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

The Metals:

Gold climbed up to $1625.51 in Asia before it fell back to $1596.75 by about 9:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.65%.Silver rose to $29.638 in Asia before it fell back to $28.724 in early New York trade, but it also rallied back higher into the close and ended with a gain of 0.45%.

Euro gold rose to about €1270, platinum lost $2.80 to $1412.20, and copper fell slightly to about $3.42.

Gold and silver equities fell almost 2% at the open, but they then rallied back higher for most of the rest of trade and ended near unchanged.

HSBC lowers 2012 gold forecast 9% to $1,850/oz MarketWatch

The Economy:

Rate on 30-year mortgage down to record 3.91 pct. Yahoo

December sales rise, but discounts hurt profits Reuters

U.S. Apartment Vacancies Decline to a Decade Low of 5.2%, Rents Increase Bloomberg

Tomorrow at 8:30AM EST brings December’s jobs data.Nonfarm Payrolls are expected at 150,000, the Unemployment Rate is expected at 8.7%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.3.

The Markets:

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

Oil fell after inventories surprisingly rose.The Energy Information Administration reported that crude inventories rose 2.2 million barrels, gasoline inventories rose 2.5 million barrels, and distillates rose 3.2 million barrels.

The U.S. dollar index rose as the euro fell “on concerns about euro zone sovereign funding and signs of weakness in the region's banks.”

Treasuries waffled near unchanged along with the Dow, Nasdaq, and S&P as traders awaited tomorrow’s jobs data.

Among the big names making news in the market today were Kodak, J.C. Penney, and Boeing.

GATA Posts:

Gartman admits a bad call on gold, but that's not GATA's grievance

GoldSeek Radio interviews GATA Chairman Bill Murphy

Gold Newsletter's Lundin credits GATA in Resource Clips interview

Swiss central banker dumped francs on eve of devaluation

The Statistics:

Activity from: 1/04/2012

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: 171.00: -0.03 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,546.99: -58.80 change from yesterday’s data.

The Miners:

Eldorado’s (EGO) plant startup, Newmont’s (NEM) community investment programs, Golden Star’s (GSS) preliminary fourth quarter production results, Seabridge’s (SA) Vice President of Corporate Affairs appointment, SilverCrest’s (SVL.V) initial resource estimation, and Silver Standard’s (SSRI) Chief Financial Officer appointment 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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