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Gold started off a few dollars higher in Asia before it fell off in London and found slight losses near $535 in early New York trade, but it then rallied back throughout the rest of trade in New York and ended near its highs with a 1.86% gain to make a new 24 and ½ year high.  Silver started off nicely higher in Asia before it fell off in London and found losses under $9 in early New York trade, but it also rallied back strongly and ended with a 1.21% gain to make a new 18 and ½ year high.

Gold and silver equities started off slightly lower before rising to find around 1% gains in early afternoon trade, but they then fell off into the close and ended slightly lower.  The XAU fell from 9 and ½ year highs and the HUI and GDM fell from all-time highs.

Copper made new all-time highs above $2.10, platinum gained $12 to $1,000 but remains a bit short of the 25 year closing high of $1,009 made on December 12^th, palladium gained $6 to $275 but remains a bit short of the 19 month high of $291 made on December 12^th, the CRB index fell slightly from its 25 year high of 339.47 made on Friday, and euro gold made new all-time highs above €450.

More Precious Metals Analysis:

“The gold market did manage another new high for the move and in the process evoked a lot of Press coverage. In fact, by some measures the gold market managed to reach the highest level since 1981 pricing and that alone is pretty significant. While the market was partially disappointed by the magnitude of the recent COT report spec long readings, it would not seem like the market was specifically concerned about the growing overbought condition. However, according to Press reports, the gold market did see some early fund selling early in the session and therefore at least a portion of the overbought condition was corrected.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index found decent gains after last week’s large losses as traders looked ahead to fed speakers and economic reports later in the week.  The yen rose to new 3 month highs early on after “Japanese Finance Minister Sadakazu Tanigaki indicated he's comfortable with the currency's advance,” but the yen did end lower on the day to fall from those new 3 month highs.  The dollar rebounded from 3 month lows and the euro fell from 3 month highs.

Oil traded around a dollar lower on forecasts for warmer weather in the U.S.

Treasuries were mixed and near unchanged as traders awaited fed speakers and economic reports due out later this week.

The Dow, Nasdaq, and S&P surged to new 4 and ½ year highs as investors look for further validation that the fed may stop raising interest rates soon.  European stock markets also closed at 4 and ½ year highs.

Among the big names making news in the market today were Alcoa, Texas Instruments, CNOOC, Boston Scientific, General Motors, the equity traders, Tyco, Morgan Stanley, and Paramount and DreamWorks.

Gold & Silver Stock News Update from GoldReview.com:

Silver Standard’s high-grade silver values intersected at Pitarrilla, Pacific Rim’s new corporate appointments, Northern Dynasty’s drilling at Pebble, Apollo Gold’s pledge of the Black Fox property as substitute collateral for the Company's US$8.73 million principal amount Series B Convertible Debentures, Goldcorp’s dividend, AngloGold’s earnings call information, and Scion Capital’s application with the Ontario Superior Court regarding Gold Fields recent purchase of Bolivar Gold Shares were among the big stories in the gold and silver mining industry making headlines today.

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- Written by Chris Mullen

Winners & Losers tracks NYSE and AMEX listed stocks that trade over $1.

The Gold Seeker Closing Report is a free edition providing a daily wrap-up of gold & gold-related news.  For more in-depth analysis of the gold markets, subscribe to The Gold Forecaster.

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