-- Posted Monday, 18 June 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1627.40 | +$1.20 |
Silver | $28.74 | +$0.08 |
XAU | 167.10 | +1.83% |
HUI | 455.80 | +1.60% |
GDM | 1318.32 | +1.77% |
JSE Gold | 2547.41 | -3.05 |
USD | 81.95 | +0.43 |
Euro | 125.79 | -0.63 |
Yen | 126.40 | -0.75 |
Oil | $83.27 | -$0.83 |
10-Year | 1.584% | -0.003 |
T-Bond | 150.21875 | UNCH |
Dow | 12741.82 | -0.20% |
Nasdaq | 2895.33 | +0.78% |
S&P | 1344.78 | +0.14% |
The Metals:
Gold dropped $11.70 to $1614.50 at about 10AM EST, but it then rallied back higher into the close and ended near its early afternoon high of $1630.24 with a gain of 0.07%. Silver slipped to $28.269 in early New York trade, but it then rallied back to $28.83 by midday and ended with a gain of 0.28%.
Euro gold rose to about €1294, platinum lost $31.50 to $1450.50, and copper fell a couple of cents to about $3.39.
Gold and silver equities fell about 1% at the open, but they then rallied back higher for most of the rest of trade and ended with almost 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
NAHB Housing Market Index | June | 29 | 28 | 28 |
Tomorrow at 8:30AM EST brings Housing Starts for May expected at 719,000 and Building Permits expected at 725,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose as the euro dropped after relief over Greece was overtaken by renewed worries about Spain and Italy.
“World leaders pressed Europe on Monday to do whatever it takes to combat the euro zone's debt crisis after a victory for pro-bailout parties in a Greek vote reduced the chances of a euro breakup but failed to calm financial markets.
The world's major industrialized and developing economies are set to urge the euro zone to break the vicious link between its struggling banks and strained state finances, according to a draft communiqué prepared for the G20 summit and seen by Reuters.”
Treasuries ended unchanged as the Dow, Nasdaq, and S&P struggled to find gains on mixed feelings about Europe.
Among the big names making news in the market today were Kimberly-Clark and Yahoo.
The Commentary:
“Bullish bets on the US Dollar have reached at least a 7 year high as the crisis in the Euro Zone and the slowing global economy has sent money flows careening wildly into the Greenback.
As you look at the Commitment of Traders chart, you can see that this LONG DOLLAR trade is extremely crowded. Markets in this condition, while they can most certainly continue heading higher, are very unstable and quite susceptible to violent downside action should a technical trigger force a bout of long liquidation.
Friday, we got a bit of a hint as to what might happen to the Dollar should sentiment shift. It was hit rather hard heading into the weekend ahead of the crucial Greece vote as traders began reacting to the possibility of coordinated Central Bank activity early next week. The eager buyers from Monday and Tuesday all ended up as panicky sellers with the market completely erasing its gains early in the week.
Note that the selling did stop at the 38.2% Fibonacci Retracement Level of the rally that began in May.
If, and this is a BIG "IF", the Central Banks do indeed announce a coordinated liquidity infusion, this massive speculative long position may very well be vulnerable. While certainly the problems afflicting the Euro Zone are not going to be cured by any such Central Bank action, traders will, at least for the short term, view such action as lessening the need for a safe haven. That is when things could get interesting to say the least. I would expect an initial drop down to the 50% retracement level where the mettle of the bulls will be tested.
Longer term, one can still make the case that as soon as further problems begin flaring up over in the Euro Zone, the Dollar will head higher once again but keep in mind, today's markets are dominated by computer algorithms and if those things say "SELL" in regards to the Dollar based on any downside support levels being violated, there is an ENORMOUS amount of longs who are going to get their heads handed to them.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Competitive devaluation now may engulf Denmark
Hong Kong buyer plans to crack metal delivery bottlenecks at LME
Macleod on QE to infinity, Turk on fiat currency in a Kondratieff winter
India's government seeks to dissuade people from investing in gold
Former Assistant Treasury Secretary Paul Craig Roberts discusses gold price suppression
John Hathaway: Gold, gold mining shares, and QE
The Statistics:
As of close of business: 6/15/2012
Gold Warehouse Stocks: | 11,060,212.151 | -64.30 |
Silver Warehouse Stocks: | 144,785,442.556 | -530,305.40 |
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 | 1277.393 | 41,069,472 | US$66,332m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.81 | 3,916,364 | US$6,369m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 142.96 | 4,596,261 | US$7,495m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 472,131 | US$744m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.23 | 1,261,267 | US$2,022m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.79: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,744.51: +48.28 change from yesterday’s data.
The Miners:
Banro’s (BAA) move towards owner-operator mining, Seabridge’s (SA) acquired shares of Banks Island Gold Ltd. (BOZ.V), Agnico-Eagle’s (AEM) completed maintenance shutdown, Paramount’s (PZG) updated PEA, Nevsun’s (NSU) project update, and Yamana’s (AUY) acquisition of Extorre (XG) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Extorre | XG +56.39% $4.16 |
2. ITH | THM+19.10% $3.18 |
3. Golden Star | GSS +9.17% $1.19 |
LOSERS
1. Revett | RVM -1.91% $3.60 |
2. Coeur | CDE -1.16% $18.79 |
3. Northern Dynasty | NAK -0.41% $2.40 |
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 Monday, 18 June 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End With Slight Gains
