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Gold Seeker Closing Report: Gold Rises and Silver Sets a New 31-Year Closing High

By: Chris Mullen, Gold-Seeker.com


-- Posted 30 March, 2011 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$1424.10

+$7.70

Silver

$37.47

+$0.54

XAU

215.16

+1.74%

HUI

568.30

+1.95%

GDM

1655.12

+1.93%

JSE Gold

2743.53

+32.73

USD

76.11

-0.08

Euro

141.23

+0.10

Yen

120.66

-0.60

Oil

$104.27

-$0.52

10-Year

3.455%

-0.046

T-Bond

120.1875

+0.4375

Dow

12350.61

+0.58%

Nasdaq

2776.79

+0.72%

S&P

1328.26

+0.67%

 
 

 

The Metals:

 

Gold climbed $13.42 to $1429.82 in early New York trade before it fell to see a $4.20 loss at $1412.20 by late morning, but it then rallied back higher in the last couple of hours of trade and ended with a gain of 0.54%.  Silver surged to as high as $37.732 before it fell back to almost unchanged at $36.963 by a little after 11AM EST, but it also rallied back higher into the close and ended with a gain of 1.46% at a new 31-year closing high.

 

Euro gold rose to over €1008, platinum gained $39 to $1771.50, and copper fell 7 cents to about $4.27.

 

Gold and silver equities rose almost 2% in the first half hour of trade before they fell back near unchanged by late morning, but they then rallied back higher midday and ended near their earlier highs.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Mar

201K

210K

208K

 

Mortgage applications fall as rates rise: MBA  Reuters

Announced U.S. Job Cuts Fell 39% From Year Ago, Challenger Says  Bloomberg

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/26 expected at 383,000.  At 9:45 is Chicago PMI for March expected at 69.5, and at 10AM is the Factory Orders report for February expected at 0.4%.

 

The Markets:

 

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

 

Oil remained modestly lower after the Energy Information Administration reported that crude inventories rose 2.95 million barrels, gasoline inventories fell 2.7 million barrels, and distillates rose 700,000 barrels.  Natural gas prices climbed Wednesday as President Barack Obama said he wanted the U.S. to use more of it instead of foreign oil. Colder weather also pushed up prices, as forecasters predicted a cold snap for much of the country in coming weeks.”

 

The U.S. dollar index reversed early gains and ended lower after the euro rose on more European Central Bank comments that this time suggested a series of rate hikes from the ECB may be coming.

 

Treasuries remained higher after today’s $29 billion 7-year note auction sold at a high yield of 2.895% with a bid to cover of 2.79.

 

The Dow, Nasdaq, and S&P rose on confidence over decent economic data and lower oil prices.

 

Among the big names making news in the market today were Barclays, Cephalon, Salesforce.com, and Wal-Mart.

 

The Commentary:

 

Rollovers are continuing in gold with traders moving out of the April as it enters its delivery period and into the June. Some are also moving into August and December. Open interest continues to decline as end of the month and quarter pressures continue but the bulk of that should be over today.

How this market behaves Friday and Monday of next week will be a better indicator of what we can expect in the immediate near term. Trying to get too much of a read on a market that is being jostled by book squaring and low volume is generally not wise.

High oil inventories at Cushing were being blamed somewhat for gold's weakness today but I do not agree with that reasoning. Oil is still above $100, high inventories or not, and a mere blip lower in crude oil is not going to dissuade those who are focused on increasing price pressures throughout the economy. Besides, even though crude was weaker today, unleaded gasoline is higher and it is gasoline prices that more directly impact consumer perceptions of inflation anyway. 

The Dollar is experiencing two-way money flows today but for whatever the reason, it has been stopped dead in its tracks near 76.70 on the USDX chart. It has been drawing a bit of recent strength from the verbal intervention campaign being engaged by several FOMC governors who are talking hawkishly about ending QE. One went as far as saying that the last $100 billion of the scheduled $600 billion might not be necessary. That was enough to pull the rug out from under the bond market yesterday so it is hard to believe that we will see too much more of that sort of talk if the Fed wishes to keep bond speculators from blasting the long bond into the nether regions and sending rates higher in the process.

As stated many times here already: If they attempt to talk the Dollar up by sounding hawkish, they will send the long bond into the toilet. If they try to talk the long bond back up again by expressing reservations about the strength of the US recovery, they will send the Dollar into the toilet. Pick your poison is a good motto at this point.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

Alasdair Macleod: Bank regulation doesn't work well

Bix Weir: World Gold Council supports gold price manipulation

 

The Statistics:

Activity from: 3/29/2011

Gold Warehouse Stocks:

11,027,994

+15,056

Silver Warehouse Stocks:

104,437,690

-77,028

 

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

1211.836

38,961,725

US$55,520m

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$5,314m

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$5,589m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,516

US$650m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.15

1,548,103

US$2,194m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,958

US$7m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 124.93 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,139.52 - No change from yesterday’s data.

 

The Miners:

 

Kinross Gold’s (KGC) funding for a Medical Emergency Center in Mauritania, US Gold’s (UXG) drill results, and Seabridge’s (SA) exploration program were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Midway

MDW +6.55% $1.79

2.  ITH

THM +4.98% $9.90

3.  Gammon Gold

GRS +4.55% $10.10

 

LOSERS

1.  Minco

MGH-2.53% $2.31

2.  Metalline

MMG-1.77% $1.11

3.  Banro

BAA -1.56% $2.52

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:

Zoran Arandjelovic Announces Acquisition of Common Shares of Tawsho Mining Inc. - More
- March 30, 2011 | Item | ShareThis


Nortec Minerals Updates Results From Seinajoki Gold Project in Western Finland - More
- March 30, 2011 | Item | ShareThis


Rome's Don Luis Greisen-Porhyry Silver-Tungsten Property has a Great Address as Part of the "Great Cluster" of Laramide Porphyry Copper-Molybdenum Deposits - More
- March 30, 2011 | Item | ShareThis


Augyva Announces Closing of C$8,000,000 Private Placement - More
- March 30, 2011 | Item | ShareThis


QMC Quantum Minerals and Cassius Ventures Report on Drilling, Carrot River Project, Manitoba - More
- March 30, 2011 | Item | ShareThis


Critical Elements Corporation Announces Final Closing of It's Financing - More
- March 30, 2011 | Item | ShareThis


Guyana Frontier Mining Corp. - Favourable Lake Project Drilling Program Update - More
- March 30, 2011 | Item | ShareThis


Kinross Announces $2.5 Million in Funding to Build New Medical Emergency Centre in Mauritania - "Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News) announced today that it is committing US$2.5 million to build and help equip a new Medical Emergency Center in Mauritania. The new emergency centre will be part of Mauritania's Grand National Hospital located in Nouakchott, the nation's capital." More
- March 30, 2011 | Item | ShareThis


Decade Resources Announces Acquisition of Silver Property at Stewart, British Columbia - More
- March 30, 2011 | Item | ShareThis


Mrs Aline Leclerc Joins the Board of DIOS - More
- March 30, 2011 | Item | ShareThis


Torex Announces Adoption of Shareholder Rights Plan - More
- March 30, 2011 | Item | ShareThis


Fronteer Gold Securityholders Overwhelmingly Approve Plan of Arrangement With Newmont - "Fronteer Gold Inc. (TSX:FRG - News)(AMEX:FRG - News) ("Fronteer Gold") is pleased to announce that an overwhelming majority of Fronteer Gold securityholders who voted today at Fronteer's Special Meeting of Shareholders (the "Meeting") have voted to approve the plan of arrangement pursuant to which Newmont Mining Corporation will acquire all the issued and outstanding common shares of Fronteer Gold (the "Arrangement"). Over 99.7% of the securities voted at the Meeting were voted in favour of the special resolution approving the Arrangement." More
- March 30, 2011 | Item | ShareThis


Amador Gold Corp.: Silverclaim Exploration Highlights - More
- March 30, 2011 | Item | ShareThis


First Quantum Minerals Issues Updated Resource and Reserve Estimates and Progress Report for Kevitsa Project - More
- March 30, 2011 | Item | ShareThis


ICN Signs Letter of Intent for Option and Joint Venture of its Hog Ranch Property - More
- March 30, 2011 | Item | ShareThis


Viper Gold Announces Appointment of Director & Grant of Stock Options - More
- March 30, 2011 | Item | ShareThis


Legend Gold Mobilizes Rig for Drill Program at the Lakanfla Gold Project, Western Mali - More
- March 30, 2011 | Item | ShareThis


Selwyn Announces Getty Deposit Mineral Resources - More
- March 30, 2011 | Item | ShareThis


SIRIOS Resources Inc.: Resignation of a Director - More
- March 30, 2011 | Item | ShareThis


Duncan Park Announces Completion of Geophysical Field Work, and Signing of Definitive Agreement With Respect to McManus Property at Red Lake - More
- March 30, 2011 | Item | ShareThis


Cue Resources Ltd. Completes Pump Test at San Antonio, Yuty Uranium Project - More
- March 30, 2011 | Item | ShareThis


High Grade Drilling Results Announced on Finnish Asset under Letter of Intent - More
- March 30, 2011 | Item | ShareThis


Choice Gold Corp. Commences Work Program on Sugarloaf Peak Gold Project - More
- March 30, 2011 | Item | ShareThis


Everett Resources Commences 2,000 Meter Drill Program on Menarik Polymetallic Property, Quebec - More
- March 30, 2011 | Item | ShareThis


Serabi Mining Plc ("Serabi" or the "Company") Completion of TSX Listing C$4.95 Million Funding and Board Changes - More
- March 30, 2011 | Item | ShareThis


Candente Gold Announces Closing of $7.076 M Equity Financing - More
- March 30, 2011 | Item | ShareThis


Patriot Gold Announces $8.5 Million Agreement for Continued Exploration and Development of Moss Mine Project in Mohave County Arizona - More
- March 30, 2011 | Item | ShareThis


Silvore Fox Minerals Corp. Announces Closing of Fully Subscribed Non-brokered Private Placement - More
- March 30, 2011 | Item | ShareThis


Sona Releases Final 2010 Drill Results From Elizabeth Gold Deposit Property - More
- March 30, 2011 | Item | ShareThis


Augen Gold Announces TSX Approval of Its Option and Joint Venture Agreement With Sanatana - More
- March 30, 2011 | Item | ShareThis


Sanatana Announces TSX-V Approval for Option and JV Agreement With Augen - More
- March 30, 2011 | Item | ShareThis


Coyote Resources Appoints New Director - More
- March 30, 2011 | Item | ShareThis


Tuffnell Ltd. Announces Drill and Assay Results of Phase II Exploration at the Little Butte Gold/Copper Project in Arizona Which Confirm a Major Shear System - More
- March 30, 2011 | Item | ShareThis


RX Exploration Intersects 504.8 g/t Gold and 4,370 g/t Silver over Half a Metre - More
- March 30, 2011 | Item | ShareThis


Corvus Gold Intersects 15 Metres of 2.4 g/t Gold at the North Bullfrog Project, Alaska - More
- March 30, 2011 | Item | ShareThis


Asia Now Grants Stock Options - More
- March 30, 2011 | Item | ShareThis


Platinex Announces New Gold Property Acquisition - More
- March 30, 2011 | Item | ShareThis


Midland is Pleased to Announce That Agnico-Eagle Resumes Drilling to Test Recent Gold Discoveries on Maritime Cadillac - More
- March 30, 2011 | Item | ShareThis


Sungro Minerals, Inc. Announces Addition of 217 New Unpatented Claims At Its Conglomerate Mesa Project - More
- March 30, 2011 | Item | ShareThis


Cream Minerals Announces Initial Assay Results from the Nuevo Milenio Silver-Gold Project - More
- March 30, 2011 | Item | ShareThis


Sandstorm Gold Announces the Completion of Underground Construction at Brigus Gold's Black Fox Mine and Payment of US$9 Million to Metanor Resources - More
- March 30, 2011 | Item | ShareThis


Metanor Receives US$9M from Sandstorm - More
- March 30, 2011 | Item | ShareThis


Vior Inc.: Aurvista Agreement - Paiement Postponed - More
- March 30, 2011 | Item | ShareThis


Minera Andes Announces 2010 Full Year Financial Results and Record Earnings for Fourth Quarter 2010 - More
- March 30, 2011 | Item | ShareThis


Arcus Development Group Inc.: Dawson Gold Airborne Magnetometer Survey Commences - More
- March 30, 2011 | Item | ShareThis


Alto Ventures Ltd.: Coldstream Property Expanded to the North of the High-Grade Iris Lake Gold Discovery, Ontario - More
- March 30, 2011 | Item | ShareThis


Foundation Resources Inc.: Coldstream Project Expanded to the North of the High-Grade Iris Lake Gold Discovery - More
- March 30, 2011 | Item | ShareThis


Pershimco Adds Strategic Claims in the Courville Gold Project Area - More
- March 30, 2011 | Item | ShareThis


Pacific Rim Mining Signs Letter of Intent to Acquire Majority Interest in Hog Ranch Property, Nevada - More
- March 30, 2011 | Item | ShareThis


Elissa Resources Plans Additional Geophysical Survey at its Thor Rare Earth Project, Nevada - More
- March 30, 2011 | Item | ShareThis


Crowflight Provides 2011 Outlook - More
- March 30, 2011 | Item | ShareThis


Molycorp and DOE's Ames Laboratory Sign Cooperative Research and Development Agreement on Rare Earth Magnets - More
- March 30, 2011 | Item | ShareThis


Dufresne Named Lead Geologist for Lithium Exploration Group - More
- March 30, 2011 | Item | ShareThis


Pan American Lithium Corp. CEO in cdtv.net Interview - More
- March 30, 2011 | Item | ShareThis


Altius Announces Normal Course Issuer Bid - More
- March 30, 2011 | Item | ShareThis


Sama Resources Intersects 13.7 Metres of Up to 2.5% Nickel at Its Nickel-Cobalt-Scandium Laterite Deposit - More
- March 30, 2011 | Item | ShareThis


Willow Creek Receives Technical Report for Hercules Property - More
- March 30, 2011 | Item | ShareThis


Torex Working Closely With Mexican Authorities to Resume Activities at the Morelos Gold Project - More
- March 30, 2011 | Item | ShareThis


Tres-Or Options Pascalis Area Gold Properties to Pershimco - More
- March 30, 2011 | Item | ShareThis


MAX begins exploration at historic Majuba Hill Copper/Gold/Silver Property in Nevada; excavation underway for April drill program - More
- March 30, 2011 | Item | ShareThis


US Gold: El Gallo Continues to Expand East & South - "US GOLD CORPORATION (NYSE:UXG - News)(TSX:UXG - News) is pleased to announce drilling continues to expand the size of the silver-gold resource and upgrade the inferred mineralization at the El Gallo Project in Sinaloa State, Mexico. In addition, drilling has intersected high grade mineralization 400 meters (m) (1,300 feet (ft)) southwest of the El Gallo resource. Also, drilling on the recently discovered Alamo vein has encountered mineralization 150 m (500 ft) south of the previous exploration." More
- March 30, 2011 | Item | ShareThis


Seabridge Gold Moving Courageous Lake Towards Preliminary Feasibility - "Drilling has commenced at Seabridge Gold's (TSX:SEA - News)(AMEX:SA - News)100% owned Courageous Lake project as part of a $7.3 million exploration program designed to (i) upgrade inferred resources within the current FAT deposit pit plan, (ii) complete geotechnical drilling required to move towards a Preliminary Feasibility Study ("PFS") and (iii) look for new targets along the 53 kilometers of the Matthew's Lake greenstone belt held by Seabridge. The 2011 program will include approximately 20,000 meters of core drilling, divided into a winter program which is now in progress and a summer program commencing in June." More
- March 30, 2011 | Item | ShareThis


- Chris Mullen, Gold Seeker Report

 

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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 30 March, 2011 | |


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