-- Posted Tuesday, 21 August 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1637.30 | +$16.60 |
Silver | $29.27 | +$0.46 |
XAU | 164.36 | +2.06% |
HUI | 444.60 | +1.69% |
GDM | 1282.35 | +1.71% |
JSE Gold | 2450.52 | +37.95 |
USD | 81.92 | -0.53 |
Euro | 124.64 | +1.17 |
Yen | 126.18 | +0.24 |
Oil | $96.68 | +$0.71 |
10-Year | 1.805% | -0.009 |
T-Bond | 146.28125 | +0.28125 |
Dow | 13203.58 | -0.51% |
Nasdaq | 3067.26 | -0.29% |
S&P | 1413.17 | -0.35% |
The Metals:
Gold jumped to as high as $1641.25 in early New York trade before it drifted back lower into the close, but it still ended with a gain of 1.02%. Silver surged to as high as $29.501 and ended with a gain of 1.6%.
Euro gold rose to about €1314, platinum gained $3.75 to $1500, and copper surged 7 cents to about $3.44.
Gold and silver equities rose over 3% by midmorning before they fell back off in afternoon trade, but they still ended with about 2% gains.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST is the Existing Home Sales report for July expected at 4,550,000 and at 2PM is the release of FOMC minutes from the fed’s July 31st meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose and the U.S. dollar index fell as the euro jumped higher “on growing optimism that the European Central Bank will take steps to bring down borrowing costs for indebted euro-zone nations such as Spain and Italy.”
Treasuries rose as the Dow, Nasdaq, and S&P reversed early gains and ended with modest losses on uncertainty about the rest of the week.
Among the big names making news in the market today were Samsung, Shell, Facebook, Best Buy, Urban Outfitters, and Whole Foods.
The Commentary:
“Word out of the crop tour this AM has sent both corn and soybean prices strongly higher dragging wheat along for the ride.
The supply seems to keep shrinking as each successive yield estimate comes in with a lower number. Once the market comes to grip with the actual supply number for this year, the focus will shift to the demand side of the equation and whether or not the market is doing its job of rationing supplies.
One thing is for certain - we, the consumer, are going to be reeling at the grocery store very soon.
Take a look at my Grain Composite Index - if you thought grain prices were high back at the peak of the commodity bubble in 2008, you ain't seen nuthin' yet! The Index is firmly above that level.
The strong day in the grains, combined with big moves in both gold and silver and another bullish call on oil from Goldman Sachs, has sent the CCI, the Continuous Commodity Index, through the top of its recent trading range. If the CCI does not surrender its gains before the end of the week and remains above that resistance level, from a technical analysis perspective, the trend in commodities will have shifted to UP.
Note how the top of this recent trading range has been in the same zone as the 61.8% Fibonacci retracement level. That makes today's move even more significant. I do not see much in the way of overhead resistance past this point until we get closer to 582 - 585 in this index.
Shifting a bit to the mining sector stocks - the HUI has pushed past 440 and is maintaining its gains as of this hour. It is on course to make a try at heavy resistance centered near 460. If the HUI closes a week above this level, it portends a trending move to the upside which would initially target 540 -555.
Silver has cleared heavy resistance at 29 and is closing in on the last level of chart resistance between it and a handle of "30". If it does that, look for the momentum funds to come piling into this market.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
The Statistics:
As of close of business: 8/20/2012
Gold Warehouse Stocks: | 10,844,202.095 | -260.62 |
Silver Warehouse Stocks: | 139,397,671.404 | -1,063,729.540 |
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 | 1274.739 | 40,984,128 | US$67,176m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.53 | 4,100,181 | US$6,720m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 148.80 | 4,784,010 | US$7,801m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$588m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.26 | 1,326,494 | US$2,121m |
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: 9,733.39: No change from yesterday’s data.
The Miners:
Paramount’s (PZG) drill results, Gold Resource’s (GORO) stock options, ITH’s (THM) drill results, Hecla’s (HL) acquisition of 20,000,000 common shares of Dolly Varden Silver Corporation, First Majestic’s (AG) updated and restated NI 43-101 Technical Report, and Great Panther’s (GPL) purchase of a 100% interest in certain surface rights on its wholly-owned San Ignacio Project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Minerals | AUMN+15.16% $5.47 |
2. Loncor | LON +8.56% $1.14 |
3. McEwen | MUX +7.57% $3.98 |
LOSERS
1. Franco Nevada | FNV -3.05% $48.03 |
2. Midway | MDW -1.48% $1.33 |
3. Gold Fields | GFI -1.24% $13.52 |
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 Tuesday, 21 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 1%
