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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 2% and 4% on the Week
By: Chris Mullen, Gold-Seeker.com


-- Posted Friday, 22 February 2013 | | Disqus

 

Close

Gain/Loss

On Week

Gold

$1580.50

+$3.60

-1.77%

Silver

$28.76

+$0.08

-3.49%

XAU

136.30

-0.54%

-5.28%

HUI

359.63

-0.47%

-5.16%

GDM

1055.30

-0.37%

-5.01%

JSE Gold

1944.01

+8.82

-8.23%

USD

81.43

+0.05

+1.19%

Euro

131.85

-0.03

-1.32%

Yen

107.05

-0.33

+0.13%

Oil

$93.13

+$0.29

-2.85%

10-Year

1.967%

-0.009

-1.99%

Bond

144.00

+0.15625

+0.46%

Dow

14000.57

+0.86%

+0.13%

Nasdaq

3161.81

+0.97%

-0.95%

S&P

1515.60

+0.88%

-0.28%

 
 

 

The Metals:

 

Gold saw a $10.31 gain at $1587.21 in Asia before it fell back to $1569.88 at about 9:30AM EST, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.23%.  Silver slipped to as low as $28.345 before it also rallied back higher and ended with a gain of 0.28%.

 

Euro gold climbed back above €1198, platinum lost $4.50 to $1608.50, and copper dropped a couple of cents to about $3.54.

 

Gold and silver equities saw slight gains in the first half hour of trade, but they then fell back off midmorning and ended with modest losses on the day.

 

The Economy:

 

All of this week’s other economic reports:

 

Leading Indicators - January

0.2% v. 0.5%

 

Philadelphia Fed - February

-12.5 v. -5.8

 

Existing Home Sales - January

4.92M v. 4.90M

 

CPI - January

0.0% v. 0.0%

 

Core CPI - January

0.3% v. 0.1%

 

Initial Claims - 2/16

362K v. 342K

 

PPI - January

0.2% v. -0.3%

 

Core PPI - January

0.2% v. 0.1%

 

Building Permits - January

925K v. 909K

 

Housing Starts - January

890K v. 973K

 

NAHB Housing Market Index - February

46 v. 47

 

Next week’s economic highlights include the Case-Shiller 20-city Index, FHFA Housing Price Index, New Home Sales, and Consumer Confidence on Tuesday, Durable Goods Orders and Pending Home Sales on Wednesday, Initial Jobless Claims, GDP, and Chicago PMI on Thursday, and Personal Income and Spending, Core PCE Prices, Michigan Sentiment, the ISM Index, and Construction Spending on Friday.

 

The Markets:

 

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

 

Oil ended slightly higher on signs of improving German business morale.

 

The U.S. dollar index saw modest gains on uncertainty about the future of quantitative easing.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on optimism about Europe.

 

Among the big names making news in the market Friday were Credit Suisse, Texas Instruments, Abercrombie, and KKR.

 

The Commentary:

 

Copper began a strong rally into the end of last year, followed by a selloff with a resumption of the rally into a new high for this year in February. Since that time however it has been straight down for this important bellwether metal. Today's selloff in the red metal marks a brand new low for 2013 and the matching of a nearly 2 month low.

 

A couple of things are at work here. First, traders fear Chinese action to ramp down speculative fever in the housing sector over there. The concern is that any slowdown in Chinese building, no matter what the source, is not good news for Copper.

Secondly, there continues to be a general theme of selling commodities by hedge funds here in the US as evidenced not only by this chart, but by the CCI (Continuous Commodity Index) chart as well.

I believe we will want to keep a close eye on this market. With the US equity market once again moving higher today while copper moves lower, there is a divergence that needs to be monitored. I personally believe copper is a much better indicator of future expected economic activity than is the US stock market, which has become a bubble fueled by investors chasing "it is the only yield game in town". Ultra low interest rates, courtesy of the destroyers at the Fed, have sent high octane money flows into stocks. At some point that game is going to come to an ugly and ignominious end. I am just not sure when. Seeing these guys pouring back into equities in spite of the massive high volume reversal day posted this week is quite extraordinary.

The bullish fever refuses to die. What is particularly worrisome to me is seeing the huge outflows from money market mutual funds. Those funds, which are taking some rather reckless risks to try to obtain some sort of return in this insanely low interest rate environment (can you tell by now that I despise the Fed for what it has done to punish savers and retirees), are watching their investors leaving in droves to go and chase the stock market higher. This sort of herd mentality is precisely what the Fed has wanted but it is also precisely the same sort of foolishness that sets up those latecomers to the stock market for serious losses.

Forget all that claptrap being spewed out of the mouths of the various Federal reserve officials when it comes to their "mandate". The Fed has become nothing more than a serial bubble blower and a manager of the mess inherent in such things.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

GoldMoney's Macleod interviews Hinde's Davies about gold backing for currencies

Gold's 'death cross' is buy signal for China, which may be getting Germany's gold from U.S.

'Inflationary expectations' are not so well-contained with U.S. agriculture

Fed unlikely to curtail stimulus despite rising doubts

CFTC sues Nymex over information leaks

 

The Statistics:

Activity from: 2/21/2013

Gold Warehouse Stocks:

10,650,719.051

-68,315.946

Silver Warehouse Stocks:

160,813,849.180

+396,820.32

 

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

1290.306

41,484,642

US$65,377m

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

Gold Bullion Securities

138.13

4,441,056

US$6,991m

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

ETFS Physical Gold

152.66

4,908,200

US$8,004m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$564m

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 8.888 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 216.65: -1.66 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,602.76: +63.15 change from yesterday’s data.

 

The Miners:

 

Allied Nevada’s (ANV) mine plan, Eldorado’s (EGO) fourth quarter results, and Hecla’s (HL) acquired interest in Brixton Metals were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Golden Star

GSS +7.95% $1.63

2.  Nevsun

NSU +6.67% $3.84

3.  Avino

ASM +6.43% $1.49

 

LOSERS

1.  Allied Nevada

ANV -6.45% $19.43

2.  IAMGOLD

IAG -4.54% $7.36

3.  Seabridge

SA -2.90% $13.07

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 Friday, 22 February 2013 | Digg This Article | Source: GoldSeek.com

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