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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Almost 1% and 6% on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 25 March, 2011 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$1426.20

-$8.50

+0.70%

Silver

$37.05

-$0.39

+5.77%

XAU

214.66

-0.51%

+5.17%

HUI

565.58

-0.88%

+5.45%

GDM

1651.60

-0.84%

+5.29%

JSE Gold

2690.35

-59.14

+4.13%

USD

76.21

+0.51

+0.67%

Euro

140.75

-1.01

-0.66%

Yen

122.81

-0.65

-0.91%

Oil

$105.40

-$0.20

+4.28%

10-Year

3.444%

+0.040

+5.10%

Bond

120.25

-0.50

-2.51%

Dow

12220.59

+0.41%

+3.05%

Nasdaq

2743.06

+0.24%

+3.76%

S&P

1313.80

+0.32%

+2.70%

 
 

 

The Metals:

 

Gold fell $10.60 to $1424.10 in after hours access trade yesterday before it rebounded in Asia and London and saw a $3.14 gain at $1437.84 at about 7:30AM EST, but it then fell back off sharply in late New York trade and ended with a loss of 0.59%.  Silver dropped to $36.82 in after hours access trade yesterday before it rebounded to $37.775 at about 8AM EST, but it also fell back off in late trade and ended with a loss of 1.04%.

 

Euro gold climbed to over €1013, platinum lost $13.50 to $1741.50, and copper fell slightly to about $4.41.

 

Gold and silver equities waffled near unchanged and ended with slight losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q4

3.1%

2.9%

2.8%

GDP Deflator

Q4

0.4%

0.4%

0.4%

Michigan Sentiment

Mar

67.5

68.0

68.2

 

All of this week’s other economic reports:

 

Initial Claims - 3/12

382K v. 387K

 

Durable Orders - February

-0.9% v. 3.6%

 

Durable Orders ex Trans. - February

-0.6% v. -3.0%

 

New Home Sales - February

250K v. 301K

 

FHFA Housing Price Index - January

-0.3% v. -1.0%

 

Existing Home Sales - February

4.88M v. 5.40M

 

Next week’s economic highlights include Core PCE Prices, Personal Income and Spending, and Pending Home Sales on Monday, the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, ADP Employment on Wednesday, Initial Jobless Claims, Chicago PMI, and Factory Orders on Thursday, and March’s jobs data, the ISM Index, and Construction Spending on Friday.

 

The Markets:

 

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

 

Oil ended slightly lower in quiet trade as the U.S. dollar index rose on hawkish comments from a fed official.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on the better than expected GDP report.

 

Among the big names making news in the market Friday were Oracle and RIM.

 

The Commentary:

 

It is no secret to those attuned to market action that the US Dollar's technical chart picture is horrendous. It had broken through a critical support level near 77 on the USDX last week and had further descended down towards the tremendously important 75 level. No matter what appeared to be happening in the world, the US Dollar could not get much if any of a safe haven bounce.

Currency traders had been moving to the Swiss Franc as their choice of a safe haven. The Aussie has been making new highs and the Canadian Dollar has been very strong as well.

Now, it is also obvious that the US would dearly love to see the Dollar stay weak to help it deal with its massive debt load but the ugly truth is that the Dollar was on course for a major crisis if it violated the 75 level.

Enter the Fed officials today and yesterday. Apparently the strategy was to get several of the FOMC governors to hit the airwaves talking about ending the QE program. Since it is QE that has been partly responsible for Dollar weakness - along with the abysmal fiscal condition of the nation - something had to be done to prevent a Dollar crash. This is the reason we are getting a sudden rash of Fed officials looking for microphones and venues to talk about ending QE.

Result? Up goes the Dollar and down goes the precious metals market. Coincidence? I hardly think so. If you understand what I wrote earlier this week explaining the antagonism of Western Central Bankers against gold, then you can easily understand that its rise to a new all time high is testifying against the steady debauchment of the US currency by the Federal Reserve.

As a kicker, they also manage to further knock down the Japanese Yen saving themselves and the rest of their pals at the G7 from having to actually pay to undergo another round of currency intervention.

You have just witnessed a shrewdly hidden round of verbal intervention camouflaged as normal policy discussions.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

Ted Butler's address to last month's Phoenix conference

Now maybe in a few years someone will ask Bernanke a question about gold

 

The Statistics:

Activity from: 3/24/2011

Gold Warehouse Stocks:

11,028,524

-

Silver Warehouse Stocks:

104,044,495

-15,555

 

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

1213.959

39,029,987

US$56,030m

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$5,341m

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$5,612m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,542

US$653m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.40

1,555,986

US$2,240m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,959

US$7m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.91 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.40 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,139.52: +179.13 change from yesterday’s data.

 

The Miners:

 

Kinross Gold’s (KGC) pre-approval to increase its ownership in the Chukotka Mining and Geological Company, Timberline’s (TLR) voting results, options grants, and management change, Capital Gold’s (CGC) message to shareholders, and MAG Silver’s (MVG) drill results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Entree

EGI +3.69% $3.09

2.  Mines MGMT

MGN +2.82% $2.92

3.  Solitario

XPL +2.79% $3.69

 

LOSERS

1.  Buenaventura

BVN-5.17%$43.63

2.  Banro

BAA -4.69% $2.64

3.  Jaguar

JAG -3.38% $5.15

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:

San Gold Corp to Release 2010 Financial and Operating Results - More
- March 25, 2011 | Item | ShareThis


Silver Quest Acquires 80 Claims to Expand the Boulevard Property, Yukon - More
- March 25, 2011 | Item | ShareThis


Augen Gold Commences Independent Assessment - More
- March 25, 2011 | Item | ShareThis


Kinross Receives Pre-Approval to Increase Kupol Ownership to 100% - "Kinross Gold Corporation ("Kinross") (TSX:K - News)(NYSE:KGC - News) announced today that according to the Russian Federation's State Commission for the Control of Foreign Investments ("the Commission"), Kinross' 100%-owned subsidiary, Kupol Ventures Limited, has received pre-approval from the Commission to increase its ownership in the Chukotka Mining and Geological Company (CMGC) - owner of the Kupol Mine and Kupol East-West exploration licences - to 100% from the current 75%." More
- March 25, 2011 | Item | ShareThis


Opawica Explorations Inc.: News Release - More
- March 25, 2011 | Item | ShareThis


Advisory Mandate Renewed With BMO Capital Markets - More
- March 25, 2011 | Item | ShareThis


North Arrow Proposes to Extend Upcoming Warrant Expiry Dates - More
- March 25, 2011 | Item | ShareThis


Callinan sets Record and Meeting Dates for Spin-Out Transaction - More
- March 25, 2011 | Item | ShareThis


Soldi Ventures Inc. Mobilizes Drill to Rainy River Block "C" - More
- March 25, 2011 | Item | ShareThis


Grizzly Discoveries Retains Investor Relations Consultants - More
- March 25, 2011 | Item | ShareThis


Bullion Monarch Adds Independent Director - More
- March 25, 2011 | Item | ShareThis


AccelRate Options Strategic Gold Prospect Proximal to Kinross Golden Saddle Deposit - More
- March 25, 2011 | Item | ShareThis


Augustine Ventures Closes Final Tranche of Private Placement - More
- March 25, 2011 | Item | ShareThis


First Pursuit Ventures Ltd.: High Grade Silver Confirmed at La Quintera - More
- March 25, 2011 | Item | ShareThis


Antioquia Gold Unveils 2011 Exploration Program in Colombia; Grants Stock Options - More
- March 25, 2011 | Item | ShareThis


Malbex Reports Additional Higher-Grade Mineralization at Del Carmen Norte, Including 46 m at 3.31 g/t Gold and 25.2 g/t Silver - More
- March 25, 2011 | Item | ShareThis


Levon Resources Completes Acquisition of Valley High Ventures - More
- March 25, 2011 | Item | ShareThis


Comstock Mining to Host Business Update Call and Report Year Ended 2010 Results - More
- March 25, 2011 | Item | ShareThis


North Bay Resources Inc. (NBRI) Outlines Plans for Expansion - More
- March 25, 2011 | Item | ShareThis


Largo Announces Increase to Previously Announced Equity Offering to $115 Million - More
- March 25, 2011 | Item | ShareThis


Argonaut Gold Inc. Provides Notice of Fourth Quarter and Year End Financial Results on March 31, 2011 - More
- March 25, 2011 | Item | ShareThis


Golden Touch Completes Acqusition of Jab Resources Limited - More
- March 25, 2011 | Item | ShareThis


Apogee Announces Name Change - More
- March 25, 2011 | Item | ShareThis


Reservoir Capital Announces Spin-Out of Mineral Exploration Assets - More
- March 25, 2011 | Item | ShareThis


Firebird Resources (FIX-V) Appoints President and CFO and Grants Options - More
- March 25, 2011 | Item | ShareThis


Colker and Jazwinski Appointed as Directors of Lithium Exploration Group - More
- March 25, 2011 | Item | ShareThis


MAG Silver Announces Silver-Zinc-Lead Sulphide Veins Near Skarn at Cinco De Mayo - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG" or the "Company") announces high-grade, silver-rich sulphide and skarn altered intrusion intercepts from on-going exploration drilling in the northwestern part of its 100% owned Cinco de Mayo (or "Cinco") property in northern Chihuahua State, Mexico. The first two holes into the previously undrilled "Polaris East" area have hit what appears to be the same set of sheeted sulphide replacement veins. The principal vein in Hole CM11-343 is 2.81 metres wide and grades 483 grams per tonne (g/t) (14.1 ounces per ton)(opt)) Silver, 0.22 g/t gold, 4.52% lead and 11.74% zinc." More
- March 25, 2011 | Item | ShareThis


Timberline Reports Voting Results, Option Grants and Management Change - "The Company also announced that consistent with the Company's continuing focus on advanced stage exploration and development projects, effective March 21, 2011, Paul Dircksen was appointed as Chief Executive Officer and President in addition to continuing in his role as Executive Chairman of the Board. As such, Mr. Dircksen will have responsibility for corporate planning and all exploration and development activities, reporting to the Board of Directors. Randal Hardy will continue as the Chief Financial Officer of Timberline responsible for all financial, regulatory and investor activities." More
- March 25, 2011 | Item | ShareThis


Capital Gold Corporation Urges Its Stockholders to Consider the Facts of the Superior Bid by Gammon Gold - "Capital Gold Corporation (NYSE AMEX: CGC; TSX: CGC) today urged stockholders to consider all the facts when voting on the approval of the amended merger agreement with Gammon Gold, Inc., which will provide CGC stockholders with a substantial premium and a superior value to the proposal made by Timmins Gold." More
- March 25, 2011 | Item | ShareThis


- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2011

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-- Posted 25 March, 2011 | |


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