-- Posted Thursday, 5 April 2012 | | Disqus
Please Note: U.S. and Canadian stock markets are closed tomorrow in observance of Good Friday. However, bond and currency markets will remain open and March’s jobs data will still be released.
| Close | Gain/Loss |
Gold | $1630.70 | +$12.30 |
Silver | $31.67 | +$0.45 |
XAU | 165.30 | -1.08% |
HUI | 441.08 | -0.94% |
GDM | 1279.35 | -1.08% |
JSE Gold | 2312.14 | +14.04 |
USD | 80.07 | +0.31 |
Euro | 130.61 | -0.81 |
Yen | 121.37 | +0.09 |
Oil | $103.31 | +$1.84 |
10-Year | 2.175% | -0.068 |
T-Bond | 138.34375 | +1.0625 |
Dow | 13060.14 | -0.11% |
Nasdaq | 3080.50 | +0.40% |
S&P | 1398.08 | -0.06% |
The Metals:
Gold climbed to $1630.20 by about 4AM EST before it fell back to $1619.99 in the next couple of hours of trade, but it then rose to a new session high of $1633.40 in New York and ended with a gain of 0.76%. Silver slipped back to $31.203 in London, but it then rose to as high as $31.805 in New York and ended with a gain of 1.44%.
Euro gold rose to about €1247, platinum gained $2.30 to $1597.80, and copper fell slightly to about $3.79.
Gold and silver equities saw slight gains in the first half hour of trade, but they then fell back off for most of the rest of the day and ended with about 1% losses.
Gold Traders Bearish for First Time in 2012 Bloomberg
Jim Rogers Says He’s ‘Not So Optimistic’ About Gold, Silver Bloomberg
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/31 | 357K | 355K | 363K |
Consumer Comfort in U.S. Climbed to Four-Year High Last Week Bloomberg
US rate on 30-year mortgage falls to 3.98 percent Yahoo
Tomorrow at 8:30AM EST brings March’s jobs data and at 3PM is Consumer Credit for February expected at $14.0 billion. Nonfarm Payrolls are expected at 200,000, the Unemployment Rate is expected at 8.3%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on hopes for better than expected jobs data tomorrow.
The U.S. dollar index climbed higher as the euro fell on worries about Spain’s bond markets.
Treasuries rose as the Dow, Nasdaq, and S&P held near unchanged on worries about Europe.
Among the big names making news in the market today were Coty, DirecTV, JPMorgan, Gap, and Target.
The Commentary:
“While the Swiss Franc is lower today against the Dollar (as is the case with all of the European majors), it has been gaining against the Euro as nervous investors in Europe weigh further escalation in the region's ongoing sovereign debt crisis.
Note the following ratio chart or the cross I have created to give you an idea of what has been happening with that particular cross. The Swiss Franc has been the beneficiary of investor preference going back to the beginning of the Fed's stimulus party in late 2008.
European sovereign debt fears then further contributed to increasing gains in the value of the Franc against the Euro as investors on the Continent began looking for a safe haven alternative to US Treasuries. Apparently that has led the Swiss National Bank to once again intervene into the foreign exchange markets. They are determined to prevent the Swissie from rising any further against the Euro.
This is an interesting development since it may serve to preclude any further investor flows from Europe into the Franc leaving them with one less safe haven to run into in the event that things begin spiraling downhill once again over there. With issues now arising related to Spain and Italy not out of the woods yet, this is the sort of thing that has the potential to give rise to a series of investment flows back into gold on the Continent.
If that is the case, EuroGold will begin to move higher and that will work to steady the US Dollar price of Gold.
The jury is still out on this but it does indeed bear watching.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Lawrence Williams: Are gold and silver bulls clutching at straws?
Lars Schall: Bundesbank again refuses to answer questions on Germany's gold
The Statistics:
As of close of business: 4/04/2012
Gold Warehouse Stocks: | 11,316,348.355 | -90,450.859 |
Silver Warehouse Stocks: | 139,519,886.160 | +1,331,062.627 |
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$67,436m |
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$6,053m |
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 | 472,527 | US$745m |
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: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,620.08: -58.9 change from yesterday’s data.
The Miners:
New Gold’s (NGD) closed offering, Brigus Gold’s (BRD) first quarter production, Timberline’s (TLR) permit update, AuRico’s (AUQ) update on the Young-Davidson mine, Lake Shore’s (LSG) first quarter operating results and filed technical report, Great Panther’s (GPL) new Vice President, and Hecla’s (HL) additions to their management team were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Resource | GORO+7.66% $25.58 |
2. Avino | ASM +6.42% $1.99 |
3. New Gold | NGD +2.48% $9.51 |
LOSERS
1. Gold Reserve | GRZ-11.75% $3.53 |
2. Mines MGMT | MGN -7.14% $1.56 |
3. Almaden | AAU -6.02% $2.34 |
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 Thursday, 5 April 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 1%
