-- Posted Monday, 25 March 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1604.40 | -$3.20 |
Silver | $28.81 | +$0.12 |
XAU | 135.47 | -1.08% |
HUI | 355.12 | -1.31% |
GDM | 1045.74 | -1.23% |
JSE Gold | 1859.46 | -66.55 |
USD | 82.86 | +0.48 |
Euro | 128.57 | -1.36 |
Yen | 106.26 | +0.42 |
Oil | $94.81 | +$1.10 |
10-Year | 1.915% | UNCH |
T-Bond | 143.40625 | -0.21875 |
Dow | 14447.75 | -0.44% |
Nasdaq | 3235.29 | -0.30% |
S&P | 1551.69 | -0.33% |
The Metals:
Gold dropped $17.60 to as low as $1590.00 by about 8:30AM, but it then rallied back higher throughout most of the rest of trade and ended with a loss of just 0.2%. Silver slipped to as low as $28.49 in early New York trade, but it then rose to as high as $28.897 in late morning trade and ended with a gain of 0.41%.
Euro gold climbed to about €1248, platinum gained $1 to $1579, and copper fell a couple of cents to about $3.45.
Gold and silver equities traded mostly slightly lower and ended with about 1% losses.
The Economy:
Dudley: Fiscal policy key villain in outlook MarketWatch
Bernanke Says Easing by Advanced Nations Helps World Economy Bloomberg
There were no major economic reports today. Tomorrow brings Durable Goods Orders, the Case-Shiller 20-city Index, Consumer Confidence, and New Home Sales.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on relief that a deal was reached for Cyprus.
The U.S. dollar index climbed higher as the euro fell on uncertainty about what Cyprus’ deal may mean for other European nations.
Treasuries ended slightly lower in mixed trade as the Dow, Nasdaq, and S&P turned lower midday on worries about Europe.
Among the big names making news in the market today were BlackBerry, Facebook, Dell, Best Buy, Yahoo, and NRG Energy.
The Commentary:
“Reuters is reporting this morning comments from the Dutch Finance Minister, Jeroen Dijsselbloem, who by the way heads up the group of European Finance Ministers, to the effect that the "solution" in Cypress is a "new template" to address future banking problems in the Euro area.
I want you readers, particularly those of you in the Eurozone, to wrap your heads around this and consider the brazen audacity displayed by these people. What he is saying is that bank savings deposits no longer effectively belong to you the savers. They belong to the state and the state will confiscate them whenever it is deemed to be in that state's best interests.
If this does not send shock waves throughout the system and instill fear in individuals throughout the Eurozone, then there is no hope for any such people. Normal, rational, sane, thinking individuals will immediately recognize this for what it is; a complete reversal of the traditional role of banking in which banks makes loans to depositors and other individuals. Now, depositors are in effect making loans to banks. Yet even that is not an apt comparison for in the case of a loan, one usually expects to receive back the amount loaned plus interest. In this case, the depositors are having their money forcibly extracted from them with no hope of ever seeing it again and having that money used to bail out the banks instead! I never believed I would EVER witness this in my life and yet here it is. What is even worse is the blasé attitude displayed by the monetary authorities. Just who in the hell do these people think that they are?
These pestilential parasites, who sit in ivory towers and can glibly utter such rapacious comments, are literally undermining the entire banking system in their shortsighted idiocy.
Do these fools really believe that those citizens who have money in Eurozone banks, particularly high net worth individuals, are going to merely sit by and calmly observe this situation and do absolutely nothing? I cannot think of a better way to start a run on the banks. If individuals believe that the state now believes it has the right to raid their hard earned wealth at any time why would they feel the least bit secure about putting that wealth in harm's way?
As far as the price action in both gold and in the euro goes, Gold was down rather sharply early in the session as the safe havens were thrown out once a "deal" was announced. The Euro was down but not by much considering the backdrop. Once those Dutch official's comments hit the wires, the bottom fell out of the Euro and gold began working off its lows.
Gold in Euro terms shot sharply higher and is up nearly 1% as I type these comments. If it can push past the 1250 euro mark, it looks like it has room to make a run to 1280.
I am still thunderstruck as I contemplate those comments uttered by Mr. Bloem. This is like something out of fictional novel and yet it is happening right before our eyes.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Details of EU-IMF bailout agreement with Cyprus
Russians prepare to quit Cyprus
Hinde Capital: The central bank revolution
Mike Kosares: Wealth won, wealth lost
Zero Hedge: Dutch bank won't let gold customers take their metal away
New Cyprus plan may wipe out large depositors
Want to attend another gold seminar with Jim Sinclair?
Swiss gold reserves make TV appearance hours after repatriation petitions are filed
University of Texas pension fund took delivery of its Comex gold
Government to regulate bitcoin -- will ESF next short bitcoin futures?
Pension fund seizure, capital controls legislated in Cyprus
Simon White: Cyprus -- the 'glue' of Europe
The Statistics:
As of close of business: 3/22/2013
Gold Warehouse Stocks: | 9,279,432.999 | -111,055.136 |
Silver Warehouse Stocks: | 164,646,796.185 | +542,336.67 |
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 | 1221.260 | 39,264,721 | US$63,107m |
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$7,100m |
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$574m |
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: 211.07: +0.33 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,688.56: +52.6 change from yesterday’s data.
The Miners:
Aurizon’s (AZK) accident, Alamos Gold’s (AGI) executive appointments, Pan American’s (PAAS) audited annual financial statements, and International Minerals’ (IMZ.TO) closed loan facility were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Revett | RVM +3.69% $2.25 |
2. Gold Resource | GORO +3.40% $13.08 |
3. IAMGOLD | IAG +1.66% $7.36 |
LOSERS
1. Great Panther | GPL -5.15% $1.29 |
2. ITH | THM -4.94% $1.54 |
3. Golden Minerals | AUMN -4.67% $2.45 |
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 Monday, 25 March 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Mixed
