-- Posted Thursday, 18 October 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1741.00 | -$7.70 |
Silver | $32.74 | -$0.41 |
XAU | 186.06 | -2.61% |
HUI | 494.28 | -2.98% |
GDM | 1420.73 | -2.93% |
JSE Gold | 2349.98 | -82.37 |
USD | 79.34 | +0.32 |
Euro | 130.71 | -0.49 |
Yen | 126.18 | -0.49 |
Oil | $92.10 | -$0.02 |
10-Year | 1.826% | +0.015 |
T-Bond | 146.375 | -0.28125 |
Dow | 13548.94 | -0.06% |
Nasdaq | 3072.87 | -1.01% |
S&P | 1457.34 | -0.24% |
The Metals:
Gold bumped up to $1751.29 in Asia before it fell to $1737.90 by about 8:30AM EST and then rallied back higher into midday, but it then fell back off again in afternoon trade and ended with a loss of 0.44%. Silver slipped to as low as $32.67 and ended with a loss of 1.24%.
Euro gold fell to about €1332, platinum lost $29.75 to $1635.25, and copper fell a couple of cents to about $3.73.
Gold and silver equities fell throughout most of trade and ended with almost 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/13 | 388K | 360K | 342K |
Philadelphia Fed | Oct | 5.7 | -0.1 | -1.9 |
Leading Indicators | Sep | 0.6% | 0.2% | -0.4% |
Tomorrow at 10AM EST is the Existing Home Sales report for September expected at 4,700,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower as the U.S. dollar index rose on worries about this morning’s jump in jobless claims.
Treasuries fell on relief over a Spanish bond sale that drew decent demand.
The Dow, Nasdaq, and S&P fell after Google mistakenly released a poor earnings report earlier than intended.
Among the big names making news in the market today were Google, Travelers, Union Pacific, Verizon, Rosneft, Morgan Stanley, and Apple.
The Commentary:
“As you can see on this shorter term chart, gold has broken the nice STAIR-STEPPING PATTERN that had been in place since the middle of August. The overhead resistance at $1,800 has proven to be too formidable for the bulls to overcome and thus the market has set back due to a combination of both stale long liquidation and fresh shorting against this resistance line.
The market is probing lower looking to see at what price level more demand, especially on the physical market, can be generated. It is important that the line marked, "SECONDARY SUPPORT" does not give way. If it does, gold will drop to $1700 - $1690 and possible as low as $1680 before temporarily stabilizing.
There is some concern that the slower growth in China (they are still humming along at over 7% but well off the previous pace) will curtail some physical gold demand from that quarter. Also, from time to time it appears the woes in Euroland continue to make traders nervous about piling on the risk trades any further.
The larger trend continues against a backdrop of easy money policies meaning low interest rates and Quantitative Easing/Bond Buying programs and some government stimulus measures over in China. That does not look to change for the foreseeable future. This will keep the primary trend in gold intact.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
GATA Chairman Murphy speaks Saturday at National Money Show in Dallas
Emperor Honorius' money from AD 408 remains as good as the Bank of England's
China grabs Australian gold
FBI cracks another of its own terrorist plots, this one to bomb the NY Fed
The Statistics:
As of close of business: 10/17/2012
Gold Warehouse Stocks: | 11,211,305.703 | +2,307.05 |
Silver Warehouse Stocks: | 141,506,239.593 | +690,775.393 |
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 | 1333.889 | 42,885,878 | US$74,992m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 142.96 | 4,596,340 | US$8,005m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 154.50 | 4,967,225 | US$8,100m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$625m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.45 | 1,364,715 | US$2,214m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 207.13: +1.18 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,861.44: No change from yesterday’s data.
The Miners:
Gold Fields’ (GFI) striking workers, McEwen’s (MUX) third quarter production results, Gold Resource’s (GORO) new General Manager, Pretivm’s (PVG) drill results, Silvercorp’s (SVM) drill results, Aurcana’s (AUN.V) third quarter production, and Silver Standard’s (SSRI) third quarter operational results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Midway | MDW+6.67% $1.76 |
2. Avino | ASM +1.95% $1.57 |
3. Gold Reserve | GRZ +1.25% $3.25 |
LOSERS
1. Gold Resource | GORO-10.62% $18.01 |
2. AngloGold | AU -6.78% $32.57 |
3. Gold Fields | GFI -5.92% $11.76 |
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 Thursday, 18 October 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall With Stocks
