-- Posted Monday, 5 November 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1684.10 | +$6.10 |
Silver | $31.15 | +$0.24 |
XAU | 177.78 | -0.66% |
HUI | 471.38 | -0.67% |
GDM | 1363.80 | -0.66% |
JSE Gold | 2386.33 | +0.91 |
USD | 80.75 | +0.18 |
Euro | 127.91 | -0.44 |
Yen | 124.57 | +0.29 |
Oil | $85.65 | +$0.79 |
10-Year | 1.684% | -0.042 |
T-Bond | 149.25 | +0.84375 |
Dow | 13112.44 | +0.15% |
Nasdaq | 2999.66 | +0.59% |
S&P | 1417.26 | +0.22% |
The Metals:
Gold fell $5.42 to $1672.58 in Asia, but it then climbed to as high as $1686.15 in New York and ended with a gain of 0.36%. Silver slipped to $30.64 in Asia, but it then climbed to as high as $31.24 in New York and ended with a gain of 0.78%.
Euro gold rose to about €1317, platinum lost $1.50 to $1541, and copper fell slightly to about $3.48.
Gold and silver equities saw slight gains at the open, but they then fell back off midday and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Oct | 54.2 | 55.0 | 55.1 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rebounded from last week’s losses as traders positioned themselves ahead of tomorrow’s Presidential election.
The U.S. dollar index rose as the euro fell on worries about Greece.
Treasuries rose as the Dow, Nasdaq, and S&P held near unchanged on uncertainty about tomorrow’s election.
Among the big names making news in the market today were GM, Goldman Sachs, Apple, Rochdale, Morgan Stanley, and Netflix.
The Commentary:
“I will attempt to return to work but I suspect it won’t feel “normal” around here for quite some time.
A short update is in order. The national elections and the immediate aftermath of them will be the dominating factor for the financial markets. With such a close race it’s foolish to speculate on what happens if such and such wins or losses.
U.S. Stock Market – It has been correct to believe the least resistance is up since March 2009. Until such time the election and/or other factors suggest otherwise, I shall remain in that mode. I do believe that no matter who wins, America faces an unprecedented long period (measured in years) of economic, social and political hardship that should become apparent after whatever honeymoon period the winner of the Presidency is afforded.
U.S. Bonds – My hope for one more run towards a 1.25% 10-yr. T-Bond yield in order to get aggressively short may not come to pass. I believe bonds shall be the worse investment for the next decade.
U.S. Dollar – It’s in no-man’s land and likely to stay within a fairly tight trading range for the balance of 2012 unless there’s a major political surprise and/or a serious military conflict occurs in the Middle East.
Gold – The weekly charts show a very formable triple top in the $1,800 area (Point A). A case can be made that the market is technically trapped for now in a trading range between Point A and Point B. The daily chart suggests strong support just under current prices at the 200-Day M.A. (Point A). The longer term story remains fully intact as the “mother” of all bull markets IMHO can make a new, all-time nominal high in the first quarter of 2013.
Oil & Natural Gas – Oil seems confined now to a trading range of $85 – $100 and barring a serious military conflict in the Middle East and/or a serious change in the world economic outlook, should stay within that trading range until further notice. Natural Gas should enjoy a seasonal bounce but large-scale increases in supply should constrain any rally to just a nice bounce.
Mining and Exploration Shares – While the horrific bear market in the junior resource market has passed, those who just a few weeks ago were calling for a major rally have now been disappointed once again. While it would be very advantageous to my business and personal portfolio, I continue to believe no long-lasing meaningful rally can take hold until we say “SAYONARA” to 2012.”- Peter Grandich, Grandich Letter
GATA Posts:
Scotiabank is likely the new manipulative short in silver, Steer writes
The Statistics:
As of close of business: 11/02/2012
Gold Warehouse Stocks: | 11,252,912.418 | -32.15 |
Silver Warehouse Stocks: | 142,166,289.676 | -300,872.16 |
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 | 1336.301 | 42,963,411 | US$72,299m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 140.87 | 4,529,191 | US$7,622m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 155.80 | 5,009,232 | US$8,168m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$604m |
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: 209.50: -0.05 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,943.01: -4.27 change from yesterday’s data.
The Miners:
Goldcorp’s (GG) dividend, Paramount’s (PZG) sold project, Vista Gold’s (VGZ) third quarter results, Allied Nevada’s (ANV) third quarter results, Keegan’s (KGN) closed private placement, Turquoise Hill’s (TRQ) power purchase agreement, and Silver Wheaton’s (SLW) dividend and third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Turquoise Hill | TRQ +9.44 $8.93 |
2. Northern Dynasty | NAK +7.04% $3.80 |
3. Avino | ASM +5.19% $1.62 |
LOSERS
1. ITH | THM -7.63% $2.18 |
2. Silver Standard | SSRI -4.57% $14.21 |
3. Banro | BAA -4.27% $4.48 |
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 Monday, 5 November 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Modestly Higher
