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


-- Posted Tuesday, 12 June 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1611.60

+$11.40

Silver

$28.98

+$0.37

XAU

162.55

+1.98%

HUI

447.12

+2.49%

GDM

1291.71

+2.41%

JSE Gold

2607.57

+41.31

USD

82.39

-0.19

Euro

125.11

+0.36

Yen

125.79

-0.16

Oil

$83.06

+$0.36

10-Year

1.661%

+0.061

T-Bond

148.8125

-1.0625

Dow

12573.80

+1.31%

Nasdaq

2843.07

+1.19%

S&P

1324.18

+1.17%

 
 

 

The Metals:

 

Gold fell $13.81 to $1586.39 by a little before 6AM EST, but it then shot back higher in morning New York trade and ended near its midday high of $1617.38 with a gain of 0.71%.  Silver surged to as high as $29.042 and ended with a gain of 1.29%.

 

Euro gold rose to about €1289, platinum gained $13.25 to $1554, and copper rose slightly to about $3.34.

 

Gold and silver equities rose about 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Import Prices

May

-1.0%

-

0.0%

Import Prices ex-oil

May

-0.1%

-

0.2%

Export Prices

May

-0.4%

-

0.4%

Export Prices ex-ag.

May

-0.5%

-

0.2%

Treasury Budget

May

-$124.B

-$125.0B

-$59.2B

 

U.S. Employers Plan to Add Jobs in Third Quarter, Manpower Says Bloomberg

Fed’s Evans Says He Would Support Various Stimulus Plans Bloomberg

Retirement age must rise - OECD Yahoo

 

Tomorrow at 8:30AM EST brings Retail Sales for May expected at -0.2%.  Excluding autos, sales are expected at 0.0%.  Also at 8:30 is PPI for May expected at -0.7% and Core PPI expected at 0.2%.  At 10AM is the Business Inventories report for April expected at 0.2%.

 

The Markets:

 

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

 

The U.S. dollar index waffled near unchanged but ended lower on mixed signals out of Europe.

 

Treasuries remained lower after today’s $32 billion 3-year note auction sold at a high yield of 0.387% with a bid to cover of 3.53.

 

Oil rose along with the Dow, Nasdaq, and S&P rose on comments from Federal Reserve Bank of Chicago President Charles Evans:

 

“I’ve been in favor of pretty much any accommodative policy I’ve heard about,” Evans said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu airing today. “Extending the Twist would be useful,” he said, referring to a plan expiring this month that lengthens the average duration of bonds in the Fed’s portfolio. “More asset purchases would be useful. More mortgage-backed securities purchases would be good.”

 

Among the big names making news in the market today were JPMorgan, Apple, Verizon, and Goldman Sachs.

 

The Commentary:

 

Simply put - as the situation in Europe further deteriorates (yesterday the market YAWNED at the $125 billion Spain bailout), Italy is now coming into focus. Strangely enough, the US equity markets somehow think all of this is inconsequential as the bulls there continue to be giddy with delight.

Their attitude is best described by an old Steve Wariner song, "Some Fools Never Learn". You play with the fire, you're gonna get burned".

Considering just how tenuous things are, the degree of complacency that exists among equity bulls is nothing short of astonishing. The situation can best be described by looking at a chart of the VIX, or Volatility Index.

While the index has indeed risen from some of its lowest levels down near 14, it is still generating relatively low readings. Apparently traders could care less about potential headwinds; either that or they have already factored in what in their minds is a worse-case scenario. Personally, I think it is symptomatic of the Pavlovian response by this generation of short-sighted economic ignoramuses who believe in the almighty power of modern Central Bank money creation to plaster over everything that dares arise that might challenge the comfort of the casino players, aka, hedge funds.

I suppose it will work until it just stops working one day and that will be that. Then maybe we will see some economic sanity prevail.

 

Back to gold however... The metal was initially weaker early in the session but uncovered a strong surge of buying that some say was linked to the ETF. Regardless of the reason, the fact is that the metal is moving higher and once again looks like it is setting up a challenge of that tough overhead resistance level that comes in near $1620. If it can overcome the bullion bank selling at this level, it should once again make a run towards $1650 and test to see whether it can this time mount a breakout.

Downside support still looks firm.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Capital controls, visas contemplated in Europe if Greece drops euro

Sinclair sees U.S., gold banks battling central banks that need more gold and less paper

 

The Statistics:

As of close of business: 6/11/2012

Gold Warehouse Stocks:

11,075,725.134

+68,131.06

Silver Warehouse Stocks:

143,357,783.800

-100,765.21

 

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$65,688m

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

Gold Bullion Securities

119.42

3,839,509

US$6,184m

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

ETFS Physical Gold

142.21

4,572,331

US$7,456m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,163

US$736m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.75

1,245,980

US$1,956m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 179.91: +1.82 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,669.08: No change from yesterday’s data.

 

The Miners:

 

Brigus Gold’s (BRD) exploration results, Midway’s (MDW) drill results, Aurizon’s (AZK) drill results, and Silver Bull’s (SVBL) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Nevsun

NSU +7.78% $3.88

2.  Vista Gold

VGZ +7.72% $3.21

3.  ITH

THM+6.89% $3.26

 

LOSERS

1.  Gold Reserve

GRZ -7.17% $2.59

2.  Extorre

XG -2.92% $2.33

3.  Mines MGMT

MGN-2.65% $1.47

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, 12 June 2012 | Digg This Article | Source: GoldSeek.com

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