-- Posted Friday, 31 August 2012 | | Disqus
Please Note: U.S. and Canadian Markets are closed on Monday in observance of Labor Day.
| Close | Gain/Loss | On Week |
Gold | $1691.80 | +$36.50 | +1.32% |
Silver | $31.745 | +$1.385 | +3.51% |
XAU | 169.88 | +4.30% | +0.82% |
HUI | 458.40 | +3.83% | +0.55% |
GDM | 1323.51 | +4.04% | +0.68% |
JSE Gold | 2217.34 | -35.01 | -8.76% |
USD | 81.21 | -0.48 | -0.51% |
Euro | 125.84 | +0.76 | +0.58% |
Yen | 127.77 | +0.60 | +0.54% |
Oil | $96.47 | +$1.85 | +0.33% |
10-Year | 1.562% | -0.058 | -6.91% |
Bond | 150.50 | +0.875 | +1.43% |
Dow | 13090.84 | +0.69% | -0.51% |
Nasdaq | 3066.96 | +0.60% | -0.09% |
S&P | 1406.58 | +0.51% | -0.32% |
The Metals:
Gold climbed up to $1663.47 in early New York trade before it dropped back to $1649.19 immediately after the text of Bernanke’s Jackson Hole speech was released, but it then rallied back higher for most of the rest of trade and ended with near its late session high of $1692.70 with a gain of 2.21%. Silver surged to as high as $31.745 and ended with a gain of 4.56%.
Euro gold rose to about €1345, platinum gained $29.50 to $1533.25, and copper climbed a penny to $3.45.
Gold and silver equities rose throughout most of trade and ended with about 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Chicago PMI | Aug | 53.0 | 53.8 | 83.7 |
Michigan Sentiment | Aug | 74.3 | 73.6 | 73.6 |
Factory Orders | July | 2.8% | 2.0% | -0.5% |
“Federal Reserve Chairman Ben S. Bernanke, decrying the suffering caused by unemployment of more than 8 percent and defending his unprecedented policies, said more bond purchases are an option as central bankers weigh further steps to spur growth.”
“Federal Reserve Chairman Ben Bernanke on Friday left the door wide open to a further easing of monetary policy, saying the stagnation in the U.S. labor market was a "grave concern," but he stopped short of providing a clear signal of imminent action.”
All of this week’s other economic reports:
Next week’s economic highlights include the ISM Index and Construction Spending on Tuesday, Productivity on Wednesday, ADP Employment, Initial Jobless Claims, and ISM Services on Thursday, and August’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose almost 2% as the U.S. dollar index and treasuries fell after Bernanke’s stimulative speech sent the Dow, Nasdaq, and S&P higher.
Among the big names making news in the market Friday were Ford, Toyota, US Airways and AMR, and Facebook.
The Commentary:
“Check out the following chart of the Continuous Commodity Index or CCI and note that it has managed to put in a weekly close above the 38.2% Fibonacci Retracement Level of the move lower from its all-time recent high made last year. If the market psyche remains the same, look for this index to now make an eventual run back towards the 597-600 level.
We can look at these charts as subjects of interest to us as traders/investors but what this particular stock represents is increasing pain for consumers and the hard-pressed middle class in one of the worst, if not the worst "recovery" since the Great Depression.
Think of this as increased frustration at the grocery store, at the gas pump, at the hardware store, at the local restaurant, etc. While some of this rally is the result of the drought and I will of course not lay that at the feet of the Fed, it is a simple fact that the breakout on this chart today, is the DIRECT RESULT of Mr. Bernanke's insistence on implying that another round of bond buying is on the way.
When you pull into the gas station and fill up your car or truck, and are sent reeling at the cost, you can lay some of the blame right at his feet and the feet of his elitists on the FOMC who insist on pacifying Wall Street instead of having concerns how their policies are destroying Main Street.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
James Grant: Bernanke should return the Fed to its golden roots
Gillian Tett: Time for eurozone to reach for the gold reserves?
The Statistics:
Activity from: 8/30/2012
Gold Warehouse Stocks: | 10,961,551.415 | -53,991.085 |
Silver Warehouse Stocks: | 140,950,841.678 | +555,536.41 |
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 | 1289.519 | 41,459,310 | US$68,320m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 131.29 | 4,221,022 | US$7,093m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 148.92 | 4,787,831 | US$7,807m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$607m |
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: 188.87: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,721.33: -42.2 change from yesterday’s data.
The Miners:
Brigus Gold’s (BRD) completed note sale and Gold Fields’ (GFI) mine strike were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Timmins | TGD +11.5% $2.52 |
2. Golden Minerals | AUMN +11.46% $5.35 |
3. Great Panther | GPL +11.3% $1.97 |
LOSERS
1. DRDGOLD | DRD -2.44% $5.60 |
2. Gold Reserve | GRZ -0.51% $3.89 |
3. Gold Fields | GFI UNCH $12.32 |
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, 31 August 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 3% on the Week
