-- Posted Tuesday, 13 November 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1724.50 | -$3.40 |
Silver | $32.42 | +$0.04 |
XAU | 176.72 | -1.11% |
HUI | 469.51 | -1.18% |
GDM | 1365.44 | -1.13% |
JSE Gold | 2417.18 | -37.28 |
USD | 81.09 | +0.05 |
Euro | 127.03 | -0.07 |
Yen | 125.95 | +0.12 |
Oil | $85.38 | -$0.19 |
10-Year | 1.589% | -0.022 |
T-Bond | 152.09375 | +0.4375 |
Dow | 12756.18 | -0.46% |
Nasdaq | 2883.88 | -0.70% |
S&P | 1374.53 | -0.40% |
The Metals:
Gold climbed up to $1730.92 at about 7AM EST before it dropped back to $1718.21 by a little after 9AM EST and then rallied to a new session high by late morning in New York, but it then fell back off again into the close and ended with a loss of 0.2%. Silver slipped to as low as $32.128 before it also jumped back higher in late morning New York trade and then fell back off into the close, but it still ended with a gain of 0.12%.
Euro gold fell to about €1358, platinum gained $16.80 to $1578.80, and copper remained at about $3.47.
Gold and silver equities fell over 1% in the first hour of trade before they rebounded to see slight gains by midday, but they then fell back off again in the last few hours of trade and ended back near their early session lows.
Indian gold demand seen recovering in 2013 - bankers Reuters
LBMA meet forecasts gold at $1,843/oz by next Sept. -poll Reuters
Gold Industry Facing Mine Discovery Challenge, Barrick Says Bloomberg
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Oct | -$120.0B | -$113.0B | -$98.5B |
Tomorrow brings Retail Sales, PPI, Business Inventories, and FOMC Minutes.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the International Energy Agency trimmed its forecast for fourth-quarter global oil demand.
The U.S. dollar index traded mostly slightly higher as the euro remained relatively stable but also vulnerable after a successful debt auction for Greece.
Treasuries found modest gains on persistent worries about the U.S. fiscal cliff and European debt problems that sent the Dow, Nasdaq, and S&P lower in late trade.
Among the big names making news in the market today were Xerox, Home Depot, and Microsoft.
The Commentary:
“Continued weakness in the grain complex is helping to keep pressure on the Continuous Commodity Index or CCI. There looks to be a change of ownership occurring in this complex with hedge funds bailing out of a sizeable long position and commercial interests obtaining long side hedge coverage.
We have this selling occurring not only in the grains, but also in the metals and the energy sector and some of the softs. This is providing some headwinds to the precious metals complex even with the equity market bulls trying their best to jam prices higher and prevent a further technically related sell off from deepening.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Butler sees silver's price appreciation potential far greater than gold's
Turkish prime minister says gold should replace dollar
'LIBOR-like' manipulation of gas prices suspected in UK
The Statistics:
As of close of business: 11/12/2012
Gold Warehouse Stocks: | 11,279,646.437 | +5,279.553 |
Silver Warehouse Stocks: | 143,885,346.814 | +1,146,348.52 |
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 | 1338.712 | 43,040,927 | US$74,263m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 140.16 | 4,506,392 | US$7,790m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 156.78 | 5,040,549 | US$8,219m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$620m |
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: 212.01: +1.39 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,055.94: -19.58 change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRX) assay results, Barrick’s (ABX) comments on discovery challenges, Entree Gold’s (EGI) exploration update, Rubicon’s (RBY) operational and drilling update, Impact Silver’s (IPT.V) third quarter results, SilverCrest’s (SVL.V) drilling update, and Aurcana’s (AUN.V) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Comstock | LODE+4.59% $2.28 |
2. Solitario | XPL +3.03% $1.70 |
3. Timmins | TGD +1.76% $3.46 |
LOSERS
1. Midway | MDW-9.55% $1.42 |
2. Banro | BAA -5.62% $4.20 |
3. McEwen | MUX -5.08% $3.92 |
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 Tuesday, 13 November 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Near Unchanged
