-- Posted Thursday, 7 February 2013 | | Disqus

The Metals:

Gold edged up to $1681.23 in Asia before it fell back to $1663.26 at the start of this morning’s news conference from the ECB and then rose to a new session high of $1682.98 in the next couple of hours of trade, but it then fell back off again in early afternoon New York trade and ended with a loss of 0.34%.  Silver slipped to as low as $31.283 and ended with a loss of 1.16%.

• Euro Weakens as Draghi Says Recent Advance May Slow Inflation
• ECB says will monitor impact of euro strength
• ECB holds rates, Draghi enters the lion’s den

Euro gold climbed to almost €1248, platinum lost $16 to $1715.80, and copper fell a couple of cents to about $3.73.

Gold and silver equities opened up about 1% lower before they rose to see about 1% gains by midmorning, but they then fell back off in early afternoon trade and ended only modestly higher.

The Economy:

Retailers' sales beat forecasts, but worries remain Reuters

Obama says willing to craft "big deal" on budget, deficit Reuters

Fed’s Evans Says QE Could Stop Before Drop to 7% Jobless Bloomberg

Tomorrow at 8:30AM EST brings the Trade Balance for December expected at -$45.4 billion and at 10AM is the Wholesale Inventories report for December expected at 0.3%.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil fell and the U.S. dollar index rose as the euro dropped on Draghi’s comments from this morning’s news conference by the ECB.

Treasuries found slight gains as the Dow, Nasdaq, and S&P fell on poor economic data and worries about Europe.

Among the big names making news in the market today were Apple, Boeing, Lazard, and Akamai.

The Commentary:

“The USDX continues to show very substantial buying down near the 79 level. For nearly 5 months now, every time the index has moved down towards that region, buyers have come in and bid it back up.

It should be noted that this index has had difficulty maintaining its footing much above the 81 level for any length of time so effectively, it remains rangebound until proven otherwise.

If it were to manage a solid weekly close above the 81.50 level, it would probably make a run towards 83.50.

I want to continue to monitor this chart, especially in relation to the price of gold. So far the rising Dollar has not negatively impacted the price of gold as it has bounced off the $1660 level in spite of the US Dollar move higher off of its support level. We might need to see the Dollar break down however before gold can take out that very formidable resistance level above $1695 and extending to $1700. It seems that the stall in the US equity market move higher has generated a bit of safe haven buying in the metal for the immediate time being.

Right now, gold remains stuck in a sideways range until proven otherwise.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

Turkey refuses to halt gold flow to Iran

India's central bank keeps scheming to push people out of real metal and into imaginary gold

Ian Gordon: Economic winter could thaw gold equities

Imagine what gold and silver subpoenas might dig up

The Statistics:

As of close of business: 2/06/2013

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 220.70: +0.32 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,420.81: No change from yesterday’s data.

The Miners:

Almaden’s (AAU) drilling, SEMAFO’s (SMF.TO) drill results, Comstock’s (LODE) technical report, Silvercorp’s (SVM) drill results, and Fortuna’s (FSM) new section of its website devoted to sustainability were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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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• http://www.goldreview.com 

© Gold Seeker 2013

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-- Posted Thursday, 7 February 2013 | Digg This Article | Source: GoldSeek.com

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