Gold fell $7.60 to $1524.00 in London before it jumped up to $1545.69 in midmorning New York trade and then pared its gains a bit heading into midday, but it then rallied back higher in afternoon trade and ended near its earlier high with a gain of 0.63%.Silver fell to as low as $35.10 by about 9AM EST, but it then rallied back higher into the close and ended with a loss of just 0.25%.
Euro gold fell to about €1054, platinum gained $3.50 to $1814, and copper climbed 5 cents to about $4.13.
Gold and silver equities waffled near unchanged and ended mixed.
Next week’s economic highlights include Consumer Credit on Tuesday, the fed’s Beige Book on Wednesday, Initial Jobless Claims, the Trade Balance, and Wholesale Inventories on Thursday, and Export and Import Prices and the Treasury Budget on Friday.
Oil ended slightly lower on worries over waning energy demand.
The U.S. dollar index fell and treasuries rose on disappointing jobs data that sent the Dow, Nasdaq, and S&P roughly 1% lower.
Among the big names making news in the market Friday were Newell Rubbermaid, Wells Fargo, and Wal-Mart.
The Commentary:
“This morning's abysmal US payrolls data caps off a 'weak' in which economic data releases confirmed that the US economy is headed for a "double dip". A pitiful 54,000 jobs were supposedly created in the month of May with the unemployment rate moving up to 9.1%.
While we market watchers and traders have come to expect news like this to drive off the risk trades and send safe haven flows into the US Dollar, no such thing happened. I mentioned earlier this week that the Dollar's tepid response to the weak ADP numbers was interesting and bared watching. Looking back that was now a harbinger of things to come.
What has apparently happened is that the US economic data has become so rotten, that traders are not moving money into the US Dollar even on news that otherwise would have driven safe haven flows in its direction. The reason is simple - market players are now convinced that the string of consecutive poor news is leaving the hawks at the Fed with no arguments for their case and has brought the doves there into the ascendancy. In other words, interest rates in the US are going to be forced to stay at ultra low levels for a long time to come and while QE2 is coming to an end this month, further monetary accommodation is coming forthwith. At least that is what the market is attempting to signal to the Fed as to its wishes.
The news initially caused a sell off in stocks taking the S&P futures below important chart support near the 1300 level. It has since recovered and moved above it as I write this but as to how it is going to fare the rest of the day is unclear. A close below this level and the stock market chart gets even uglier. A stock market that enters a bearish downtrend is going to be at the forefront of the minds of the FOMC as they consider their next move on the monetary front.
Back to the Dollar however. It is now trading well below the 50 day moving average and has fallen back below all of the major shorter term moving averages as well. The 10 dma has made a bearish downside crossover of the 20 dma and both look to be getting ready for a bearish downside crossover of the 50 dma. In short, the technicals have completely soured for the greenback and it is once again flirting with the 74 level on its daily chart. A breach of this level that sees the Dollar close underneath it and it is going back down to 73, a level which is extremely, and I do mean, 'extremely' critical from a technical support level.
Meanwhile the combined weakness in the Dollar along with true safe haven flows into gold, is pushing the metal back up and away from its chart support near $1530. If it can claw back towards $1550 and push through that level, it is going to make a run towards $1575 very quickly. The key will be the $1550 level.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
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
1212.866
38,994,859
US$60,028m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
115.35
3,708,632
US$5,717m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
126.23
4,058,350
US$6,255m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
474,168
US$704m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
47.75
1,535,311
US$2,355m
NASDAQ Dubai
Dubai Gold Securities
0.154
4,955
US$8m
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 137.88 -0.03 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,936.96 -4.37 change from yesterday’s data.
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:
Alamos Gold Announces Senior Management Changes - More - June 03, 2011 | Item | ShareThis
2011 Core Drilling Program Now Underway at African Queen's King Solomon Project in Mozambique - More - June 03, 2011 | Item | ShareThis
Lincoln Mining Receives Drill Permit for La Bufa Property, Chihuahua, Mexico - More - June 03, 2011 | Item | ShareThis
Elissa Reports No Material Changes - More - June 03, 2011 | Item | ShareThis
Ressources Minieres Pro-Or Inc.: Closing of the Private Placement - More - June 03, 2011 | Item | ShareThis
Canasil ZTEM Airborne Surveys Outline Large Prominent Targets at Salamandra and Victoria Projects in Durango State, Mexico - More - June 03, 2011 | Item | ShareThis
Garrison Announces Private Placement - More - June 03, 2011 | Item | ShareThis
Edgewater Increases Non-Brokered Private Placement to $7,500,000 - More - June 03, 2011 | Item | ShareThis
Aben Resources Yukon Exploration Update Construction of Summer Camp for Selwyn Recce Project, NWT - More - June 03, 2011 | Item | ShareThis
Yellowhead Mining Announces the Granting of Stock Options - More - June 03, 2011 | Item | ShareThis
Bayfield Drills 20.35 Metres of 2.27 G/T Au and 7.76 G/T Ag at Rainy River, NW Ontario - More - June 03, 2011 | Item | ShareThis
Columbus Gold Corp. Acquires Combs Peak, Antelope, and North Brown Gold Projects in the Greater Mahogany Hills, Nevada - More - June 03, 2011 | Item | ShareThis
Notice of B2Gold's 2011 First Quarter Results Conference Call/Webcast Notice of 2010 Annual General and Special Meeting, Conference Call/Webcast - More - June 03, 2011 | Item | ShareThis
Wealth Commences Drilling on Its Rodeo de los Molles Rare Earth Element Project, Argentina - More - June 03, 2011 | Item | ShareThis
Channel Resources Reports Drill Results & Geophysical Extensions to Mankarga 5 Deposit at Tanlouka Gold Project, Burkina Faso - More - June 03, 2011 | Item | ShareThis
Geo Minerals to Commence Continued Field Exploration and Drilling Work Programs on "West Blackwater" Property Adjacent to Richfield Ventures' Blackwater Deposit - More - June 03, 2011 | Item | ShareThis
Orvana Announces Commissioning of El Valle-Boinas/Carles Gold/Copper Mine, Northern Spain - More - June 03, 2011 | Item | ShareThis
Minemakers Limited: Results of General Meeting - More - June 03, 2011 | Item | ShareThis
Concordia Resource Corp. Announces Appointment of Karl Cahill as Vice President, Investor Relations - More - June 03, 2011 | Item | ShareThis
J&L Mineral Resource Estimate Revised with Addition of Footwall Zone - More - June 03, 2011 | Item | ShareThis
Nazca Mining Announces Option to Acquire the Ursula Mine in Ica Peru - More - June 03, 2011 | Item | ShareThis
Quantum Begins Fieldwork at Jungle Well and Laverton REE Projects, Australia - More - June 03, 2011 | Item | ShareThis
Coronet Metals Announces Closings of the Yanamina Gold Project Acquisition and $10.8 Million Financing - More - June 03, 2011 | Item | ShareThis
Guerrero Attends World Resource Investment Conference in Vancouver, B.C., Canada on June 5 & 6, 2011 - More - June 03, 2011 | Item | ShareThis
Spectral Capital Corporation: Letter to Shareholders - More - June 03, 2011 | Item | ShareThis
Polyus Gold says not in merger talks with gold majors - "Russia's Polyus Gold (PLZL.MM) (PLZLq.L) is not in merger talks with three overseas gold majors, board member Evgeny Ivanov told Reuters, denying a Russian newspaper report earlier on Friday." More - June 03, 2011 | Item | ShareThis
Silver Bull Closes $5 Million Private Placement With Coeur d'Alene Mines - "Silver Bull Resources Inc. (NYSE Amex: SVBL, TSX: SVB) ("Silver Bull") is pleased to announce the closing of its recently announced private placement financing with Coeur d'Alene Mines Corporation (NYSE:CDE - News) ("Coeur d'Alene"). Coeur d'Alene purchased 7,353,000 shares of Silver Bull common stock at $0.68 per share for total gross proceeds of US$5,000,040." More - June 03, 2011 | Item | ShareThis
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-- Posted Friday, 3 June 2011 | Digg This Article | Source: GoldSeek.com
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