-- Posted Wednesday, 4 April 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1618.40 | -$27.90 |
Silver | $31.22 | -$1.35 |
XAU | 167.10 | -3.64% |
HUI | 445.27 | -4.30% |
GDM | 1293.35 | -4.16% |
JSE Gold | 2298.10 | -108.52 |
USD | 79.76 | +0.37 |
Euro | 131.40 | -0.94 |
Yen | 121.34 | +0.63 |
Oil | $101.47 | -$2.54 |
10-Year | 2.243% | -0.041 |
T-Bond | 137.28125 | +0.46875 |
Dow | 13074.75 | -0.95% |
Nasdaq | 3068.09 | -1.46% |
S&P | 1398.96 | -1.02% |
The Metals:
Gold fell to as low as $1612.66 by about 1:30PM EST before it bounced back higher in late trade, but it still ended with a loss of 1.69%. Silver slipped to as low as $30.99 and ended with a loss of 4.14%.
Euro gold fell to about €1232, platinum lost $44.50 to $1595.50, and copper dropped 9 cents to about $3.80.
Gold and silver equities fell over 5% by early afternoon before they rallied back higher into the close, but they still ended with about 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Mar | 209K | 217K | 230K |
ISM Services | Mar | 56.0 | 56.7 | 57.3 |
Mortgage applications picked up last week: MBA Reuters
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/31 expected at 355,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the Energy Information Administration reported that crude inventories rose 9 million barrels, gasoline inventories fell 1.5 million barrels, and distillates rose 19,000 barrels.
The U.S. dollar index rose as the euro fell after a weak Spanish bond auction and dovish comments from European Central Bank President Mario Draghi.
Treasuries rose as the Dow, Nasdaq, and S&P fell on renewed worries about Europe.
Among the big names making news in the market today were Burger King, Yahoo, JPMorgan, American Airlines, Monsanto, and RIM.
The Commentary:
“Dear Extended Family,
Not one pro, not even Yra who is close to the establishment, believes that the action of all markets were a true price interpretation of the FOMC notes yesterday.
Today and yesterday was the product of five gold banks showing the market who in their opinion is boss. It was aimed directly at the confidence in gold.
These gold bank traders are legends, who are the present rulers of the universe, owners of Washington and answer to no one, even to a God. Well, in their mind they are at least.
I really think ego has overcome the profit motive in the last two days. This changes nothing as to where gold is going in 2012 and beyond. It just makes trading impossible and charts useless, leaving only international fundamentals that will not be MOPEd away to make the final determination of the gold price.
It coils the spring in the market even tighter than physics will allow, making the break out to the upside when it comes something to behold.
If there is only one lesson you take away from here, it is that margin is a death wish when the head trader at one major gold bank can command the short term action of the gold and silver market. Consider what can happen to gold when 5% of today’s investors wake up to the economic and statistical charade the markets are today.
Regards,”- Jim Sinclair, JSMineset.com
GATA Posts:
J.S. Kim explodes nine myths about investing in gold
The Statistics:
As of close of business: 4/03/2012
Gold Warehouse Stocks: | 11,406,799.214 | -321.5 |
Silver Warehouse Stocks: | 138,188,823.533 | -299,292.39 |
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$67,023m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.57 | 3,715,571 | US$6,017m |
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 | 472,532 | US$740m |
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: 180.77: -0.04 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,678.98: -4.22 change from yesterday’s data.
The Miners:
ITH’s (THM) power costs in Alaska, Allied Nevada’s (ANV) drill program, Comstock’s (LODE) new director, Seabridge’s (SA) listing on the NYSE, Aurizon’s (AZK) exploration results, and AngloGold’s (AU) annual reports were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. Paramount | PZG+2.49% $2.47 |
LOSERS
1. Golden Minerals | AUMN -9.09% $7.60 |
2. Loncor | LON -8.22% $1.23 |
3. Jaguar | JAG -7.84% $4.23 |
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 Wednesday, 4 April 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil
