-- Posted Monday, 19 November 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1732.10 | +$20.20 |
Silver | $33.12 | +$0.87 |
XAU | 170.58 | +2.96% |
HUI | 452.47 | +2.67% |
GDM | 1317.06 | +2.83% |
JSE Gold | 2306.70 | +22.89 |
USD | 80.87 | -0.34 |
Euro | 128.12 | +0.69 |
Yen | 122.90 | -0.03 |
Oil | $89.28 | +$2.36 |
10-Year | 1.611% | +0.037 |
T-Bond | 151.4375 | -0.78125 |
Dow | 12795.96 | +1.65% |
Nasdaq | 2916.07 | +2.21% |
S&P | 1386.89 | +1.99% |
The Metals:
Gold rose to as high as $1735.20 by late morning in New York before it fell back off a bit in afternoon trade, but it still ended with a gain of 1.18%. Silver surged to as high as $33.205 and ended with a gain of 2.7%.
Euro gold rose to about €1352, platinum gained $15.50 to $1573, and copper climbed 8 cents to about $3.53.
Gold and silver equities rose about 2.5% at the open and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
NAHB Housing Market Index | Nov | 46 | 42 | 41 |
Existing Home Sales | Oct | 4.79M | 4.70M | 4.70M |
Tomorrow at 8:30AM EST brings Housing Starts for October expected at 840,000 and Building Permits expected at 870,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on tensions in the Middle East while the U.S. dollar index and treasuries fell on hopes for a budget deal to solve the US fiscal cliff.
The Dow, Nasdaq, and S&P rose on promising signs that a deal can be reached to avoid automatic spending cuts and tax increases.
Among the big names making news in the market today were Lowe’s, Wal-Mart, Hostess, Honda, and Intel.
The Commentary:
“Gold has rebounded sharply this AM and run right back into a strong level of selling resistance noted on the price chart. If the bulls can push through this region, they stand a very good chance of taking the market to the $1780 level.
What more can you say that "RISK ON" is in vogue today. WAX ON; WAX OFF; RISK ON; RISK OFF.
Wanna know why Silver is so strong today? Look at the following chart of the CCI. Yep, Risk on.
Home Sales Data uptick has copper bulls giddy with delight.
Today is "BUY EVERYTHING IN SIGHT" Day. Tomorrow, who knows?”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“U.S. Stock Market – I have constantly resisted the cries from bears to come back ever since leaving the bearish camp in March 2009. It’s been my opinion that the least resistance was up, not down and the surprises shall be to the upside.
It would come as no surprise that last Friday ends up marking an important low and in this seasonally favorable week of trading, the “Don’t Worry, Be Happy’ crowd ramp up their yearly “Santa Claus Rally” talk (It helps that Santa Claus will be in the White House for four more years).
No Bah-Humbug from me!
Gold – For the umpteen time, the bloodied perma-bears have tried to break the back of the “Mother” of all gold bull markets and failed. Look for $1745 to be taken out on a closing basis and then yet another challenge of key resistance around $1,800.
Mining and Exploration Shares – I think last week was an important low up and down the food chain. While it won’t be straight up from here, I do think we can say good riddance (fingers, toes and all other body parts crossed) to the horrific bear market of 2012.”- Peter Grandich, Grandich Letter
GATA Posts:
Alasdair Macleod: Understanding Asian gold demand
Billions in bearer bonds in NY vault could be lost to hurricane water damage
Join GATA in January in the city with the best reputation in the world: Vancouver
Bruce Pile: Basel III and gold
GATA consultants Kirby and Turk appear on 'Keiser Report'
The Statistics:
As of close of business: 11/6/2012
Gold Warehouse Stocks: | 11,205,605.468 | +482.25 |
Silver Warehouse Stocks: | 142,606,352.484 | +623,635.60 |
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 | 1342.629 | 43,166,880 | US$73,927m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 140.12 | 4,504,869 | US$7,793m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 157.20 | 5,054,130 | US$8,242m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$621m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.45 | 1,364,715 | US$2,214m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.013 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 212.77: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,940.01: -45.17 change from yesterday’s data.
The Miners:
Eurasian’s (EMXX) acquisition and sale, Almaden’s (AAU) drill results, Nevsun’s (NSU) new executives, MAG Silver’s (MVG) response to reports of an illegal eviction, Mines Management’s (MGN) third quarter results, Hecla’s (HL) acquired interest in Canamex Resources, and Silvercorp’s (SVM) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +9.10% $15.71 |
2. Gold Resource | GORO +8.69% $14.88 |
3. Great Panther | GPL +8.48% $1.79 |
LOSERS
1. MAG Silver | MVG-9.80% $10.13 |
2. Comstock | LODE -0.45% $2.23 |
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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-- Posted Monday, 19 November 2012 | Digg This Article | Source: GoldSeek.com