-- Posted Monday, 16 April 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1651.70 | -$4.40 |
Silver | $31.48 | +$0.01 |
XAU | 165.27 | -1.41% |
HUI | 445.89 | -1.59% |
GDM | 1291.17 | -1.69% |
JSE Gold | 2292.23 | +5.54 |
USD | 79.53 | -0.37 |
Euro | 131.35 | +0.58 |
Yen | 124.35 | +0.76 |
Oil | $102.93 | +$0.10 |
10-Year | 1.974% | -0.024 |
T-Bond | 141.875 | +0.4375 |
Dow | 12921.41 | +0.56% |
Nasdaq | 2988.40 | -0.76% |
S&P | 1369.57 | -0.05% |
The Metals:
Gold fell to $1641.30 in Asia before it climbed back up to $1657.50 by a little after 9:30AM EST, but it then chopped back lower midday and ended with a loss of 0.27%. Silver slipped to $31.113 before it rebounded to $31.679 and then also fell back off a bit, but it still ended with a gain of 0.03%.
Euro gold fell to about €1257, platinum lost $7.75 to $1570.75, and copper remained at about $3.63.
Gold and silver equities fell about 1.5% by midafternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Mar | 0.8% | 0.3% | 1.0% |
Retail Sales ex-auto | Mar | 0.8% | 0.6% | 0.9% |
Empire Manufacturing | Apr | 6.6 | 17.5 | 20.2 |
Net Long-Term TIC Flows | Feb | $10.1B | $42.5B | $102.4B |
Business Inventories | Feb | 0.6% | 0.5% | 0.8% |
NAHB Housing Market Index | Apr | 25 | 29 | 28 |
Tomorrow at 8:30AM EST brings Housing Starts for March expected at 700,000 and Building Permits expected at 710,000. At 9:15 is Industrial Production for March expected at 0.2% and Capacity Utilization expected at 78.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher on news that the Seaway pipeline may reverse the flow of oil earlier than expected.
The U.S. dollar index fell in late trade as the euro climbed higher on a rebound from a failed breakdown under 1.30 seen earlier in the session.
Treasuries rose on worries about stubbornly high bond yields in Spain.
The Dow rose on this morning’s strong Retail Sales report while the Nasdaq fell on continued weakness in the Shares of Apple.
Among the big names making news in the market today were Apple, Oracle, Carlyle Group, Best Buy, and Citigroup.
The Commentary:
“Investors/traders are growing increasingly concerned about an overall global economic slowdown. This morning's Retail Sales number had temporarily cheered them with higher equities coming in on that news but then the fall of the NAHB housing market index (the first in seven months I might add) soured them rather quickly and led to increased selling pressure being seen in the broader equity markets as well as the commodity complex. Even gasoline has thus far not been immune to the pressure.
The result of this has seen the CCI moving back towards the critical low made late last year. You might recall that as the year 2011 wound down, many speculators were in a selling mood fearing European Sovereign debt woes contagion and slower growth in general.
That began to change towards the end of December as many then began anticipating a Central Bank response. Fund flows began reversing and moving back into RISK assets particularly at the start of the New Year as traders were certain that the Fed would not only be bringing back the punch bowl to the party, but also spiking it as well.
Now that we have heard nothing in the last few days from the monetary masters about such things, traders are growing increasingly despondent that a new round of QE is forthcoming and are reacting accordingly - they are generally selling risk assets and buying Treasuries.
Surprisingly, silver is holding relatively well today in spite of the general trend away from risk as it is attempting to hold chart support centered in the region near $31. Bulls need to dig in here or it will sink rather quickly to $30 for a test of their resolve at that level.
I am going to be extremely interested to see whether we get some comments soon from the various Fed Governors. While the S&P is holding much better than the broad commodity sector, it is still trading below its 50 day moving average, having fallen back through that critical level last Friday on the news of China's growth for Q1 slowing to 8.1%.
The least whiff of another round of QE will completely reverse the losses in the CCI - in the meantime the Bears are dominating.
Gold continues to struggle at $1680 - there currently does not seem to be enough speculative money flows to take this market through that level without some sort of spark.
The HUI is lower today and is sinking back towards a very important chart support level near 440.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
BIS trader removes gold 'interventions' from his biography
Call for 25% devaluation in Britain
Morgan prepares to rig copper market with new ETF
Two Hong Kong conferences in June will hear GATA presentations
Alasdair Macleod: TARGETing problems in eurozone
April edition of the Gold Standard Institute's journal
The Statistics:
As of close of business: 4/13/2012
Gold Warehouse Stocks: | 10,992,850.551 | - |
Silver Warehouse Stocks: | 139,546,079.341 | -2,048,313.197 |
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$68,337m |
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$6,107m |
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 | 472,468 | US$755m |
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: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,591.39: -27.18 change from yesterday’s data.
The Miners:
Ivanhoe’s (IVN) troubles in Mongolia, Gold Fields’ (GFI) guidance, Kimber’s (KBX) drill results, Aurizon’s (AZK) drill results, AuRico’s (AUQ) guidance, First Majestic’s (AG) production results, Great Panther’s (GPL) first quarter production, Extorre’s (XG) new CEO, Silver Standard’s (SSRI) first quarter results, Alexco’s (AXU) production results, and Endeavour Silver’s (EXK) acquisition of AuRico Gold's operating El Cubo silver-gold mine were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Midway | MDW+2.27% $1.35 |
2. Gold Reserve | GRZ +1.77% $4.03 |
3. Richmont | RIC +1.18% $6.85 |
LOSERS
1. Fortuna | FSM -7.97% $3.81 |
2. Ivanhoe | IVN -5.94% $12.03 |
3. Pretivm | PVG-5.82% $14.90 |
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, 16 April 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Mixed
