-- Posted Tuesday, 17 July 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1581.70 | -$7.80 |
Silver | $27.25 | -$0.06 |
XAU | 148.09 | -1.02% |
HUI | 399.07 | -0.97% |
GDM | 1153.35 | -1.08% |
JSE Gold | 2223.82 | -31.06 |
USD | 83.02 | -0.07 |
Euro | 122.97 | +0.26 |
Yen | 126.48 | -0.32 |
Oil | $89.22 | +$0.79 |
10-Year | 1.501% | +0.047 |
T-Bond | 150.9375 | -0.84375 |
Dow | 12805.54 | +0.62% |
Nasdaq | 2910.04 | +0.45% |
S&P | 1363.67 | +0.74% |
The Metals:
Gold climbed $9.20 to $1598.70 in Asia before it fell back to as low as $1571.63 by about 10:45AM EST, but it then bounced back higher midday and ended with a loss of just 0.49%. Silver saw a 31 cent gain at $27.62 in Asia before it fell back to $26.809, but it then climbed back near its earlier high and ended with a loss of just 0.22%.
Euro gold fell to about €1287, platinum lost $1.30 to $1411.50, and copper dropped 5 cents to about $3.45.
Gold and silver equities fell about 2% by midmorning before they bounced back higher midday, but they still ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | June | 0.0% | 0.1% | -0.3% |
Core CPI | June | 0.2% | 0.2% | 0.2% |
Net Long-Term TIC Flows | May | $55.0B | - | $25.6B |
Industrial Production | June | 0.4% | 0.3% | -0.2% |
Capacity Utilization | June | 78.9% | 79.2% | 78.7% |
NAHB Housing Market Index | July | 35 | 30 | 29 |
Bernanke Predicts Slow Progress on Unemployment Bloomberg
Tomorrow at 8:30AM EST brings Housing Starts for June expected at 743,000 and Building Permits expected at 765,000. Bernanke also testifies before a House Committee at 10AM. At 2PM is the fed’s Beige Book from June.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index erased its late morning gains and ended lower on the day.
Treasuries fell as the Dow, Nasdaq, and S&P rose after Bernanke said the fed is prepared to act if jobs data doesn’t improve.
Among the big names making news in the market today were Mattel, Coca-Cola, Goldman Sachs, and J&J.
The Commentary:
“Given all that is transpiring across our global economic and financial system, the degree of utter complacency in the US equity markets is astonishing. Looking at the Complacency Index, my name for the Volatility Index or the VIX, one would think that there is hardly a care in the world.
All of this has a somewhat surreal feeling to me. It is almost as if the entire investing community is in a state of denial. It seems to believe that the "all powerful demi-gods" aka, the Central Bankers and monetary officials, are able to suspend the impact of excessive leveraging and exorbitant indebtedness.
"Yeah, things are not very good right now, but no worries. If things were to go from bad to worse, the officials will throw open the bar and we can all think from the freshly spiked punch bowl. Go back to sleep and wake me if there is really a crisis".
I don't know whether to laugh at such an attitude or weep that we have degenerated into this.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
The Statistics:
As of close of business: 7/16/2012
Gold Warehouse Stocks: | 10,799,748.619 | -10,589.005 |
Silver Warehouse Stocks: | 144,352,523.437 | -306,445.30 |
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 | 1266.106 | 40,706,587 | US$64,516m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 123.78 | 3,979,559 | US$6,290m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 146.56 | 4,711,933 | US$7,684m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$570m |
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: 183.78: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,696.71: No change from yesterday’s data.
The Miners:
AuRico’s (AUQ) CEO resignation, Golden Star’s (GSS) preliminary second quarter production results, SilverCrest’s (SVL.V) drill results, and First Majestic’s (AG) second quarter production results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. New Gold | NGD +2.33% $9.67 |
2. First Majestic | AG +1.68% $14.56 |
3. Gold Reserve | GRZ +1.65% $3.70 |
LOSERS
1. AuRico | AUQ-12.2% $6.62 |
2. Exeter | XRA -5.04% $1.32 |
3. Richmont | RIC -4.63% $3.50 |
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, 17 July 2012 | Digg This Article | Source: GoldSeek.com