gold fell to about €1256, platinum lost $20 to $1617, and copper dropped 8 cents to about $3.76.

Gold and silver equities fell about 2% at the open and remained near that level for the rest of the day.

The Economy:

Mortgage Rates for 30-Year Loans Rise to Highest in Five Months Bloomberg

Most Americans Since 2004 See Economy Improving as Jobs Pick Up Bloomberg

Tomorrow at 10AM EST brings New Home Sales for February expected at 323,000.

The Markets:

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

Oil fell as the U.S. dollar index and treasuries rose on worries about slowing economic growth in Europe and China that sent the Dow, Nasdaq, and S&P lower.

Among the big names making news in the market today were FedEx, Fannie Mae and Freddie Mac, and McDonald’s.

GATA Posts:

Turkey targets gold stashes

Finance council should speed up speculation curbs, Chilton says

The CFTC has already done all it can about silver -- and everything else

James Turk: Bernanke goes to (my) college

The Statistics:

As of close of business: 3/21/2012

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: 9,726.99: -25.68 change from yesterday’s data.

The Miners:

Eldorado’s (EGO) Greece activity update, NovaGold’s (NG) spin-out recommendation, New Gold’s (NGD) acquisition of mineral claims, ITH’s (THM) operations update, Randgold’s (GOLD) monitoring of event in Mali, Gold Fields’ (GFI) exercised option, and MAG Silver’s (MVG) 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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