-- Posted Monday, 14 January 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1668.40 | +$5.20 |
Silver | $31.06 | +$0.59 |
XAU | 162.66 | -0.42% |
HUI | 431.30 | -0.40% |
GDM | 1258.49 | -0.24% |
JSE Gold | 2232.91 | +17.14 |
USD | 79.47 | -0.10 |
Euro | 133.79 | +0.37 |
Yen | 111.79 | -0.35 |
Oil | $94.14 | +$0.58 |
10-Year | 1.857% | -0.018 |
T-Bond | 145.46875 | +0.1875 |
Dow | 13507.30 | +0.14% |
Nasdaq | 3117.50 | -0.26% |
S&P | 1470.68 | -0.09% |
The Metals:
Gold climbed $11.65 to $1674.85 by a little after 8:30AM EST before it fell back to almost unchanged in the next hour and a half of trade, but it then rallied back higher in afternoon trade and ended with a gain of 0.31%. Silver surged to as high as $31.16 and ended with a gain of 1.94%.
Euro gold remained at about €1247, platinum gained $26 to $1654, and copper fell slightly to about $3.64.
Gold and silver equities waffled near unchanged and ended with slight losses.
The Economy:
If we hit the debt ceiling, can Obama choose which bills to pay? washingtonpost
Obama Warns Congress of ‘Haywire’ Markets If Debt Ceiling Hit Bloomberg
Obama says refusal to lift debt ceiling would hurt economy Reuters
Obama demands quick action to raise debt limit Yahoo
Mortgage Delinquencies Jump in Areas Hit Hard by Sandy Bloomberg
There were no major economic reports today. Tomorrow brings Retail Sales, PPI, Empire Manufacturing, and Business Inventories.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on news that service began on the expanded Seaway pipeline.
The U.S. dollar index ended slightly lower in mixed trade as the yen fell on easy policy from the Bank of Japan while the euro rose on last week’s stronger than expected policy from the ECB.
Treasuries rose as the Dow, Nasdaq, and S&P traded mixed on worries about earnings reports.
Among the big names making news in the market today were Dell, RIM, TNT Express, Apple, JPMorgan, Starz, Swatch, and Morgan Stanley.
The Commentary:
“That the precious metals mining shares, as evidenced by the HUI, have been a disappointment to their holders, is certainly an understatement. The HUI registered a loss of 13.2% last year in 2012. It did manage to recover from its worst levels having sank below the 380 mark at one point although that was little consolation to those who are long term holders of the shares and did not sell after the chart pattern broke down in the fall of last year.
That being said, there are some signs of life in the sector based on the chart analysis of the HUI. Take a look at the following chart that contains one of my favorite indicators, the old, reliable RSI or Relative Strength Indicator.
What I have constructed is a simple 3 day moving average of the actual RSI indicator itself in order to smooth out the signal line and eliminate the sharp spikes. Do you see what is happening?
Following the breakdown from the September high, as price descended, the RSI followed it lower in a rather smooth fashion. Lower prices on the HUI were matched by lower levels on the RSI. That continued until the middle of November when the index caught a bit of a short covering pop that looked as if it might put an end to the decline.
However, the rally lasted no longer than 5 days and prices began to move lower again. However, the increase in the number of up days even as price worked lower began to be picked up by the indicator as it no longer marched lock step in union with price itself. As a matter of fact, the indicator has begun registering a SERIES OF HIGHER LOWS even as price has been making a series of LOWER LOWS. In other words, a near perfect textbook case of BULLISH DIVERGENCE is appearing.
This is a clue that perhaps the sector is getting ready to experience an upmove and finally reverse the downtrend. It should be noted that this is just a POSSIBILITY of an upward move occurring, not a certainty.
What needs to occur to confirm a definitive bottom is that an overhead resistance level must be taken out, preferably with good volume across the various gold shares that comprise this particular index.
Based on this chart, I have noted such an area. A CLOSING push through 455 or so will be a strong affirmation of such an occurrence while a push through 465 or so will turn the chart decidedly bullish.
Let's wait and see what develops. For the time being note that were price on the HUI to fall down through support near 420 and be unable to recover that level on an intraday basis or by the next day of trading, the pattern would be negated and one would have to wait for further price action to decipher what comes next.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
With platinum coin rejected, how about upvaluing the gold reserve instead?
The Statistics:
As of close of business: 1/11/2013
Gold Warehouse Stocks: | 10,900,309.016 | +25,881.712 |
Silver Warehouse Stocks: | 150,324,721.825 | +1,364,798.991 |
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 | 1337.729 | 43,009,313 | US$71,274m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 138.39 | 4,449,415 | US$7,417m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 158.81 | 5,105,900 | US$8,326m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$598m |
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: 219.04: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,133.28: No change from yesterday’s data.
The Miners:
Alamos Gold’s (AGI.TO) takeover offer for Aurizon (AZK), Endeavour’s (EXK) 2012 production, Randgold’s (GOLD) operations in Mali, Great Panther’s (GPL) updated mineral resources, Banro’s (BAA) production update, SilverCrest’s (SVL.V) drill results, Fortuna’s (FSM) 2012 production, and Alexco’s (AXU) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Aurizon | AZK+32.37%$4.58 |
2. Fortuna | FSM +4.96% $4.44 |
3. Alexco | AXU +3.92% $3.98 |
LOSERS
1. Gold Reserve | GRZ -7.33% $2.78 |
2. Comstock | LODE -5.34% $1.95 |
3. Tanzanian Royalty | TRX -3.50% $3.86 |
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 Monday, 14 January 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold Gains and Silver Surges
