-- Posted Thursday, 27 December 2012 | | Disqus
| Close | Gain/Loss |
Gold | $1664.20 | +$4.10 |
Silver | $30.20 | +$0.24 |
XAU | 162.20 | +0.53% |
HUI | 434.65 | +0.58% |
GDM | 1260.93 | +0.69% |
JSE Gold | 2246.43 | +17.84 |
USD | 79.62 | +0.02 |
Euro | 132.41 | +0.15 |
Yen | 116.20 | -0.64 |
Oil | $90.87 | -$0.11 |
10-Year | 1.715% | -0.043 |
T-Bond | 148.34375 | +0.875 |
Dow | 13096.31 | -0.14% |
Nasdaq | 2985.91 | -0.14% |
S&P | 1418.09 | -0.12% |
The Metals:
Gold fell $8.09 to $1652.01 at about 9:45AM EST, but it then jumped to as high as $1665.39 in the last minutes of trade and ended with a gain of 0.25%. Silver slipped to $29.685 in London, but it then rose to as high as $30.466 in New York and ended with a gain of 0.8%.
Euro gold rose to about €1257, platinum rose $2 to $1534.50, and copper climbed slightly to about $3.59.
Gold and silver equities rose over 1% by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/22 | 350K | 375K | 362K |
New Home Sales | Nov | 377K | 379K | 361K |
Consumer Confidence | Dec | 65.1 | 70.0 | 71.5 |
Tomorrow at 9:45AM EST brings Chicago PMI for December expected at 51.0 and at 10AM is the Pending Home Sales report for November expected at 1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell slightly while the U.S. dollar index and treasuries rose as the Dow, Nasdaq, and S&P dropped on worries about the fiscal cliff, but news that the House of Representatives is said to plan a session on Dec. 30 brought the major indices back near unchanged by the close.
Among the big names making news in the market today were SeaWorld, Berkshire Partners, Audi, Apple, and Toyota.
The Commentary:
“My Dear Extended Family,
1. Gold did not fall on its own gravity. It was forced lower.
2. That take down had a distinct pattern outlined by CIGA Richard's note. It was high velocity, high volume offering at a market period of illiquidity. The form is a straight line down in a very short period of time.
3. This pattern is the hallmark of those seeking a lower price for gold.
4. The limit to this strategy exists in two things. The first is when the cash market fails to fully respond to the paper takedown. The second will be apparent in the form of a takedown that will present themselves. Those takedowns are short on lower volume. Seeking profits, shorts that are only hangers on will seek to duplicate the strength of the $1800 - $1775 - $1750 take down but run into cash market demand. This will be the price that pleases Asian demand promised to us from China. The paper market will not be able depress the cash market penny to penny.
5. The first signs are definitively in that the long war conducted by the US and GB against the euro has been lost. The euro is in a new birthing process, against all odds, as rising into the category of reserve demand.
6. Euroland and all the BRICs have been buyers of gold for reasons not motivated by emotion, but based on events yet to occur.
7. I have assured you that gold is migrating back into the monetary system, not as convertible, but rather as an alarm by price function. The price will be determined in the cash market as a product of speculation concerning a global M3.
8. Since construction in monetary science requires destruction, first the volatility of gold is going to be significantly more violent than even I anticipated.
9. The magnets at $2111 and floating around $4000 may simply be grade one of an educational system.
10. I have seen this type of take down before.
11. It was just prior to the major move in gold in the 70s wherein gold rose the most over the shortest period of time.
12. The operation of gold's price is not for a short to profits as its market character speaks of deep pockets only governments can have. I suspect that battle for the survival of the euro might soon be reversed into the battle for dollar survival. Euroland, Russia and Asia from central banks to connected financial entities have been buyers of gold. The tables have shifted. The signs of the new triumvirate being on the offensive sits right in front of us.
This is the transition that I believe is at hand. This operation is from some mega interest not seeking to profit on a short, but to obtain the most gold possible for this market event which will play into 2015 to 2017.
Conclusion:
There is not top in gold. The gold price is going much higher than I originally anticipated. The long standing currency war has shifted now putting the dollar in harms way. Gold and those very special gold situations are going much higher. Borrowed money cannot be used without taking risk beyond reason.
Stay the course because what has so far occurred is only the appetizer.
Respectfully,”- Jim Sinclair, JSMineset.com
The Statistics:
As of close of business: 12/26/2012
Gold Warehouse Stocks: | 11,048,645.107 | +6,622.30 |
Silver Warehouse Stocks: | 147,743,513.227 | +647,164.74 |
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 | 1350.820 | 43,430,228 | US$72,178m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 139.16 | 4,474,217 | US$7,431m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 159.68 | 5,133,931 | US$8,372m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$597m |
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: 217.72: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,045.85: No change from yesterday’s data.
The Miners:
Turquoise Hill’s (TRQ) commissioning and Randgold’s (GOLD) fire were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DRD +3.92% $7.68 |
2. Silver Standard | SSRI +3.47% $14.82 |
3. Harmony | HMY +2.86% $8.64 |
LOSERS
1. Banro | BAA -4.64% $2.67 |
2. Revett | RVM -4.41% $2.82 |
3. Great Panther | GPL -3.77% $1.53 |
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, 27 December 2012 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Higher
