-- Posted Wednesday, 28 November 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1719.20 | -$22.10 |
Silver | $33.69 | -$0.31 |
XAU | 171.39 | +0.70% |
HUI | 453.70 | +0.85% |
GDM | 1319.83 | +0.71% |
JSE Gold | 2253.33 | -60.81 |
USD | 80.31 | -0.10 |
Euro | 129.39 | -0.05 |
Yen | 122.02 | +0.27 |
Oil | $86.49 | -$0.69 |
10-Year | 1.617% | -0.028 |
T-Bond | 151.375 | +0.50 |
Dow | 12985.11 | +0.83% |
Nasdaq | 2991.78 | +0.81% |
S&P | 1409.93 | +0.79% |
The Metals:
Gold fell to as low as $1705.64 by a little before 9:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 1.27%. Silver slipped to as low as $32.919 before it also rallied back higher, but it still ended with a loss of 0.91%.
Euro gold fell to about €1328, platinum lost $5 to $1604.50, and copper fell slightly to about $3.52.
Gold and silver equities fell over 2% at the open, but they then rallied back higher for most of the rest of trade and ended with almost 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
New Home Sales | Oct | 368K | 388K | 369K |
The fed's Beige Book noted that “the U.S. economy expanded at a “measured pace” in recent weeks as gains in consumer demand and housing were tempered by a slowdown in manufacturing and the impact of superstorm Sandy.”
Mortgage applications drop in latest week: MBA Reuters
House Speaker Boehner optimistic on averting fiscal crisis Reuters
Bowles Says Fiscal Cliff Deal Unlikely by End of Year Bloomberg
Tomorrow brings Initial Jobless Claims, GDP, and Pending Home Sales.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell and treasuries rose on worse than expected housing data.
The U.S. dollar index ended slightly lower as the Dow, Nasdaq, and S&P climbed higher on hopes that Congress will be able to avoid the fiscal cliff.
Among the big names making news in the market today were Costco, Getco, Express, SAC, BP, Gap, and UPS.
The Commentary:
“There remains very strong interest in the gold ETF's, interest which I might add is aiding the strength in the metal; however, this interest is a double-edged sword as the ETF's continue to siphon off money flows that would have, in times past, found their way into the mining shares. The result - continued underperformance by the mining shares in general against the price of gold bullion.
Notice from the chart that with a bit more than a month to go in the year, the HUI to gold ratio is sinking back down towards its recent lows and looks to finish the year on a very sour note.
Back in July of this year, the MONTHLY CLOSING price of this ratio was the lowest close for any month going all the way back to January 2002. Even the two spike lows that occurred during the worst of the credit crisis, which erupted in the summer of 2008, managed to see those two months recover well off their worst levels and close higher than this year's July close.
Something is going to have to occur within the industry as we enter into the new year or I believe even some of the long-term holders of the gold shares are going to begin to take a good, hard look at maintaining their holdings. Investors put their capital into a company because they are looking for return on that investment. If they can find better returns in an ETF, they are going to make the move there. That is just a simple fact of investor life.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
GATA Chairman Murphy interviewed for Resources Wire by Kevin Michael Grace
Lawrence Williams: Today's gold smash is great advertising for GATA
'Counterintuitive' sure is the word for the gold market
Bob Bishop to speak at GATA fundraiser at Vancouver conference
Grant Williams: Gold market manipulation is more than plausible
The Statistics:
As of close of business: 11/27/2012
Gold Warehouse Stocks: | 11,340,836.520 | +4,147.35 |
Silver Warehouse Stocks: | 140,352,915.726 | +573,095.62 |
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 | 1345.813 | 43,269,241 | US$75,535m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 140.85 | 4,528,530 | US$7,750m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 158.73 | 5,103,330 | US$8,322m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$614m |
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 3.616 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 214.77: +0.82 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,818.07: No change from yesterday’s data.
The Miners:
ITH’s (THM) Company and project update, Allied Nevada’s (ANV) fourth quarter operational developments, Paramount’s (PZG) drill results, Seabridge’s (SA) drill results, Brigus Gold’s (BRD) drill results, Keegan’s (KGN) out-of-court settlement, Endeavour Silver’s (EXK) acquired property, and Golden Minerals’ (AUMN) VP resignation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +4.79% $3.28 |
2. Gold Resource | GORO+4.30% $16.02 |
3. ITH | THM +3.85% $2.16 |
LOSERS
1. Mag Silver | MVG -4.64% $9.66 |
2. Silver Standard | SSRI -4.01% $13.16 |
3. Golden Minerals | AUMN -3.52% $3.84 |
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 Wednesday, 28 November 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1%
