-- Posted Tuesday, 10 July 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1568.40 | -$19.40 |
Silver | $26.84 | -$0.50 |
XAU | 151.18 | -3.28% |
HUI | 409.32 | -2.89% |
GDM | 1185.33 | -2.98% |
JSE Gold | 2305.54 | +33.21 |
USD | 83.39 | +0.27 |
Euro | 122.54 | -0.65 |
Yen | 125.97 | +0.29 |
Oil | $83.91 | -$2.08 |
10-Year | 1.498% | -0.015 |
T-Bond | 151.00 | +0.40625 |
Dow | 12653.12 | -0.65% |
Nasdaq | 2902.33 | -1.00% |
S&P | 1341.47 | -0.81% |
The Metals:
Gold fell $5.32 to $1582.48 in Asia before it climbed to as high as $1601.00 at about 9AM EST, but it then fell back off for most of the rest of trade and ended with a loss of 1.22%. Silver dropped to $27.137 in Asia before it rebounded to $27.57 in London, but it then also fell back off in New York and ended with a loss of 1.83%.
Euro gold fell to about €1280, platinum lost $22.25 to $1417.35, and copper fell 5 cents to about $3.38.
Gold and silver equities opened up about 1% higher, but they then fell for the rest of the day and ended with about 3% losses.
The Economy:
New York Fed Says It Knew of Barclays Libor ‘Problems’ Bloomberg
Fed knew of Libor issue in 2007-08, proposed reforms Reuters
Report: Some lose homes over as little as $400 Yahoo
Job Openings in U.S. Climbed in May After April Plunge Bloomberg
OECD sees no end to jobs crisis as economy struggles Reuters
Tomorrow brings the Trade Balance, Wholesale Inventories, and FOMC Minutes.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index and treasuries rose on worries about poor earnings reports that sent the Dow, Nasdaq, and S&P notably lower by the end of the day.
Among the big names making news in the market today were Rolls-Royce, Barclays, Google, and JPMorgan.
The Commentary:
“The rally in the US Dollar continues not out of any particular set of strong fundamentals in the US but rather out of a general aversion to the Euro and by consequence, to the European currencies.
While the Fed seems to be basically standing pat for the immediate moment, the Bank of England has announced another round of its bond buying program while the ECB has lowered rates. Given that backdrop and the lingering fears and uncertainty over the bailout mechanism put in place by the European finance ministers and political leaders, traders continue to bid up the Dollar. This buying is a reflection of the unease among traders over current market conditions. People are confused to say the least and when they are, moves tend to be exaggerated as liquidity is falling off with some either lightening up or simply moving to the sidelines altogether.
That being said, this buying has pushed the Dollar right smack dab to an important technical resistance level on its longer term chart. If you note, it has already bested both the 50% and the 61.8% Fibonacci retracement levels of the entire decline from back in 2010 to 2011. It remains above this latter level this week. If it can push through that overhead resistance line, there does not appear to be a whole lot between it and the 2010 peak. That means it would have the potential to make a run towards the 89 level.
While that seems difficult to envision for some Dollar bears, given the pathetic condition of the US economy and its fiscal woes, one has to keep in mind that compared to the Euro, it looks good! (that is not saying much but the USDX is weighted against the "value" of other major currencies). We will have to wait and see should the Dollar indeed manage to move higher as we could normally expect to see pressure across the commodity sector in general.
I would imagine that conditions in the Eurozone would have to begin deteriorating more rapidly to see the Dollar accomplish this feat. If that were the case, traders would most assuredly work those "slowing global growth" trades once again. That would bring some further pressure on the silver market. It would also however ramp up pressure on the US Fed to move forward with their next round of bond buying, a factor which, if traders are convinced is coming, would see the grey metal shrug off that selling pressure and move higher in anticipation of the next wave of liquidation injections.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
What's Iran doing with Turkish gold? Accepting payment for oil
Fed knew of LIBOR issue in 2007-08, proposed reforms
Hearing Naylor-Leyland, CNBC remembers GATA
Bill Murphy: Gold and silver manipulation scandal going mainstream soon
Gold said to be in 'lockdown' as new financial system approaches
Grant Williams: If they can rig LIBOR, they can rig gold and silver
The Statistics:
As of close of business: 7/09/2012
Gold Warehouse Stocks: | 10,810,831.914 | - |
Silver Warehouse Stocks: | 145,162,484.674 | -996,615.75 |
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 | 1275.461 | 41,007,345 | US$65,407m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 122.30 | 3,931,938 | US$6,231m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 146.34 | 4,704,993 | US$7,672m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.01 | 353,836 | US$558m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.46 | 1,268,817 | US$1,996m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 3.621 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.96: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,729.89: +48.26 change from yesterday’s data.
The Miners:
Gold Standard’s (GSV) geophysical survey, Brigus Gold’s (BRD) second quarter production, Timmins Gold’s (TGD) second quarter production, Endeavour Silver’s (EXK) second quarter production, and Huldra Silver’s (HDA.V) completed airborne surveys were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Comstock | LODE+8.66% $3.01 |
2. Revett | RVM +2.70% $3.42 |
3. Gold Reserve | GRZ +1.72% $3.54 |
LOSERS
1. Nevsun | NSU -9.73% $2.97 |
2. ITH | THM -6.69% $2.65 |
3. Silver Standard | SSRI -6.28% $10.90 |
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 Tuesday, 10 July 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil
