-- Posted Friday, 14 September 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1771.60 | +$5.30 | +2.02% |
Silver | $34.63 | -$0.02 | +2.91% |
XAU | 191.97 | +2.86% | +7.08% |
HUI | 517.44 | +2.83% | +7.05% |
GDM | 1483.86 | +2.60% | +6.62% |
JSE Gold | 2408.67 | +105.73 | +1.52% |
USD | 78.86 | -0.38 | -1.65% |
Euro | 131.22 | +1.35 | +2.44% |
Yen | 127.62 | -1.42 | -0.13% |
Oil | $99.00 | +$0.69 | +2.68% |
10-Year | 1.870% | +0.114 | +12.58% |
Bond | 144.5625 | -2.09375 | -2.67% |
Dow | 13593.37 | +0.40% | +2.15% |
Nasdaq | 3183.95 | +0.89% | +1.52% |
S&P | 1465.77 | +0.40% | +1.94% |
The Metals:
Gold climbed $11.05 to $1777.35 in Asia before it fell back to $1765.70 in early New York trade, but it then bounced back higher midday and ended with a gain of 0.3%. Silver rose to $34.91 before it fell back to $34.281 and then also bounced back higher, but it still ended with a loss of 0.06%.
Euro gold fell to about €1350, platinum gained $23 to $1705, and copper jumped 8 cents to about $3.83.
Gold and silver equities rose over 2.5% in the first half hour of trade and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Aug | 0.9% | 0.7% | 0.6% |
Retail Sales ex-auto | Aug | 0.8% | 0.8% | 0.8% |
CPI | Aug | 0.6% | 0.6% | 0.0% |
Core CPI | Aug | 0.1% | 0.2% | 0.1% |
Industrial Production | Aug | -1.2% | -0.2% | 0.5% |
Capacity Utilization | Aug | 78.2% | 79.2% | 79.2% |
Michigan Sentiment | Sep | 79.2 | 73.5 | 74.3 |
Business Inventories | July | 0.8% | 0.4% | 0.1% |
All of this week’s other economic reports:
Next week’s economic highlights include Empire Manufacturing on Monday, the Current Account Balance, Net Long-Term TIC Flows, and the NAHB Housing Market Index on Tuesday, Housing Starts, Building Permits, and Existing Home Sales on Wednesday, and Initial Jobless Claims, the Philadelphia Fed, and Leading Economic Indicators on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index continued to fall in further reaction to the fed’s new mortgage buying program.
Treasuries fell as the Dow, Nasdaq, and S&P added to yesterday’s fed inspired gains.
Among the big names making news in the market Friday were UnitedHealth, Ford, and Apple.
The Commentary:
“The long term monthly chart provides an excellent perspective of the hard asset sector. Note how back in 2008 when the credit crisis first erupted and a deflationary mindset took over, that the sector crashed to earth in a brutal fashion. It took two doses of QE to jam it north, the first ending before the second round was announced. Of course, the second round of QE provided the fuel to send the index soaring to a new record high.
Once again deflationary expectations took over due to the European Sovereign debt crisis, a slowing Chinese economy and of course, a US economy in the toilet. Down goes the commodity index once again in a big way.
All that did was to pave the way for yet another round of stimulus, one from the ECB, another from the Chinese authorities who are doing a government works project and now today's QE 3, courtesy of the scam artists at the Fed.
Any guess where this index is now going to go? If the chart is accurate, it should make a push towards 600 where it fill face a big test. If it plows through the 600 level, heaven help us all because the odds will then increase of it pushing back towards 650 and higher.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“The Fed’s “All-In” move may keep the house of cards from folding until 2013 and greatly help Obama limp over the finish line, but it shall prove to be the last silver bullet before a long period of economic, social, political and spiritual upheaval grips America for years to come.
While the junior resource market left egg on my face this year, I’m very pleased with how I approached the rest of the markets I follow. Here’s a quick update on them.
U.S. Stock Market – It’s worth repeating my constant cry that many times it’s not what you make but what you don’t lose that makes you a winner over time. Despite numerous questioning on why I still won’t short the U.S. stock market and almost daily emails showing me why such a decision shall prove wrong, the fact is the market has reached highs not seen in years.
The marginal new high I spoke of is well within reach now. But as it has been since day one, such a feat would be the completion of the greatest bear market rally in a secular bear market that can eventually retest the lows made in early 2009. It shall have to endure a long period of economic, social and political upheaval that shall be longer and harder than most could ever imagine.
Such a period is still months or even a year or so away but starting to plan for it while the “Don’t Worry, Be Happy” crowd runs wild with the FED’s “All-In” is strongly suggested.
U.S. Bonds – The very fact that many in the last 18 hours or so expressed a belief that bonds can’t lose during this “All-In” phase is the icing on the cake I desired for fulfilling my “worst investment for the next 10 years” belief of bonds. There’s no rush to establish a short position but the closer the 10-year T-Bond drops towards a 1.25% yield, the more I would want to be short. When the dark days come (and in my book it’s a question of when, not if), rates shall rise like they did through Europe the last couple of years despite overall weak economics.
U.S. Dollar – Direction? Go and see how many people dare suggest the Euro could see a major short covering rally well over $1.25 just a couple of weeks ago. Try to understand how almost 96% bulls on the U.S. Dollar in the currency futures markets are now getting crushed.
Gold – While we can see a period of consolidation on either side of $1,800, the upside remains wide open. Go back and look and see what was being said when gold was in the low $1,500’s. Bears were running wild and the vast, vast, vast majority of gold commentators had turned very cautious, if not outright bearish. Let it not be said that at a critical point, yours truly was willing to bet $2 million reasons why gold was going over $2,000.
Any and all excess was washed out in the almost year-long correction/consolidation so it shall likely be a long period before we get seriously overbought again. The perma-bears have never grasped the earth-shattering changes to the gold market and much of the financial media shall continue to follow these pied-pipers over the cliff as gold marches towards and over $2,000.
Oil and Natural Gas – No changes here.
And finally, the junior resource market has seen its horrific lows and while it can work higher for the balance of the year, the wounds are deep and the need to finance great. This shall limit the rebound but once we get near years-end, the rebound can gather a longer-lasting head of steam and help 2013 make 2012 just a bad memory. Remember, I never said to assign anything more than capital that you’re mentally and financially prepared to lose part or all of. These vicious bear markets in a business where failure is the norm always ends up showing most didn’t meet this requirement. How do I know this? A sampling of the hate mail does it all the time. I just wish my wife stop writing-lol”- Peter Grandich, Grandich Letter
GATA Posts:
CPM Group's Jeff Christian on BNN on eve of gold and silver explosion: Go short
The Statistics:
Activity from: 9/13/2012
Gold Warehouse Stocks: | 10,882,827.562 | -97,785.372 |
Silver Warehouse Stocks: | 141,666,174.998 | +583,416.30 |
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 | 1292.432 | 41,552,973 | US$73,764m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 134.07 | 4,310,443 | US$7,643m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 150.81 | 4,848,761 | US$7,907m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$636m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.45 | 1,364,715 | US$2,214m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.016 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 194.22: +2.24 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,768.89: -22.6 change from yesterday’s data.
The Miners:
Golden Star’s (GSS) redeemed debentures, South Africa’s labor unrest, and Golden Minerals’ (AUMN) equity financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. AuRico | AUQ +7.73% $6.83 |
2. IAMGOLD | IAG+7.49% $15.79 |
3. Coeur | CDE+6.42%$28.52 |
LOSERS
1. Golden Minerals | AUMN -16.52% $5.86 |
2. Nevsun | NSU -3.86% $4.48 |
3. ITH | THM -2.27% $3.01 |
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, 14 September 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 2% and 3% on the Week
