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GoldSeek Web

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
By: Chris Mullen,

-- Posted Friday, 17 August 2012 | | Disqus




On Week





















JSE Gold










































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:







Michigan Sentiment





Leading Indicators






All of this week’s other economic reports:


Philadelphia Fed - August

-7.1 v. -12.9


Building Permits - July

812K v. 760K


Housing Starts - July

746K v. 754K


Initial Claims - 8/11

366K v. 364K


NAHB Housing Market Index - August

37 v. 35


Capacity Utilization - July

79.3% v. 78.9%


Industrial Production - July

0.6% v. 0.1%


Net Long-Term TIC Flows - June

$9.3B v. $55.9B


Empire Manufacturing - August

-5.9 v. 7.4


CPI - July

0.0% v. 0.0%


Core CPI - July

0.1% v. 0.2%


Business Inventories - June

0.1% v. 0.3%


PPI - July

0.3% v. 0.1%


Core PPI - July

0.4% v. 0.2%


Retail Sales - July

0.8% v. -0.7%


Retail Sales ex-auto - July

0.8% v. -0.8%


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


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


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:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




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.



1.  Midway

MDW +8.13% $1.33

2.  Avino

ASM +5.60% $1.32

3.  Gold Reserve

GRZ +5.16% $3.67



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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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 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. 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’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, 17 August 2012 | Digg This Article | Source:

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