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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil
By: Chris Mullen, Gold-Seeker.com


-- Posted Thursday, 7 February 2013 | | Disqus

 

Close

Gain/Loss

Gold

$1671.80

-$5.70

Silver

$31.46

-$0.37

XAU

153.23

+0.17%

HUI

405.21

+0.21%

GDM

1184.80

+0.22%

JSE Gold

2212.41

-10.56

USD

80.20

+0.45

Euro

134.00

-1.23

Yen

106.85

-0.02

Oil

$95.83

-$0.79

10-Year

1.951%

-0.017

T-Bond

143.78125

+0.25

Dow

13944.05

-0.30%

Nasdaq

3165.13

-0.11%

S&P

1509.39

-0.18%

 
 

 

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 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:

 

Report

For

Reading

Expected

Previous

Initial Claims

2/02

366K

360K

371K

Productivity

Q4

-2.0%

-1.2%

3.2%

Unit Labor Costs

Q4

4.5%

2.4%

-2.3%

Consumer Credit

Dec

$14.6B

$11.9B

$15.9B

 

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

Gold Warehouse Stocks:

10,930,475.351

+3,279.30

Silver Warehouse Stocks:

157,391,206.381

-1,119,272.66

 

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

1328.092

42,699,501

US$71,188m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

140.42

4,514,656

US$7,582m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

155.82

5,009,845

US$8,169m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$600m

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: 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

1.  Golden Minerals

AUMN +5.92% $3.40

2.  Banro

BAA +2.91% $2.83

3.  Mines MGMT

MGN +2.88% $1.07

 

LOSERS

1.  Comstock

LODE -6.07% $2.01

2.  Nevsun

NSU -2.63% $4.08

3.  Randgold

GOLD-1.85%$95.16

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2013

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


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

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