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

The Metals:

Gold rose to $1753.40 in Asia before it fell back to $1741.00 by a little before 8AM EST, but it then climbed to a new session high of $1760.95 in New York and ended with a gain of 0.85%.Silver fell to as low as $33.455 in London, but it then climbed to as high as $34.39 in New York and ended with a gain of 1.75%.

Euro gold rose to almost €1339, platinum gained $7.50 to $1626.50, and copper fell 5 cents to about $3.78.

Gold and silver equities rose over 2% by about 11AM EST before they fell back off a bit midday, but they still ended with about 1% gains.

The Economy:

“Federal Reserve Chairman Ben S. Bernanke said the economy has shown signs of improvement while remaining vulnerable to shocks, and he called on lawmakers to reduce the long-term U.S. budget deficit.

“Fortunately, over the past few months, indicators of spending, production, and job-market activity have shown some signs of improvement,” Bernanke said today, according to prepared testimony to the House Budget Committee in Washington. “The outlook remains uncertain, however, and close monitoring of economic developments will remain necessary.”

Bernanke repeated the Federal Open Market Committee’s Jan. 25 statement that the outlook for the economy would likely warrant near-zero interest rates through at least late 2014. The FOMC also established an inflation goal of 2 percent, achieving Bernanke’s longstanding aim to reduce “public uncertainty” about monetary policy.”

Tomorrow at 8:30AM EST brings January’s jobs data.Nonfarm Payrolls are expected at 155,000, the Unemployment Rate is expected at 8.5%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.4.At 10AM are Factory Orders for December expected at 1.5% and ISM Services for January expected at 53.1.

The Markets:

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

Oil fell as the U.S. dollar index rose on the lack of progress over Greece’s debt deal.

Treasuries saw slight gains as the Dow, Nasdaq, and S&P remained near unchanged ahead of tomorrow’s jobs data.

Among the big names making news in the market today were MasterCard, Merck, Dow Chemical, Sony, Glencore and Xstrata, Facebook, Viacom, and Evercore.

GATA Posts:

Gold in a bubble? Not in Europe, where public can't sell fast enough

Mises Institute's Doug French reviews Rickards' 'Currency Wars'

The Statistics:

Activity from: 2/1/2012

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: 176.95: +0.85 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,608.95: No change from yesterday’s data.

The Miners:

Randgold’s (GOLD) project progress, Claude’s (CGR) completed acquisition of St. Eugene Mining, NovaGold’s (NG) bought deal equity offering, Royal Gold’s (RGLD) second quarter results, New Gold’s (NGD) fourth quarter production, Great Basin’s (GBG) mine progress, and Brigus Gold’s (BRD) assay 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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• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com

©Gold Seeker 2012

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