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This week’s economic reports:

Next week’s economic highlights include the Current Account and Retail Sales on Tuesday, Import and Export Prices, Net Foreign Purchases, and the Fed’s Beige Book on Wednesday, CPI, the Philadelphia Fed, and housing data on Thursday, and Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.

Cot Reports: Gold | Silver 

Gold remained near unchanged in Asia before it dropped in London and early New York trade to around $535, but it then rebounded back to $540 and remained near that level into the close.  Silver jumped around in Asia to under $9.75 at one point but it came into London near unchanged which then saw the price steadily grind back down to about $9.75 in early New York trade.  Silver rebounded from there, however, and ended near its highs of the session with a loss of just one penny.

Gold and silver equities opened the day about 2% lower, but they then rallied from there and ended with over 2% gains despite the weakness in the metals.

Euro gold fell under €455, platinum lost $3 to $1,004, palladium gained $1 to $288, and copper remained above $2.20.

More Precious Metals Analysis:

“The precious metals markets remained under pressure and were probably pressured by the rise in the Dollar and because of ongoing profit taking sentiment on the part of some commodity funds. We also have to think that the precious metals market saw the US employment report Friday morning as a sign that the economy would remain positively biased but that the pace of growth might not be strong enough to foster inflation. We also saw signs of ongoing profit taking in various gold stocks and that suggests that the bearish attitude for the metals continues to be somewhat broad in scope.” - The Hightower Report, Futures Analysis and Forecasting

The U.S. dollar index rose to new highs for 2006 as a strong jobs report increased the probability for further fed interest rate hikes.  The yen fell to near 3 month lows.

Oil closed under $60 for the first time in over 3 weeks as traders debated ample supplies versus geopolitical concerns.

Treasuries fell on the strong jobs report, pushing the yield on the 10-year to new 20 month highs.

The Dow, Nasdaq, and S&P gained as the jobs report was seen as economically strong, but not so strong that it created a renewed fear over higher interest rates.  Oil under $60 also encouraged bulls.

Among the big names making news in the market Friday were Nasdaq and London Stock Exchange, Nortel, Knight Ridder, and Goldman Sachs and Lehman Brothers.

GATA Posts:

Central banks must manage 'dollar overhang' together, money manager says

Japan suspends Morgan for market manipulation ... again

Gold & Silver Stock News Update from GoldReview.com:

Harmony’s stake in Western Areas and IAMGOLD’s year-end results were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

LOSERS

All of Friday's gold and silver stock news:

Midway Gold Corp.: Grant of Options - More
- March 10, 2006 | Item | E-mail

Far West Mining Ltd. Announces Adoption of New Stock Option Plan and Grant of Stock Options - More
- March 10, 2006 | Item | E-mail

Mexivada lists on Frankfurt Stock Exchange - More
- March 10, 2006 | Item | E-mail

Quinto Technology Inc.: Chief Geologist appointed - More
- March 10, 2006 | Item | E-mail

EXMIN Completes Private Placement - More
- March 10, 2006 | Item | E-mail

Timberline Acquires 100-Percent Ownership of Kettle Drilling, Inc. - More
- March 10, 2006 | Item | E-mail

DPM's Chelopech Redevelopment Project Approved by Supreme Environmental Council of Bulgaria - More
- March 10, 2006 | Item | E-mail

Great West Gold, Inc. - Update and Rejection of Purported Takeover Bid - More
- March 10, 2006 | Item | E-mail

Great West Gold, Inc. - Corporate Update - More
- March 10, 2006 | Item | E-mail

Tiomin Resources Inc.: Appointment of Mrs. Laurie Gaborit - More
- March 10, 2006 | Item | E-mail

AXMIN Inc.: Stock Options - More
- March 10, 2006 | Item | E-mail

Woodruff Capital Management Director Honoured - More
- March 10, 2006 | Item | E-mail

Novicourt Completes Phase I Drilling Program on Targets Within the Nova Esperanca Property Contained In Its Carajas, Brazil Joint Venture with Falconbridge - More
- March 10, 2006 | Item | E-mail

Liberty Star Agrees to Financing - More
- March 10, 2006 | Item | E-mail

Golden Phoenix Names Robert P. Martin Executive Vice President and Corporate Secretary - More
- March 10, 2006 | Item | E-mail

Harmony comfortable with size of Western Areas stake - "Harmony paid about R2 billion, or R44 a share, for the stake, Swanepoel said yesterday. The price for Johannesburg-based Western Areas represents a 25 percent premium to yesterday's closing price of R35.33. Johannesburg-based Harmony used R980 million of its own cash and borrowed R1 billion to fund the acquisition, Swanepoel said." More
- March 10, 2006 | Item | E-mail

First Quantum Minerals Announces Extension of Bid for Adastra Minerals - More
- March 10, 2006 | Item | E-mail

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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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© Gold Seeker 2006

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