-- Posted Thursday, 25 October 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1712.70 | +$11.80 |
Silver | $32.12 | +$0.42 |
XAU | 184.14 | +2.70% |
HUI | 495.54 | +3.20% |
GDM | 1422.71 | +3.11% |
JSE Gold | 2358.93 | -1.67 |
USD | 80.10 | +0.18 |
Euro | 129.40 | -0.30 |
Yen | 124.51 | +0.17 |
Oil | $86.05 | +$0.32 |
10-Year | 1.828% | +0.053 |
T-Bond | 146.71875 | -0.75 |
Dow | 13103.68 | +0.20% |
Nasdaq | 2986.12 | +0.15% |
S&P | 1412.97 | +0.30% |
The Metals:
Gold rose to as high as $1717.86 by a little after 10AM EST before it fell back off a bit in midday action, but it still ended with a gain of 0.69%. Silver surged to as high as $32.232 and ended with a gain of 1.36%.
Euro gold rose to about €1323, platinum gained $9.30 to $1561.70, and copper fell a couple of cents to about $3.56.
Gold and silver equities rose a little over 3% in the first hour of trade and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/20 | 369K | 375K | 392K |
Durable Orders | Sep | 9.9% | 8.0% | -13.1% |
Durable Orders -ex Trans. | Sep | 2.0% | 1.0% | -2.1% |
Pending Home Sales | Sep | 0.3% | 2.4% | -2.6% |
Tomorrow at 8:30AM EST brings third quarter GDP expected at 1.9%. The Chain Deflator is expected at 2.0%. At 9:55 is Michigan Sentiment for October expected at 83.1.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil found slight gains along with the U.S. dollar index on decent economic data.
Treasuries remained lower after today’s 7-year note auction sold at a high yield of 1.267% with a bid to cover of 2.56.
The Dow, Nasdaq, and S&P waffled near unchanged on mixed earnings reports.
Among the big names making news in the market today were Best Buy, NY Times, Lazard, P&G, GE, Samsung, and Simon Property Group.
The Commentary:
“Every year, the various commodity indices, that are used by hedge funds and index funds to benchmark against, have a reweighting of the various commodity inputs that are used to comprise each particular index. During this reweighting process, the percentage of some commodities are increased while the percentage of others are decreased. As a result, those funds benchmarking against the index, are forced to recalibrate their particular portfolios, selling some commodity positions while buying some new commodity positions in order to come into alignment with the new weightings.
Dow Jones/UBS recently announced that the precious metal component of their index will be increased by 2% from this year's levels for 2013. This will benefit gold and silver to the extent of an estimated (by Credit Suisse analysts) to the tune of some $1.6 Billion in new money flows. The money will be evenly split between gold and silver.
There might be some buying in the metals this AM on this news given the fact that the Dollar is generally steady this AM, which would normally see some pressure on the metals. Bargain hunting occurred last evening in Asia down near $1700 and is still coming in against that support level on the charts.
Gold bulls need to get the price back over $1720 however and KEEP it there to stem the recent declining pattern and stabilize the market.
Strength in the mining shares as evidenced by the HUI is aiding the metals. That bullish flag formation on the weekly chart is still in force but was chipped away at by yesterday's strong down day. Mining share bulls will need to take the index up through 510 for starters to give some further hope of validating the pattern. A close in the index below the 480 level makes the pattern null and void.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
'Keiser Report' examines German gold reserve audit controversy
New York Sun: The Rosa Parks of the dollar
Brazil's gold reserve rises for first time since 2008
Uneasiness in the Netherlands about national gold reserve
This is what passes for financial journalism at The Telegraph and CNBC
Prison may be the next stop on a gold currency journey
Telegraph notes mystery German gold withdrawal and GATA's clamor about it
Max Keiser interviews Lars Schall about Germany's gold reserve
The Statistics:
As of close of business: 10/24/2012
Gold Warehouse Stocks: | 11,243,203.118 | -225.045 |
Silver Warehouse Stocks: | 142,383,785.366 | +586,065.50 |
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 | 1336.904 | 42,982,793 | US$73,330m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 140.81 | 4,527,157 | US$7,767m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 155.60 | 5,002,743 | US$8,158m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$616m |
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: 208.00: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,893.07: -25.6 change from yesterday’s data.
The Miners:
Eldorado’s (EGO) drill results, Goldcorp’s (GG) third quarter results, Brigus Gold’s (BRD) exploration update, Keegan’s (KGN) metallurgical test work program, Pretivm’s (PVG) operating rate, IMPACT Silver’s (IPT.V) drill results, and Excellon’s (EXN.TO) new director were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Agnico-Eagle | AEM+9.14% $56.36 |
2. Goldcorp | GG +6.70% $43.82 |
3. Fortuna | FSM +5.64% $5.06 |
LOSERS
1. Avino | ASM -3.99% $1.49 |
2. Solitario | XPL -3.13% $1.55 |
3. Comstock | LODE-3.02% $2.57 |
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 Thursday, 25 October 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 1%
