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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil
By: Chris Mullen, Gold-Seeker.com


-- Posted Monday, 24 September 2012 | | Disqus

 

Close

Gain/Loss

Gold

$1764.50

-$8.60

Silver

$33.96

-$0.56

XAU

189.07

-3.14%

HUI

509.00

-3.14%

GDM

1461.74

-3.19%

JSE Gold

2457.96

-33.29

USD

79.55

+0.20

Euro

129.29

-0.50

Yen

128.49

+0.54

Oil

$91.93

-$0.96

10-Year

1.718%

-0.042

T-Bond

145.96875

+0.34375

Dow

13558.92

-0.15%

Nasdaq

3160.78

-0.60%

S&P

1456.89

-0.22%

 
 

 

The Metals:

 

Gold fell $17.56 to $1755.54 in London before it rallied back higher in New York, but it still ended with a loss of 0.49%.  Silver slipped to a low as $33.594 before it also rebounded in New York, but it still ended with a loss of 1.62%.

 

Euro gold remained at about €1365, platinum lost $18.70 to $1616.80, and copper fell 6 cents to about $3.74.

 

Gold and silver equities fell about 3% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

There were no major economic reports today.  Tomorrow brings the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Housing Price Index.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell as the U.S. dollar index and treasuries rose on renewed worries about Europe that sent the Dow, Nasdaq, and S&P lower.

 

“Chancellor Angela Merkel and President Francois Hollande disagreed on a timetable for starting joint oversight of Europe’s banking sector. German business confidence unexpectedly fell in September, the Ifo institute in Munich said. China’s manufacturers and retailers are less optimistic about sales than they were three months ago and are cutting jobs, according to the findings of a survey by New York-based researcher CBB International LLC.”

 

Among the big names making news in the market today were Facebook, GM, Apple, Lennar, Peregrine, and Sprint.

 

GATA Posts:

 

 

Safeguards can spot fake gold bars

More fake gold scandalizes New York dealers

Yikes! Deutsche Bank recommends gold -- even a gold standard

Big changes in trader positions in gold and silver: Got Gold Report

Now China has the claim on Venezuela's Las Cristinas gold mine

 

The Statistics:

As of close of business: 9/21/2012

Gold Warehouse Stocks:

11,039,351.144

+32.15

Silver Warehouse Stocks:

139,983,413.035

-1,308.582

 

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

1317.762

42,367,360

US$74,651m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

134.99

4,340,159

US$7,653m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

153.09

4,922,059

US$8,026m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$633m

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 9.348 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 199.51: +0.90 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,940.66: No change from yesterday’s data.

 

The Miners:

 

Richmont’s (RIC) early retirement of its CAN$10 million debenture, McEwen’s (MUX)  first gold pour at El Gallo, IAMGOLD’s (IAG) completed notes offering, and Endeavour Silver’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Vista Gold

VGZ +5.40% $3.71

2.  Comstock

LODE+5.03% $3.34

3.  Avino

ASM +4.43% $1.65

 

LOSERS

1.  Fortuna

FSM -9.04% $5.33

2.  Nevsun

NSU -7.66% $4.58

3.  Gold Resource

GORO-7.22% $21.96

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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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 Monday, 24 September 2012 | Digg This Article | Source: GoldSeek.com

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