-- Posted Monday, 9 July 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1587.80 | +$4.00 |
Silver | $27.34 | +$0.23 |
XAU | 156.31 | -0.70% |
HUI | 421.50 | -0.48% |
GDM | 1221.73 | -0.56% |
JSE Gold | 2272.33 | -42.23 |
USD | 83.12 | -0.16 |
Euro | 123.16 | +0.25 |
Yen | 125.67 | +0.12 |
Oil | $85.99 | +$1.54 |
10-Year | 1.513% | -0.031 |
T-Bond | 150.59375 | +0.71875 |
Dow | 12736.77 | -0.28% |
Nasdaq | 2931.77 | -0.19% |
S&P | 1352.46 | -0.16% |
The Metals:
Gold saw slight losses in Asia, but it then bounced back higher in New York and ended not far from its early afternoon high of $1592.80 with a gain of 0.25%. Silver surged to as high as $27.504 and ended with a gain of 0.85%.
Euro gold remained at about €1289, platinum lost $0.40 to $1439.60, and copper rose a couple of cents to about $3.43.
Gold and silver equities fell over 1% by noon EST before they rallied back to almost unchanged by midafternoon, but they then fell back off again in late trade and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | May | $17.1B | $9.5B | $10.0B |
FHA's mortgage delinquencies soar Yahoo
Government overpaid $14 billion in unemployment benefits Yahoo
Obama to seek one-year extension for some of Bush tax cuts Reuters
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose “on fears that Norway could see a total shutdown of oil production after the nation’s oil producers and striking offshore workers failed to reach agreement over the weekend.”
The U.S. dollar index fell as the euro rose on hopes for positive results from another meeting of euro-zone finance ministers.
Treasuries rose as the Dow, Nasdaq, and S&P fell on worries about upcoming earnings reports.
Among the big names making news in the market today were Alcoa, WellPoint and Amerigroup, Campbell and Boathouse, and Boeing.
The Commentary:
“The fierce drought that has gripped the lower section of the US corn belt and has been ravaging both corn and soybeans in the region has sent corn futures limit up today and soybeans for the front month July contract to a new all-time high. That has sent shudders through the minds of some traders who are convinced that it is only a matter of time before all of this feeds through to the supply chain. Result - higher grain prices meaning higher food prices in general.
This phenomenon has gotten hedge funds back to buying commodities across the board this morning even with the equity markets careening lower. Gold and particularly silver are getting money inflows as a result.
I mentioned a while back that the old time traders used to see a connection between the price of soybeans and the price of silver. That connection seems to be back in full force today.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Adrian Douglas: Deflation -- nowhere to be seen
Thanks and reflections upon leaving Asia
Alasdair Macleod: LIBOR fixing implicates government as well
The Statistics:
As of close of business: 7/06/2012
Gold Warehouse Stocks: | 10,810,831.914 | +96.45 |
Silver Warehouse Stocks: | 146,159,100.424 | -1,015.40 |
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 | 1279.082 | 41,123,772 | US$65,257m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 121.14 | 3,894,739 | US$6,166m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 145.53 | 4,678,889 | US$7,630m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.01 | 353,836 | US$560m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.23 | 1,261,267 | US$2,022m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.424 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.96: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,681.63: No change from yesterday’s data.
The Miners:
Goldcorp’s (GG) dividend, Eurasian’s (EMXX) exploration update, Gold Fields’ (GFI) reopened mine, Almaden’s (AAU) drill results, Nevsun’s (NSU) second quarter gold production, Comstock’s (LODE) resolved issues with the BLM, Aurizon’s (AZK) drill results, Paramount’s (PZG) drilling on new claims, Excellon’s (EXN.TO) drill results, and South American Silver’s (SAC.TO) update on Bolivia were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Standard | GSV +6.88% $2.02 |
2. Comstock | LODE+4.92% $2.77 |
3. Lake Shore | LSG +4.57% $1.03 |
LOSERS
1. Jaguar | JAG -10.28% $0.96 |
2. Golden Minerals | AUMN -5.87% $4.81 |
3. Exeter | XRA -5.42% $1.57 |
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 Monday, 9 July 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Modestly Higher
