-- Posted Monday, 13 August 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1608.30 | -$12.10 |
Silver | $27.75 | -$0.36 |
XAU | 156.05 | -1.46% |
HUI | 424.59 | -1.29% |
GDM | 1223.57 | -1.25% |
JSE Gold | 2456.97 | +11.07 |
USD | 82.41 | -0.14 |
Euro | 123.39 | +0.49 |
Yen | 127.66 | -0.09 |
Oil | $92.73 | -$0.14 |
10-Year | 1.654% | +0.005 |
T-Bond | 148.8125 | -0.03125 |
Dow | 13169.43 | -0.29% |
Nasdaq | 3022.52 | +0.05% |
S&P | 1404.11 | -0.13% |
The Metals:
Gold edged up to $1625.43 in London, but it then fell to as low as $1607.58 in early afternoon New York trade and ended with a loss of 0.75%. Silver slipped to as low as $27.73 and ended with a loss of 1.28%.
Euro gold fell to about €1304, platinum lost $14.40 to $1382.10, and copper dropped 4 cents to about $3.36.
Gold and silver equities fell about 1.5% by midday and remained near that level for the rest of the day.
The Economy:
There were no major economic reports today. Tomorrow brings Retail Sales, PPI, and Business Inventories.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended just modestly lower as the U.S. dollar index rebounded from its midmorning lows and closed with a slight loss on mixed signals from Europe.
Treasuries held near unchanged while the Dow and S&P dropped on persistent worries about world economic growth.
Among the big names making news in the market today were GM, Julius Baer, Visteon, Google, and Tesoro.
The Commentary:
“Nothing doing on gold being able to break out from its consolidation pattern. Last week I showed a chart with gold right at the very top of that range and working into a heavy resistance level. Today it failed to better that resistance and was shoved back lower meaning that the odds favor it working lower within that range from here as we wait for the next round of buying support to surface. It should be able to garner buying near $1600 initially on down towards $1585 should that not hold it.
Keep in mind that this market must have a spark to take it up and out of this range. Until it does, the consolidation pattern remains in effect.
There are several factors working in gold's favor but until we get the hedge fund community to come back in on the long side in a big way, the needed firepower to kick off a trending move is not there.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Join GATA at the New Orleans Investment Conference Oct. 24-27
Ambrose Evans-Pritchard: Excess debt must go via inflation or default
Gene Arensberg: Divergence between gold and junior shares is contrarian's delight
The Statistics:
As of close of business: 8/10/2012
Gold Warehouse Stocks: | 10,863,521.875 | -27,627.998 |
Silver Warehouse Stocks: | 137,511,131.358 | -8,335.691 |
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 | 1258.148 | 40,450,726 | US$65,619m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.61 | 4,102,868 | US$6,632m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 148.62 | 4,778,285 | US$7,792m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$578m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 40.91 | 1,315,135 | US$2,098m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.206 tonnes.
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:
Royal Gold’s (RGLD) completed gold stream acquisition, Claude’s (CGR) second quarter results, Midway’s (MDW) drill results, AuRico’s (AUQ) second quarter results, and Newcrest’s (NCM.AX) quarterly results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Midway | MDW+5.41% $1.17 |
2. Avino | ASM +4.92% $1.28 |
3. Exeter | XRA +3.85% $1.62 |
LOSERS
1. Northern Dynasty | NAK -8.37% $2.30 |
2. Aurizon | AZK -7.29% $3.94 |
3. Loncor | LON -7.18% $1.02 |
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 Monday, 13 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall With Stocks
