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

The Metals:

Gold climbed over 1% to $1703.57 in early London trade before it fell back to $1689.40 at about 10AM EST, but it then rallied back higher for most of the rest of trade and ended near its late session high of $1703.72 with a gain of 0.91%.Silver rose to $34.145 before it slipped back to $33.37, but it also rallied back higher in late trade and ended with a gain of 1.35%.

Euro gold remained at about €1282, platinum gained $25.50 to $1652, and copper rose a couple of cents to about $3.79.

Gold and silver equities rose about 1.5% by early afternoon and remained near that level for the rest of the day.

The Economy:

Consumer Confidence in U.S. Rises Bloomberg

15-year fixed-rate mortgage hits record low MarketWatch

Job Cuts Fell 3.3% in February: Challenger Report CNBC

Tomorrow at 8:30AM EST brings February’s jobs data and the Trade Balance for January expected at -$48.2 billion.Nonfarm Payrolls are expected at 206,000, the Unemployment Rate is expected at 8.3%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5.At 10AM is the Wholesale Inventories report for January expected at 0.6%.

The Markets:

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

Oil rose as the U.S. dollar index and treasuries fell on optimism over a debt swap deal for Greece that sent the Dow, Nasdaq, and S&P higher.

“Greece closed a bond swap offer to private creditors on Thursday after clearing the minimum threshold of acceptance to push the deal through, moving closer to unlocking funds it needs to avoid a dangerous debt default.

Government officials said before the final deadline for declaring interest passed at 2000 GMT that more than 75 percent of eligible bonds had already been committed.”

Among the big names making news in the market today were BMW, Exxon Mobil, AIG, McDonald’s, Facebook, and Fender.

GATA Posts:

Pat Heller: Liberty Dollar's von Not Haus did nothing wrong or unusual

China offers renminbi loans to other BRICs

Agitation in Switzerland and Germany to bring their gold home from U.S.

Jim Sinclair: Monetary doubletalk beyond MOPE

The Statistics:

Activity from: 3/07/2012

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: 9,763.25: No change from yesterday’s data.

The Miners:

Tanzanian Royalty’s (TRX) drilling program, Indonesia’s mine rules, AuRico’s (AUQ) monthly update, and Lake Shore’s (LSG) royalty and equity investment agreements with Franco-Nevada Corporation (FNV) 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.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com

©Gold Seeker 2012

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