-- Posted Friday, 17 August 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1615.90 | +$1.90 | -0.28% |
Silver | $28.07 | -$0.12 | -0.14% |
XAU | 160.01 | -0.40% | +1.04% |
HUI | 435.03 | -0.86% | +1.13% |
GDM | 1253.15 | -0.62% | +1.14% |
JSE Gold | 2485.03 | -6.03 | +1.60% |
USD | 82.55 | +0.17 | UNCH |
Euro | 123.33 | -0.23 | +0.33% |
Yen | 125.73 | -0.29 | -1.58% |
Oil | $96.01 | +$0.41 | +3.38% |
10-Year | 1.816% | -0.020 | +10.13% |
Bond | 145.875 | +0.28125 | -1.99% |
Dow | 13275.20 | +0.19% | +0.51% |
Nasdaq | 3076.59 | +0.46% | +1.84% |
S&P | 1418.16 | +0.19% | +0.87% |
The Metals:
Gold climbed up to $1619.56 in early New York trade before it chopped back lower midday, but it still ended with a gain of 0.12%. Silver climbed up to $28.336 at about 9AM EST, but it then drifted back lower into the close and ended with a loss of 0.43%.
Euro gold climbed to over €1310, platinum gained $31 to $1468.50, and copper rose 4 cents to about $3.42.
Gold and silver equities fell about 1% in the first hour of trade before they bounced back higher, but they still ended with modest losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Aug | 73.6 | 72.2 | 72.3 |
Leading Indicators | July | 0.4% | 0.2% | -0.4% |
All of this week’s other economic reports:
NAHB Housing Market Index - August | 37 v. 35 |
Next week’s economic highlights include FOMC Minutes on Tuesday, Existing Home Sales on Wednesday, Initial Jobless Claims, the FHFA Housing Price Index, and New Home Sales on Thursday, and Durable Goods Orders on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose along with the U.S. dollar index on better than expected economic data that sent the Dow, Nasdaq, and S&P modestly higher.
Treasuries saw slight gains for the first time this week as relatively high yields from a week ago attracted buyers.
Among the big names making news in the market Friday were GM, Apple, Fannie Mae, Freddie Mac, Facebook, and Brocade.
The Commentary:
“The Mining Sector shares have shown some strong performance over the past three weeks having solidly rebounced from down near 390 moving up through several overhead resistance levels.
A push through overhead resistance near 440 sets up a run towards a major resistance level centered near 460, which is the point that needs to be bested for a trending move to the upside to develop.
Silver has managed to rally right to the top of its consolidation pattern without any fanfare and I should add, the participation of a great deal of managed money flows. In other words, without the benefit of the momentum crowd. Call it a type of stealth rally.
I find this very interesting as it is occurring against the backdrop of rising Treasury yields and a rising equity market. Clearly, for whatever the reason, something seems to be occurring on this inflation front that is moving below the radar screen of many investors. Could silver be sniffing out the first whiff of an inflation play?
Take a look at the following chart and note that the shorter term moving averages, the 10 day and the 20 day, are now trading either ABOVE the longer term 50 day or near par with it. This is a big change that has not been seen on this chart since early March of this year! That is quite astonishing! Keep in mind that hedge funds, while they remain overall net longs, have drastically reduced that position and had actually been adding some fairly large short bets. Even with that, someone is buying this metal and very quietly pushing it higher.
Let's keep a very close eye on this as it could portend a strong upside move if it can solidly clear the overhead resistance noted on this chart, especially if it does that to end a week of trade.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
James Turk on metals' prospects, govt. intervention, and need for diversification
U.S. considers intervening in oil market
CME Clearing Europe will take gold as collateral
Chris Waltzek: Gold and silver have long way to go before reaching 'mania' stage
The Statistics:
Activity from: 8/16/2012
Gold Warehouse Stocks: | 10,844,664.915 | - |
Silver Warehouse Stocks: | 140,676,636.144 | +2,185,833.43 |
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 | 1263.578 | 40,625,295 | US$65,585m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.61 | 4,102,729 | US$6,633m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 148.93 | 4,788,132 | US$7,808m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$579m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.26 | 1,326,494 | US$2,121m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 5.43 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 184.54: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,733.39: No change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRX) drill results, Lake Shore’s (LSG) public offering, and Kinross Gold’s (KGC) term loan were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Midway | MDW +8.13% $1.33 |
2. Avino | ASM +5.60% $1.32 |
3. Gold Reserve | GRZ +5.16% $3.67 |
LOSERS
1. Lake Shore | LSG-14.28% $0.96 |
2. Harmony | HMY -8.77% $9.36 |
3. Jaguar | JAG -6.60% $0.99 |
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 Friday, 17 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
