-- Posted Monday, 11 March 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1581.10 | +$3.00 |
Silver | $28.98 | +$0.03 |
XAU | 132.96 | -0.25% |
HUI | 349.46 | -0.23% |
GDM | 1025.55 | -0.37% |
JSE Gold | 1921.86 | +21.73 |
USD | 82.60 | -0.16 |
Euro | 130.50 | +0.44 |
Yen | 103.88 | -0.29 |
Oil | $92.06 | +$0.11 |
10-Year | 2.056% | UNCH |
T-Bond | 142.4375 | -0.0625 |
Dow | 14447.29 | +0.35% |
Nasdaq | 3252.87 | +0.26% |
S&P | 1556.22 | +0.32% |
The Metals:
Gold climbed $5.05 to $1583.15 in Asia before it fell back to $1576.40 in London, but it then bounced back higher in New York and ended with a gain of 0.19%. Silver rose to $29.091 in Asia before it fell back to $28.72, but it then rallied back higher in the last few hours of trade and ended with a gain of 0.1%.
Euro gold fell to about €1213, platinum gained $0.50 to $1602, and copper fell slightly to about $3.50.
Gold and silver equities traded mostly slightly lower and ended with modest losses.
The Economy:
Bernanke Provokes Mystery Over Fed Stimulus Exit Bloomberg
There were no major economic reports today. Tomorrow at 2PM EST brings the Treasury Budget for February expected at -$205 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher as the U.S. dollar index fell on speculation that last week’s rally was overdone.
Treasuries fell as the Dow, Nasdaq, and S&P rose on mostly positive company news.
Among the big names making news in the market today were Dell, Genworth, J&J, and Adidas.
The Commentary:
“U.S. Stock Market – I’ve no desire to not look a gift horse in the mouth after refraining from taking bearish stances on the U.S. stock market since March of 2009. While I continue to suggest the most likely path I envision going forward was depicted in the chart here, you will note that it allows for the market to still see another 10% or so rise before a vicious bear market decline takes hold. That’s why after making a new, all-time high, I’ve suggested a scale-up sell approach as a prudent approach for those who own general U.S. equities (and instead used companies whose majority of business is derived outside the United States).
U.S. Bonds – Worse investment for the next decade.
U.S. Dollar – For the 1% or so of high-risk speculators who can truly afford the financial risks and mental anguish of future’s trading, the 83 – 84 area on the U.S. Dollar Index to me looks like an area to establish a short position.
Gold – While Friday’s hunch proved correct, it won’t matter much unless we can get above $1,600 and stay there. If and when we do, then I think the overwhelming number of bears can capsize their boat and we could see an abandon ship cry go out. Remember, gold is hated by most who work in the financial arena and much of the media that reports on it, so stop looking for them to throw you any bone on how the bear trade may be going bad.
Mining and Exploration Stocks – Another week of not going down is needed to stem the free fall. Gold rising above $1,600 can be a much needed added boost. Don’t lose sight that there’s going to be a wall of selling for quite some time as its almost a universal position now among retail investors to get out and never come back to junior resource stocks. Volume will need to come in before price movement can advance.”- Peter Grandich, Grandich Letter
GATA Posts:
Will the gold and silver mining industry ever stand up for itself?
Brett Arends: The secret bull market in gold
GoldSeek Radio interviews GATA Chairman Bill Murphy
The Statistics:
As of close of business: 3/08/2013
Gold Warehouse Stocks: | 9,863,758.707 | -95,314.11 |
Silver Warehouse Stocks: | 162,224,111.645 | -363,846.916 |
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 | 1239.739 | 39,858,845 | US$62,902m |
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$7,013m |
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$567m |
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 3.311 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 213.71: -0.5 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,646.48: No change from yesterday’s data.
The Miners:
Revett’s (RVM) 2012 results, McEwen’s (MUX) operational and development update, Aurizon’s (AZK) shareholder rights plan, Exeter’s (XRA) water update, and Gold Resource’s (GORO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Minerals | AUMN +8.03% $2.69 |
2. Golden Star | GSS +6.67% $1.60 |
3. Tanzanian Royalty | TRX +6.10% $4.00 |
LOSERS
1. Nevsun | NSU -11.2% $3.49 |
2. Gold Resource | GORO-6.49% $13.11 |
3. Pretivm | PVG -3.47% $7.50 |
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 March 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Higher
