-- Posted Monday, 2 April 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1677.00 | +$8.80 |
Silver | $32.98 | +$0.67 |
XAU | 178.92 | +1.97% |
HUI | 481.38 | +1.79% |
GDM | 1395.79 | +1.74% |
JSE Gold | 2435.77 | +37.75 |
USD | 78.84 | -0.11 |
Euro | 133.24 | -0.18 |
Yen | 121.91 | +1.32 |
Oil | $105.23 | +$2.21 |
10-Year | 2.193% | -0.023 |
T-Bond | 138.00 | +0.21875 |
Dow | 13264.49 | +0.40% |
Nasdaq | 3119.70 | +0.91% |
S&P | 1418.90 | +0.74% |
The Metals:
Gold fell $5.23 to $1662.97 in Asia, but it then rose to as high as $1683.32 in New York and ended with a gain of 0.53%. Silver surged to as high as $33.22 and ended with a gain of 2.07%.
Euro gold rose to about €1258, platinum gained $11.95 to $1645.70, and copper climbed 8 cents to about $3.91.
Gold and silver equities rose about 2% by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Mar | 53.4 | 53.0 | 52.4 |
Construction Spending | Feb | -1.1% | 0.5% | -0.8% |
Tomorrow at 10AM EST brings Factory Orders for February expected at 1.4% and at 2PM are FOMC Minutes from the fed’s March 13th meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on decent manufacturing data that sent the U.S. dollar index lower and the Dow, Nasdaq, and S&P higher. Treasuries rose on inflation worries.
Among the big names making news in the market today were Microsoft, Avon, Express Scripts and Medco, Hartford Financial, and BlackBerry.
The Commentary:
“It appears from today's price action across both the equity markets and the commodity markets in general, that the beginning of the 2nd quarter is seeing hedge fund managers put money back to work across a wide variety of risk assets.
The catalyst seems to be both the Chinese manufacturing data and the US manufacturing PMI data which were on the friendly side and relieved traders' concerns for at least today. Oddly enough that same PMI data showed inflation data relatively tame which generated a move higher in the bond market in spite of the risk allocation trades. Then again, with the Fed managing the bond market, getting a read on it is particularly "fun".
The industrial metals of course led the charge higher with this sort of manufacturing news and so it is no surprise then to see copper, silver, palladium and platinum all strongly higher as a result. Gold benefitted somewhat from this reallocation back into the metals but definitely is underperforming silver with the risk trades in the forefront of the action.
Silver, which is currently up more than 2% as I write this, has managed to better two important overhead technical resistance levels. The first was at $32.50 and the latter near $33. It is now trading at the top of its recent range and should it be able to attract buying on any retreat in price that will keep it above both levels, it should be able to break out of the top of the range and have a decent shot at moving towards $34.25 - $34.45. If it fails to hold and sinks back inside the range once again, decent support emerges on the chart near $31.50.
Helping both silver and gold today is the fact that the mining shares are also relatively firm for a change further cementing that region from 465- 460 as very solid technical support. Time and time again over the last two weeks the bears have pushed these shares lower but have not been able to absorb the valued-based buying originating at the recent lows of the last two trading weeks. It certainly appears that a bottom is in the shares; now whether they can finally generate any decent excitement on the upside is the question. The accumulation phase continues but we have await the advent of the markup phase.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Peter Brimelow: Indian gold buying seems likely to resume
GATA figures prominently in 'America's Book of Secrets' episode on Fort Knox
Endeavor Silver CEO explains support for Sprott's call to treat metal as money
What happened to gold? 'Upwards and eastwards'
In two interviews Biderman stresses bailouts, market rigging
GATA's Ed Steer interviewed by Metallwoche about gold manipulation
South Carolina state treasurer's report notes gold and silver price suppression
The Statistics:
As of close of business: 3/30/2012
Gold Warehouse Stocks: | 11,352,309.338 | +1,829.928 |
Silver Warehouse Stocks: | 138,597,436.263 | +1,524,555.186 |
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$69,361m |
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$6,446m |
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$6,985m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 472,543 | US$768m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.87 | 1,281,721 | US$2,124m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.17: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,734.55: -12.08 change from yesterday’s data.
The Miners:
New gold’s (NGD) priced offering, Goldcorp’s (GG) dividend, Great Basin’s (GBG) 2011 results, Lake Shore’s (LSG) new reserve estimate, Extorre’s (XG) Preliminary Economic Assessment, IMPACT Silver’s (IPT.V) 2011 results, and MAG Silver’s (MVG) 2011 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Lake Shore | LSG +13.46% $1.18 |
2. Midway | MDW+11.19% $1.59 |
3. Timmins | TGD +8.48% $2.43 |
LOSERS
1. Claude | CGR-3.64% $1.06 |
2. Loncor | LON-2.61% $1.46 |
3. DRDGOLD | DRD-2.14% $7.30 |
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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© Gold Seeker 2012
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-- Posted Monday, 2 April 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain With Stocks and Oil
