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Gold Seeker Closing Report: Gold and Silver End Only Slightly Lower
By: Chris Mullen


-- Posted Wednesday, 23 May 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1561.20

-$5.60

Silver

$27.84

-$0.29

XAU

156.88

+4.05%

HUI

421.78

+4.13%

GDM

1227.97

+4.27%

JSE Gold

2399.49

-31.52

USD

81.97

+0.32

Euro

125.96

-0.88

Yen

125.84

+0.79

Oil

$89.90

-$1.95

10-Year

1.721%

-0.072

T-Bond

148.28125

+1.50

Dow

12496.15

-0.05%

Nasdaq

2850.12

+0.39%

S&P

1318.86

+0.17%

 
 

 

The Metals:

 

Gold reversed early losses in Asia and bumped back up to $1564.42 in early New York trade before it fell all the way back to $1533.50 by a little after noon EST, but it then stormed back higher in late trade and ended with a loss of just 0.36%.  Silver slumped to as low as $27.122 before it also rallied back higher and ended with a loss of 1.03%.

 

Euro gold rose to about €1239, platinum lost $21 to $1422, and copper fell another few cents to about $3.43.

 

Gold and silver equities fell about 3% by midmorning, but they then climbed back higher for most of the rest of trade and ended with over 4% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

Apr

343K

339K

332K

 

Home Prices Rose Most in Two Decades in March, FHFA Says sfgate

Mortgage applications up on refi demand: MBA Reuters

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/19 expected at 365,000 and Durable Goods Orders for April expected at 0.3%.  Excluding transportation, orders are expected at 1.0%.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index rose on worries over Greece that sent the euro to a new 21-month low.

 

Treasuries remained higher after today’s $35 billion 5-year note auction sold at a record low yield of 0.748% with a bid to cover of 2.99.

 

The Dow, Nasdaq, and S&P fell for most of trade on continued concerns about Europe, but they then rallied back higher in late trade and ended near unchanged.

 

Euro zone to prepare for Greek exit scenario: sources Reuters

 

Among the big names making news in the market today were Toll Brothers, Facebook, Dell, Ford, Morgan Stanley, Goldman Sachs, and JPMorgan.

 

The Commentary:

 

Check today’s comments on SilverSeek’s newly launched Comment Wire for Analysis from Peter Spina, Bill Murphy, and Julian Phillips.

 

I have been convinced for some time now that the Fed is growing increasingly concerned about the impact from both the Eurozone and the slowdown in China on the US economy. The swooning equity markets in the US ( the S&P 500 is almost negative on the year as of the low today) are heralding investor fears and uncertainty over when the next round of stimulus might be coming.

Yet the Fed continues to remain relatively silent when it comes to committing to any definitive date for another round of bond purchases even as the yield on the Ten Year Note is now close to 1.70%, having clearly broken below the critical 1.8% level last week.

I have maintained for some time that the Fed fully understands the impact that another round of QE will unleash on the commodity markets and is therefore attempting to see these markets driven lower before engaging more actively in QE talk. As stated many times here already, the danger they face in this gambit that they are playing is a collapsing stock market. One wonders just how much more downside they are going to try to squeeze out of the commodity markets before stepping in.

If you notice on the chart below, the CCI has one more line of support near the 500 level, which is the 38.2% retracement level of the entire rally from the 2008 low. If that does not halt the decline in the commodity world in general, then it is quite conceivable that the index could fall all the way to the 50% retracement level near 438. That level is also reinforced as technically significant as it is near the lower tine of the pitchfork drawn off the 2001 low and 2008 high, an area where we can expect to see some buying emerge.

While one can see that the long term macro trend on commodity prices remains higher, the intermediate trend is lower as is the minor trend which can be clearly seen on a daily chart.

For the silver guys out there, you will need to see this chart show some definite signs of bottoming before silver can be expected to start any sort of uptrending move.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Murphy's 'Midas' commentary posted at GoldSeek

 

The Statistics:

As of close of business: 5/21/2012

Gold Warehouse Stocks:

11,001,550.714

-

Silver Warehouse Stocks:

141,932,526.460

+109,426.15

 

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: 176.34: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,649.21: No change from yesterday’s data.

 

The Miners:

 

Ivanhoe’s (IVN) rights offering, Golden Star’s (GSS) market activity, and Coeur’s (CDE) temporary mine shut-down and safety awards were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Seabridge

SA +17.44% $15.42

2.  Exeter

XRA +13.81% $2.06

3.  ITH

THM+13.03% $3.21

 

LOSERS

1.  Northern Dynasty

NAK -3.52% $2.47

2.  Avino

ASM -3.11% $1.25

3.  Gold Reserve

GRZ -2.99% $3.24

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 Wednesday, 23 May 2012 | Digg This Article | Source: GoldSeek.com

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