-- Posted Wednesday, 17 April 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1373.20 | -$0.20 |
Silver | $23.23 | -$0.21 |
XAU | 98.84 | -5.43% |
HUI | 257.20 | -5.11% |
GDM | 759.03 | -5.23% |
JSE Gold | 1484.97 | -27.33 |
USD | 82.65 | +0.85 |
Euro | 130.30 | -1.53 |
Yen | 101.96 | -0.56 |
Oil | $86.68 | -$2.04 |
10-Year | 1.704% | -0.015 |
T-Bond | 148.03125 | +0.40625 |
Dow | 14618.59 | -0.94% |
Nasdaq | 3204.67 | -1.84% |
S&P | 1552.01 | -1.43% |
The Metals:
Gold climbed $21.28 to $1394.68 by a little after 10AM EST, but it then fell back off for most of the rest of trade and ended near its late session low of $1368.80 with a loss of 0.015%. Silver slipped to $22.86 by a little after 8AM EST before it rebounded to $23.70 in the next couple of hours of trade, but it then fell back off into the close and ended with a loss of 0.9%.
Euro gold climbed to about €1054, platinum lost $23.80 to $1423.70, and copper dropped 13 cents to about $3.18.
Gold and silver equities fell throughout most of trade and ended with over 5% losses.
The Economy:
Mortgage Applications Increase in Latest MBA Weekly Survey RealEstateRama
“The U.S. economy is growing at a “moderate” pace, as housing’s rebound and the continued recovery in the auto sector offset weaknesses stemming from federal government budget cuts, the expiration of the payroll tax cut and winter weather, the Federal Reserve said Wednesday.”
Tomorrow brings Initial Jobless Claims, the Philadelphia Fed, and Leading Economic Indicators.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell while the U.S. dollar index and treasuries rose as the Dow, Nasdaq, and S&P dropped on poor earnings reports.
Among the big names making news in the market today were Apple, BNY Mellon, Tesco, Bank of America, Abbott, Intel, ING, Carnival, and Textron.
The Commentary:
“Further evidence that the reflation schemes of the Western Central Bank are apparently failing can be seen in the collapsing yield across the global bond markets.
News out of Europe this morning that March Auto Sales fell to a TWENTY YEAR LOW has shaken the confidence of investors in the demi-gods manning the turrets of the Central Bank towers. It seems as if even the mighty German economy, which has heretofore been the stalwart among the European economies is not immune from weakness.
Dow Jones is reporting that the Swedish Central Bank just cut that nation's growth outlook for 2014. The Bank of Canada lowered its forecast for this year. Remember, it was just yesterday that we received the projections from the IMF detailing their prognosis for global growth by revising it lower as well.
The result - a mass exodus out of stocks (for the time being) and back into the "safety" of sovereign debt. Investors figure that the Central Banks will be there to mop up any excess supply of bonds in effect watching their backs for them.
Need some evidence? Look at the chart here. The yield on the Ten Year Treasury note has hit a FOUR MONTH LOW in today's session. It was over 2% a little over a month ago and is now down below 1.7%.
This is what has Fed governor Bullard so concerned. These guys can read what is happening. It is also why copper and crude oil, two key economic barometers continue to plunge.
What will the Central Banks do if they current bond buying programs still cannot generate enough consumers/businesses to borrow and spend????
By the way, I laid out the data in this format because this type of chart tends to cut through the "noise" and give a cleaner view of the larger trend.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Paul Craig Roberts: Attack on gold is just part of pervasive corruption
The Statistics:
As of close of business: 4/16/2013
Gold Warehouse Stocks: | 9,016,113.628 | -97,796.742 |
Silver Warehouse Stocks: | 165,432,582.019 | +146,363.50 |
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 | 1145.921 | 36,842,510 | US$51,268m |
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$6,159m |
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$493m |
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 8.423 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 205.01: -1.93 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,451.01: No change from yesterday’s data.
The Miners:
Midway’s (MDW) new CFO, First Majestic’s (AG) 2012 Socially Responsible Business Distinction Award, and Fortuna’s (FSM) first quarter production results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Panther | GPL +3.00% $1.03 |
2. Comstock | LODE +2.78% $1.85 |
3. Alexco | AXU +0.47% $2.15 |
LOSERS
1. Fortuna | FSM -14.98% $2.61 |
2. Revett | RVM -14.56% $1.35 |
3. Rubicon | RBY -11.98% $1.47 |
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, 17 April 2013 | Digg This Article | Source: GoldSeek.com