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Gold Seeker Closing Report: Gold Ends Slightly Higher While Silver Surges To A New 31-Year High

By: Chris Mullen, Gold-Seeker.com


-- Posted 22 March, 2011 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1427.20

+$1.00

Silver

$36.31

+$0.33

XAU

209.75

+0.55%

HUI

552.62

+0.51%

GDM

1616.68

+0.44%

JSE Gold

2574.37

-9.21

USD

75.45

+0.02

Euro

142.02

-0.24

Yen

123.59

+0.25

Oil

$104.00

+$1.67

10-Year

3.332%

+0.009

T-Bond

122.9375

-0.125

Dow

12018.63

-0.12%

Nasdaq

2683.87

-0.31%

S&P

1293.77

-0.36%

 
 

 

The Metals:

 

Gold climbed $5.84 to $1432.04 in Asia before it fell to see a $6.80 loss at $1419.40 by about 9AM EST, but it then rallied back higher into the close and ended with a gain of 0.07%.  Silver dropped as much as 25 cents to $35.73 by about 9AM EST, but it then rose to a new session high of $36.46 by late morning in New York and ended with a gain of 0.92% at a new 31-year closing high.

 

Euro gold climbed above €1004, platinum lost $3.75 to $1736, and copper rose a few cents to about $4.30.

 

Gold and silver equities traded mostly slightly higher and ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

FHFA Housing Price Index

Jan

-0.3%

-

-1.0%

 

Tomorrow at 10AM EST brings the New Home Sales report for February expected at 288,000.

 

The Markets:

 

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

 

Oil rose over 1% to $104 a barrel on worries over Libya, Yemen, and Syria.

 

The U.S. dollar index waffled near unchanged and ended slightly higher as traders debated when the ECB may raise interest rates.

 

Treasuries saw modest losses on an outlook for rising yields.

 

The Dow, Nasdaq, and S&P traded mostly slightly lower on worries over higher oil prices.

 

Among the big names making news in the market today were ING, Sprint, Pimco, Delta, and Novartis.

 

The Commentary:

 

There were no reported deliveries for silver scheduled tomorrow according to exchange data released this morning. There are still 875 contracts open in the March contract, a drop of 23 compared to yesterday. We are running out of days in the month of March so it will be interesting to see how this plays out.

The March contract still remains at a very slight discount to the active May (about half a cent) with the May at a 1.5 cent discount to the July. The structure of the front three silver contracts is one of a slight contango. It does not appear that a squeeze of the March is going to occur. Silver seems to be doing fine without it anyway.

The longer silver remains above the $36 mark, the better the chance of it breaking into another leg higher. It has one line that I can see standing between it and just that, namely $36.50.

The HUI weakness, (thanks to the hedge funds and their spread trades), is weighing  a bit on gold and taking some of the pressure off of the silver bears at the Comex. Any move higher by the HUI above 550 will embolden the bulls to try to take out $36.50.

Silver has been in a pattern of late which sees it GAIN strength after the close of pit session trading. Let's see if that pattern holds true today.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

Gold's record surge -- a rejection of capitalism?

Financier Armstrong released after record imprisonment for contempt

Good thing this isn't happening in the U.S. too

When Gadhafi falls, does Libya's gold get leased at 1% per year?

Centennial market letter reviews world turmoil's effects on markets

 

The Statistics:

Activity from: 3/21/2011

Gold Warehouse Stocks:

11,028,018

-

Silver Warehouse Stocks:

104,345,448

+982,858

 

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

1215.779

39,088,501

US$55,725m

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

Gold Bullion Securities

116.51

3,746,032

US$5,338m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

122.56

3,940,260

US$5,614m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,558

US$652m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.40

1,556,072

US$2,210m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,959

US$7m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 10.616 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.13 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,960.39 - No change from yesterday’s data.

 

The Miners:

 

Exeter’s (XRA) metallurgical test program results, Keegan’s (KGN) management appointments, Coeur’s (CDE) management appointment, and Endeavour’s (EXK) 2010 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Vista Gold

VGZ+5.70% $4.08

2.  Paramount

PZG+5.44% $4.07

3.  Almaden

AAU+4.50% $3.95

 

LOSERS

1.  Timberline

TLR -3.81% $1.01

2.  Alexco

AXU -2.95% $8.87

3.  Gold Reserve

GRZ -2.85% $1.70

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:

Coeur Appoints Michael J. Harrison as Vice President of Business Development - "Coeur d’Alene Mines Corporation (NYSE:CDE - News)(TSX:CDM.to - News) today announced the appointment of Michael J. Harrison as the Company’s Vice President of Business Development." More
- March 22, 2011 | Item | ShareThis


Valley High Ventures Obtains Shareholder and Optionholder Approval of Plan of Arrangement With Levon Resources - More
- March 22, 2011 | Item | ShareThis


Levon Resources Announces That Valley High Shareholders and Option Holders Approve Plan of Arrangement - More
- March 22, 2011 | Item | ShareThis


Maya Gold & Silver Completes $3 Million Private Placement - More
- March 22, 2011 | Item | ShareThis


MBMI Closes First Tranche of $3.8 Million Private Placement - More
- March 22, 2011 | Item | ShareThis


Upcoming CAFTA Hearings Delayed - More
- March 22, 2011 | Item | ShareThis


Quebec Approves Northern Plan Investment-Route 167 Extension to Provide Road Access to Eastmain Mine Property - More
- March 22, 2011 | Item | ShareThis


Marifil Announces Start of Drilling at San Roque - More
- March 22, 2011 | Item | ShareThis


Inspiration Drills 167M of 0.26% Ni Including 1M of 1% Ni Providing Definition to a Fourth Mineralized Zone at Langmuir - More
- March 22, 2011 | Item | ShareThis


Nevada Sunrise Announces the Termination of Animas' Option on Golden Arrow - More
- March 22, 2011 | Item | ShareThis


Alto Ventures Ltd.: New High-Grade Gold Intersected Approximately 1500 metres North of the East Coldstream Deposit, Ontario - More
- March 22, 2011 | Item | ShareThis


Golden Hope Mines Limited - Exploration Update; Southeastern Quebec - More
- March 22, 2011 | Item | ShareThis


Sandspring Announces Positive Preliminary Economic Assessment for Toroparu Gold-Copper Project - More
- March 22, 2011 | Item | ShareThis


Argentex Receives Preliminary Economic Assessment Results on Pinguino's Near-Surface Silver-Gold Oxide Resource - More
- March 22, 2011 | Item | ShareThis


Explor Increases Timmins-Porcupine West Property - More
- March 22, 2011 | Item | ShareThis


Emgold Announces Upcoming 2011 Field Exploration and Drilling Program for the Stewart Property, B.C. - More
- March 22, 2011 | Item | ShareThis


Lion One Metals Limited: First Phase Exploration and Trenching Results From Tuvatu High Grade Gold Project, Viti Levu, Fiji - More
- March 22, 2011 | Item | ShareThis


Treasury Metals Announces Closing of Private Placement - More
- March 22, 2011 | Item | ShareThis


Canasil to Start Initial Diamond Drill Program on Sandra-Escobar Silver-Gold Project in Durango State, Mexico - More
- March 22, 2011 | Item | ShareThis


Initiating Its First Acquisition in North America NMC Resource Announces Letter of Intent - More
- March 22, 2011 | Item | ShareThis


Argonaut Gold Reports on Resource Expansion Drilling at San Antonio - More
- March 22, 2011 | Item | ShareThis


Atna Reports Additional Positive Drill Results at Briggs Mine - More
- March 22, 2011 | Item | ShareThis


Rockland Signs Drill Contract for Retty Lake Property, Quebec - More
- March 22, 2011 | Item | ShareThis


Grayd Accelerates Drill Program at Tarachi Gold Porphyry - More
- March 22, 2011 | Item | ShareThis


AndeanGold Signs Drilling Agreement for Urumalqui Au-Ag Project, Peru - More
- March 22, 2011 | Item | ShareThis


Indicator Minerals Options Barrow Project to Diamonds North Resources - More
- March 22, 2011 | Item | ShareThis


African Gold Group, Inc. 67 RC Drill Holes Shipped to Lab; 3,980 m of Trench Results Compiled; Auger Drill Identifies RC Drill Targets Up to 1.8 km South - More
- March 22, 2011 | Item | ShareThis


Glen Eagle Intersects 1.25% Li2o Over 34.5 Meters - More
- March 22, 2011 | Item | ShareThis


Oremex Gold to Raise Up to $5 Million - More
- March 22, 2011 | Item | ShareThis


Inter-Citic Engages Company For Feasibility Study - More
- March 22, 2011 | Item | ShareThis


Alexis Updates Lac Herbin Mine Resource - More
- March 22, 2011 | Item | ShareThis


Superior Mining Announces Appointment of New President and Chief Executive Officer and Chief Financial Officer - More
- March 22, 2011 | Item | ShareThis


Premium Exploration Identifies Potential Mineralized Structures at Depth in Buffalo Gulch and Deadwood Zones at Idaho Gold Project - More
- March 22, 2011 | Item | ShareThis


Gold Bag, Inc.'s Focus Gold Corp Raises Over $1.5 Million for Exploration and Development - More
- March 22, 2011 | Item | ShareThis


Vantex Cuts 186 Metres at 0.72 g/t Au on Galloway - More
- March 22, 2011 | Item | ShareThis


Silver Quest Acquires WIT Gold Property, Yukon - More
- March 22, 2011 | Item | ShareThis


Foundation Resources Inc.: New High-Grade Gold Intersected Approximately 1500 Metres North of the East Coldstream Deposit, Ontario - More
- March 22, 2011 | Item | ShareThis


Arco Completes Tres Hermanas Property Option to Zodiac - More
- March 22, 2011 | Item | ShareThis


Pelangio Exploration Commences Drilling on the Obuasi Property - More
- March 22, 2011 | Item | ShareThis


Indigo Reports Expanding Artisanal Site at Lati - More
- March 22, 2011 | Item | ShareThis


Thundermin and Cornerstone Intersect 4.1% Copper Over 10.6 m and 4.5% Copper Over 5.9 m in the Little Deer Copper Deposit, Newfoundland - More
- March 22, 2011 | Item | ShareThis


Deepest Gold Intersection to Date on Cook Zone: Mineral Mountain Intersects 5.172 g/t Gold Over 6.9 Metres; Shining Tree Gold District, Ontario - More
- March 22, 2011 | Item | ShareThis


Golden Touch Receives Final Tsx Venture Exchange Acceptance for Acquisition of Jab Resources Limited - More
- March 22, 2011 | Item | ShareThis


Helio (HRC:TSX-V) Discovers New Targets at the Damara Gold Project, Namibia - More
- March 22, 2011 | Item | ShareThis


Carpathian Intersects 482 m of 1.06 g/t Au & 0.21% Cu and Continues to Increase Size of Ciresata Deposit With More Wide Zones of Au-Cu Mineralization - More
- March 22, 2011 | Item | ShareThis


Sage Discovers Deeper Parallel Zone to Its Lynx Copper, Silver, Gold Deposit; Airborne ZTEM Results - More
- March 22, 2011 | Item | ShareThis


Continental Gold Drills 10.8m @ 43.97 g/t Gold and 54 g/t Silver in New Deep High Grade Subzone at Veta Sur and 4.0m @ 135.88 g/t Gold and 114 g/t Silver - More
- March 22, 2011 | Item | ShareThis


BE Resources Completes Third and Fourth Holes of 12 Hole Drill Program at Its Warm Springs Beryllium Project - More
- March 22, 2011 | Item | ShareThis


Dynacor Gold Intercepts 0.73% Cu Over 10.6m Including 3.55% Cu, 72.27 g/t Ag and 1.13 g/t Au Over 2.18 m at Tumipampa - More
- March 22, 2011 | Item | ShareThis


VMS Updates Progress With Ongoing Exploration Programs on Its 100% Owned Flin Flon-Snow Lake Greenstone Belt Properties, Manitoba - More
- March 22, 2011 | Item | ShareThis


Bellhaven Commissions NI 43-101 Technical Report for the La Mina Gold-(Copper) Project, Colombia - More
- March 22, 2011 | Item | ShareThis


Mustang Announces New Platinum and Palladium Discovery in Manitoba - More
- March 22, 2011 | Item | ShareThis


Candente Copper Plans Exploration Drilling for 2011-Drill Programs Planned for Canariaco Sur, Quebrada Verde, Arikepay, & Other Peru Properties - More
- March 22, 2011 | Item | ShareThis


Bonterra Mobilizes Large Rig and Stockpiles Fuel - More
- March 22, 2011 | Item | ShareThis


Siga Resources Inc Announces Progress on Lucky Thirteen Field Program - More
- March 22, 2011 | Item | ShareThis


Bannerman Exploration Update - More
- March 22, 2011 | Item | ShareThis


Great Western Minerals Group Issues Installment Payment on Advisory Agreement - More
- March 22, 2011 | Item | ShareThis


Exeter Reports Positive Results From Caspiche Project Sulfide Testwork - "Exeter Resource Corporation (TSX:XRC - News)(AMEX:XRA - News)(Frankfurt:EXB - News) - ("Exeter" or the "Company") is pleased to report positive results from its metallurgical test program on sulfide mineralization at its Caspiche project. These results will be used to develop capital and operating costs for the integrated Oxide-Sulfide pre-feasibility study ("PFS") scheduled for release in Q3-2011. It is proposed that gold and silver will be recovered from the surface oxide deposit by "heap leaching", whereas gold, silver and copper will be recovered from the underlying sulfide deposit using industry standard "flotation" technology." More
- March 22, 2011 | Item | ShareThis


Keegan Adds Key Members to Senior Management Team - "Keegan Resources Inc. (TSX:KGN - News)(AMEX:KGN - News) ("Keegan") is pleased to announce the appointment of two key individuals to its senior management team. The two new additions are Greg McCunn as Chief Financial Officer and Andrea Zaradic P.Eng as Vice President, Project Development." More
- March 22, 2011 | Item | ShareThis


Endeavour Silver Reports Record Earnings, Cash-Flow and Revenues in 2010 - "Endeavour delivered yet another year of record financial and operating performance in 2010 and as a result, the Company has never been in a better financial position. We finished last year with robust earnings, more than $100 million in working capital, no debt, falling cash costs, rising silver production and higher precious metals prices." More
- March 22, 2011 | Item | ShareThis


- Chris Mullen, Gold Seeker Report

 

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-- Posted 22 March, 2011 | |


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