-- Posted Thursday, 21 March 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1614.40 | +$8.70 |
Silver | $29.14 | +$0.37 |
XAU | 137.70 | +2.39% |
HUI | 362.64 | +2.48% |
GDM | 1065.89 | +2.60% |
JSE Gold | 1913.30 | -18.78 |
USD | 82.81 | -0.04 |
Euro | 128.92 | -0.41 |
Yen | 105.40 | +1.26 |
Oil | $92.45 | -$1.05 |
10-Year | 1.932% | -0.005 |
T-Bond | 143.375 | +0.25 |
Dow | 14421.49 | -0.62% |
Nasdaq | 3222.60 | -0.97% |
S&P | 1545.80 | -0.83% |
The Metals:
Gold climbed to as high as $1616.42 at about 10AM EST before it chopped back lower at times, but it still ended with a gain of 0.54%. Silver surged to as high as $29.312 and ended with a gain of 1.29%.
Euro gold climbed back above €1252, platinum gained $3.50 to $1577.50, and copper fell slightly to about $3.43.
Gold and silver equities rose about 2.5% by early afternoon and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/16 | 336K | 345K | 334K |
FHFA Housing Price Index | Jan | 0.6% | - | 0.5% |
Existing Home Sales | Feb | 4.98M | 5.00M | 4.94M |
Philadelphia Fed | Mar | 2.0 | -3.0 | -12.5 |
Leading Indicators | Feb | 0.5% | 0.5% | 0.5% |
Median Household Debts Rise as Percentage Owing Shrinks Bloomberg
Bernanke Saying He’s Dispensable Suggests Tenure Ending Bloomberg
U.S. Mortgage Rates Decline With 30-Year Fixed at 3.54% Bloomberg
House approves funding bill to avert government shutdown Reuters
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell along with the Dow, Nasdaq, and S&P on worries about Europe and the failure to so far come to a resolution for Cyprus.
The U.S. dollar index traded mostly slightly lower and treasuries traded mostly slightly higher in surprisingly quiet trade.
Among the big names making news in the market today were Oracle, Blackstone, Foxconn, and HP.
The Commentary:
“Talk today was all about the resurgence of fears related to the situation in Cyprus. The US equity markets were heavy throughout the session as a result but from what I could tell, there was not that much demand for safe haven US Treasuries. Yes, those were higher but considering the extent to which the concerns surrounding Cyprus were in the headlines, I would have expected a much stronger tone to the US bond market.
Also, remember when the news first broke over Cyprus over last weekend and the markets opened for trading Sunday night here in the US. The Euro was absolutely mauled as a result. Today, while it was weaker, it refused to stay below the 1.29 level. From what I can see, there apparently is not that much worry over the Europe if the common currency will not stay down below 1.29 on the Cyprus news flaring up again.
The Yen on the other hand was acting as if the end of all things was upon us as it completely erased yesterday's sharp losses soaring over 150 pips at one point today. For the life of me I do not understand why anyone would call the Yen a "safe haven" currency but then again, I do not understand why anyone would call the US Dollar one either. Both nations are printing TRILLIONS of these respective currencies into existence and yet this is somehow a safe haven?
Like I and many others have said - there is nothing rational about markets, not any more.
Gold caught a firm bid today and managed to stay above $1610 for most of the session which is promising. It needs to prove it can clear resistance near $1620 if the bulls are going to be able to seriously squeeze that extremely large hedge fund short position. Frankly, I am not sure what it is going to take to push gold through this level if the Cyprus news and the reverberations related to that cannot do it. Whoever it is that is doing the selling up near the session highs is strong handed and will take some serious force to dislodge.
Gold in Euro terms is showing signs of life having broken out to the upside of its downtrending channel. It is no longer making a series of lower highs and lower lows but has stabilized and looks to have forged a bottom. With Yen gold strong, Sterling Gold looking decent and now Euro gold joining the chorus, the bears will have to dig in deeply to prevent the respective overhead chart resistance levels from giving way. We know that there is a deep pocketed seller present in New York - is that the only place?
Resistance in Euro Gold is near today's high at 1250 followed by 1270 and then 1280. After that, Gold has a shot at testing psychological round number resistance at 1300 euros.
U S Dollar priced gold is shown on a two hour chart where the selling effort can be more clearly seen.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Busted Cyprus considers confiscating pension funds next
Grandich discusses manipulation and GATA; Sprott's address in Hong Kong
Swiss petition succeeds for referendum to ban gold sales, require repatriation
The Statistics:
As of close of business: 3/20/2013
Gold Warehouse Stocks: | 9,391,291.822 | -91,755.774 |
Silver Warehouse Stocks: | 163,527,749.533 | +664,487.80 |
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$63,390m |
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$7,165m |
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$579m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.45 | 1,364,715 | US$2,214m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 210.74: -1.43 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,583.36: No change from yesterday’s data.
The Miners:
IAMGOLD’s (IAG) plant startup, Coeur’s (CDE) appointments, SEMAFO’s (SMF.TO) 2012 results, and Fortuna’s (FSM) 2012 results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. McEwen | MUX +9.42% $3.02 |
2. Almaden | AAU +6.91% $2.32 |
3. Endeavour Silver | EXK +5.35% $6.50 |
LOSERS
1. Turquoise | TRQ -3.04% $6.37 |
2. Golden Star | GSS -1.18% $1.67 |
3. Golden Minerals | AUMN-1.12% $2.64 |
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 Thursday, 21 March 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Roughly 1%
