-- Posted Thursday, 12 April 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1675.20 | +$17.10 |
Silver | $32.33 | +$0.78 |
XAU | 170.38 | +3.69% |
HUI | 460.90 | +3.89% |
GDM | 1332.60 | +3.68% |
JSE Gold | 9524.79 | +66.05 |
USD | 79.32 | -0.44 |
Euro | 131.89 | +0.79 |
Yen | 123.66 | UNCH |
Oil | $103.64 | +$0.94 |
10-Year | 2.049% | +0.021 |
T-Bond | 140.46875 | -0.3125 |
Dow | 12986.58 | +1.41% |
Nasdaq | 3055.55 | +1.30% |
S&P | 1387.57 | +1.38% |
The Metals:
Gold fell back to $1650.63 in London, but it then rose to as high as $1680.01 in New York and ended with a gain of 1.03%. Silver surged to as high as $32.579 and ended with a gain of 2.47%.
Euro gold rose to about €1270, platinum gained $20.50 to $1600, and copper gained 8 cents to about $3.72.
Gold and silver equities rose about 4% by early afternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/07 | 380K | 355K | 367K |
Trade Balance | Feb | -$46.0B | -$53.0B | -$52.5B |
PPI | Mar | 0.0% | 0.3% | 0.4% |
Core PPI | Mar | 0.3% | 0.2% | 0.2% |
Fed's Dudley: Too soon to say economy out of danger Reuters
Home prices close to bottoming, to rise in 2013 Reuters
30 Year Mortgage Rate Falls to 3.88% After Weak Jobs Report Yahoo
Tomorrow at 8:30AM EST brings CPI for March expected at 0.3% and Core CPI expected at 0.2%. At 9:55 is Michigan Sentiment for April expected at 76.1.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose and the U.S. dollar index fell after Federal Reserve Bank president William Dudley commented on last month’s poor jobs report and left the door open for more stimulative measures from the fed.
Treasuries remained slightly lower after today’s $13 billion 30-year note auction sold at a high yield of 3.23% with a bid to cover of 2.76.
The Dow, Nasdaq, and S&P rose on Dudley’s dovish commentary.
Among the big names making news in the market today were Google, LendingClub, Oaktree, and Wells Fargo.
The Commentary:
“New York Fed President William Dudley apparently supplied both the gasoline and the match to the "risk asset" fire this morning as his comments sparked a strong rally in both equities and in commodities. Interestingly enough, the markets were relatively flat after the gain in unemployment claims as traders began fearing that the pop in the payrolls numbers of late was about to become a thing of the past.
Dudley reversed all of that when he stated that it was too soon to say the US economy was out of the woods. That was all that traders needed as their brains are already preprogrammed into interpreting all such comments as: "HERE COMES THE NEXT ROUND OF QE".
It was fascinating to watch copper in particular go from treading water following its 5 day collapse in price to shooting sharply higher when the Dudley comments hit the wire. It is now over 2% higher on the day; as is silver which is nearly 3% higher.
Forgotten are the woes about Spain, Italy and the rest of the other "problem" nations of the Euro zone; woes which I might add had been responsible for knocking the stuffing out of both equities and commodities recently when the risk aversion trades came back on in full force.
The lesson from all this is simple - in the minds of today's modern trading community, especially the monolithic thinking hedge fund managers, Quantitative Easing will fix anything that gets in the way of rising markets.
Those of us who have a bit more sense understand that this is not true but like any drug addict, another fix does do away with the withdrawal symptoms for at least a little while. It never cures the patient but makes him or her feel better which is now the name of the game among the monetary authorities.
The problem is that the worse the addiction, the more resistant the patient becomes to getting high as his system begins to develop a type of resistance to the effects of the drug. What this means is that each successive dose of QE will have shorter and shorter lasting effects before it wears off once again.
For the time being however, the result has led to US Dollar selling which is fueling a rush of hot money flows back into the commodity sector today. That is leading gold higher and has put it back within striking distance of tough resistance at the $1680 level once again. This is the top of the recent tighter trading range that has contained the metal for some time now. Bulls must take the price up and through this level and KEEP IT ABOVE $1680 if this thing is going to have any additional legs to it.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“My Dear Extended Family,
The stock market takes a one day multi-hundred point drop and we hear a new round of sterilized QE is on the table from a Fed governor.
What kind of fools do they take us to be?
QE sterilized is a world class oxymoron similar to Jumbo Shrimp and the Great War.
Consider what will happen here and in Euroland as all of this foolishness hits the fan. The answer is good old debt monetization.
QE to infinity is as sure as death and taxes.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Jim Sinclair: QE 'sterilized' is 'jumbo shrimp'
Peter Brimelow: China buying gold?
Jan Skoyles: Vietnam goes nuclear on gold
Risk off? Having sold most of its own, IMF now lauds gold as 'safe asset'
Europe's banks beached as ECB stimulus runs dry
The Statistics:
As of close of business: 4/11/2012
Gold Warehouse Stocks: | 10,992,872.791 | -161,788.83 |
Silver Warehouse Stocks: | 140,607,934.176 | +925,848.72 |
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 | 1286.167 | 41,351,566 | US$68,981m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.09 | 3,700,236 | US$6,195m |
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 | 472,489 | US$767m |
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: 180.17: -0.60 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,626.12: No change from yesterday’s data.
The Miners:
NovaGold’s (NG) first quarter results, Eldorado’s (EG) updated guidance, and Lake Shore’s (LSG) credit facility were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Eldorado | EGO+12.06% $14.40 |
2. Alexco | AXU +7.31% $6.75 |
3. NovaGold | NG +7.20% $7.00 |
LOSERS
1. Loncor | LON-3.23% $1.20 |
2. Taseko | TGB-0.90% $3.29 |
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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-- Posted Thursday, 12 April 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%
