-- Posted Friday, 21 September 2012 | | Disqus
Gold climbed to $1787.25 by a little after 9AM EST before it fell back to almost unchanged at $1769.35 by a little after 11AM EST, but it then bounced back higher midday and ended with a gain of 0.27%. Silver surged to as high as $35.16 in early New York trade before it fell back to $34.318 and then also bounced back higher, but it still ended with a loss of 0.29%.
Euro gold climbed to over €1365, platinum gained $13.75 to $1635.50, and copper climbed a few cents to about $3.80.
Gold and silver equities rose over 1% at the open before they fell back off at times, but they still ended with modest gains.
All of this week’s other economic reports:
NAHB Housing Market Index - September
40 v. 37
Next week’s economic highlights include the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Housing Price Index on Tuesday, New Home Sales on Wednesday, Initial Jobless Claims, Durable Goods Orders, GDP, and Pending Home Sales on Thursday, and Personal Income and Spending, Core PCE Prices, Chicago PMI, and Michigan Sentiment on Friday.
Charts Courtesy of http://finance.yahoo.com/
Oil rose and the U.S. dollar index fell as the euro climbed higher on speculation that Spain may soon request financial aid to help ease the country's debt crisis.
Treasuries rose as the Dow, Nasdaq, and S&P erased early gains and ended mixed after optimism about Europe was offset in late trade by S&P saying it sees a chance of U.S. recession at 20%-25%.
Among the big names making news in the market Friday were GM, JPMorgan, and Apple.
“My Dear Extended Family,
Everyone has an opinion of QE3. Almost all are wrong.
What has taken place here in its size, and in an almost simultaneous international unified approach has no precedent in economic history.
QE1 and QE2 were not failures. Do you have any idea what the world would have looked like if every major bank in the Western financial world broke?
It is easy to be a naysayer and say let the banks go broke, but you have no idea how hard it would have hit you and yours and maybe gold and silver. This is not to say that Debt Monetization, which QE represents, is correct, but it was the only tool available to central banks that would create infinite cash for the Fed and Treasury to use in a totally discretionary manner. Governments, because of the size of their debt, were incapable of applying the better tool for reviving economic activity, which is fiscal stimulation. One thing for certain is the infrastructure of the USA is collapsing in front of your eyes. Dar es Salaam airport looks better on approach than JFK. Dubai is beyond description. Roads from the Beijing airport are brand new. The USA infrastructure is disgraceful for a major power. New York City roads look like "Mad Max and the Day After." However when you are the major debtor nation fiscal stimulation is simply not possible. It will not happen because it cannot happen.
Please stop listening to those that tell you QE will have no effect. They are "Ignorant to Infinity." QE3 is going to have an unprecedented effect, as it is now simultaneous and global in scope.
Please make note of all the governments that screamed at the Fed for the use of QE1 and QE2 that are now applying QE to infinity.
There will be no QE4 because QE3 is going to go on continually with a month or two off now and then. Please recognize that it is hard for markets to discount what they do not believe in and therefore by definition do not anticipate.
Know within 90 days the economic effects of QE3 will be entering markets for money and therefore the markets for gold, silver, and most certainly the dollar.
Gold is going to at least $3500. Silver will certainly perform well also. The real support for the US dollar is .7200 on the USDX and it will trade there. The euro will trade at $1.35 and $1.40.
Ron McEwen of MUX fame said it correctly: “Patience is bitter; but the fruit is sweet!”
Respectfully,”- Jim Sinclair, JSMineset.com
Activity from: 9/20/2012
Gold Warehouse Stocks:
Silver Warehouse Stocks:
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
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
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
Australian Stock Exchange (ASX)
Gold Bullion Securities
Johannesburg Securities Exchange (JSE)
New Gold Debentures
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.015
COMEX Gold Trust (IAU) Total Tonnes in Trust: 198.61: +1.81 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,940.66: +57.26 change from yesterday’s data.
AngloGold’s (AU) unprotected strike, Freeport’s (FCX) damaged offices, and Indonesia’s export royalty payments were among the big stories in the gold and silver mining industry making headlines Friday.
1. Gold Resource
THM +7.27% $3.10
SAND +6.60% $12.60
1. Vista Gold
VGZ -10.89% $3.52
RVM -6.56% $3.56
3. Northern Dynasty
NAK -4.70% $4.66
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 Friday, 21 September 2012 | Digg This Article | Source: GoldSeek.com