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Gold Seeker Closing Report: Gold and Silver Gain About 1%
By: Chris Mullen


-- Posted Thursday, 26 April 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1657.60

+$13.80

Silver

$31.09

+$0.37

XAU

163.58

-0.39%

HUI

443.05

-0.05%

GDM

1279.29

-0.07%

JSE Gold

2287.26

+77.44

USD

78.93

-0.13

Euro

132.37

+0.15

Yen

123.53

+0.48

Oil

$104.55

+$0.43

10-Year

1.959%

-0.025

T-Bond

142.28125

+0.34375

Dow

13204.62

+0.87%

Nasdaq

3050.61

+0.69%

S&P

1339.98

+0.67%

 
 

 

The Metals:

 

Gold saw modest gains in Asia and London, but it then accelerated even higher in New York and ended near its early afternoon high of $1660.90 with a gain of 0.84%.  Silver surged to as high as $31.29 and ended with a gain of 1.2%.

 

Euro gold rose to about €1252, platinum gained $14 to $1563.50, and copper gained 7 cents to about $3.77.

 

Gold and silver equities traded mostly slightly lower and ended with minor losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

4/21

388K

373K

389K

Pending Home Sales

Mar

4.1%

0.5%

0.4%

 

Tomorrow at 8:30AM EST brings first quarter GDP expected at 2.5%.  The Chain Deflator is expected at 2.2%, and the Employment Cost Index is expected at 0.5%.  At 9:55 is Michigan Sentiment for April expected at 75.7.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose and the U.S. dollar index fell as the yen climbed higher ahead of tomorrow’s meeting by the Bank of Japan.

 

Treasuries rose after today’s $29 billion seven-year note auction sold at a high yield of 1.347% (a record low) with a bid to cover of 2.83.

 

The Dow, Nasdaq, and S&P rose on better than expected housing data and earnings reports.

 

Among the big names making news in the market today were Dow Chemical, Kellogg, Exxon Mobil, AstraZeneca, Chesapeake, Ally, Bristol-Myers, and J&J.

 

The Commentary:

 

Gold appears to be catching some decent buying in today's session - buying that has been strong enough to take it out of the range within it has been trading for approximately the last ten days or so. Note the resistance levels shown on the chart and you can see the progress.

It still has a big hurdle to clear if it is going to get any fireworks going and that hurdle remains the same as it has been for some time now, namely the region up near $1680.

It seems that Central Bank buying below the market has shored up support on the chart.

One gets the impression that the gold market simply does not believe that the Bernanke-led Fed is going to be able to avoid doing another round of QE.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

The Statistics:

As of close of business: 4/25/2012

Gold Warehouse Stocks:

10,992,980.615

+50,929.178

Silver Warehouse Stocks:

140,648,049.776

+47,007.97

 

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

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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: 9,552.14: No change from yesterday’s data.

 

The Miners:

 

Barrick’s (ABX) sale of its entire shareholding of approximately 20.4% in Highland Gold Mining Limited (HGM.L), Aurizon’s (AZK) drill results, Coeur’s (CDE) resumption of full production at Kensington, and Aurcana’s (AUN.V) record silver production were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Aurizon

AZK +7.06% $5.31

2.  Midway

MDW+5.84%$1.45

3.  Nevsun

NSU+5.31% $3.37

 

LOSERS

1.  Goldcorp

GG -5.70% $38.71

2.  NovaGold

NG -3.04% $7.02

3.  Pretivm

PVG-2.77% $15.09

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


-- Posted Thursday, 26 April 2012 | Digg This Article | Source: GoldSeek.com

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