-- Posted Wednesday, 19 September 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1770.50 | -$0.10 |
Silver | $34.61 | -$0.17 |
XAU | 194.87 | +0.88% |
HUI | 525.85 | +0.83% |
GDM | 1509.76 | +0.91% |
JSE Gold | 2491.32 | +59.59 |
USD | 79.10 | -0.12 |
Euro | 130.51 | +0.07 |
Yen | 127.62 | +0.72 |
Oil | $91.98 | -$3.31 |
10-Year | 1.782% | -0.030 |
T-Bond | 145.96875 | +0.34375 |
Dow | 13577.96 | +0.10% |
Nasdaq | 3182.62 | +0.15% |
S&P | 1461.05 | +0.12% |
The Metals:
Gold climbed $8.73 to $1779.33 in Asia before it fell back to $1763.10 just after this morning’s housing data was released, but it then bounced back higher in midmorning trade and ended with a loss of just 0.01%. Silver saw a slight gain at $34.958 in Asia before it fell back to $34.27 in early New York trade and then also bounced back higher, but it still ended with a loss of 0.49%.
Euro gold fell to about €1356, platinum gained $8 to $1633.50, and copper climbed a couple of cents to about $3.82.
Gold and silver equities traded mostly slightly higher and ended with almost 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Aug | 750K | 770K | 733K |
Building Permits | Aug | 803K | 800K | 811K |
Existing Home Sales | Aug | 4.82M | 4.58M | 4.47M |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 9/15 expected at 375,000 and at 10AM are Leading Economic Indicators for August expected at 0.0% and the Philadelphia Fed for September expected at -4.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil extended lower after the Energy Information Administration reported that crude inventories rose 8.5 million barrels, gasoline inventories fell 1.4 million barrels, and distillates fell 300,000 barrels.
The U.S. dollar index fell as the yen rose after the Bank of Japan eased monetary policy by 10 trillion yen, almost double what some had expected.
Treasuries rose as yields fell back to last week’s pre-fed meeting levels.
The Dow, Nasdaq, and S&P saw slight gains on mostly better than expected housing data.
Among the big names making news in the market today were Goldman Sachs, Groupon, Blackstone, Deloitte, FedEx, General Mills, T-Mobile, Morgan Stanley, and Wells Fargo.
The Commentary:
“The mining shares are seeing some very good inflows of speculative money. The result has been an advance for 8 out of the last 9 weeks. The chart shows the index blowing through resistance levels with relative ease with the next Fibonacci retracement level within striking distance.
As the trend is higher, we would expect dips in price to be bought. Initial support for the index is down near the 50% retracement level that comes in near the 505 region. AT some point longs will decide to take some money off the table after a run of this nature but as to where and when this will occur, we will need to watch the price action to get a clue.
If the index were to somehow close a week above the 555 level, it is very likely that we would see the index scoot rather quickly to 600.
Global markets are all being jammed higher as Central Banks are orchestrating a tidal wave of liquidity. The reality is that none of this will do a single thing towards dealing with the ROOT CAUSES of the problem but that is what Central Bankers do in response to any financial or economic crisis - they ramp up the money supply in the hope that it will spur borrowing and lending.
I maintain that it will not - not without an environment in which jobs are being created and borrowers feel somewhat confident that they can actually afford to make those loan payments. I have said all along, that if the Central Bankers are intent on providing funding for the banks in the hopes that they will loan the money, they are mistaken. Heck, if the feds are hell bent on printing money, instead of basically getting it into the hands of the banks, why not just send a check to each taxpaying household instead! If you are going to deliberately debase the currency, at least have the decency to give some of it to the people whom you are counting on spending it!
Let's call this the Trader Dan stimulus plan. I think that they should start with a government check in the amount of $10,000. I could use some new tractor accessories.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Gold dealer shouldn't complain -- at least he got metal, not paper
New York Sun: The miser's tragedy
Brodsky and Quaintance: First monetize debts, then assets (aka gold)
The Statistics:
As of close of business: 9/18/2012
Gold Warehouse Stocks: | 11,107,678.882 | +176,825.00 |
Silver Warehouse Stocks: | 140,414,558.563 | +892,364.025 |
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 | 1303.288 | 41,902,009 | US$74,013m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 134.89 | 4,336,906 | US$7,686m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 151.47 | 4,869,903 | US$7,941m |
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 1.809 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 195.59: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,841.22: No change from yesterday’s data.
The Miners:
Loncor’s (LON) financings, NovaGold’s (NG) new Vice President and Chief Financial Officer, Centerra Gold’s (CG.TO) update on Mongolia, Comstock’s (LODE) plant commissioning, Golden Minerals’ (AUMN) closed financing, and Avino’s (ASM) operational update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Loncor | LON +14.52% $1.42 |
2. Northern Dynasty | NAK +14.09% $5.02 |
3. Midway | MDW +8.67% $1.63 |
LOSERS
1. Pretivm | PVG -2.36% $13.67 |
2. Avino | ASM -1.88% $1.57 |
3. Royal Gold | RGLD-1.21% $93.86 |
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 Wednesday, 19 September 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Near Unchanged
