-- Posted Thursday, 4 April 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1553.10 | -$4.90 |
Silver | $26.87 | -$0.10 |
XAU | 126.51 | +2.65% |
HUI | 330.70 | +2.41% |
GDM | 977.05 | +2.80% |
JSE Gold | 1712.02 | -30.87 |
USD | 82.69 | -0.04 |
Euro | 129.34 | +0.92 |
Yen | 103.91 | -3.54 |
Oil | $93.26 | -$1.19 |
10-Year | 1.759% | -0.053 |
T-Bond | 146.28125 | +1.00 |
Dow | 14606.11 | +0.38% |
Nasdaq | 3224.98 | +0.20% |
S&P | 1559.98 | +0.40% |
The Metals:
Gold fell $17.81 to as low as $1540.19 at about 4:30AM EST, but it then rallied back higher for most of the rest of trade and ended with a loss of just 0.31%. Silver slipped to as low as $26.63 and ended with a loss of 0.37%.
Euro gold fell to under €1201, platinum lost $19.80 to $1518.70, and copper gained a few cents to about $3.36.
Gold and silver equities saw slight losses at the open, but they then rallied back higher for most of the rest of trade and ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/30 | 385K | 345K | 357K |
Most U.S. Cities in Two Years to Issue Debt in 2013, Survey Says Bloomberg
Consumer Comfort Stabilizes as Americans Await Employment Report Bloomberg
Tomorrow at 8:30AM EST brings Marchs’ jobs data and the Trade Balance for February expected at -$44.7 billion. Nonfarm Payrolls are expected at 192,000, the Unemployment Rate is expected at 7.7%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5. At 3PM is Consumer Credit for February expected at $14.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on weaker than expected jobs data that reduced demand expectations.
The U.S. dollar index saw impressive gains in early trade as the yen plunged lower after the Bank of Japan announced larger-than-forecast economic stimulus measures, but the dollar than fell back off in late trade and ended with a modest loss as traders positioned themselves ahead of tomorrow’s jobs data.
Treasuries rose on worries about the labor market.
The Dow, Nasdaq, and S&P traded mostly slightly higher on Japan’s aggressive monetary stance.
Among the big names making news in the market today were Lululemon, Samsung, Fairway, KKR, and Carlyle.
The Commentary:
“Currency traders are reacting to the unexpected aggressive policy action announced by the Bank of Japan this evening by coming back in droves to sell the Yen, which had been steadily moving higher lately due to safe haven flows and disappointment that had set in. The thinking had been that the new BOJ leader would not act as aggressively as some had hoped. That sure went out the window with this news!
They are basically going to be doing Y7 trillion (somewhere near $75 billion) each month of purchases of Japanese government bonds. Currently they were buying Y3.8 trillion each month. Not only that, they are going to also target longer dated bonds, something that they had not done previously with a 3 year maturity rate the longest dated bond that was purchased under their current liquidity measures.
The news also stated that the BOJ would purchase Real Estate REITS as well as exchange traded funds or ETF's in addition to aiming to increase the monetary base annually by Y60-Y70 trillion!
This is quite aggressive. I should note here that gold, in yen terms, or yen-gold as I prefer to call it, shot sharply higher and is currently up nearly 2.5% as I type these comments.
The US equity markets are following the lead of the Japanese Nikkei which ADORED the news. We will have to wait and see how today's downside reversal pattern holds up. Is it going to be yet another one or two day wonder and then back off to the upside race we go or is the S&P going to finally see something of a deeper and more prolonged setback.
There are plenty of warning signs out there in regards to US stock prices - the Down Transport are weaker than the actual Dow; the Russell 2000 is losing ground to the larger cap stocks, etc, all of which indicate that traders are leery of risk. This announcement by the BOJ, being as unexpected as it was, may put those fears on the back burner for now.
The key for gold will be how it handles the inception of London trade and particularly New York trade.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Ambrose Evans-Pritchard: Helicopter QE will never be reversed
The Statistics:
As of close of business: 4/3/2013
Gold Warehouse Stocks: | 9,245,868.749 | -198.71 |
Silver Warehouse Stocks: | 164,486,808.397 | -641,035.942 |
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 | 1206.215 | 38,781,029 | US$59,945m |
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$6,883m |
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$556m |
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 2.708 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 211.28: -0.05 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,677.89: -25.7 change from yesterday’s data.
The Miners:
Golden Star’s (GSS) preliminary production results, Gold Fields’ (GFI) guidance update, and Santacruz Silver’s (SCZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +9.39% $13.52 |
2. Golden Star | GSS +9.02% $1.45 |
3. Vista Gold | VGZ +7.47% $1.87 |
LOSERS
1. Richmont | RIC -3.45% $2.24 |
2. Northern Dynasty | NAK -2.68% $2.91 |
3. Revett | RVM -1.60% $1.85 |
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 Thursday, 4 April 2013 | Digg This Article | Source: GoldSeek.com