-- Posted Thursday, 6 September 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1700.30 | +$6.70 |
Silver | $32.64 | +$0.40 |
XAU | 173.77 | +2.46% |
HUI | 470.39 | +2.68% |
GDM | 1355.87 | +2.55% |
JSE Gold | 2321.64 | +55.30 |
USD | 81.09 | -0.17 |
Euro | 126.36 | +0.33 |
Yen | 126.75 | -0.81 |
Oil | $95.53 | +$0.17 |
10-Year | 1.673% | +0.079 |
T-Bond | 148.625 | -1.34375 |
Dow | 13292.00 | +1.87% |
Nasdaq | 3135.81 | +2.17% |
S&P | 1432.12 | +2.04% |
The Metals:
Gold climbed to as high as $1713.08 by about 8AM EST before it chopped back lower in New York, but it still ended with a gain of 0.4%. Silver climbed to $32.987 in Asia before it fell back to $32.346 in early New York trade, but it then bounced back higher midday and ended with a gain of 1.24%.
Euro gold rose to about €1346, platinum gained $13.70 to $1578.20, and copper fell slightly to about $3.52.
Gold and silver equities rose about 2.5% by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Aug | 201K | 143K | 173K |
Initial Claims | 9/01 | 365K | 373K | 377K |
ISM Services | Aug | 53.7 | 52.4 | 52.6 |
Tomorrow at 8:30AM EST brings August’s jobs data. Nonfarm Payrolls are expected at 130,000, the Unemployment Rate is expected at 8.3%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index and treasuries fell after the ECB agreed “to launch a new and potentially unlimited bond-buying program.”
The Dow, Nasdaq, and S&P rose on optimism about Europe’s new program.
Among the big names making news in the market today were AIG, VeriFone, Supervalu, and Amazon.
The Commentary:
“And She'll Have Fun, Fun, Fun, 'til the Bankers take the Punch Bowl Away
Pardon an old Beach Boys fan for taking Liberties with one of their classic song's titles but this popped into my mind today watching the market response to the ECB's bond buying announcement.
US economy in the toilet? No problem - new 52 week high in the S&P 500. While you are at it, give that 'ol Japanese Yen the Whack-A-Mole treatment. Time for that carry trade again. RISK ON! Damn the Torpedoes, Full Speed Ahead!
I really think that some creative genius should make a spoof of the Star Trek, the Next Generation series, involving Draghi and Bernanke as a combination of the Borq Queen pronouncing those fear-inspiring words, "RESISTANCE IS FUTILE!" At least for today, the markets have been absorbed into the Borq Collective and are now assimilated. All sense of individualism has been annihilated leaving only the will of the hive supreme.
Once again the Central Bankers of the West have unleashed another torrent of hot money flows right smack dab into the commodity sector guaranteeing that higher energy prices are here to stay. Did anyone check out what happened to gasoline, heating oil and crude oil today? WTI is now less than $3.00 from the $100/bbl level while gasoline is back over the $3.00/gallon level wholesale. Keep in mind that this is well after the end of the traditional "Driving Season". Anyone expecting or hoping for a bit of relief at the gasoline pump should get disabused of that notion.
Gold and Silver of course wasted no time in promptly blowing right through overhead resistance levels on the chart as the metals are now functioning exactly as they should function whenever a set of Central Bankers decide to further debauch their currencies. Take a look at gold priced in terms of the euro, or Euro-Gold. It moved within 14 euros of its all-time high. The ECB's actions are certainly not being lost on European based buyers of the metal. They know damn well what this idiocy is going to precipitate.
Incidentally, Euro Silver has broken its downtrend and looks as if it wants to make a run towards the 28 Euro level. I would venture to say that if it breaks through that barrier, we will see $40 Silver here in the US.
Moving back to the US-centric view, one thing that I am watching that in my mind is even more significant that gold clearing the psychologically-important $1700 level is the fact that this occurred as the HUI has managed, FINALLY, to clear that huge overhead resistance level of 460. This level has held the miners in check since April of this year as any and all attempts to better, up to now, have failed. If the HUI can hold onto its gains into the end of the week, we should see it run to 480 whilst many of the miners reflect breakout patterns on their individual stock charts. A push through 480 sets it up for a run above 500 to 510 or so.
It is always more constructive to see BOTH the mining shares and the bullion markets taking out overhead resistance levels at the same time on their price charts. One has to be a bit more careful when bullion is moving higher while the shares are languishing.
By the way, some of today's market chatter is that the stronger ADP private employment data, combined with the action by the ECB, will make it much easier for Bernanke and company to say "NO" to another round of QE3 right away over here. That is where some of the profit taking in gold and silver is coming from. Let's watch and see how things settle out by the end of the day.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Brett Arends: Why is Putin stockpiling gold?
GATA Chairman Murphy's appearance on RT's 'Capital Account' posted at YouTube
Alasdair Macleod: West pushes gold down, and right into Eastern hands
The Statistics:
As of close of business: 9/05/2012
Gold Warehouse Stocks: | 10,921,288.479 | -61,008.379 |
Silver Warehouse Stocks: | 140,814,685.338 | -189,733.18 |
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 | 1293.138 | 41,575,667 | US$70,234m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 131.69 | 4,234,046 | US$7,225m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 149.83 | 4,817,275 | US$7,855m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$612m |
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: 190.20: +0.87 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,734.23: +91.26 change from yesterday’s data.
The Miners:
Eurasian’s (EMXX) acquired interest in a discovery, Almaden’s (AAU) drill results, Keegan’s (KGN) project update, Brigus Gold’s (BRD) corporate update, Aurizon’s (AZK) drill results and updated mineral resource estimate, Silvercorp’s (SVM) drill results, and Excellon’s (EXN.TO) meeting with members of the Ejido la Sierrita were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Randgold | GOLD+6.16% $108.70 |
2. Northern Dynasty | NAK +5.60% $3.58 |
3. Exeter | XRA +5.59% $1.89 |
LOSERS
1. Jaguar | JAG -6.03% $1.09 |
2. Gold Standard | GSV -1.65% $1.79 |
3. ITH | THM -1.62% $3.04 |
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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-- Posted Thursday, 6 September 2012 | Digg This Article | Source: GoldSeek.com