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

The Metals:

Gold fell to $1671.21 in Asia before it rebounded to $1682.73 in London and then dropped back to $1672.40 by midmorning in New York, but then rose to a new session high of $1687.70 in the last hour of trade and ended with a gain of 0.65%. Silver slipped to $32.695 before it climbed back to $33.223 and then dropped to $32.826, but it then rose to a new session high of $33.556 and ended with a gain of 1.28%.

Euro gold rose to about €1282, platinum gained $17.75 to $1626.50, and copper gained a few cents to about $3.77.

Gold and silver equities waffled near unchanged and ended mixed.

The Economy:

Mortgage applications dipped last week: MBA Reuters

Bernanke Seen Accepting Faster Inflation as Fed Seeks Jobs Boost Bloomberg

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/03 expected at 355,000.

The Markets:

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

Oil extended higher after the Energy Information Administration reported that crude inventories rose 800,000 barrels, gasoline inventories fell 400,000 barrels, and distillates fell 1.9 million barrels.

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on decent economic data and rumors that the fed is considering a new bond-buying program.

Fed weighing new form of bond buying: report MarketWatch

Among the big names making news in the market today were Olympus, Netflix, Freddie Mac, and Sprint.

GATA Posts:

James Turk: A perspective on money from Howard and Warren Buffett

The Statistics:

Activity from: 3/06/2012

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: -42.3 change from yesterday’s data.

The Miners:

Indonesia’s plans to limit foreign ownership of its mines, Extorre’s (XG) bought deal financing, Great Basin’s (GBG) update, and New Gold’s (NGD) increase in gold resources 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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