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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Less Than 1% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 3 February 2012 | | Disqus

 

Close

Gain/Loss

On Week

Gold

$1725.50

-$33.70

-0.71%

Silver

$33.62

-$0.68

-0.77%

XAU

200.34

-1.18%

-1.15%

HUI

541.44

-1.78%

-1.32%

GDM

1565.29

-1.90%

-1.18%

JSE Gold

2872.96

-57.09

-2.89%

USD

78.96

-0.01

+0.20%

Euro

131.43

-0.04

-0.64%

Yen

130.64

-0.57

+0.17%

Oil

$97.84

+$1.48

-1.73%

10-Year

1.949%

+0.124

+2.69%

Bond

142.40625

-2.1875

-0.72%

Dow

12862.23

+1.23%

+1.59%

Nasdaq

2905.66

+1.61%

+3.16%

S&P

1344.90

+1.46%

+2.17%

 
 

 

The Metals:

 

Gold rose $3.81 to $1763.01 at about 4:30AM EST, but it then fell throughout most of the rest of trade and ended near its late session low of $1723.66 with a loss of 1.92%.  Silver slipped to as low as $33.32 and ended with a loss of 1.98%.

 

Euro gold fell to about €1313, platinum lost $9 to $1617.50, and copper gained 12 cents to about $3.90.

 

Gold and silver equities fell about 2% in the first 20 minutes of trade before they bounced back higher in midmorning trade, but they still ended with over 1% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Jan

243K

155K

203K

Unemployment Rate

Jan

8.3%

8.5%

8.5%

Hourly Earnings

Jan

0.2%

0.2%

0.1%

Average Workweek

Jan

34.5

34.4

34.5

Factory Orders

Dec

1.1%

1.5%

2.2%

ISM Services

Jan

56.8

53.1

53.0

 

The BLS net birth/death adjustment subtracted 367,000 payrolls from January’s data. Private Payrolls rose 257,000.

 

All of this week’s other economic reports:

 

Initial Claims - 1/28

367K v. 379K

 

Productivity - Q4

0.7% v. 1.9%

 

Unit Labor Costs - Q4

1.2% v. -2.1%

 

Challenger Job Cuts - January

+38.9% v. +30.6%

 

Construction Spending - December

1.5% v. 0.4%

 

ISM Index - January

54.1 v. 53.1

 

ADP Employment - January

170K v. 292K

 

Consumer Confidence - January

61.1 v. 64.8

 

Chicago PMI - January

60.2 v. 62.2

 

Case-Shiller 20-city Index - November

-3.7% v. -3.4%

 

Employment Cost Index - Q4

0.4% v. 0.3%

 

Personal Income - December

0.5% v. 0.1%

 

Personal Spending - December

0.0% v. 0.1%

 

PCE Prices - Core - December

0.2% v. 0.1%

 

Next week’s economic highlights include Consumer Credit on Tuesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance, Michigan Sentiment, and the Treasury Budget on Friday.

 

The Markets:

 

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

 

Oil rose on better than expected jobs data that raised demand expectations.

 

The U.S. dollar index ended slightly lower in mixed trade.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on optimism over better than expected economic data.

 

Among the big names making news in the market Friday were Goldman Sachs, Panasonic, Aon, and BB&T.

 

The Commentary:

 

Once again, as has been the recent pattern in the gold market, gold priced in terms of the Euro, or "EuroGold", is putting in a very strong showing in today's [Thursday’s] trading session. If you note on the weekly chart, it has moved to within about 32 euros of its former all-time high in price. Many traders/investors may be dismissing European Sovereign debt issues, but the gold market certainly has one eye on it.

I want to see how this market acts now that we are moving into these regions as this will be a decent barometer of sentiment towards the woes surrounding Europe. Any further escalation of issues associated with those problems will carry this market to the all-time high. The flip side becomes if traders feel that the worst is over and is behind them.

 

I should point out that as gold nears this all-time high in euro terms, it is also moving into a region where I expect it to encounter significant selling resistance in US Dollar terms, namely the zone near $1775 - $1780. That makes two separate charts showing two distinct resistance levels. If the bulls can power it through both levels, we will see a sharper move higher in gold. If it fails here, expect some longs to begin booking profits and liquidating longs while awaiting a lower buy back in point.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

States seek currencies made of silver and gold

Sinclair interviewed on currency market rigging and gold's monetary role

NYTimes patronizes gold, whitewashes fiat, overlooks the big questions

 

The Statistics:

Activity from: 2/02/2012

Gold Warehouse Stocks:

11,523,886

-302

Silver Warehouse Stocks:

130,862,159

+686,091

 

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

1277.135

41,061,167

US$71,172m

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$6,446m

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$7,052m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,858

US$794m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.37

1,298,050

US$2,273m

 Note: Change in Total Tonnes from yesterday’s data: SPDE added 6.046 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.68: +0.73 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,621.94: +12.99 change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRX) Preliminary Economic Assessment contract and AuRico’s (AUQ) monthly update were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Ivanhoe

IVN+3.90% $17.04

2.  Claude

CGR +2.74% $1.50

3.  Paramount

PZG +2.23% $2.75

 

LOSERS

1.  Loncor

LON -6.04% $1.40

2.  Lake Shore

LSG -5.92% $1.43

3.  Eldorado

EGO-4.77% $14.76

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

 

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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, 3 February 2012 | Digg This Article | Source: GoldSeek.com

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