-- Posted Wednesday, 13 March 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1588.30 | -$5.00 |
Silver | $28.90 | -$0.25 |
XAU | 132.60 | -2.70% |
HUI | 347.41 | -2.78% |
GDM | 1022.16 | -2.75% |
JSE Gold | 1961.11 | +10.14 |
USD | 82.90 | +0.33 |
Euro | 129.56 | -0.73 |
Yen | 104.06 | -0.06 |
Oil | $95.52 | -$0.02 |
10-Year | 2.021% | -0.002 |
T-Bond | 143.00 | -0.0625 |
Dow | 14455.28 | +0.04% |
Nasdaq | 3245.28 | +0.09% |
S&P | 1554.52 | +0.13% |
The Metals:
Gold climbed up to $1598.99 in early New York trade before it fell back to $1585.66 at about 1PM EST and then bounced back higher in the next hour of trade, but it still ended with a loss of 0.31%. Silver rose to $29.279 by a little before 9:30AM EST, but it then fell back to $28.85 in early afternoon trade and ended with a loss of 0.86%.
Euro gold rose to about €1226, platinum lost $1.80 to $1589.50, and copper fell slightly to about $3.53.
Gold and silver equities fell throughout most of trade and ended with almost 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Feb | 0.8% | - | 0.3% |
Export Prices ex-ag. | Feb | 0.6% | - | 0.5% |
Import Prices | Feb | 1.1% | - | 0.6% |
Import Prices ex-oil | Feb | 0.0% | - | 0.2% |
Retail Sales | Feb | 1.1% | 0.5% | 0.2% |
Retail Sales ex-auto | Feb | 1.0% | 0.5% | 0.4% |
Business Inventories | Jan | 1.0% | 0.3% | 0.3% |
Treasury Budget | Feb | -$203.5B | -$205.0B | -$237.7B |
US Mortgage Applications Fell Last Week as Rates Spiked: MBA CNBC
Tomorrow brings Initial Jobless Claims, PPI, and the Current Account Balance.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower as the U.S. dollar index rose on stronger than expected economic data that sent treasuries lower in early trade, but bond prices then recovered back to almost unchanged after today’s 10-year note auction sold at a yield of 2.029% with a bid to cover of 3.19.
The Dow, Nasdaq, and S&P waffled near unchanged as strong economic data was offset by uncertainty about what the fed may do.
Among the big names making news in the market today were Google, Blackstone, Fannie Mae, JPMorgan, and Prudential.
The Commentary:
“Gold put in some strong gains in today's session clearing its first overhead level of resistance in the process. Since the beginning of the month of March, it has not been able to clear $1585 - $1587 as it attracted selling on approaches to this region. Buying in today's session was strong enough to absorb the offers that emerged in a rather easy fashion which is a bit surprising to me considering the duration of this resistance zone. I would have expected shorts to put up a bit more of a fight up here. That they did not has to be rather disconcerting if you are a bear as it illustrates that they are wavering in their conviction of lower prices ahead.
I mentioned last week when I first put this chart up that the bears were being frustrated in their efforts to break the metal down below this strong buying zone noted. We are now seeing the signs of that frustration as the newcomers are starting to cover.
Now that the bulls have cleared that $1585 - $1587 level, it is essential that they prove their mettle if prices retreat back down towards this area. That will signal that the bulls have regained the short term initiative from the bears.
I would look for fiercer resistance at the next resistance zone where the "16" handle will emerge. Not only is that a psychological resistance level but it is also a technical one. If the gold bulls can take the price up and through this level and maintain the price ABOVE this level, we should see a run towards the late February peak up near $1620.
I want to again note here that gold put in another strong day in terms of the major currencies such as the Yen, Pound, Euro and Swiss Franc. It continues to display strength across a wide variety of currencies, which is always good for a bullish cause.
The other thing of note - the HUI regained its losses from late last week after it put in that huge upside reversal on Wednesday. It once again encountered selling pressure as the various stocks that comprise this index rose to their last week highs. This is showing up on the chart near the 360 level. I need to see this index CLEAR 372 and do it with authority to prove to me that this is indeed a lasting bottom in the mining sector. I am of the opinion that if it does this, the gold and silver charts will both show markets that are taking out their respective overhead resistance levels.
Remember, it has been the shares which are dragging on the metals; if those shares are done going lower as it appears that they are, then it is going to be difficult for the bears to beat the actual metals down any longer. Keep in mind that there is a very large, multi-year high, hedge fund short exposure in gold. That position will be vulnerable if the bulls can continue to peel off the weaker-handed shorts that have tagged along for the downside ride. There are significant stops above this market that if breached, will provide some nice upside fireworks.
As usual, the key will be whether the bullion banks emerge as sellers on any rallies. They have been using this downdraft to cover their previously built short positions and have reduced that significantly. Are they content to leave that as is or are they looking to rebuild it? We shall see. One thing is for certain however; those hedge fund computer algorithms are not going to ask any questions if the bulls can take out the overhead resistance levels that trigger the buy signals on those infernal machines of theirs. They will be buying back at the same speed that they have been selling for some time now.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“My Dear Friends,
I feel strongly that it is extremely unwise to sell any good gold company shares that have mineable ounces, low costs, cash in the bank, multiple 43-101s, and forward looking management.
The share prices of many good issues have been reduced to levels that are totally illogical and without reason other than baseless fear.
If you must sell, I firmly believe you will get a significantly higher price at which to sell assuming your holdings meets the criteria of "good" as above.
Remember from now on that you buy gold anything when the weekly chart looks like a fishing line, and you sell 1/3 when the weekly chart looks like a rhino horn. It is just that simple.
Respectfully,”- Jim Sinclair, JSMineset.com
GATA Posts:
Lawrence Williams: Where's the gold -- or the silver?
China is part of gold market rigging as well and tries to talk market down
Silver lawyer explains amended lawsuit; Butler cites attorney general's confession
The Statistics:
As of close of business: 3/12/2013
Gold Warehouse Stocks: | 9,746,605.141 | -41,468.174 |
Silver Warehouse Stocks: | 161,921,082.505 | -140,669.16 |
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 | 1236.307 | 39,748,497 | US$63,345m |
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$7,085m |
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$572m |
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 0.422 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 213.35: -0.14 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,703.60: +57.12 change from yesterday’s data.
The Miners:
Comstock’s (LODE) priced public offering, McEwen’s (MUX) metallurgical update, and Endeavour Silver’s (EXK) concentrate contracts were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fortuna | FSM +1.64% $4.34 |
2. ITH | THM +0.71% $1.41 |
3. Eurasian | EMXX +0.51% $1.96 |
LOSERS
1. IAMGOLD | IAG -8.24% $6.68 |
2. Northern Dynasty | NAK -7.35% $3.15 |
3. Tanzanian Royalty | TRX -7.19% $3.87 |
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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-- Posted Wednesday, 13 March 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Lower
