-- Posted Tuesday, 15 January 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1678.90 | +$10.50 |
Silver | $31.39 | +$0.33 |
XAU | 163.52 | +0.53% |
HUI | 434.43 | +0.72% |
GDM | 1267.29 | +0.70% |
JSE Gold | 2273.80 | -5.40 |
USD | 79.77 | +0.30 |
Euro | 133.05 | -0.76 |
Yen | 112.70 | +1.00 |
Oil | $93.28 | -$0.86 |
10-Year | 1.831% | -0.026 |
T-Bond | 145.96875 | +0.50 |
Dow | 13534.89 | +0.20% |
Nasdaq | 3110.78 | -0.22% |
S&P | 1472.34 | +0.11% |
The Metals:
Gold climbed almost 1% in Asia before it chopped back lower in London, but it then rose to a new session high of $1685.10 in New York and ended with a gain of 0.63%. Silver surged to as high as $31.382 in Asia before it fell back to $31.02 in London, but it then rose to as high as $31.503 in New York and ended with a gain of 1.06%.
Euro gold rose to about €1261, platinum jumped $24.20 to $1678.20, and copper remained at about $3.64.
Gold and silver equities climbed over 1% by midday before they fell back off a bit in afternoon trade, but they still ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Dec | 0.5% | 0.2% | 0.4% |
Retail Sales ex-auto | Dec | 0.3% | 0.3% | -0.1% |
PPI | Dec | -0.2% | 0.0% | -0.8% |
Core PPI | Dec | 0.1% | 0.2% | 0.1% |
Empire Manufacturing | Jan | -7.8 | 2.0 | -7.3 |
Business Inventories | Nov | 0.3% | 0.3% | 0.3% |
Tomorrow brings CPI, Net Long Term TIC Flows, Industrial Production, Capacity Utilization, the NAHB Housing Market Index, and the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on mixed economic data and worries about the debt ceiling.
The U.S. dollar index pared early gains midday as the yen jumped higher after Japanese Economy Minister Akira Amari said at a news conference that an overly weak yen wasn’t good for Japan’s economy, but the dollar then jumped to a new session high in late trade after Eurogroup President Jean-Claude Juncker said the euro's exchange rate is dangerously high.
Treasuries rose as the Dow, Nasdaq, and S&P traded mixed on worries about another congressional fight over the debt ceiling.
Among the big names making news in the market today were Lululemon, RBS, JPMorgan, Lennar, and Wal-Mart.
The Commentary:
“Both silver and gold are moving higher today as they add to gains made in yesterday's session, gains which I might add, tremendously improved the technical chart picture for silver.
See the chart posted yesterday evening in reference to silver but note also the following chart detailing the strong move higher in the Continuous Commodity Index.
It is closing in on its 50 day moving average which closely corresponds to the level near 565, the line marked, "initial resistance" on the chart.
As you can see, since September of last year the entire commodity complex as a whole, has been trapped within a defined downtrending channel. This is important to note because it has enabled the idea that the Fed's easy money policy are not proving to be inflationary, to gain credence. After all, if wholesale prices of basic commodities are trending lower, it is difficult to make the case that an inflationary episode lies just around the corner.
This latest move higher in the index must therefore be closely monitored as any change in the technical posture of this chart, will be the first sign of inflationary pressures beginning to surface in the economy at large. If, and this is a big, ""IF", the index pushes past BOTH resistance levels noted on the chart and breaks out of the channel, especially if it clears the region near 578, expect to hear increased chatter about inflation. This should especially benefit silver, which is much more sensitive to inflation pressures than is gold, or least has been if recent past is any indication.
Quite frankly, I have been a bit surprised that it has taken so long for the sector to see much in the way of money flows, especially with the equity market moving so strongly higher on the thesis that the global economy is recovering. If it is, especially in the case of China, then commodities as a whole would also benefit under such a scenario. Throw in the fact that a Yen Carry Trade, or even a Dollar Carry Trade, could easily be used by aggressive hedge funds to leverage themselves up to the gills once again to try to take advantage of the ultra low borrowing rates to fund such a carry trade, and the ingredients for a rally in this sector should seemingly be coming into vogue.
Moving back to the silver chart, it pushed through the 200 day moving average in yesterday's trade but instead of falling back below that level, it has added to gains and is now threatening a breach of what has been tough overhead resistance near the $31.50 level. If it takes that out, it will make a try at the downtrending 50 day moving average just shy of the $32 level.
The RSI looks good as it has pushed through the peak made in that indicator coinciding with the first push to $31.50 at the beginning of this year.
Incidentally, the Platinum group metals are both putting in strong performances today; this is helping silver as it tends to feed into an impulse to buy industrial metals.
Gold is strong today as it works towards its overhead resistance first near $1685 but more specifically near the $1696 level. That level also happens to be where the falling 50 day moving average comes in. Expect some opposition to the metal if it makes it to that point.
Gold needs to put a handle of "17" on itself if it wants to get any excitement going in terms of sparking some short covering and more momentum oriented buying. If it does, all of those fresh hedge fund short positions that were added below $1650 over the last two weeks will be in serious trouble.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
MarketWatch permits questions about official gold reserves
Handelsblatt report translated; and a statement by German gold repatriation advocates
Bundesbank reported ready to retrieve Germany's gold from New York and Paris
Goldcore raises clamor about Bank of England's custody of Ireland's gold
The Statistics:
As of close of business: 1/14/2013
Gold Warehouse Stocks: | 10,904,004.416 | +3,695.40 |
Silver Warehouse Stocks: | 150,505,321.397 | +180,599.572 |
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$71,659m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 138.44 | 4,450,859 | US$7,485m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 158.14 | 5,084,234 | US$8,291m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$603m |
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:
Barrick’s (ABX) commercial production achievement, Goldcorp’s (GG) commercial production declaration, Solitario’s (XPL) payment of $4.0 million from Sandstorm Gold, McEwen’s (MUX) results of its first year of production, Aurizon’s (AZK) response to Alamos Gold’s offer, and Santa Cruz Silver’s (SCZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fortuna | FSM +4.73% $4.65 |
2. Almaden | AAU +3.63% $3.14 |
3. Mines MGMT | MGN +3.54% $1.17 |
LOSERS
1. Revett | RVM -5.26% $2.52 |
2. Alexco | AXU -2.76% $3.87 |
3. Banro | BAA -2.30% $2.98 |
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 Tuesday, 15 January 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 1%
