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Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%
By: Chris Mullen


-- Posted Tuesday, 15 May 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1542.30

-$16.30

Silver

$27.64

-$0.59

XAU

141.60

-3.82%

HUI

375.75

-3.83%

GDM

1089.26

-3.94%

JSE Gold

2222.23

-57.96

USD

81.25

+0.61

Euro

127.33

-0.93

Yen

124.63

-0.58

Oil

$93.98

-$0.80

10-Year

1.777%

-0.011

T-Bond

146.40625

+0.3125

Dow

12632.00

-0.50%

Nasdaq

2893.76

-0.30%

S&P

130.66

-0.57%

 
 

 

The Metals:

 

Gold fell to $1548.10 in Asia before it rebounded to $1563.92 at about 8:30AM EST, but it then fell back off again in late trade and ended near its new 2012 low of $1542.40 with a loss of 1.05%.  Silver climbed back up to $28.457 in early New York trade, but it then fell to as low as $27.58 in the last minutes of trade and ended with a loss of 2.09%.

 

Euro gold fell to about €1212, platinum lost $4 to $1431, and copper dropped 4 cents to about $3.49.

 

Gold and silver equities fell a little over 1% by midmorning before they rebounded midday, but they then fell back off again in afternoon trade and ended with almost 4% losses.

 

Gold miners need $3,000 price in five years - gold council Reuters

 

The Economy:

 

Report

For

Reading

Expected

Previous

CPI

Apr

0.0%

0.0%

0.3%

Core CPI

Apr

0.2%

0.2%

0.2%

Retail Sales

Apr

0.1%

0.2%

0.7%

Retail Sales ex-auto

Apr

0.1%

0.2%

0.8%

Empire Manufacturing

May

17.1

8.4

6.6

Net Long-Term TIC Flows

Mar

$36.2B

-

$10.1B

Business Inventories

Mar

0.3%

0.3%

0.6%

NAHB Housing Market Index

May

29

26

25

 

Tomorrow at 8:30AM EST brings Housing Starts for April expected at 680,000 and Building Permits expected at 730,000.  At 9:15 is Industrial Production for April expected at 0.5% and Capacity Utilization expected at 79.0%, and at 2PM are FOMC Minutes from the fed’s April 25th meeting.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose on persistent worries about Greece that dragged the Dow, Nasdaq, and S&P lower in late trade.

 

Among the big names making news in the market today were Avon, Home Depot, JPMorgan, and Facebook.

 

GATA Posts:

 

 

Proactive Investors interviews GATA Chairman Murphy

Stoferle, Macleod discuss clamor for gold reserve repatriation

Miners will need $3,000 gold price to be profitable, WGC head says

Commodity Online withdraws IMF gold purchase report

 

The Statistics:

As of close of business: 5/14/2012

Gold Warehouse Stocks:

10,971,958.994

-32,150

Silver Warehouse Stocks:

141,711,188.729

+1,221,520.77

 

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: 178.31: -0.91 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,516.40: +51.32 change from yesterday’s data.

 

The Miners:

 

Nevsun’s (NSU) dividend, SEMAFO’s (SMF.TO) first quarter results, Great Basin’s (GBG) first quarter results, Northern Dynasty’s (NAK) work program, Comstock’s (LODE) first quarter results, Aurizon’s (AZK) drill results, ITH’s (THM) project update and CEO departure, Brigus Gold’s (BRD) first quarter results, Pretivm’s (PVG) drill results, and SilverCrest’s (SVL.V) first quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNER

1.  Solitario

XPL+0.83% $1.21

 

LOSERS

1.  Golden Minerals

AUMN -17.39% $4.18

2.  Timmins

TGD -17.37% $1.76

3.  ITH

THM -16.51% $2.73

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 Tuesday, 15 May 2012 | Digg This Article | Source: GoldSeek.com

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