-- Posted Friday, 23 November 2012 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1751.00 | +$21.80 | +2.28% |
Silver | $34.06 | +$0.73 | +5.61% |
XAU | 174.33 | +1.76% | +5.23% |
HUI | 463.00 | +1.64% | +5.02% |
GDM | 1345.87 | +1.68% | +5.08% |
JSE Gold | 2322.69 | -15.81 | +1.70% |
USD | 80.17 | -0.77 | -1.28% |
Euro | 129.77 | +1.49 | +1.85% |
Yen | 121.43 | +0.24 | -1.32% |
Oil | $88.74 | +$0.76 | +3.58% |
10-Year | 1.692% | +0.005 | +7.77% |
Bond | 150.03125 | -0.0625 | -1.44% |
Dow | 13009.68 | +1.35% | +3.35% |
Nasdaq | 2966.85 | +1.38% | +3.99% |
S&P | 1409.15 | +1.30% | +3.62% |
The Metals:
Gold saw only modest gains in Asia and London, but it then accelerated higher in midmorning New York trade and ended near its early afternoon high of $1754.10 with a gain of 1.26%. Silver surged to as high as $34.16 and ended with a gain of 2.19%.
Euro gold rose to about €1349, platinum gained $39.50 to $1616.50, and copper climbed a few cents to about $3.53.
Gold and silver equities rose almost 2% by early afternoon and remained near that level for the rest of the day.
The Economy:
All of this week’s economic reports:
NAHB Housing Market Index - November | 46 v. 41 |
Next week’s economic highlights include Durable Orders, the Case-Shiller 20-city Index, Consumer Confidence, and the FHFA Housing Price Index on Tuesday, New Home Sales and the fed’s Beige Book on Wednesday, Initial Jobless Claims, GDP, and Pending Home Sales on Thursday, and Personal Income and Spending, Core PCE Prices, and Chicago PMI on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index and treasuries fell on a better than expected German business confidence reading that sent the Dow, Nasdaq, and S&P higher.
Among the big names making news in the market Friday were BP, Wal-Mart, and RIM.
The Commentary:
“Gold has breached overhead chart resistance centered near the $1740 level in extremely light holiday trade. One thing to keep in mind about this is that pit locals are notorious for using these ultra thin trading conditions to go hunting for upside or downside stops. Since there is not the depth of liquidity that is normally present in the market, resistance to their hunting party efforts is minimal.
What this means for chart watchers is that one has to take the price movements with a bit of healthy skepticism. If the move is for real, it will hold on the resumption of trade during the next trading period. In our example - gold will need to remain above its breakout level of $1740 during both Sunday evening trade in Asia and during Monday trade here in the US.
The same goes for silver.
For today, the money flow is to the upside. All it takes is one or two hedge funds to start playing games and the locals, reading the direction of the money flow, enter the fray. The victims in this perfectly legal game of theft, are those who have foolishly placed stop loss orders and forgotten to cancel them during the holiday trade.
Lesson for traders - unless you plan on trading during these thin trading condition periods, get out of your positions before the holiday and wait for the return of the full week worth's of trading to re-enter. You might miss a move while you are enjoying some vacation but at least you will have the satisfaction of not enriching the pit locals.
It is the same for the S&P 500 which is witnessing a huge short squeeze. Thin trading conditions are allowing the locals to play.
This is where many of these guys make their annual incomes...”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Clamor about gold reserves prompts leasing disclosure by Austrian central bank
Brazil has no gold reserves, just claims against bullion banks, Goldcore discloses
Jeff Nielson: Silver's smoking guns of price suppression
Most Austrian gold reserves held in London and leased out
Future Money Trends: The Day the World Ended
The Statistics:
As of close of business: 11/20/2012
Gold Warehouse Stocks: | 11,289,663.938 | +84,058.47 |
Silver Warehouse Stocks: | 141,404,462.597 | -927,344.387 |
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 | 1342.197 | 43,152,989 | US$74,828m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 139.98 | 4,500,524 | US$7,868m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 157.95 | 5,078,199 | US$8,281m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$629m |
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: 213.65: +0.88 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,918.07: -61.73 change from yesterday’s data.
The Miners:
Timmins Gold’s (TGD) drill results, Pretivm’s (PVG) filed technical report, and Huldra Silver’s (HDA.V) exploration plans were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Richmont | RIC +15.34% $3.91 |
2. Banro | BAA+11.81% $3.22 |
3. Pretivm | PVG+9.82% $14.31 |
LOSERS
1. Gold Standard | GSV -3.38% $1.43 |
2. DRDGOLD | DRD -1.41% $7.69 |
3. Comstock | LODE -0.90% $2.20 |
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 Friday, 23 November 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 2% and 6% on the Week
