-- Posted Wednesday, 25 July 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1604.50 | +$22.20 |
Silver | $27.35 | +$0.35 |
XAU | 147.08 | +2.77% |
HUI | 399.66 | +3.05% |
GDM | 1159.75 | +3.14% |
JSE Gold | 2340.29 | +34.55 |
USD | 83.57 | -0.37 |
Euro | 121.56 | +0.91 |
Yen | 127.92 | +0.02 |
Oil | $88.97 | +$0.47 |
10-Year | 1.406% | +0.002 |
T-Bond | 152.8125 | +0.0625 |
Dow | 12676.05 | +0.47% |
Nasdaq | 2854.24 | -0.31% |
S&P | 1337.89 | -0.03% |
The Metals:
Gold climbed steadily higher throughout most of trade in London and New York and ended near its late session high of $1610.10 with a gain of 1.4%. Silver surged to as high as $27.559 and ended with a gain of 1.3%.
Euro gold rose to about €1320, platinum gained $14.65 to $1394.80, and copper and copper gained 4 cents to about $3.39.
Gold and silver equities traded about 2% higher for most of the morning, but they then climbed even more in afternoon trade and ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
New Home Sales | June | 350K | 373K | 382K |
Geithner Says U.K. Regulators Had Libor Responsibility Bloomberg
Companies Say 3 Million Unfilled Positions in Skill Crisis: Jobs Bloomberg
U.S. Mortgage Application Volume Up 0.9% in Week Fox Business
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/21 expected at 381,000 and Durable Goods Orders for June expected at 0.3%. Excluding transportation, orders are expected at -0.1%. At 10AM is the Pending Home Sales report for June expected at 0.9%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the Energy Information Administration reported that crude inventories rose 2.7 million barrels, gasoline inventories rose 4.1 million barrels, and distillates rose 1.7 million barrels, but it then rallied back higher in late trade and ended with a modest gain on hopes for more stimulus measures from the fed.
The U.S. dollar index fell as the euro rose “after a European Central Bank policymaker said he could see grounds for giving the euro zone bailout fund a banking license.”
Treasuries fell as the Dow rose on speculation the fed may announce more stimulus measures at its meeting next week, but the Nasdaq and S&P ended lower in mixed trade on poor earnings reports.
Among the big names making news in the market today were PepsiCo, CNOOC, Netflix, Apple, BMW, Ford, Caterpillar, and Eli Lilly.
The Commentary:
“The market is abuzz this morning with chatter that the Fed is going to open the candy store next month instead of waiting until September as many had come to believe.
That is all you need to know to understand why nearly every commodity on the Board is moving higher today as well as equities.
Welcome to the brave new world of "investing".
As I mentioned in my post yesterday, if the Fed succumbs to this madness, hold onto your hats for food prices are going to shoot directly to the moon. The entire grain complex is putting back on a large portion of what it took off yesterday. If the Fed does indeed pull the trigger on another round of this idiotic bond buying, hedge fund algorithms are going to jam food prices due north.
Interestingly enough, about the only segment of the commodity complex not moving higher today is the energy complex. The current data releases continue to confirm slow demand due to the poor economic conditions.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Ben Davies: Seeking value in a world of financial repression
GATA files new gold records requests with State, Treasury, Fed, and FOMC
The Statistics:
As of close of business: 7/24/2012
Gold Warehouse Stocks: | 10,810,925.869 | +192.90 |
Silver Warehouse Stocks: | 30,635,262.009 | -670,704.483 |
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 | 1254.640 | 40,337,943 | US$63,846m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 123.92 | 3,984,244 | US$6,380m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 146.87 | 4,722,058 | US$7,700m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$575m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 39.35 | 1,265,119 | US$2,041m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 182.90: +0.94 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,639.42: -69.36 change from yesterday’s data.
The Miners:
Golden Star’s (GSS) drill results, Randgold’s (GOLD) mining at the Kibali gold project, Pretivm’s (PVG) drill results, and Huldra Silver’s (HDA.V) sample results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Timmins | TGD+12.5% $1.80 |
2. Nevsun | NSU+10.0% $3.41 |
3. Fortuna | FSM+9.06% $3.61 |
LOSERS
1. Revett | RVM -4.29% $2.90 |
2. Buenaventura | BVN-0.87% $35.47 |
3. Northern Dynasty | NAK -0.84% $2.37 |
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 Wednesday, 25 July 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 1%
