-- Posted Monday, 11 February 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1649.70 | -$18.90 |
Silver | $30.98 | -$0.48 |
XAU | 149.32 | -2.04% |
HUI | 395.56 | -1.90% |
GDM | 1154.47 | -2.03% |
JSE Gold | 2198.35 | -27.68 |
USD | 80.31 | +0.08 |
Euro | 133.97 | +0.31 |
Yen | 106.43 | -1.51 |
Oil | $97.03 | +$1.31 |
10-Year | 1.946% | -0.008 |
T-Bond | 143.6875 | UNCH |
Dow | 13971.24 | -0.16% |
Nasdaq | 3192.00 | -0.06% |
S&P | 1517.01 | -0.06% |
The Metals:
Gold fell to as low as $1643.88 in early New York trade before it bounced back higher at times, but it still ended with a loss of 1.13%. Silver slipped to as low as $30.815 and ended with a loss of 1.53%.
Euro gold fell to about €1231, platinum lost $26.25 to $1686.25, and copper fell four cents to about $3.72.
Gold and silver equities fell about 2% by midday and remained near that level for the rest of the day.
The Economy:
Home Prices Rise in 88% of U.S. Cities as Recovery Gains Bloomberg
Fed Easy Credit Becomes Inside Debate Focusing on Escape Bloomberg
Tomorrow at 2PM EST brings the Treasury Budget for January expected at -$2.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil turned up and the U.S. dollar index erased early gains after the euro jumped higher on comments from European Central Bank council member Jens Weidmann, but the dollar then edged back higher in late trade and ended with a modest gain as the yen fell ahead of this week’s policy decision from the Bank of Japan.
Treasuries found modest gains as the Dow, Nasdaq, and S&P traded mostly slightly lower on worries about the week ahead.
Among the big names making news in the market today were Dell, AOL, Novo Nordisk, US Airways, and Regeneron.
The Commentary:
“The Asian holiday period has closed down some of the big physical market buys that we normally see from that quarter of the globe. The result has been a lack of physical off take which typically helps offset speculative selling over in the New York trading hours.
That has allowed bears to take gold lower after it failed to push past overhead resistance last week near the $1685- $1690 level. Gold is now retreating towards the bottom of its 6 week+ trading range near $1640 and below.
Bears will try to break through this support level as there are significant sell stops lurking down there that has them salivating. I would expect some Central Bank buying to emerge however should prices reach these levels.
From a technical analysis standpoint, the market needs to hold support between $1640-$1630. Failure to do so will target the next level of chart support between $1620 - $1615. Below that is round number psychological support at $1600.
Bulls might be able to prevent a sharp move lower but so far they have lacked the resolve to take it up through overhead chart resistance. To get any hope of having some sort of leg higher in gold, price must clear $1700.
Silver has once again failed at $32.50. This last attempt to test that tough resistance level never made it past the $32 level for any length of time. It is now probing lower for support. If it fails to hold near $30.85, it will move back towards $30.25 - $30.10.
Weakness in the HUI is again undercutting the precious metals.
Today is a bit of a strange trading session day. The Euro is the only major currency trading higher. The other majors are moving lower. Equities are at the moment, comatose, while bonds are also lethargic. Crude oil is strongly higher. Platinum is weaker but palladium is up. Copper is also weaker along with lumber. I normally would say this looks like a bit of a risk aversion day but the Euro being higher does not fit that general theme.
Let's see how the dust settles when all this is done today before making any assumptions based on a single day's worth of price action.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Gene Arensberg's Got Gold Report sees shares testing support
Putin turns black gold into bullion as Russia outbuys world
Venezuelan devaluation sparks panic buying
Venezuela devalues currency by 32%
Russian policy study group notes GATA's exposure of gold price suppression
The Statistics:
As of close of business: 2/08/2013
Gold Warehouse Stocks: | 10,870,480.021 | -63,369.806 |
Silver Warehouse Stocks: | 158,113,436.566 | -252,840.562 |
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 | 1326.888 | 42,660,782 | US$70,437m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 139.57 | 4,487,202 | US$7,386m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 155.73 | 5,006,795 | US$8,164m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$591m |
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 3.011 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 220.70: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,494.50: +48.12 change from yesterday’s data.
The Miners:
Gold Fields’ (GFI) listing of Sibanye Gold on the JSE, Vista Gold’s (VGZ) drill results, Alamos Gold’s (AGI) trading on the NYSE, Kirkland’s (KGI.TO) third quarter production results, and Hecla’s (HL) new Vice President of Investor Relations were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +3.36% $3.08 |
2. Solitario | XPL +1.82% $1.68 |
3. Fortuna | FSM +1.10% $4.61 |
LOSERS
1. Revett | RVM -6.70% $2.09 |
2. Pretivm | PVG -6.00% $10.19 |
3. Avino | ASM -5.42% $1.57 |
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, 11 February 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Over 1%
