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Gold Seeker Closing Report: Gold Gains and Silver Surges
By: Chris Mullen, Gold-Seeker.com


-- Posted Tuesday, 9 April 2013 | | Disqus

 

Close

Gain/Loss

Gold

$1584.70

+$12.20

Silver

$27.96

+$0.73

XAU

129.69

+4.01%

HUI

338.33

+4.36%

GDM

998.38

+3.89%

JSE Gold

1772.75

+62.76

USD

82.35

-0.41

Euro

130.87

+0.70

Yen

101.01

+0.39

Oil

$94.20

+$0.84

10-Year

1.747%

+0.015

T-Bond

146.9375

-0.375

Dow

14673.46

+0.41%

Nasdaq

3237.86

+0.48%

S&P

1568.61

+0.35%

 
 

 

The Metals:

 

Gold edged up to $1577.20 in Asia before it fell back to $1570.60 by a little before 8AM EST, but it then soared to as high as $1590.34 in the next four hours of trade and ended with a gain of 0.78%.  Silver surged to as high as $28.067 and ended with a gain of 2.68%.

 

Euro gold climbed about €1211, platinum gained $13.50 to $1547, and copper climbed 7 cents to about $3.44.

 

Gold and silver equities rose about 4% by midday and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Wholesale Inventories

Feb

-0.3%

0.5%

0.8%

 

Tomorrow at 2PM EST brings FOMC Minutes and the Treasury Budget for March expected at -$107.0 billion.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose and the U.S. dollar index fell on tame inflation data in China and worries about an earthquake in Iran.

 

Treasuries fell as the Dow, Nasdaq, and S&P climbed higher on optimism about earnings reports.

 

Among the big names making news in the market today were KPMG, Herbalife, Skechers, Oshkosh, and J.C. Penney.

 

The Commentary:

 

The mystery, at least in my mind, of the rising Euro is now clear. Outflows of Japanese institutional money is pouring into the European bond markets in search of higher yield.

Consider the following - the yield on a 10 year Japanese government bond has fallen to 0.525%. Yes, that is not a typographical error. If you buy one of those things, you are locking money up in an IOU for TEN YEARS to obtain a half a percentage point of interest. If that is not bad enough, the underlying currency is also freefalling in value. Now, who in the world would want to do that besides the monetary authorities in Japan who are becoming and likely are going to end up staying that way, as the largest, if not sole buyer of Japanese government debt?

Believe it or not, with all the massive problems in Spain and Italy, the yield on the Spanish 10 year bond has now fallen to its LOWEST level in a year. Italian bond yields are down to 4.36%! Dow Jones is reporting that last Friday and this Monday, the yield on the 10 year notes of France, the Netherlands, Austria and Belgium hit RECORD LOWS! This is Japanese money fleeing into European bonds.

Now here is what is even more mind boggling - the Bank of Japan's own data shows that Japanese institutions hold a gargantuan $6.34 TRILLION of domestic government bonds! This is not a tide of money, it is a tsunami looking for yield!

Bubble in the US stock market? Yes, in my opinion but the bubble is going to get even bigger. Heaven help everyone of us on the planet when this man-made disaster finally reaches its crescendo!

UNLEASH THE KRAKEN.... here it comes..... where is Perseus going to come from?- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Tekoa da Silva: Comex gold inventories collapsing

CFTC looks into possible price manipulation of interest-rate swaps

With counterintuitive action gold price suppression gets more obvious every day

 

The Statistics:

As of close of business: 4/8/2013

Gold Warehouse Stocks:

9,241,380.168

-32,004.742

Silver Warehouse Stocks:

164,225,408.474

-978,339.568

 

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

1205.313

38,752,009

US$61,088m

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$7,063m

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$569m

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: 210.21: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,497.59: No change from yesterday’s data.

 

The Miners:

 

Gold Fields’ (GFI) resolved strikes, Sandstorm’s (SAND) update to its Proven and Probable Mineral Reserve estimate, Agnico-Eagle’s (AEM) investment in Sulliden Gold, Nevsun’s (NSU) first quarter operating results, Allied Nevada’s (ANV) preliminary first quarter 2013 operational results, Hecla’s (HL) priced notes, and First Majestic’s (AG) commercial production were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Allied Nevada

ANV +30.20% $15.35

2.  Endeavour

EXK +8.12% $6.26

3.  Pretivm

PVG +7.85% $7.14

 

LOSERS

1.  Northern Dynasty

NAK -2.75% $2.83

2.  Banro

BAA -2.00% $1.47

3.  Solitario

XPL -0.66% $1.51

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2013

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Tuesday, 9 April 2013 | Digg This Article | Source: GoldSeek.com

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