-- Posted Tuesday, 4 December 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1696.70 | -$18.50 |
Silver | $32.96 | -$0.63 |
XAU | 166.97 | +0.07% |
HUI | 440.95 | +0.25% |
GDM | 1283.86 | +0.22% |
JSE Gold | 2265.26 | -35.22 |
USD | 79.65 | -0.25 |
Euro | 130.96 | +0.41 |
Yen | 122.18 | +0.56 |
Oil | $88.50 | -$0.59 |
10-Year | 1.608% | -0.020 |
T-Bond | 151.46875 | +0.40625 |
Dow | 12951.78 | -0.11% |
Nasdaq | 2996.69 | -0.18% |
S&P | 1407.05 | -0.17% |
The Metals:
Gold fell to as low as $1691.20 in early New York trade before it bounced back higher at times, but it still ended with a loss of 1.08%. Silver slipped to as low as $32.66 and ended with a loss of 1.88%.
Euro gold fell to under €1296, platinum lost $21.50 to $1584.50, and copper climbed a couple of cents to about $3.65.
Gold and silver equities opened up over 1% lower before they rallied to find slight gains in the next hour of trade and then fell to see about 1% losses again by late morning, but they then rallied back higher in afternoon trade and ended with modest gains.
The Economy:
Most Accurate Forecaster Sees Lethargic U.S. Expansion Bloomberg
Republicans Counter Obama Plan With Entitlement Cuts Bloomberg
State governors to meet with Obama, Boehner on "fiscal cliff" Reuters
Tomorrow brings ADP Employment, Productivity, Factory Orders, and ISM Services.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil dropped on continued worries about poor economic data and the impending fiscal cliff.
The U.S. dollar index fell as the euro rose after Greece announced better-than-expected terms for its debt.
Treasuries found slight gains as the Dow, Nasdaq, and S&P traded mostly slightly lower on fiscal cliff concern.
Among the big names making news in the market today were Time Warner Cable, Oracle, AutoZone, Delta, Starbucks, Toll Brothers, and Kinder Morgan.
The Commentary:
“Ever since Wednesday of last week, gold bulls have been on edge. An unusually large surge of sell orders on that day broke the price of the metal sharply lower making a large number of recently purchased put options extremely profitable while simultaneously inflicting some serious chart damage to the metal.
Friday of last week saw another barrage of selling with the market attracting some bargain buying in yesterday's session (Monday).
Once again it seems as if the mysterious whack-a-mole bandit has struck the metal. This time it was in the middle of the night here in the US, a few minutes before midnight in the Central time zone. Volume surged to levels not normally seen except during the busy pit session trading hours.
Take a look at the following price chart where you can clearly see the SHARP SURGE in volume in the middle of the night. Notice how that volume spike compares to the height of the volume bars during the pit session hours. That is what makes it stand out so obviously.
It is evident that selling of this nature was designed not to obtain the highest possible selling price for a rather large amount of metal to sell. That would have been done by a measured selling program of scale up selling into both short covering and some fresh buying, as that which occurred on Monday. NO, selling of this magnitude is done with one purpose and one purpose only - to take down a market.
Some of the usual skeptics will no doubt instantly dismiss such talk of manipulated price again. Attempting to convince such is a fruitless endeavor. Someone could piss down their backs and they would still believe it is raining. Truth be told it matters not whom the culprit/culprits are; their footprints are unmistakable.
Gold will need buying on the physical markets to absorb the speculative long liquidation and fresh shorting that is now occurring as a result of this technical breakdown of the paper markets. That means Asian buying and Central Bank buying.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“My Dear Extended Family,
This should serve as an answer to more than 300 emails:
1. There is no top in place for the gold price. Absolutely none.
2. This reaction is an operation using the MSM multitude of reports on the Fiscal Cliff sure to occur in order to scream unopposed deflation (wrong).
3. The US Dollar and Gold are under pressure by the operators screaming Fiscal cliff, deep depression, no additional stimulation will be provided.
4. As usual since $248 Gold, they are dead wrong as to the result.
5. The fact that the Fed is the primary buyer of US Treasuries is the common denominator of all the reasons why gold is going to $3500 and above. This common denominator is simply not going to change for years.
6. The Administration proposes as part of a Fiscal Cliff compromise that the debt Ceiling be permanently removed. That means debt to infinity.
7. This is nothing more than noise.
It has finally happened. I am buried by your emails. I apologize, but there simply are too many people emailing the same question for me to reply.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
BIS gold report hints at repatriation by central banks
Austrian central bank refuses to answer gold leasing questions
The Statistics:
As of close of business: 12/03/2012
Gold Warehouse Stocks: | 11,399,468.135 | +6,751.708 |
Silver Warehouse Stocks: | 143,405,049.416 | +1,237,101.80 |
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 | 1348.826 | 43,366,115 | US$74,561m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 141.70 | 4,555,778 | US$7,736m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 160.07 | 5,146,278 | US$8,392m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$610m |
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: 215.04: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,757.86: No change from yesterday’s data.
The Miners:
Banro’s (BAA) production update and SilverCrest’s (SVL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +4.44% $3.53 |
2. Golden Minerals | AUMN +3.88% $4.28 |
3. Richmont | RIC +3.57% $2.90 |
LOSERS
1. Gold Reserve | GRZ -8.36% $2.85 |
2. Timmins | TGD -5.11% $2.97 |
3. Mines MGMT | MGN-4.50% $1.06 |
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, 4 December 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1% and 2%
