-- Posted Thursday, 3 January 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1664.50 | -$20.20 |
Silver | $30.13 | -$0.79 |
XAU | 162.15 | -3.75% |
HUI | 432.03 | -4.10% |
GDM | 1256.81 | -3.95% |
JSE Gold | 2324.33 | -9.41 |
USD | 80.43 | +0.63 |
Euro | 130.54 | -1.27 |
Yen | 114.63 | +0.09 |
Oil | $92.92 | -$0.20 |
10-Year | 1.899% | +0.060 |
T-Bond | 144.71875 | -1.00 |
Dow | 13391.36 | -0.16% |
Nasdaq | 3100.57 | -0.38% |
S&P | 1459.37 | -0.21% |
The Metals:
Gold saw slight gains in Asia, but it then fell to as low as $1660.72 after today’s FOMC minutes and ended with a loss of 1.2%. Silver slipped to as low as $29.972 and ended with a loss of 2.55%.
Euro gold fell to about €1274, platinum lost $2.25 to $1558, and copper fell a couple of cents to about $3.70.
Gold and silver equities fell throughout most of trade and ended with about 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | Dec | 215K | 140K | 148K |
Initial Claims | 12/29 | 372K | 365K | 362K |
Fed sees bond buying ending this year MarketWatch
FOMC minutes: Fed officials divided over bond buying program length Financial Post
Geithner Said to Plan Departure Before Debt Ceiling Deal Bloomberg
Planned layoffs fall in December: Challenger Reuters
Mortgage applications fall for third straight week: MBA Reuters
Tomorrow brings December’s jobs data, Factory Orders, and ISM Services.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index jumped higher after FOMC minutes indicated that quantitative easing may be ending this year.
Treasuries rose as the Dow, Nasdaq, and S&P dropped on worries about quantitative easing.
Among the big names making news in the market today were Transocean, Buzzfeed, SAC, Google, Lazard, Al Jazeera, and Hormel.
The Commentary:
“Don't you just love the Fed? Are you not glad they provide such a calming, soothing, effect on our financial markets? Are you not glad they are there to provide balance to the unruly animal spirits that send prices careening wildly in one direction or the other?
The above questions are obviously meant to be highly sarcastic, filled with a strong measure of contempt and disgust towards these pestilential meddlers.
I submit that the Federal Reserve is the source of the all the wild volatility and the cause of these nearly incessant mad buying and selling binges that have left the general public suspect of the US stock market and opting against investing in it.
The Fed simply cannot keep its mitts off of the market as it announces one thing or another, resulting in panic buying and panic selling by traders/investors as they seek to protect themselves from adverse price movements based on the whims of a few unelected bureaucrats who supposedly have our best interests at heart.
In my opinion, what we are witnessing has nothing to do with FREE MARKET CAPITALISM and everything to do with taming markets that have the audacity to go in a different direction than that which is desired by our Central Planners.
I have been opposed to this idiocy known as QE ever since the word found its way into our modern vernacular for the one reason that it is nothing but a device employed by a privileged few to oppose the market forces that are necessary, nay, essential, to clearing excesses built up in an economy (which by the way were created by the same Central Bank interest rate policies in the first place).
The Fed blows the bubbles and then spends the rest of its time trying to deal with the fallout from its own stupidly shortsighted policies.
In so doing, it is constantly interfering in the process that the economy must go through in order to wring out excess or malinvestment and provide some stability and normalization.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
GoldSilver.com's 2012 report on the race to debase currencies
India's central bank cites CPM Group about paper gold's magical properties
At least India's government admits its war on gold and wages it in the open
Grandich offers forecast for 2013; Canadian metals dealer supports Liberty Dollar founder
The Statistics:
As of close of business: 1/02/2013
Gold Warehouse Stocks: | 11,125,827.264 | +27,605.08 |
Silver Warehouse Stocks: | 148,804,987.094 | -3,031.673 |
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 | 1349.917 | 43,401,177 | US$72,861m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 139.15 | 4,473,710 | US$7,507m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 158.86 | 5,107,525 | US$8,329m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$601m |
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 subtracted 0.903 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 217.72: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,084.96: No change from yesterday’s data.
The Miners:
WINNERS
1. Gold Reserve | GRZ +4.79% $3.28 |
2. Turquoise Hill | TRQ+0.46% $8.77 |
LOSERS
1. ITH | THM -7.66% $2.17 |
2. Golden Star | GSS -7.37% $1.76 |
3. Allied Nevada | ANV -7.03% $28.55 |
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 2013
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-- Posted Thursday, 3 January 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%
