-- Posted Friday, 10 August 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1620.40 | +$2.70 | +1.10% |
Silver | $28.11 | -$0.01 | +1.22% |
XAU | 158.37 | +0.59% | +5.35% |
HUI | 430.15 | +0.90% | +5.55% |
GDM | 1239.00 | +0.69% | +5.05% |
JSE Gold | 2445.90 | +51.92 | +2.07% |
USD | 82.55 | -0.07 | +0.23% |
Euro | 122.92 | -0.11 | -0.70% |
Yen | 127.75 | +0.45 | +0.37% |
Oil | $92.87 | -$0.49 | +1.61% |
10-Year | 1.649% | -0.039 | +4.57% |
Bond | 148.84375 | +0.59375 | -0.46% |
Dow | 13207.95 | +0.32% | +0.85% |
Nasdaq | 3020.86 | +0.07% | +1.78% |
S&P | 1405.87 | +0.22% | +1.07% |
The Metals:
Gold fell $12 to $1605.70 in Asia, but it then rallied to as high as $1625.87 in New York and ended with a gain of 0.17%. Silver slipped to $27.613 in early New York trade before it surged back to $28.32, but it then drifted back lower in afternoon trade and ended with a loss of 0.4%.
Euro gold climbed to over €1318, platinum lost $15 to $1396.50, and copper fell a few cents to about $3.40.
Gold and silver equities traded mostly slightly higher and ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | July | 0.5% | - | -1.7% |
Export Prices ex-ag. | July | -0.3% | - | -1.5% |
Import Prices | July | -0.6% | - | -2.4% |
Import Prices ex-oil | July | -0.4% | - | -0.3% |
Treasury Budget | July | -$69.6B | -$71.0B | -$129.4B |
What’s Fed to Do as 15 of 18 Banks Fixing Libor Aren’t American Bloomberg
Exclusive: U.S. banks told to make plans for preventing collapse Reuters
All of this week’s other economic reports:
Next week’s economic highlights include Retail Sales, PPI, and Business Inventories on Tuesday, CPI, Empire Manufacturing, Net Long Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Michigan Sentiment and Leading Economic Indicators on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on weak trade data out of China that increased worries about slow economic growth and waning energy demand.
The U.S. dollar index erased its early morning gains and ended slightly lower as the yen won out as the preferred safe haven fiat currency of today’s session.
Treasuries rose as the Dow, Nasdaq, and S&P traded mostly slightly lower on worries about slow economic growth, but hopes for new central bank action over the weekend sent all three indices higher in the final half hour of trade.
Among the big names making news in the market Friday were Facebook, Standard Chartered, J.C. Penney, Citigroup, Manchester United, and KKR.
The Commentary:
“Gold has pushed to the very top of its recent trading range as it works within the confines of its consolidation pattern noted on the chart.
It either mounts a solid breakout this time around or it will fall back towards $1600 and slightly below once again.
I have noted that for the last 5 weeks or so, the lows have been slowly creeping higher hinting at market strength. It simply needs a spark, something to ignite it and push it past the strong selling pressure emerging between $1620 - $1630.
Today's strength is predicated on news out of China showing its economy slowing also. Traders are expecting the Chinese authorities to therefore be more inclined towards further monetary accommodation there also.
However, bond yields are moving lower today and equities are flat to lower suggesting that traders are hesitant to read too much into the Chinese news. The focus continues to be on Jackson Hole at the end of this month and early September for the ECB. My guess is that neither one of these Central Banks is going to do anything on the bond buying front.
As a general rule of thumb, the 4th quarter tends to favor a stronger gold price which is helpful to the cause of the bulls. The summer doldrums however are in full force as volume in the gold pit is pitifully low. In such an environment, relatively small orders are able to push prices around rather easily resulting in times at some wild swings. Right now watching gold trade is about as interesting as watching paint dry.
The HUI has pushed strongly past the resistance level at 420 and is now on course for a push towards the 440 level.
The HUI to Gold ratio continues to improve with the mining shares leading the bullion price for a change.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
At the top of China's government, a plan for getting gold
Treasury used ESF cash to insure money-market funds
Dimitri Speck: A high-frequency attack on gold
The Statistics:
Activity from: 8/09/2012
Gold Warehouse Stocks: | 10,891,149.873 | +13,260.135 |
Silver Warehouse Stocks: | 137,519,467.049 | -66,421.358 |
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 | 1254.942 | 40,347,630 | US$65,271m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.89 | 4,111,710 | US$6,669m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 149.61 | 4,810,145 | US$7,844m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$582m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 40.91 | 1,315,135 | US$2,098m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 183.60: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,742.43: No change from yesterday’s data.
The Miners:
WINNERS
1. Paramount | PZG +5.73% $2.40 |
2. ITH | THM+5.56% $2.85 |
3. NovaGold | NG +3.62% $4.29 |
LOSERS
1. McEwen | MUX -5.03% $3.40 |
2. Golden Star | GSS -4.93% $1.35 |
3. Exeter | XRA -4.29% $1.56 |
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 Friday, 10 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% on the Week
