Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 4%

The Metals:

Gold climbed to as high as $1789.87 by a little before noon EST before it fell back off a bit in early afternoon trade, but it still ended with a gain of 1.04%.Silver surged to as high as $37.204 and ended with a gain of 4.39%.

Euro gold rose to about €1326, platinum gained $8.75 to $1713.25, and copper gained 4 cents to about $3.90.

Gold and silver equities rose throughout most of trade and ended with about 2% gains.

The Economy:

Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 2.8%.The GDP Deflator is expected at 0.4%.At 9:45 is Chicago PMI for February expected at 60.0 and at 2PM is the fed’s Beige Book.

The Markets:

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

Oil fell on disappointing factory and housing data.

The U.S. dollar index fell as the euro rose ahead of the ECB's Longer Term Refinancing Operation.

Treasuries turned lower after this morning’s strong Consumer Confidence report sent the Dow, Nasdaq, and S&P higher.

Among the big names making news in the market today were Facebook, Apple, Tenet, Yahoo and Facebook, Peugeot, and Morgan Stanley.

The Commentary:

“Gold and silver mining shares are moving higher today, especially silver shares, but the HUI is still lagging from a technical analysis perspective. It just cannot seem to clear this stubborn level near the 555-560 region.

If you note on the chart, this band of horizontal resistance also corresponds exactly with the downside gap that opened up in early December of last year. This gap is currently serving as a barrier for further upside progress.

We will have to watch to see whether bulls in mining shares are feeling confident enough to try to mark these things up against the hedge fund ratio spread traders. One would have expected a better performance in these seriously undervalued shares especially with silver's sharp rally through resistance at $35.50 and gold's ability to remain above $1780. So far, nothing doing.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

Iran considers taking gold as payment for oil

Return to gold standard would be damaging, study group says

Japan may be bailing out Europe in secret, economist Mosler says

The Statistics:

Activity from: 2/27/2012

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: 181.24: +0.36 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,715.62: +22.66 change from yesterday’s data.

The Miners:

Lake Shore’s (LSG) PEA, Midway’s (MDW) independent director, Entree’s (EGI) assay results, Comstock’s (LODE) exploration program, Avino’s (ASM) royalty agreement, United Silver’s (USC.TO) exploration and development plan, Huldra Silver’s (HDA.V) bulk sample update, Silver Predator’s (SPD.TO) new CEO and completed acquisition, and Hecla’s (HL) drill results 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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