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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 2% and 8% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 20 January 2012 | | Disqus

 

Close

Gain/Loss

On Week

Gold

$1665.90

+$8.10

+1.70%

Silver

$32.08

+$1.54

+8.20%

XAU

187.02

-0.54%

-3.05%

HUI

501.57

-0.10%

-3.44%

GDM

1449.10

+0.05%

-3.39%

JSE Gold

2829.71

-55.47

-2.79%

USD

80.16

+0.04

-1.56%

Euro

129.37

-0.24

+2.03%

Yen

129.93

+0.24

-0.04%

Oil

$98.46

-$1.93

-0.24%

10-Year

2.028%

+0.056

+9.44%

Bond

141.875

-0.9375

-2.16%

Dow

12720.48

+0.76%

+2.40%

Nasdaq

2786.70

-0.06%

+2.80%

S&P

1315.38

+0.07%

+2.04%

 
 

 

The Metals:

 

Gold fell to $1644.48 in London, but it then rallied to as high as $1666.70 in New York and ended with a gain of 0.49%.  Silver surged to as high as $32.11 and ended with a gain of 5.04%.

 

Euro gold rose to about €1288, platinum gained $10.10 to $1530.80, and copper fell 6 cents to about $3.74.

 

Gold and silver equities waffled near unchanged and ended mixed.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Existing Home Sales

Dec

4.61M

4.55M

4.39M

 

All of this week’s other economic reports:

 

Philadelphia Fed - January

7.3 v. 6.8

 

Building Permits - December

679K v. 680K

 

Housing Starts - December

657K v. 685K

 

CPI - December

0.0% v. 0.0%

 

Core CPI - December

0.1% v. 0.2%

 

Initial Claims - 1/14

352K v. 402K

 

NAHB Housing Market Index - January

25 v. 21

 

Capacity Utilization - December

78.1% v. 77.8%

 

Industrial Production - December

0.4% v. -0.3%

 

Net Long-Term TIC Flows - November

$59.8B v. $8.3B

 

PPI - December

-0.1% v. 0.3%

 

Core PPI - December

0.3% v. 0.1%

 

Empire Manufacturing - January

13.5 v. 8.2

 

Next week’s economic highlights include Pending Home Sales and a FOMC Rate Decision on Wednesday, Initial Jobless Claims, Durable Goods Orders, New Home Sales, and Leading Economic Indicators on Thursday, and GDP and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil fell and the U.S. dollar index rose as the euro dropped on worries about Greek debt negotiations over the weekend.

 

Treasuries fell on better than expected housing data.

 

The Dow rose on strong earnings reports from Microsoft and IBM while the Nasdaq fell on poor results from Google.

 

Among the big names making news in the market Friday were Microsoft, Google, IBM, GE, AmEx, Kodak, and Schlumberger.

 

The Commentary:

 

On Wednesday of this week, silver finally managed to get a CLOSE above strong chart resistance at the $30 level. The next day, while it was unable to advance much, it refused to back down below that resistance level and eked out another close above $30. Two consecutive closes above a strong chart resistance level and the bears had no choice but to begin running. Fresh money is now chasing them out as it appears that the hedge funds are beginning to move back into the grey metal after having fallen out of love with it in December of last year.

The technical chart picture is much improved with all momentum indicators now in a bullish mode on the daily chart as price is trading ABOVE the 50 day moving average in today's session. The 20 day moving average is now turning higher indicating the short term trend has flipped up. The 50 day should prove to be some support if we get some retracements lower.

A strong finish to the session today will set this market firmly on track for a test next week of another band of formidable chart resistance centered near the $32.50 region.

Note that the short term downtrend line drawn off the August 2011 peak was broken last week but that horizontal resistance at $30 had not as of yet fallen until it was bettered this week.

 

If the bulls can take out $32.50 next week, they should have relatively clear sailing all the way to $35 which is where one helluva battle royale is going to be waged by the perma bears. If that group fails to stem the advance, this market has a real shot at launching an upside trending move.

It should be noted that the move higher in silver is being accompanied by a sharp move LOWER in the bonds. Bonds are breaking down on their price chart indicating the LACK OF RISK AVERSION trades at the current moment. Keep in mind what I have repeatedly said - Silver will outperform gold in an environment in which RISK is IN. That is what the movement in the bond market is suggesting.

Only a sharp reversal to the upside in the bond market would derail the move higher in silver as it would be accompanied by a downside move in equities and a move higher in the US Dollar once again. Such an event would signal that investment funds would be back to shunning risk with money flowing back out into cash and cash equivalents and away from "risk assets".- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Bullion banking system 'not fully backed,' Naylor-Leyland tells CNBC Europe

Kinross seen in play after paying too much for African gold

Rates now negative on inflation-protected and regular Treasuries

Sprott bearish on base metals, positive on gold and oil

Sinclair expects European gold to be repatriated from Fed

 

The Statistics:

Activity from: 1/19/2012

Gold Warehouse Stocks:

11,492,319

-493

Silver Warehouse Stocks:

127,145,636

+1,533,305

 

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

1255.670

40,371,057

US$66,716m

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$6,172m

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$6,748m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,933

US$760m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.98

1,317,680

US$2,181m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 173.18: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,516.75: No change from yesterday’s data.

 

The Miners:

 

Eldorado’s (EGO dividend payment, Randgold’s (GOLD) partnerships, Kinross Gold’s (KGC) value, US Gold’s (UXG) business combination with Minera Andes (MNEAF.OB), and MAG Silver’s (MVG) exploration plans were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  MAG Silver

MVG +9.23% $7.81

2.  US Gold

UXG +7.56% $4.98

3.  Golden Minerals

AUMN +6.16% $8.79

 

LOSERS

1.  Loncor

LON -6.25% $1.50

2.  Freeport

FCX-2.86% $43.10

3.  Comstock

LODE-2.84% $2.05

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

 

- Chris Mullen, Gold Seeker Report

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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 Friday, 20 January 2012 | Digg This Article | Source: GoldSeek.com

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