-- Posted Tuesday, 23 April 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1414.90 | -$10.50 |
Silver | $22.95 | -$0.42 |
XAU | 102.29 | -1.91% |
HUI | 266.03 | -2.34% |
GDM | 784.99 | -2.25% |
JSE Gold | 1493.14 | -27.73 |
USD | 83.02 | +0.37 |
Euro | 130.08 | -0.62 |
Yen | 100.57 | -0.18 |
Oil | $89.18 | -$0.01 |
10-Year | 1.698% | UNCH |
T-Bond | 148.00 | -0.15625 |
Dow | 14719.46 | +1.05% |
Nasdaq | 3269.33 | +1.11% |
S&P | 1578.78 | +1.04% |
The Metals:
Gold edged up to $1428.79 in Asia before it fell back to as low as $1404.92 at about 10AM EST, but it then bounced back higher in the last 6 hours of trade and ended with a loss of just 0.74%. Silver slipped to as low as $22.606 in Asia before it also rallied back higher, but it still ended with a loss of 1.8%.
Euro gold fell to under €1089, platinum lost $22.25 to $1410.25, and copper fell four cents to about $3.09.
Gold and silver equities fell over 3% in the first 45 minutes of trade before they rallied back to see only about 1% losses by midday, but they then fell back off again in afternoon trade and ended about 2% lower.
The Economy:
Report | For | Reading | Expected | Previous |
FHFA Housing Price Index | Feb | 0.7% | - | 0.6% |
New Home Sales | Mar | 417K | 415K | 411K |
Tomorrow at 8:30AM EST brings Durable Goods Orders for March expected at -3.1%. Excluding transportation, orders are expected at 0.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on poor economic data out of China and Germany that sent the euro lower and the U.S. dollar index higher.
Treasuries edged lower after today’s $35 billion 2-year note auction sold at a yield of 0.233% with a bid to cover of 3.63.
The Dow, Nasdaq, and S&P climbed higher on stronger than expected earnings reports.
Among the big names making news in the market today were Amazon and eBay, DuPont, FedEx, Xerox, MF Global, Travelers, Caesars, United technologies, and Netflix.
The Commentary:
“I view this incident as further evidence that the US equity markets are floating higher and higher on nothing but a bubble of air. Those who continue to chase stocks higher based on nothing but liquidity injections are playing a fool's game.
I look at today's one minute collapse in prices as a warning of what will happen to this market when all of these hedge funds who keep jamming these markets higher decide to stop buying. At some point, who in the hell are they going to sell to when the bell is rung???
Following is a 5 minute chart of the emini S&P 500 futures. If you happened to have gone to the bathroom just before the sharp selloff began, and came back and sat down in your chair in front of your quote screen, you would have seen prices pretty much right back where they were when you left. "Oh well, not much happening at this point" would have been your response. Boy howdy would you have been wrong.
Can you imagine how much money was lost today by traders on the long side of this market when those computers started selling and picked off every single downside sell stop?
Already you are hearing voices condemning the computers. Why is it that we only hear these voices when prices move sharply lower but the same voices are eerily silent while the same computers are busy buying everything in sight and shoving prices into the stratosphere? I only pose that question to point out the hypocrisy of those who seem to think that there is an ELEVENTH AMENDMENT to the US Constitution noting a God-given right to a permanently rising stock market.
My contention is that this madness we are witnessing in these markets, every single damned bit of it, can be attributed directly to the Fed and this incredibly stupidly short-sighted QE crap. A balance sheet of over $3 TRILLION and rising...
There is nothing fundamental behind this rise in stock prices - nothing - not when commodity prices continue moving lower and lower. Yet, someone keeps pushing it higher even as volume continues to shrink. This tells me that there is no sponsorship in this rally other than those who are AFRAID to SELL IT. That is leaving the air pocket overhead which can be hit by comparatively small buy programs.
Today, the reason cited for the move higher in the first place is that the news out of the Eurozone is so pathetic, that traders are just convinced Draghi is going to LOWER RATES and start their own version of the Fed and BOJ liquidity party. In other words, more funny money creation. This generation of stock investors/traders is collectively punch drunk.
Meanwhile, the markets bubble higher and higher - where they stop nobody knows. Place your bets ladies and gentlemen but you had damned well be first to pull the trigger on the sells if you expect to have much of anything left when this party stops. It is a TRADER's Market and not an INVESTOR's MARKET. Just remember that and you will be okay.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Jim Sinclair to hold seminar in Los Angeles on May 19
Grant Williams says 'Hmmm' about gold crash
Casey Research's Bud Conrad: Gold crash likely deliberately engineered
Feverish buying demolishes gold inventories in Asia
Gold plunge was 'state-engineered,' Hinde Capital's Davies writes
The Statistics:
As of close of business: 4/22/2013
Gold Warehouse Stocks: | 8,583,373.227 | -198,536.285 |
Silver Warehouse Stocks: | 165,813,006.663 | +257,373.535 |
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 | 1104.709 | 35,517,494 | US$50,575m |
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$6,255m |
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$505m |
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 18.349 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 196.23: -0.75 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,451.01: No change from yesterday’s data.
The Miners:
Kinross Gold’s (KGC) pending results of its pre-feasibility study, Agnico-Eagle’s (AEM) investment in Kootenay Silver Inc., Midway’s (MDW) project with Barrick (ABX), Rob McEwen’s share exchange (MUX), Huldra Silver’s (HDA.V) updates, B2Gold’s (BTO.TO) first quarter production and revenue numbers, and Pretivm’s (PVG) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Turquoise | TRQ +5.59% $5.86 |
2. McEwen | MUX +3.28% $1.89 |
3. Comstock | LODE +2.05% $1.99 |
LOSERS
1. Alexco | AXU -8.02% $1.95 |
2. Avino | ASM -6.67% $1.12 |
3. Almaden | AAU -6.06% $1.55 |
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 Tuesday, 23 April 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall Almost 1% and 2%
