Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36718)	3/23/2007 5:26:25 PM
From: LoneClone	Respond to of 78433

Gold futures mark for first loss in seven sessions Source: MarketWatch metalsplace.com Gold futures closed with a loss Friday as traders locked in a six-session gain of more than 3%, but prices still finished the week over $3 higher. "Nervous and technical traders moved in to take gold lower Friday using U.S. housing data as the excuse to lock in gains and in the process hit a technical support level to sell gold off further," said Peter Spina, chief investment strategist at GoldSeek.com. "Gold is grinding its way higher, while still consolidating from the prior correction," he said in e-mailed comments. Gold for April delivery closed down $6.90 at $657.30 an ounce on the New York Mercantile Exchange after a decline to $655.50. On Thursday, the contract closed at a three-week high of $664.20. It had climbed $21.70, or 3.4%, over the course of six trading sessions. "Gold bullion prices quickly retreated to the $660 level after gaining nicely over several sessions during the week," said Jon Nadler, a metals analyst at Kitco.com. "This week's ascent, while looking promising, was not only stalling at higher levels, but was subject to some mild pull-backs soon." In the backdrop, the dollar steadied against European currencies Friday after a report showed sales of U.S existing homes unexpectedly rose last month. Sales of existing homes unexpectedly rose 3.9% in February, reaching a seasonally adjusted annual rate of 6.69 million units, the National Association of Realtors reported Friday. Gold futures shrugged off news that 15 British sailors have been detained at gunpoint by Iranian forces while patrolling off the coast of Iraq. Crude-oil futures, in contrast, rallied on the report. A British Navy boarding party had completed an inspection of a merchant ship when Iranian vessels surrounded the British forces, and then escorted them into Iranian territorial waters, the U.K. Ministry of Defense said. May crude climbed past $62 a barrel to a two-week high. "Perhaps the incident will be resolved without any further escalation in tensions, but one would have thought we would get a bit more of a reaction from the safe-haven camp to this story," said Nadler, in e-mailed commentary. Looking ahead, "rising energy costs and the inflationary impact this will have not only on the U.S. economy but globally, will likely prove very supportive to gold and its unique anti-inflationary qualities, mid to longer-term," James Moore, metals analyst at TheBullionDesk.com said in a note to clients. Other metals prices followed gold higher, but palladium prices finished the day with a modest gain and silver, copper, palladium and platinum all ended the week higher. June palladium climbed $1.75 to close at $359.50 an ounce – up 2% for the week. Sister metal platinum saw its April contract give back $7.60 to close at $1,233.40, though it was up 1% for the week. May copper closed down 0.4 cent at $3.069 a pound, but it was up 1.9% from last Friday's close. May silver lost 1.9%, or 25.3 cents, to close at $13.227 an ounce – up 1.2 cents for the week. On the supply side, gold warehouse stocks rose 31,938 troy ounces to stand at 7.58 million troy ounces and copper supplies rose by 795 short tons to stand at 36,565 short tons as of late Thursday, according to Nymex data. Silver supplies fell 121,092 troy ounces to hit 121.2 million troy ounces.