-- Posted Thursday, 6 December 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1698.00 | +$4.40 |
Silver | $32.98 | +$0.13 |
XAU | 160.62 | +0.14% |
HUI | 430.16 | +0.40% |
GDM | 1254.22 | +0.44% |
JSE Gold | 2206.10 | -47.72 |
USD | 80.24 | +0.43 |
Euro | 129.69 | -1.01 |
Yen | 121.40 | +0.09 |
Oil | $86.26 | -$1.62 |
10-Year | 1.581% | -0.010 |
T-Bond | 151.84375 | +0.25 |
Dow | 13074.04 | +0.30% |
Nasdaq | 2989.27 | +0.52% |
S&P | 1413.94 | +0.33% |
The Metals:
Gold dropped $7.56 to $1686.04 at about 8:45AM EST, but it then jumped to as high as $1703.00 in late morning trade and ended with a gain of 0.26%. Silver surged to as high as $33.259 and ended with a gain of 0.4%.
Euro gold rose to about €1310, platinum gained $18 to $1596, and copper fell a few cents to about $3.64.
Gold and silver equities rose over 1% in the first hour and a half of trade before they fell back off midday, but they still ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/1 | 370K | 382K | 395K |
Rate on US 30-year mortgage ticks up to 3.34 pct. Yahoo
Tomorrow at 8:30AM EST brings November’s jobs data. Nonfarm payrolls are expected at 90,000, the Unemployment Rate is expected at 8.0%, Hourly Earnings are expected at 0.1%, and the Average Workweek is expected at 34.4. At 9:55 is Michigan Sentiment for December expected at 82.4, and at 3PM is Consumer Credit for October expected at $9.9 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose after news came out that the ECB pondered an interest rate cut at their meeting this morning.
Treasuries rose on speculation the fed may announce new bond purchases at the conclusion of its meeting next week.
The Dow, Nasdaq, and S&P edged higher on hopes for good news from tomorrow’s jobs report.
Among the big names making news in the market today were EADS, HSBC, Amazon, Apple, and Citigroup.
The Commentary:
“Over the last few weeks, the Euro has benefitted from growing concerns over the fiscal health of the US. The current grossly misnamed "fiscal cliff" talks have allowed money flows to make their way back into the common currency at the expense of the US Dollar.
That has changed in today's session. ECB President Mario Draghi's comments at a press conference have been interpreted as quite dovish by the trading community. Even though the ECB kept interested rates unchanged, the talk in the market quickly moved in response to what many feel was Draghi's leaving the door open for rate cuts in the not-too-distant future. What this means is that the interest rate environment in the Eurozone will remain negative in real terms. This is the type of scenario in which gold thrives.
While Goldman's report from yesterday pronounced an end of the negative real interest rate environment in the US sometime late next year or early in 2014 (something which I strongly disagree with by the way as higher interest rates will crush this economy), Draghi's comments seem to have paved the way for the continuation of such over in the Euro Zone for the foreseeable future.
The result can be seen in the EuroGold chart which has experienced a nice bounce even as the Euro itself has come under some strong selling pressure here in the US session.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Alasdair Macleod interviewed on safety issues with GLD and SLV
Downside manipulation in gold gets noticed in Dubai
Thunder Road Report: Ultimate bubble is in money itself
BBC's 'Panorama' killed report exposing silver market manipulation
Embry to speak in Vancouver and join Bishop at GATA reception
The Statistics:
As of close of business: 12/05/2012
Gold Warehouse Stocks: | 11,410,512.105 | +6,993.06 |
Silver Warehouse Stocks: | 145,293,612.490 | +161,861.52 |
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 | 1351.538 | 43,453,296 | US$73,589m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 141.60 | 4,552,585 | US$7,728m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 160.14 | 5,148,634 | US$8,396m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$609m |
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 0.301 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 215.51: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,829.15: +39.13 change from yesterday’s data.
The Miners:
WINNERS
1. Timmins | TGD+4.83% $3.04 |
2. Richmont | RIC +4.12% $3.03 |
3. Banro | BAA+3.54% $3.22 |
LOSERS
1. Mines MGMT | MGN-5.50% $1.03 |
2. Revett | RVM -4.91% $3.10 |
3. Gold Reserve | GRZ -4.90% $2.72 |
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 Thursday, 6 December 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Higher
