-- Posted Thursday, 3 May 2012 | | Disqus
Please Note: There will not be a Gold Seeker report tomorrow.
| Close | Gain/Loss |
Gold | $1637.10 | -$16.50 |
Silver | $30.19 | -$0.46 |
XAU | 156.72 | -3.56% |
HUI | 419.98 | -3.92% |
GDM | 1214.84 | -3.78% |
JSE Gold | 2191.58 | -45.31 |
USD | 79.22 | +0.08 |
Euro | 131.46 | -0.13 |
Yen | 124.71 | -0.10 |
Oil | $102.54 | -$2.68 |
10-Year | 1.924% | +0.002 |
T-Bond | 142.84375 | UNCH |
Dow | 13206.59 | -0.47% |
Nasdaq | 3024.30 | -1.16% |
S&P | 1391.57 | -0.77% |
The Metals:
Gold fell to as low as $1630.90 by about 1PM EST before it bounced back higher in late trade, but it still ended with a loss of 1%. Silver slipped to as low as $29.87 and ended with a loss of 1.5%.
Euro gold fell to about €1245, platinum lost $30 to $1528.50, and copper fell 6 cents to about $3.73.
Gold and silver equities fell about 4% by early afternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Challenger Job Cuts | Apr | 11.2% | - | -8.8% |
Initial Claims | 4/28 | 365K | 375K | 392K |
Productivity | Q1 | -0.5% | -0.8% | 1.2% |
Unit Labor Costs | Q1 | 2.0% | 3.0% | 2.7% |
ISM Services | Apr | 53.5 | 55.5 | 56.0 |
Mortgage Rates Hit New Record Lows Yahoo
Tomorrow at 8:30AM EST brings April’s jobs data. Nonfarm Payrolls are expected at 162,000, the Unemployment Rate is expected at 8.2%, 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 fell after OPEC Secretary General Abdalla Salem el-Badri said: "We are trying to bring the price down."
OPEC says pumping hard to bring oil price down Reuters
The U.S. dollar index and treasuries held steady while the Dow, Nasdaq, and S&P fell on this morning’s poor ISM Services report.
Among the big names making news in the market today were Berkshire Hathaway, US Airways, Freddie Mac, HSBC, GM, Green Mountain, Target, Macy’s, Wells Fargo, Bank of America, Viacom, and UBS.
The Commentary:
“Apparently ECB President Draghi believes things are going so well over in Euroland that traders are "correct" in their perceptions that no near term stimulus is needed. Down went gold, and silver, and copper, etc. as money flowed out of those markets and elsewhere into I have no idea what based on the fact that the equity markets are lower and are the bonds. Let's call it mattress money flows.
Meanwhile data coming out ahead of tomorrow's payroll numbers are indicating that the report will not be particularly strong here in the US. It will be interesting to see if we get a weak number how gold reacts to it. Normally we would expect to see it lower on the risk aversion trades but if it actually moves higher on a weak number, it will be additional fodder for the notion that the weaker the economic numbers are in the US, the better the chances are of the Fed engaging in a third round of QE (at least as far as a growing number of traders believe).
Anyway, for whatever reason, once again gold could not make it past the $1680 level as it was not even able to make it any higher than $1672 before the buyers stepped aside. Having fallen back below $1650 is short term negative however and now we will need to see whether or not it will fall as deeply as the $1620 level or lower where previously buyers have made their presence known.
The mining shares are lower today (Gee what a surprise - do these things ever go higher anymore) but remain above 420 in the HUI. Perhaps we will get a bounce from that level and confirm it as a bottom. We simply have to wait and see.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Amity Shlaes: Nutty would be NOT considering return to a gold standard
Norwegians take big broker's trading algos for an expensive ride
Earth's Resources Conference in Hong Kong to hear about gold market manipulation
The Statistics:
As of close of business: 5/02/2012
Gold Warehouse Stocks: | 11,047,618.894 | +49,470.064 |
Silver Warehouse Stocks: | 142,099,442.936 | +508,120.43 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | awaited | awaited | US$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: 180.13: -0.04 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,537.53: -14.61 change from yesterday’s data.
The Miners:
Keegan’s (KGN) new director, Pretivm’s (PVG) priced offering, Newmont’s (NEM) taxes in Indonesia, Royal Gold’s (RGLD) third quarter results and updated estimates for ore reserves and mineralized material, Golden Star’s (GSS) Preliminary Economic Assessment, Brigus Gold’s (BRD) production, and Randgold’s (GOLD) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ+4.14% $4.53 |
2. Loncor | LON +2.45% $1.26 |
3. Solitario | XPL +2.38% $1.29 |
LOSERS
1. Jaguar | JAG-8.80% $2.28 |
2. NovaGold | NG -8.50% $5.92 |
3. Extorre | XG -7.81% $3.66 |
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, 3 May 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil
