-- Posted Friday, 20 July 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1583.90 | +$2.90 | -0.26% |
Silver | $27.31 | +$0.06 | +0.22% |
XAU | 147.58 | -0.30% | -1.76% |
HUI | 398.88 | +0.29% | -1.37% |
GDM | 1153.04 | +0.34% | -1.49% |
JSE Gold | 2206.23 | +48.54 | -2.95% |
USD | 83.50 | +0.61 | +0.20% |
Euro | 121.60 | -1.19 | -0.66% |
Yen | 127.46 | +0.24 | +0.97% |
Oil | $91.44 | -$1.22 | +4.98% |
10-Year | 1.460% | -0.055 | -2.60% |
Bond | 151.78125 | +1.1875 | +0.39% |
Dow | 12822.57 | -0.93% | +0.36% |
Nasdaq | 2925.30 | -1.37% | +0.58% |
S&P | 1362.66 | -1.01% | +0.43% |
The Metals:
Gold climbed $5.79 to $1586.79 in Asia before it fell back to $1573.80 by a little before 8:30AM EST, but it then rallied back higher in New York and ended near its new afternoon high of $1587.10 with a gain of 0.18%. Silver slipped to as low as $26.82 before it also rallied back higher and ended near its new afternoon high of $27.437 with a gain of 0.22%.
Euro gold rose to about €1303, platinum lost $2.10 to $1410.50, and copper dropped 9 cents to about $3.44.
Gold and silver equities waffled near unchanged and ended mixed.
The Economy:
All of this week’s economic reports:
NAHB Housing Market Index - July | 35 v. 29 |
Next week’s economic highlights include the FHFA Housing Price Index on Tuesday, New Home Sales on Wednesday, Initial Jobless Claims, Durable Goods Orders, and Pending Home Sales on Thursday, and GDP and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and the U.S. dollar index rose as the euro dropped after Spain’s bond yields climbed well above 7%.
Treasuries rose as the Dow, Nasdaq, and S&P fell markedly on renewed worries about European debt.
“The problem hasn’t gone away and the unnerving part is that it’s deepening,” said Bruce McCain, who helps oversee more than $20 billion as chief investment strategist at the private- banking unit of KeyCorp in Cleveland. “The Spanish ghost is rising again. It’s not only the banks. The regional governments also need help. We need global economic improvement before we see a vibrant rally in the market. Things are not better yet.”
Among the big names making news in the market Friday were Xerox, Morgan Stanley, Heineken, IBM, Coca-Cola, Viacom and DirecTV, and GE.
The Commentary:
“Dear Extended Family,
When will QE become the public practice of all Western world central banks?
It will more than likely come over a weekend just like this weekend. Major sovereign bonds like the Spanish and Italian will be over 7% yield and rising. The Euro will be under pressure. Equity indices everywhere will be under pressure. Recent economic statistics in the entire Western world will be quite negative. The impact of the drought will have driven food prices through the roof.
This time all central banks of the Western world, not just the Federal Reserve will announce emergency measures on Sunday evening.
It is coming a lot faster than the gold bears think. It can be any weekend now. It could be this weekend.
The longer the central banks wait, the more nuclear and longer the QE blast will have to be maintained.
The price of gold is going to $3500 and higher.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Jim Sinclair: A call for an international real investors spring
Nick Barisheff: Allocated bullion storage -- Do you really own the bullion?
The Statistics:
Activity from: 7/19/2012
Gold Warehouse Stocks: | 10,810,990.169 | -64.3 |
Silver Warehouse Stocks: | 142,644,980.165 | -775,376.83 |
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 | 1257.054 | 40,415,551 | US$64,002m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 123.77 | 3,979,470 | US$6,278m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 146.55 | 4,711,832 | US$7,683m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$566m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.35 | 1,265,119 | US$2,041m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 9.052 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 181.90: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,696.71: No change from yesterday’s data.
The Miners:
Ivanhoe’s (IVN) completed rights offering was the only big story in the gold and silver mining industry making headlines Friday.
WINNERS
1. Mines MGMT | MGN +3.31% $1.25 |
2. Gold Fields | GFI +2.78% $12.18 |
3. AuRico | AUQ +2.59% $6.34 |
LOSERS
1. Gold Resource | GORO-30.61% $17.50 |
2. Ivanhoe | IVN -5.51% $8.40 |
3. ITH | THM -4.26% $2.70 |
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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-- Posted Friday, 20 July 2012 | Digg This Article | Source: GoldSeek.com