-- Posted Thursday, 28 February 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1580.40 | -$16.70 |
Silver | $28.49 | -$0.48 |
XAU | 134.23 | -2.18% |
HUI | 354.27 | -2.28% |
GDM | 1039.28 | -2.27% |
JSE Gold | 1908.84 | -13.63 |
USD | 81.96 | +0.43 |
Euro | 130.62 | -0.70 |
Yen | 107.97 | -0.43 |
Oil | $92.05 | -$0.71 |
10-Year | 1.888% | -0.015 |
T-Bond | 145.1875 | +0.03125 |
Dow | 14054.49 | -0.15% |
Nasdaq | 3160.19 | -0.07% |
S&P | 1514.68 | -0.09% |
The Metals:
Gold edged up to $1602.70 in Asia before it fell back to $1586.35 in London and then bounced back to almost unchanged at about 9AM EST, but it then fell to a new session low of $1575.02 in early afternoon New York trade and ended with a loss of 1.05%. Silver slipped to as low as $28.398 and ended with a loss of 1.66%.
Euro gold fell to under €1211, platinum lost $12.50 to $1582, and copper fell a couple of cents to about $3.53.
Gold and silver equities fell throughout most of trade and ended with over 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/23 | 344K | 360K | 366K |
GDP | Q4 | 0.1% | 0.5% | -0.1% |
GDP Deflator | Q4 | 0.9% | 0.6% | 0.6% |
Chicago PMI | Feb | 56.8 | 54.0 | 55.6 |
Tomorrow brings Personal Income and Spending, Core PCE Prices, Michigan Sentiment, the ISM Index, and Construction Spending.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index and treasuries rose on worries about the failure to so far reach a deal to avert the $85 billion worth of spending cuts known as the "sequester."
The Dow, Nasdaq, and S&P reversed lower at the close in mixed trade.
Among the big names making news in the market today were Herbalife, J.C. Penney, Blackstone, Groupon, and Wal-Mart.
The Commentary:
“We have seen several headwinds blowing against gold over the last couple of months. These have been noted here and include the rush into equities, the general abandonment of the commodity sector by some large players, the notion that the worst for the global economy is behind us, etc.... At to this list the strength in the US Dollar.
It should be noted here that a great deal of this strength has been at the expense of the Japanese Yen, which has seen a strong move lower although it has temporarily stabilized. It has also been due to general weakness in the British Pound, which as you know by now, is in association with conditions that led to last Friday's downgrade of the UK credit rating.
Since Monday of this week however, the Dollar has gained at the expense of the Euro, which has been on the whipping end of the unwind of large one way carry-trade related bets. As the Euro sinks over fears of the growth potential in Euroland and a rise in concern over the austerity programs that were devised so as to alleviate bond market fears over there, the Dollar has now managed to break out to the upside from a 5 month long consolidation pattern.
The USDX has had trouble clearing the 81.50 level. It did manage to do that last week but only barely. This week however, especially when the results of the Italian election were made known, it added some decent follow through to the upside and looks as if wants to go higher.
There is the potential for a wild swing however depending on what shape or form this upcoming sequestration thing takes tomorrow. If however, the USDX closes out the week above 82, odds favor a run higher towards 82.70-82.75.
The currency markets are incredibly volatile right now as risk trades are unwound and then reinstated. It is quite difficult attempting to read some of these markets due to the big price swings and somewhat erratic behavior of late. Regardless, a higher Dollar will keep some pressure on the gold price. Should the Dollar exhibit a negative response to the sequestration, look for gold to bounce again as it has entered a support region on its price chart.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
CNBC's Santelli gets it: 'Paper gold' suppresses the price of real gold
The Statistics:
As of close of business: 2/27/2013
Gold Warehouse Stocks: | 10,289,334.052 | -96,092.765 |
Silver Warehouse Stocks: | 162,829,958.983 | -101,590.99 |
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 | 1258.400 | 40,458,809 | US$64,241m |
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$7,012m |
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$568m |
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 12.04 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 215.30: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,617.79: +15.03 change from yesterday’s data.
The Miners:
Freeport’s (FCX) proposed private placement, NovaGold’s (NG) board changes, Timberline’s (TLR) increased resource, Seabridge’s (SA) environmental assessment, Keegan’s (KGN) name change, and Exeter’s (XRA) new president and CEO were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +3.17% $2.60 |
2. Almaden | AAU +1.92% $2.12 |
3. Tanzanian Royalty | TRX +0.86% $3.52 |
LOSERS
1. Great Panther | GPL -8.46% $1.19 |
2. McEwen | MUX -6.90% $2.43 |
3. Revett | RVM -6.42% $1.75 |
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, 28 February 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Over 1% More
