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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 2% on the Week
By: Chris Mullen


-- Posted Friday, 29 June 2012 | | Disqus

 

Close

Gain/Loss

On Week

Gold

$1598.70

+$41.70

+1.65%

Silver

$27.48

+$1.04

+2.08%

XAU

157.54

+3.34%

+0.80%

HUI

427.76

+3.19%

+0.17%

GDM

1237.16

+3.18%

+0.25%

JSE Gold

2342.04

-14.61

-3.11%

USD

81.69

-1.01

-0.67%

Euro

126.57

+2.19

+0.68%

Yen

125.04

-0.82

+0.55%

Oil

$84.96

+$7.27

+6.52%

10-Year

1.659%

+0.082

-0.78%

Bond

147.96875

-1.875

-0.08%

Dow

12880.09

+2.20%

1.89%

Nasdaq

2935.05

+3.00%

1.47%

S&P

1362.16

+2.49%

+2.03%

 
 

 

The Metals:

 

Gold climbed $50.09 to as high as $1607.09 in early afternoon New York trade and ended with a gain of 2.68%.  Silver surged to as high as $27.918 in early New York trade before it pared its gains a bit, but it still ended with a gain of 3.93%.

 

Euro gold rose to about €1264, platinum gained $55.50 to $1443.50, and copper gained 15 cents to about $3.49.

 

Gold and silver equities jumped over 3% higher at the open and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

May

0.2%

0.1%

0.2%

Personal Spending

May

0.0%

0.1%

0.1%

PCE Prices - Core

May

0.1%

0.2%

0.1%

Chicago PMI

June

52.9

53.0

52.7

Michigan Sentiment

June

73.2

74.1

74.1

 

All of this week’s other economic reports:

 

GDP - Q1

1.9% v. 1.9%

 

GDP Deflator - Q1

2.0% v. 1.7%

 

Initial Claims - 6/23

386K v. 392K

 

Pending Home Sales - May

5.9% v. -5.5%

 

Durable Orders - May

1.1% v. -0.2%

 

Durable Orders ex. Trans. - May

0.4% v. -0.6%

 

Consumer Confidence - June

62.0 v. 64.4

 

Case-Shiller 20-city Index - April

-1.9% vs. -2.6%

 

New Home Sales - May

369K v. 343K

 

Next week’s economic highlights include the ISM Index and Construction Spending on Monday, Factory Orders on Tuesday, ADP Employment, Initial Jobless Claims, and ISM Services on Thursday, and June’s jobs data on Friday.  US markets will close early on Tuesday and remain closed on Wednesday in observance of Independence Day.  Canadian markets will be closed on Monday to observe Canada Day.

 

The Markets:

 

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

 

Oil rose while the U.S. dollar index and treasuries fell markedly after European leaders reached an agreement that alleviated concern banks will fail.

 

“The euro climbed and global shares jumped on Friday after euro zone leaders agreed measures to cut borrowing costs in Spain and Italy and eventually recapitalize the region's banks.

 

There was no movement towards common euro zone bonds, which leaders including Italy's Mario Monti and France's Francois Hollande have called for, but with expectations at rock bottom before the Brussels summit, the deal caught markets by surprise.”

 

The Dow, Nasdaq, and S&P rose on relief over Europe.

 

Among the big names making news in the market Friday were Anheuser-Busch InBev, Coty, RIM, News Corp., Ford, and Melrose and Elster.

 

GATA Posts:

 

 

RBS and Lloyds drawn into rate-rigging scandal

 

The Statistics:

Activity from: 6/28/2012

Gold Warehouse Stocks:

10,831,691.785

-161,952.062

Silver Warehouse Stocks:

145,932,788.544

+136,548.748

 

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

1281.619

41,205,335

US$64,196m

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

Gold Bullion Securities

121.15

3,895,064

US$6,210m

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

ETFS Physical Gold

145.16

4,666,881

US$7,610m

Australian Stock Exchange (ASX)

Gold Bullion Securities

10.03

322,539

US$514m

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: 181.94: +0.27 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,875.75: No change from yesterday’s data.

 

The Miners:

 

New Gold’s (NGD) start of production, Seabridge’s (SA) Preliminary Feasibility Study, ITH’s (THM) interim CEO, Ivanhoe’s (IVN) new directors and company name, SilverCrest’s (SVL.V) AGM results, and Endeavour Silver’s (EXK) extended closing date were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Avino

ASM +12.6% $1.25

2.  Exeter

XRA +9.87% $1.67

3.  Comstock

LODE+9.78% $2.47

 

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 Friday, 29 June 2012 | Digg This Article | Source: GoldSeek.com

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