-- Posted Friday, 21 September 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1773.10 | +$4.70 | +0.08% |
Silver | $34.52 | -$0.10 | -0.32% |
XAU | 195.20 | +0.88% | +1.68% |
HUI | 525.47 | +0.64% | +1.55% |
GDM | 1509.94 | +0.70% | +1.76% |
JSE Gold | 2457.96 | -33.29 | +2.05% |
USD | 79.35 | -0.07 | +0.62% |
Euro | 129.85 | +0.18 | -1.04% |
Yen | 128.00 | +0.18 | +0.30% |
Oil | $92.89 | +$0.47 | -6.17% |
10-Year | 1.760% | -0.017 | -5.88% |
Bond | 145.96875 | +0.34375 | +0.97% |
Dow | 13579.47 | -0.13% | -0.10% |
Nasdaq | 3179.96 | +0.13% | -0.13% |
S&P | 1460.15 | -0.01% | -0.38% |
The Metals:
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.
The Economy:
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.
The Markets:
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.
The Commentary:
“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
The Statistics:
Activity from: 9/20/2012
Gold Warehouse Stocks: | 11,039,318.994 | -68,359.888 |
Silver Warehouse Stocks: | 139,984,689.466 | -889,120.372 |
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 | 1308.414 | 42,066,822 | US$73,956m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 134.99 | 4,340,208 | US$7,751m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 152.67 | 4,908,509 | US$8,004m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$641m |
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 3.015
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.
The Miners:
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.
WINNERS
1. Gold Resource | GORO+7.59% $23.67 |
2. ITH | THM +7.27% $3.10 |
3. Sandstorm | SAND +6.60% $12.60 |
LOSERS
1. Vista Gold | VGZ -10.89% $3.52 |
2. Revett | 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
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2012
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Friday, 21 September 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver End Near Unchanged on the Week
