-- Posted Wednesday, 20 March 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1605.70 | -$6.90 |
Silver | $28.77 | -$0.11 |
XAU | 134.49 | -0.17% |
HUI | 353.87 | -0.10% |
GDM | 1038.86 | -0.17% |
JSE Gold | 1913.30 | -18.78 |
USD | 82.85 | -0.05 |
Euro | 129.34 | +0.61 |
Yen | 104.13 | -1.05 |
Oil | $92.96 | +$0.80 |
10-Year | 1.937% | +0.029 |
T-Bond | 142.75 | -0.84375 |
Dow | 14511.73 | +0.39% |
Nasdaq | 3254.18 | +0.78% |
S&P | 1558.71 | +0.67% |
The Metals:
Gold edged up to $1614.73 by a little after 3AM EST before it fell back as low as $1602.90 just after today’s FOMC statement was released, but it then bounced back higher in the last couple of hours of trade and ended with a loss of just 0.43%. Silver saw a slight gain at $29.004 before it briefly spiked down to $28.549, but it also quickly recovered in late trade and ended with a loss of just 0.38%.
Euro gold fell to about €1241, platinum gained $20.25 to $1574.00, and copper fell five cents to about $3.44.
Gold and silver equities waffled near unchanged and ended with slight losses.
The Economy:
US Mortgage Applications Fell Again Last Week as Rates Rose: MBA CNBC
The fed noted some economic improvement and said they will keep up their bond buying at a pace of $85 billion a month and will not hike interest rates until at least 2015.
Text of FOMC statement MarketWatch
Fed holds firm to stimulus plan despite better data Reuters
Fed Keeps $85 Billion Pace of Bond Buying as Job Market Improves Bloomberg
Tomorrow brings Initial Jobless Claims, the FHFA Housing Price Index, Existing Home Sales, the Philadelphia Fed, and Leading Economic Indicators.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil edged higher after the Energy Information Administration reported that crude inventories fell 1.3 million barrels, gasoline inventories fell 1.5 million barrels, and distillates fell 700,000 barrels.
The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on the continuation of easy monetary policy from the fed.
Among the big names making news in the market today were American Realty, Walgreen, Freddie Mac, JetBlue, First Niagara, and FedEx.
The Commentary:
“U.S. Stock Market – I don’t believe the Cyprus situation is big enough (yet) to cause any meaningful sell-off in the stock market. While the market is overextended, it has yet to suggest a meaningful correction at the minimum is upon us. However, I do wish to remind you that if it was me, I would be implementing a scale-up sell program.
Gold – After several good days it should come as no surprise that they now try a typical “walk-down” to erase much of the gains in minutes and hours that took days to achieve. With silver relatively weak and shares even weaker, we’re left in the hands of the Crimenex this morning – how nice! Just once I like to see them get what’s coming to them but believing today shall be the day has led to nothing but disappointment up until now.
Mining and Exploration Shares – Remain totally engulfed in the worse junior resource market in 30 years. Nothing outside of time and a gold price above $1,700 can change this. Investors only have one word on their mind (sell) on any increasing volume and price lift. I can’t blame them.”- Peter Grandich, Grandich Letter
GATA Posts:
Eagle sales soar even as metal prices fall
Special video of Arensberg's Got Gold Report is extremely bullish
JPMorgan, MF Global trustee reach $546 million settlement
The Statistics:
As of close of business: 3/19/2013
Gold Warehouse Stocks: | 9,483,047.596 | -116,197.624 |
Silver Warehouse Stocks: | 162,863,261.203 | -581,223.09 |
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 | 1222.162 | 39,293,746 | US$63,274m |
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$7,136m |
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$577m |
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 added 2.708 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 212.17: -0.97 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,583.36: -150.30 change from yesterday’s data.
The Miners:
Almaden’s (AAU) drill results, Centerra Gold’s (CG.TO) mine talks with Kyrgyzstan, Timmins Gold’s (TGD) 2012 results, and Hecla’s (HL) release from PPOV status were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Minerals | AUMN +3.89% $2.67 |
2. Timmins | TGD +2.91% $2.83 |
3. ITH | THM +2.38% $1.51 |
LOSERS
1. Franco Nevada | FNV -3.95% $44.24 |
2. Alamos | AGI -3.62% $14.10 |
3. Pretivm | PVG -2.73% $7.83 |
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, 20 March 2013 | Digg This Article | Source: GoldSeek.com