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Gold Seeker Weekly Wrap-Up: Gold and Silver End Near Unchanged on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 26 February, 2010 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1118.20

+$10.80

-0.33%

Silver

$16.48

+$0.39

+0.61%

XAU

161.39

+0.87%

-1.85%

HUI

404.18

+0.85%

-1.61%

GDM

1212.07

+0.99%

-1.63%

JSE Gold

2182.89

+23.34

-1.95%

USD

80.38

-0.31

-0.30%

Euro

136.24

+0.74

+0.08%

Yen

112.52

+0.32

+3.09%

Oil

$79.66

+$1.49

-0.19%

10-Year

3.595%

-0.047

-4.94%

Bond

119.1875

+0.78125

+2.06%

Dow

10325.26

+0.04%

-0.74%

Nasdaq

2238.26

+0.18%

-0.25%

S&P

1104.49

+0.14%

-0.42%

 
 

 

The Metals:

 

Gold traded mostly modestly higher in Asia and London and jumped in midmorning New York trade to as high as $1117.90 by about 10:45AM EST before it fell back near unchanged in early afternoon trade, but it then surged back higher in the last half hour of trade and ended just off its last minute high of $1118.63 with a gain of 0.98%.  Silver followed a similar pattern and ended near its late session high of $16.51 with a gain of 2.42%.

 

Euro gold climbed to about €821, platinum gained $14.50 to $1538.50, and copper gained over 7 cents to about $3.27.

 

Gold and silver equities traded mostly slightly higher and ended with almost 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q4

5.9%

5.7%

5.7%

GDP Deflator

Q4

0.4%

0.6%

0.6%

Chicago PMI

Feb

62.6

59.7

61.5

Michigan Sentiment

Feb

73.6

73.9

73.7

Existing Home Sales

Jan

5.05M

5.50M

5.44M

 

All of this week’s other economic reports:

 

FHFA Housing Price Index - December

-1.6% v. 0.4%

 

Durable Goods - January

3.0% v. 1.9%

 

Durable Goods - Ex Trans. - January

-0.6% v. 2.0%

 

Initial Claims - 2/20

496K v. 474K

 

New Home Sales - January

309K v. 348K

 

Consumer Confidence - February

46.0 v. 56.5

 

Case-Shiller 20-city Index - December

-3.08% v. -5.34%

 

Next week’s economic highlights include Personal Income and Spending, PCE Prices, Construction Spending, and the ISM Index on Monday, ADP Employment, ISM Services, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Productivity, Unit Labor Costs, Factory Orders, and Pending Home Sales on Thursday, and February jobs data and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil climbed back near $80 a barrel after this morning’s stronger than expected GDP data raised demand expectations.

 

The U.S. dollar index fell markedly as the euro rose on reports that Germany may buy Greece’s debt.

 

Treasuries rose as the Dow, Nasdaq, and S&P struggled to find gains after mixed economic data and news that AIG lost nearly 9 billion dollars in the fourth quarter.

 

Among the big names making news in the market Friday were AIG, Citigroup, Bayer, and Lloyds.

 

The Commentary:

 

“Just in the last couple of days I get the impression that the world's financial crisis is fast coming to some sort of tipping point.  As things currently exist, there is absolutely no way out of this world-wide financial, economic and monetary situation that we are in.  And as I've said many times before... we face one of three possibilities: a deflationary collapse, a hyperinflationary depression, or a return to some sort of international gold standard with the price of gold set at some fantastically high price.  Or it may turn out to be a combination of these three things.  But one thing is certain, the current situation cannot last much longer... as something is about to blow up... it's just the timing that we don't know.”– From Ed Steer’s Gold & Silver Daily, read the full report here.

 

GATA Posts:

 

 

Write your congressmen to put gold questions to the Fed

Patrick Heller: How 'little guy' can exploit precious metals manipulation

Adrian Douglas: Alarming trend in Comex gold and silver inventory data

 

The Statistics:

Activity from: 2/25/2010

Gold Warehouse Stocks:

9,972,017

-

Silver Warehouse Stocks:

108,914,706

+25,091

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1106.987

35,590,745

US$39,431m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

119.40

3,837,422

US$4,273m

Australian Stock Exchange (ASX)

Gold Bullion Securities

15.35

491,551

US$550m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

51.65

1,660,571

US$1,815m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,980

US$6m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 77.44 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,446.40 - No change from yesterday’s data.

 

The Miners:

 

Apollo Gold’s (AGT) extended maturity date of Convertible Debentures and Randgold’s (GOLD) voting rights were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Seabridge

SA +6.15% $24.35

2.  Tanzanian Royalty

TRE +5.82% $4.18

3.  Northgate

NXG +5.43% $2.72

 

LOSERS

1.  Capital Gold

CGC-2.44% $3.20

2.  Rubicon

RBY -2.27% $4.30

3.  Vista Gold

VGZ -1.99% $1.97

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

       

All of today's gold and silver stock news:

Message From Affinity Gold Corp.'s Newly Appointed CEO - More
- February 26, 2010 | Item | ShareThis


Golconda Announces Chairman of the Board - More
- February 26, 2010 | Item | ShareThis


Majescor Announces a Private Placement - More
- February 26, 2010 | Item | ShareThis


Virginia Energy Resources Inc.: National Academy of Sciences Signs Contract for Uranium Study - More
- February 26, 2010 | Item | ShareThis


Powertech Uranium Corp.: Updated NI 43-101 Technical Report for the Centennial Project - More
- February 26, 2010 | Item | ShareThis


Commerce Resources Corp. Update of Resource Estimate for Upper Fir, Fir and Verity Tantalum and Niobium Deposits, Blue River BC - More
- February 26, 2010 | Item | ShareThis


Glass Earth Gold Limited: Special General Meeting Approves Share Consolidation - More
- February 26, 2010 | Item | ShareThis


Southern Hemisphere Mining Limited: Third Drilling Programme and Additional Tenements Purchase Both Successfully Completed at Los Pumas Manganese Project - More
- February 26, 2010 | Item | ShareThis


Harvest Gold Announces That Permits Have Been Received for Its Rosebud Mine Drill Program in Nevada, USA - More
- February 26, 2010 | Item | ShareThis


Yale Samples 10M Averaging 1.94% Cu, 19.17% Zn, 0.93% Pb, 36.7 G/T Ag and 0.59 g/t Au at Carol - More
- February 26, 2010 | Item | ShareThis


Volta drilling confirms a new porphyry copper target at its Gaoua Project in southwestern Burkina Faso - More
- February 26, 2010 | Item | ShareThis


Apollo Gold Extends Maturity Date of Convertible Debentures to August 23, 2010 and Provides an Update on Discussions with Project Lenders - "Apollo Gold Corporation (“Apollo” or the “Company”) (TSX: APG - News) (NYSE Amex: AGT) has reached an agreement with RAB Special Situations (Master) Fund Limited (“RAB”), the holder of principal amount $4,290,000 unsecured convertible debentures due February 23, 2010 (the “Convertible Debentures”), to extend the maturity date of these Convertible Debentures to August 23, 2010. All dollar amounts in this news release are in U.S. dollars." More
- February 26, 2010 | Item | ShareThis


Melkior Drills 17.28G/T Gold on the 1010 Zone and Drills Zam Zam Shenkman Hole to 731 Metres - More
- February 26, 2010 | Item | ShareThis


VMS Reports Results for Its Phase 1 Drill Program at the Tower Zone, Part of the Reed Lake Project, Near Snow Lake, Manitoba - More
- February 26, 2010 | Item | ShareThis


Apoquindo Minerals Inc. Announces $20 Million Brokered Private Placement - More
- February 26, 2010 | Item | ShareThis


Cameco Investor Webcast Advisory - More
- February 26, 2010 | Item | ShareThis


Minera IRL Obtains Option to Purchase the Quilavira Exploration Project, Peru - More
- February 26, 2010 | Item | ShareThis


Silvore Fox Minerals Corp. Announces New Branch Toronto Office Location at Markham, Ontario, Canada - More
- February 26, 2010 | Item | ShareThis


Positive English News Release Correction on Ta2O5 & Be Results, First Gold Begins a 7,500-Metre Drilling Program - More
- February 26, 2010 | Item | ShareThis


Michael J Byron and Thomas Pladsen Join the Board of Brionor - More
- February 26, 2010 | Item | ShareThis


Linux Gold Corp. Announces Completion of Mining Agreement - More
- February 26, 2010 | Item | ShareThis


Apoquindo Intersects 118m of 1.00% Cu Including 47m of 2.01% Cu at the Zafranal Copper-Gold Porphyry - More
- February 26, 2010 | Item | ShareThis


Atna Reaches Commercial Production Levels at the Briggs Mine - More
- February 26, 2010 | Item | ShareThis


Element92 Resources Corp. Appoints Chief Financial Officer - More
- February 26, 2010 | Item | ShareThis


Orvana Minerals Corp. Announces the Additions to Board of Directors - More
- February 26, 2010 | Item | ShareThis


Rolling Rock Resources Corporation: Private Placement Closes - More
- February 26, 2010 | Item | ShareThis


Garrison Announces the Closing of the Debenture Financing - More
- February 26, 2010 | Item | ShareThis


Vinland Files Factum on Mary March Property Dispute - More
- February 26, 2010 | Item | ShareThis


Clifton Star Resources Inc.: Acquires Gesmalar Inc.'s NSR Royalty on Central Duparquet and Cancels Previously-Granted Options - More
- February 26, 2010 | Item | ShareThis


Red Back Reports Record Net Income of $109 Million in 2009 - More
- February 26, 2010 | Item | ShareThis


Nemaska Exploration: Results of the Reanalysis Program Confirm Hitsorical Data on Whabouchi-100.9 Metres at 1.45% Li2O - More
- February 26, 2010 | Item | ShareThis


CNNC Launches Offer and Khan Mails Directors' Circular Recommending Acceptance of CNNC's $0.96 per Share Cash Offer - More
- February 26, 2010 | Item | ShareThis


INV Metals Discovers New Prospective Copper Zone in Namibia - More
- February 26, 2010 | Item | ShareThis


FNX Reports $32.1 Million Net Earnings in Q4-2009 - More
- February 26, 2010 | Item | ShareThis


Thompson Creek announces 2009 financial results - More
- February 26, 2010 | Item | ShareThis


Anvil Divests its Interest in the Dikulushi Tenements in the DRC and Updates Construction Progress at Kinsevere Stage II - More
- February 26, 2010 | Item | ShareThis


Li3 Energy, Inc. Signs Letter of Intent to Acquire Rincon South Lithium Project in Argentina - More
- February 26, 2010 | Item | ShareThis


First Uranium update on strategic alternatives process - More
- February 26, 2010 | Item | ShareThis


Randgold Resources - Total Voting Rights - "Randgold Resources Limited announces that, in accordance with FSA's Disclosure Rules and Transparency Rules, its issued share capital consists of 90,157,267 (ninety million one hundred and fifty seven thousand two hundred and sixty seven) ordinary shares of US$0.05 each." More
- February 26, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


-- Posted 26 February, 2010 | |


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