-- Posted Friday, 19 October 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1722.10 | -$18.90 | -1.84% |
Silver | $32.08 | -$0.66 | -4.18% |
XAU | 185.80 | -0.14% | +0.49% |
HUI | 495.70 | +0.28% | +0.03% |
GDM | 1425.11 | +0.30% | +0.12% |
JSE Gold | 2309.48 | -40.50 | -8.55% |
USD | 79.64 | +0.30 | -0.04% |
Euro | 130.21 | -0.47 | +0.51% |
Yen | 126.13 | -0.01 | -1.14% |
Oil | $90.05 | -$2.05 | -1.97% |
10-Year | 1.768% | -0.058 | +6.31% |
Bond | 147.5625 | +1.1875 | -1.34% |
Dow | 13343.51 | -1.52% | +0.11% |
Nasdaq | 3005.62 | -2.19% | -1.26% |
S&P | 1433.19 | -1.66% | +0.32% |
The Metals:
Gold saw just modest losses in Asia and London before it accelerated lower in late morning New York trade and fell to as low as $1716.10 by about noon EST, but it then bounced back higher in afternoon trade and ended with a loss of just 1.09%. Silver slipped to as low as $31.92 before it also rallied back higher in early afternoon trade, but it still ended with a loss of 2.02%.
Euro gold fell to about €1323, platinum lost $18.25 to $1617, and copper dropped 9 cents to about $3.64.
Gold and silver equities fell about 1.5% by midday, but they then rallied back higher in afternoon trade and ended near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | Sep | 4.75M | 4.7M | 4.83M |
Countdown to change at the Fed MarketWatch
All of this week’s other economic reports:
NAHB Housing Market Index - October | 41 v. 40 |
Next week’s economic highlights include New Home Sales, the FHFA Housing Price Index, and a FOMC Rate Decision on Wednesday, Initial Jobless Claims, Durable Goods Orders, and Pending Home Sales on Thursday, and GDP and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index and treasuries rose on poor earnings reports that sent the Dow, Nasdaq, and S&P over 1.5% lower.
Among the big names making news in the market Friday were Microsoft, AMD, Intel, Honeywell, McDonald’s, Airbus, GE, Barclays, Toyota, and Lowe’s.
The Commentary:
“You can see on the weekly chart that silver failed (once again) to extend through stubbornly strong overhead resistance near $35. Having done so, it is now setting back as speculative longs are getting flushed out. Additionally, fresh shorting is occurring.
The metal looks like it wants to drift lower yet unless it can pop back over $32.50 before the weekly trading ends. If it does not, odds favor a move down towards the 50 week moving average near the $31 level. That would put it back near the middle of the very broad trading range that it has been stuck in for more than year now and effectively leave it in limbo for a while.
Clearly the market lacks the necessary impetus to drive it higher through the stiff selling originating at the $35 level. The question is at what level it will find enough solid buying to set a floor.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
The Statistics:
Activity from: 10/18/2012
Gold Warehouse Stocks: | 11,243,331.713 | +32,026.01 |
Silver Warehouse Stocks: | 142,540,729.538 | +1,034,489.945 |
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$74,734m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 143.04 | 4,598,888 | US$7,981m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 154.67 | 4,972,926 | US$8,109m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$622m |
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: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,888.55: +27.11 change from yesterday’s data.
The Miners:
WINNERS
1. Mines MGMT | MGN +2.70% $1.33 |
2. Gold Fields | GFI +2.55% $12.06 |
3. AngloGold | AU +1.96% $33.21 |
LOSERS
1. Comstock | LODE-8.16% $2.70 |
2. Midway | MDW-4.55% $1.68 |
3. Revett | RVM -4.19% $3.43 |
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, 19 October 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 2% and 4% on the Week
