-- Posted Thursday, 7 June 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1591.60 | -$28.00 |
Silver | $28.61 | -$0.79 |
XAU | 161.13 | -2.75% |
HUI | 439.87 | -3.26% |
GDM | 1272.98 | -3.23% |
JSE Gold | 2537.16 | -131.37 |
USD | 82.22 | +0.04 |
Euro | 125.68 | -0.04 |
Yen | 125.65 | -0.60 |
Oil | $84.82 | -$0.20 |
10-Year | 1.654% | +0.003 |
T-Bond | 149.0625 | -0.28125 |
Dow | 12460.96 | +0.37% |
Nasdaq | 2831.02 | -0.48% |
S&P | 1314.99 | -0.01% |
The Metals:
Gold fell $6.53 to $1613.07 at about 6:45AM EST before it rebounded to $1629.12 at about 8AM EST, but it then dropped to a new session low of $1579.00 following Bernanke’s testimony and ended with a loss of 1.73%. Silver rose to $29.699 in London, but it then slumped back to $28.40 in late morning New York trade and ended with a loss of 2.69%.
Euro gold fell to about €1267, platinum lost $20.70 to $1438, and copper remained at about $3.37.
Gold and silver equities fell about 4% by midmorning before they rebounded midday, but they still ended with about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/2 | 377K | 375K | 389K |
Consumer Credit | Apr | $6.5B | $12.7B | $12.4B |
“Federal Reserve Chairman Ben Bernanke said on Thursday the central bank was ready to shield the economy if financial troubles mount, but offered few hints that further monetary stimulus was imminent.”
Tomorrow at 8:30AM EST brings the Trade Balance for April expected at -$49.7 billion and at 10AM is the Wholesale Inventories report for April expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade as the U.S. dollar index fell after China surprisingly cut policy rates, but it then fell back off after Bernanke’s testimony sent the dollar back higher again.
“Treasury notes were little changed as Federal Reserve Chairman Ben S. Bernanke said the economy is at risk from Europe's debt crisis and the prospect of fiscal tightening in the U.S., while refraining from discussing steps the central bank might take to protect the expansion.”
The Dow, Nasdaq, and S&P rose on China’s surprise policy move, but notable early gains were then pared back for most of the rest of trade in reaction to Bernanke’s testimony.
Among the big names making news in the market today were Bear Stearns, Best Buy, and Navistar.
The Commentary:
Videos from Sunday and Monday's World Resource Investment Conference have been posted online.
Watch Cambridge House Live: http://youtube.com/cambridgehouseintl
Interview guests include Peter Spina, Peter Schiff, Ross Beaty, Rick Rule, Frank Holmes, Doug Casey, John Kaiser, Keith Schaefer, Danielle Park, David Morgan, Thom Calandra, Peter Grandich, Brent Cook, Jeff Berwick, Bill Murphy, and others.
GATA Posts:
James West: Gold futures and perception management
Fed Chairman Burns' letter on controlling gold market is translated into German and French
U.S. is biggest currency manipulator, Jim Rickards tells Casey Research
The Statistics:
As of close of business: 6/6/2012
Gold Warehouse Stocks: | 11,007,626.224 | +799.91 |
Silver Warehouse Stocks: | 143,486,176.317 | +560,074.62 |
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 | 1274.789 | 40,985,746 | US$65,794m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 118.33 | 3,804,466 | US$6,039m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 139.83 | 4,495,647 | US$7,331m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 472,190 | US$726m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 38.76 | 1,246,035 | US$1,972m |
Note: Unknown change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.27: +0.36 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,699.25: +0.17 change from yesterday’s data.
The Miners:
Gold Standard’s (GSV) listing on the NYSE, Timberline’s (TLR) optioned project and prospects, AuRico’s (AUQ) update on the Young-Davidson mine, Lake Shore’s (LSG) drill results, Barrick’s (ABX) plans to resume its focus on gold, United Silver’s (USC.TO) breakthrough, and Coeur’s (CDE) share repurchase program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Solitario | XPL +2.83% $1.09 |
2. Timmins | TGD+1.60% $1.90 |
3. Taseko | TGB+1.14% $2.67 |
LOSERS
1. Richmont | RIC -7.91% $6.05 |
2. Almaden | AAU-7.36% $2.14 |
3. Aurizon | AZK-6.40% $4.68 |
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 Thursday, 7 June 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall After Bernanke
