-- Posted Thursday, 12 July 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1571.70 | -$4.90 |
Silver | $27.17 | +$0.08 |
XAU | 147.88 | -0.44% |
HUI | 398.58 | -0.57% |
GDM | 1153.71 | -0.57% |
JSE Gold | 2238.44 | -10.52 |
USD | 83.60 | +0.15 |
Euro | 122.05 | -0.33 |
Yen | 126.14 | +0.74 |
Oil | $86.08 | +$0.31 |
10-Year | 1.479% | -0.019 |
T-Bond | 151.625 | +0.46875 |
Dow | 12573.27 | -0.25% |
Nasdaq | 2866.19 | -0.75% |
S&P | 1334.76 | -0.50% |
The Metals:
Gold fell $21.70 to $1554.90 at about 11AM EST, but it then shot back higher in the last five hours of trade and ended with a loss of just 0.31%. Silver slumped to as low as $26.456 before it also rallied back higher and ended with a gain of 0.3%.
Euro gold remained at about €1288, platinum lost $9 to $1414.50, and copper fell a few cents to about $3.41.
Gold and silver equities fell over 3% by midmorning, but they then rallied back higher into the close and ended with only modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/07 | 350K | 375K | 376K |
Export Prices | June | -1.7% | - | -0.4% |
Export Prices ex-ag. | June | -1.4% | - | -0.6% |
Import Prices | June | -2.7% | - | -1.2% |
Import Prices ex-oil | June | -0.3% | - | -0.1% |
Treasury Budget | June | -$59.7B | -$60.0B | -$43.1B |
Tomorrow at 8:30AM EST brings PPI for June expected at -0.6% and Core PPI expected at 0.2%. At 9:55 is Michigan Sentiment for July expected at 73.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed higher in late trade and ended with a slight gain on worries about Iran.
The U.S. dollar index rose on better than expected jobs data.
Treasuries found gains as the Dow, Nasdaq, and S&P fell on worries about global economic growth and corporate earnings.
Among the big names making news in the market today were Supervalu, Peugeot, PFGBest, Dentsu and Aegis, P&G, and Philip Morris.
The Commentary:
“The breech of the 400 level in the HUI has brought out some further stop-loss related selling as well as fresh shorting by hungry bears in the sector. GoldCorp's news from yesterday is still impacting the miners in general.
That being said, the underperformance of the mining shares against the price of Gold is dropping this important ratio down toward those levels which have been considered as "undervalued" once again. While it is small consolation to mining equity bulls to see the value of their holdings being diminished once again, it does appear that we are entering a region that should engender value based accumulation sooner rather than later.
In one sense, the miners are suffering from the same fate as gold bullion as it waits for further signs of QE from the Federal Reserve. However, there are also some cases where disappointing fundamental news has given some hedge funds the boldness to ply those ratio spread trades of theirs once again.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“Once again it hasn’t been hard to spot, but it doesn’t really seem to matter as few care (outside of this author, a handful of other individuals and the good people at GATA) about manipulation of markets, including gold (like the latest scandal over LIBOR, which should have caused widespread anger but most seem resigned to accept it now as business as usual).
It’s absolutely foolish to think all sorts of markets are manipulated and somehow it stops at the door of the gold market. But that’s exactly what 99.9% think or just don’t seem to care and why the manipulators are now willing to virtually wear a bulls-eye on their backs when they are in the midst of doing what they do best.
Gold continues to be locked in a trading range of $1,525 – $1,550 on the bottom and $1,625 – $1,650. I continue to believe we need two consecutive closes above $1,650 before the “mother” of all gold bull markets can resume its march to new, all-time highs.”- Peter Grandich, Grandich Letter
“My Dear Extended Family,
Next week is the war between manipulation of gold by the West, and appetite for buying gold in the East, both from friendlies and enemies. Anyone that does not see today’s gold market as a rig is blind or brain dead. There is a full blown crisis in Western world banking today, right here and now. There is a full blown crisis in sovereign debt of some weaker nations as in a very short while certain government will be out of money. The Eurosnobs hate each other which does not make for a fast reconciliation of a crisis.
It is a myth that Western banks are strong enough to weather the storm of a full blown banking crisis in Europe.
It is a myth that the Federal Reserve will stand as the one hawk in the Western world and fiddle while it’s Rome burns.
It is a myth that Obama could be re-elected if the Fed remains intransigent.
It is a myth that Finland or Germany will strike a match to the euro that totally wipes out the largest part of their exports.
It is a myth that governments are ready to face the economic, social and political fallout standing austere as their economies implode, which they will.
It is myth that there is any recovery in the USA. By falling more we will be in a depression.
It is a myth that because thousands of bears email me that somehow they can convince me of the opposite when I know I am correct.
Next week will be the time the cartel tries to break the gold price again. They have failed seven times, and will fail on the 8th. Gold is going to $3500 and above. All the lying and conniving only means the price will go higher. Just as Morgan’s whale could not fight the market, the cartel cannot fight gold as we have a flight away from all fiat currencies.
How can anyone in Europe sleep tonight with cash in the bank, even amongst the stronger nations whose banks are loaded with weak nation’s paper. The house of cards is coming down right now. Trying to manipulate the price of gold to hide the crisis at hand is futile.
If you have your positions on margin you are crazy and I cannot do anything for you. All others stand tall because gold will trade above $3500 and not in some LaLa Land future of Armstrong’s imagination.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Gold market manipulation issue seeping into polite company
James Turk: When bailouts don't work
Lars Schall interviews Erste Group's Ronald Stoeferle
Thomas Pascoe: Gold price manipulation more scandalous than LIBOR
GoldMoney's 'Ultimate Guide to Buying Gold'
Comprehensive report on gold by Erste Group's Ronald Stoeferle
The Statistics:
As of close of business: 7/11/2012
Gold Warehouse Stocks: | 10,810,629.464 | - |
Silver Warehouse Stocks: | 144,429,075.767 | -35,873.677 |
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 | 1271.236 | 40,871,515 | US$64,444m |
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$6,129m |
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$552m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.46 | 1,268,817 | US$1,996m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.90: +0.94 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,729.89: No change from yesterday’s data.
The Miners:
Kinross Gold’s (KGC) plane crash, Vista Gold’s (VGZ) drill results, Almaden’s (AAU) drill results, NovaGold’s (NG) second quarter results and update, ITH’s (THM) financing, Timberline’s (TLR) notification from the Montana Department of Environmental Quality, Fortuna’s (FVI.TO) second quarter production, and Great Panther’s (GPL) second quarter production results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Paramount | PZG +6.47% $2.47 |
2. McEwen | MUX +6.29% $3.04 |
3. Comstock | LODE+4.44% $3.06 |
LOSERS
1. Ivanhoe | IVN -5.31% $8.20 |
2. Banro | BAA -5.01% $3.41 |
3. Mines MGMT | MGN-3.20% $1.21 |
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 Thursday, 12 July 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Mixed
