-- Posted Friday, 24 August 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1669.80 | +$0.80 | +3.34% |
Silver | $30.67 | +$0.16 | +9.26% |
XAU | 168.50 | +0.05% | +5.31% |
HUI | 455.90 | +0.25% | +4.80% |
GDM | 1314.53 | +0.20% | +4.90% |
JSE Gold | 2430.28 | -8.08 | -2.20% |
USD | 81.63 | +0.25 | -1.11% |
Euro | 125.11 | -0.52 | +1.44% |
Yen | 127.09 | -0.31 | +1.08% |
Oil | $96.15 | -$0.12 | +0.15% |
10-Year | 1.678% | +0.012 | -7.60% |
Bond | 148.375 | -0.125 | +1.71% |
Dow | 13157.97 | +0.77% | -0.88% |
Nasdaq | 3069.79 | +0.54% | -0.22% |
S&P | 1411.13 | +0.65% | -0.50% |
The Metals:
Gold dropped $5.45 to $1662.55 in Asia, but it then rose to as high as $1673.36 in New York and ended with a gain of 0.05%. Silver climbed to as high as $30.712 and ended with a gain of 0.52%.
Euro gold rose to about €1335, platinum gained $10.50 to $1544.00, and copper fell slightly to about $3.49.
Gold and silver equities waffled near unchanged and ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | July | 4.2% | 2.5% | 1.6% |
Durable Orders -ex Trans. | July | -0.4% | 0.6% | -2.2% |
All of this week’s other economic reports:
Next week’s economic highlights include the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, GDP, Pending Home Sales, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Personal Income and Spending, and Core PCE Prices on Thursday, and Chicago PMI, Michigan Sentiment, and Factory Orders on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower as the U.S. dollar index rose on reports “that the ECB wouldn’t make an announcement on Sept. 6 about whether it would buy peripheral sovereign debt to put a cap on bond yields, as many investors had been looking for. Instead, it will wait until after a German court rules on the region’s bailout fund later in September.”
Treasuries fell as the Dow, Nasdaq, and S&P rose on a letter from Bernanke stating that "there is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery."
Among the big names making news in the market Friday were Caterpillar, Bristol-Myers Squibb, HSBC, Autodesk, and Supervalu.
The Commentary:
“The following chart reveals the strength of gold when priced in terms of the Euro Currency. Notice that it has been steadily working higher and is within striking distance of an overhead resistance level coming in just shy of 1350. If can push through this level, it should be able to match or exceed its all-time high.
It has been in a consolidation pattern since late last year but with a definite higher bias as can be seen from the series of higher lows riding along the lower red support line. Notice that mini-trend higher has accelerated since April of this year.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Sprott guys on ZIRP and NIRP and the gold supply crunch
Republican platform to offer sop to Paul supporters: another gold commission
The Statistics:
Activity from: 8/23/2012
Gold Warehouse Stocks: | 10,848,607.575 | +4,469.78 |
Silver Warehouse Stocks: | 139,919,828.738 | -55,338.22 |
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 | 1286.502 | 41,362,339 | US$68,931m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 127.75 | 4,107,325 | US$6,860m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 148.71 | 4,781,044 | US$7,796m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$599m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.26 | 1,326,494 | US$ |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.524 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 185.33: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,820.81: +36.18 change from yesterday’s data.
The Miners:
ITH’s (THM) Incentive Stock Option Plan and MAG Silver’s (MVG) annual and special meeting of shareholders were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Timmins | TGD +3.64% $2.28 |
2. MAG Silver | MVG +2.92% $10.21 |
3. Allied Nevada | ANV +2.67% $31.86 |
LOSERS
1. Loncor | LON -5.98% $1.10 |
2. Alexco | AXU -2.48% $3.54 |
3. Golden Minerals | AUMN -2.44% $5.19 |
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, 24 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 3% and 9% on the Week
