-- Posted Wednesday, 28 March 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1663.10 | -$18.20 |
Silver | $32.06 | -$0.46 |
XAU | 173.46 | -2.18% |
HUI | 466.69 | -1.82% |
GDM | 1353.95 | -1.98% |
JSE Gold | 2411.12 | -49.01 |
USD | 79.15 | +0.03 |
Euro | 133.26 | +0.07 |
Yen | 120.74 | +0.51 |
Oil | $105.41 | -$1.92 |
10-Year | 2.196% | +0.009 |
T-Bond | 138.3125 | UNCH |
Dow | 13126.21 | -0.54% |
Nasdaq | 3104.96 | -0.49% |
S&P | 1405.54 | -0.49% |
The Metals:
Gold edged up to $1684.26 in Asia, but it then fell back off for most of the rest of trade and ended nearly its early afternoon low of $1654.90 with a loss of 1.08%. Silver slipped to as low as $31.756 and ended with a loss of 1.41%.
Euro gold fell to about €1248, platinum lost $17 to $1634, and copper dropped 9 cents to about $3.79.
Gold and silver equities fell about 2% by early afternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Feb | 2.2% | 2.8% | -3.6% |
Durable Orders -ex Trans. | Feb | 1.6% | 1.0% | -3.0% |
Contracts for US homes dipped in February Yahoo
More CEOs ready to start hiring again: survey Reuters
Mortgage purchase demand rose last week: MBA Reuters
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/24 expected at 350,000 and fourth quarter GDP expected at 3.0%. The GDP Deflator is expected at 0.9%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil dropped after the Energy Information Administration reported that crude inventories rose 7.1 million barrels, gasoline inventories fell 3.5 million barrels, and distillates fell 700,000 barrels.
The U.S. dollar index waffled near unchanged while the yen rose on fiscal year end flows.
Treasuries remained near unchanged after today’s $35 billion 5-year note auction sold at a high yield of 1.04% with a bid to cover of 2.85.
The Dow, Nasdaq, and S&P fell on poor economic data.
Among the big names making news in the market today were Annie’s, JetBlue, and MF Global.
The Commentary:
“Interesting recommendation by Goldman and even more interesting to see the market reaction in gold today. Can you say that someone is particularly overjoyed by the opportunity to take that recommendation?
By the way, Goldman is echoing the remarks from Chairman Bernanke the other day and repeating what my interpretation of those remarks were in this week's comments entitled, "Pass the Juice Please".
Goldman's views in summary can be translated as follows: Gold market weakness has been tied to the fact that the markets were expecting "REAL INTEREST RATES" to rise in light of the recent economic data showing improvement in the US economy. However, the economic recovery is not strong enough to allow for higher rates and that coupled with Bernanke's comments that accommodative monetary policy will be required for the foreseeable future means that gold has overreacted to the downside.
Goldman is looking for another round of QE which will pressure the Dollar and thus drive gold prices higher.
Rest assured that the hedge fund long liquidation and fresh short selling of today is being met by solid buying from Goldman's customers.
Also, I find it EXTREMELY TELLING that the bond market cannot seem to get much going to the upside today given the fact that the broader equity markets are swooning and the US Dollar is currently higher as the risk aversion trades come back on.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“Dear CIGAs,
Click either chart to enlarge in PDF format with commentary – Dollar Gold.”- Jim Sinclair, JSMineset.com
GATA Posts:
Matthew Lynn: Central banks need gold to manipulate currency markets
The Statistics:
As of close of business: 3/27/2012
Gold Warehouse Stocks: | 11,408,772.370 | +538.9 |
Silver Warehouse Stocks: | 136,518,023.550 | +867,610.34 |
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 | 1286.621 | 41,366,147 | US$69,303m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 119.15 | 3,830,754 | US$6,409m |
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$6,985m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 472,569 | US$758m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.87 | 1,281,749 | US$2,169m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.115 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.60: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,716.42: No change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRX) drill results, Freeport’s (FCX) dividend, Randgold’s (GOLD) operations in Mali, AuRico’s (AUQ) operational guidance and fourth quarter results, Paramount’s (PZG) private placement, Richmont’s (RIC) Preliminary Economic Assessment, and Revett’s (RVM) 2011 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +14.52% $3.55 |
2. Entree | EGI +6.45% $1.32 |
3. Royal Gold | RGLD+0.08% $64.75 |
LOSERS
1. Fortuna | FSM-18.42% $4.43 |
2. Richmont | RIC -10.10% $8.01 |
3. Solitario | XPL -7.69% $1.32 |
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 Wednesday, 28 March 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Again
