-- Posted Thursday, 13 December 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1697.10 | -$14.20 |
Silver | $32.55 | -$0.87 |
XAU | 163.67 | -2.47% |
HUI | 436.68 | -2.52% |
GDM | 1275.71 | -2.62% |
JSE Gold | 2240.12 | +6.64 |
USD | 79.92 | +0.03 |
Euro | 130.77 | +0.06 |
Yen | 119.65 | -0.55 |
Oil | $85.89 | -$0.88 |
10-Year | 1.728% | +0.031 |
T-Bond | 149.1875 | -0.25 |
Dow | 13170.72 | -0.56% |
Nasdaq | 2992.16 | -0.72% |
S&P | 1419.45 | -0.63% |
The Metals:
Gold fell to as low as $1689.49 at about 9:20AM EST before it rebounded to $1702.26 in early afternoon trade, but it then fell back off again in the last four hours of trade and ended with a loss of 0.83%. Silver slumped to as low as $32.21 and ended with a loss of 2.6%.
Euro gold fell to about €1298, platinum lost $17.50 to $1610, and copper fell four cents to about $3.65.
Gold and silver equities fell over 3% by midafternoon before they bounced back higher in the last hour of trade, but they still ended with about 2.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/08 | 343K | 375K | 375K |
Retail Sales | Nov | 0.3% | 0.4% | -0.3% |
Retail Sales ex-auto | Nov | 0.0% | 0.0% | 0.0% |
PPI | Nov | -0.8% | -0.5% | -0.2% |
Core PPI | Nov | 0.1% | 0.1% | -0.2% |
Business Inventories | Oct | 0.4% | 0.4% | 0.7% |
Tomorrow brings CPI, Industrial Production, and Capacity Utilization.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on uncertainty about energy demand.
The U.S. dollar index waffled near unchanged in quiet trade.
Treasuries fell after today’s $13 billion 30-year note auction sold at a yield of 2.917% with a bid to cover of 2.5.
The Dow, Nasdaq, and S&P fell on worries about a deadlock over budget talks, but news of a meeting between Boehner and Obama this afternoon pared losses in late trade.
Among the big names making news in the market today were MetLife, Best Buy, Groupon, RIM, Sprint, CVS, Apple, and AmEx.
The Commentary:
“Dear CIGAs,
Gold will trade at $3500 and above on its own merits with Eastern demand in the cash market being the engine of price.
The Fed via Goldman has capped gold in the paper market for months. They were so obvious between $1775 and $1800 that Petunia can call the strategy.
Goldman is, in all practical senses, the Exchange Stabilization Fund because ESF is only a brokerage account. There is no fund in terms of what one thinks a fund’s office should look like. Read the law.
The President or US Secretary of the Treasury may appoint ANY person or entity to act on their behalf as the manager of the Exchange Stabilization Fund. The Exchange Stabilization Fund has a broad mandate that allows it to trade many things including GOLD. The USA is not the center of the Gold price in the full valuation move into 1980.
Right now the geniuses in charge of the ESF are driving gold via the paper market directly into Eastern hands. There is much speculation about the amount of Gold the USA holds and its deliverability as much gold and silver was used in the Manhattan Project and no audit has ever been carried out.
The gold price will in the not too distant future go through the cap and that will take it to full valuation above $3500. If you’re speculating in gold in futures without at least 20 years of positive history and training as or under a professional you have a financial death wish.
If your reason for owning gold and silver is an exchange failure you are fundamentally challenged.
The volatility in gold and counter intuitive moves, thanks to Goldman as broker for the Exchange Stabilization fund investor, will migrate back to good gold shares with the real beef.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Just coincidence? Queen is trotted through Bank of England's gold vault
Top central banks extend dollar-lending program
Jim Sinclair: Gold does not need you or me
Lee Quaintance and Paul Brodsky: For gold market rigging, look east too
Lars Schall: The Bundesbank and its gold -- to trade or not to trade?
More than half of Dutch gold is at NY Fed, finance minister says
The Statistics:
As of close of business: 12/12/2012
Gold Warehouse Stocks: | 11,138,311.775 | -320,728.40 |
Silver Warehouse Stocks: | 147,510,990.042 | +615,035.13 |
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 | 1351.423 | 43,449,600 | US$74,557m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 139.93 | 4,498,768 | US$7,641m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 159.71 | 5,134,690 | US$8,373m |
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: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 215.94: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,829.15: No change from yesterday’s data.
The Miners:
Brigus Gold’s (BRD) management changes, Midway’s (MDW) closed financing, Eldorado’s (EGO) closed notes offering, and Kimber’s (KBX) filed technical report were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +2.25% $1.82 |
2. Northern Dynasty | NAK +1.17% $3.47 |
3. Pretivm | PVG +1.00% $14.19 |
LOSERS
1. Pan American | PAAS-4.76% $18.79 |
2. Nevsun | NSU -4.69% $4.06 |
3. Fortuna | FSM -4.45% $4.51 |
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, 13 December 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 3%
