-- Posted Monday, 29 April 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1470.40 | +$13.10 |
Silver | $24.33 | +$0.43 |
XAU | 107.88 | +1.48% |
HUI | 280.88 | +1.62% |
GDM | 829.14 | +1.50% |
JSE Gold | 1540.68 | -28.95 |
USD | 82.12 | -0.36 |
Euro | 131.01 | +0.69 |
Yen | 102.30 | +0.32 |
Oil | $94.50 | +$1.50 |
10-Year | 1.668% | +0.005 |
T-Bond | 148.50 | -0.375 |
Dow | 14818.75 | +0.72% |
Nasdaq | 3307.02 | +0.85% |
S&P | 1593.61 | +0.72% |
The Metals:
Gold climbed $20.50 to $1477.80 in London before it chopped back lower in New York, but it still ended with a gain of 0.9%. Silver surged to as high as $24.471 and ended with a gain of 1.8%.
Euro gold climbed to almost €1123, platinum gained $28 to $1504, and copper climbed four cents to about $3.22.
Gold and silver equities rose about 1.5% by midmorning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Mar | 0.2% | 0.3% | 1.1% |
Personal Spending | Mar | 0.2% | 0.1% | 0.7% |
PCE Prices - Core | Mar | 0.0% | 0.1% | 0.1% |
Pending Home Sales | Mar | 1.5% | 0.1% | -1.0% |
Tomorrow brings the Employment Cost Index, the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index fell on tame economic data that bolstered the case for the fed to maintain its bond buying program at their meeting this Wednesday.
Treasuries waffled near unchanged in mixed trade.
The Dow, Nasdaq, and S&P rose on decent housing data and speculation that central banks around the will continue to try to stimulate their economies.
Among the big names making news in the market today were Capstone, J.C. Penney, BlackBerry, and Chrysler.
The Commentary:
“Yesterday (Friday) I posted some comments doing a bit of analysis on the Commitment of Traders report for Gold. In those comments I noted that it looked to me as if the General Public, the smaller speculator, usually underfunded and not well capitalized, was holding their smallest net long position going back over a decade.
I have managed to finally find a bit of time to confirm that.
Here is the data in chart format. Note, the general public is the LEAST BULLISH ON GOLD since the very beginning of the decade+ long bull move way back in 2001. You will recall that gold was coming off a twenty year bear market back then.
Even during the depths of the credit crisis in the latter part of 2008, the general public, in spite of a sharp crash in the price of gold, still remained biased towards the bullish side, even though that sentiment took quite a hit during that downdraft.
Fast forward to this past week and you can see how rapidly sentiment towards gold, on the part of the small speculator, has been damaged. All I can say about this is if the Central Planners wanted to discredit gold as an alternative currency to the Dollar, they have certainly managed to do just that. They have gotten the entire speculative camp, hedge funds, other large reportables and the small speculators selling gold while the bullion banks and swap dealers are in the process of buying it.
Keep in mind that this is using the paper Comex markets as the benchmark against which most of the investment world leans when it wants to know what the price of gold is doing. Most people outside of the gold community do not even know what a gold coin dealer shop looks like or where even to find one. Mention the words, "spot price of gold" and you are liable to get someone asking why the metal is spotted.
Let's keep a close eye on this to see if we can spot any shift in sentiment. Markets that have suffered such brutal maulings need some time to repair the psyche of those who have been on the wrong side of a move of that nature and been devastated as a result.
This is the reason that I am not in the camp with those who believe that we are now going to see an immediate rocket shot higher in gold. I can assure you as a trader that once you are on the wrong side of a trade of this nature, and watched your trading account or investment capital been blasted into the nether regions, you are in no special hurry to plunge right back into that market. You need time to lick your wounds. There are probably people out there who are swearing out loud right now that they will never even look at another ounce of gold, much less plop down money on a gold investment, especially a mining share!
This market will thus need some sort of healing process in my view to convince the skeptics that it is for real.
Those of us who believe in honest money, need to understand that the majority do not look at these things in the same manner in which we do. Thus, the mass exodus out of the Comex gold markets and the gold ETF. If gold can continue to stabilize here and avoid any further sharp downside plunges, that will go a long way to convincing some of the new skeptics that the worst is over and give some the confidence to wade back into the water.
Traders and other investment types will be looking for another retracement lower in price to see where the support emerges. They will be especially interested in seeing where the strong physical offtake begins to fade at these higher price levels.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Guillermo Barba: Silver coin demand rises sharply in Mexico
CMRE's spring dinner meeting set for May 23 in New York
Gold plunge was not a natural market event but an intervention, Kirby tells Schall
So where's all the gold coming from?
'Not one piece of evidence' that gold market is rigged? Really?
Gold price suppression sneaks into South African press
If banks are this scared of Bitcoin, gold must terrify them
Bron Suchecki: The most important Comex drawdown metric
Big commercials cover big share of their gold shorts, Arensberg says
The Statistics:
As of close of business: 4/26/2013
Gold Warehouse Stocks: | 8,049,242.381 | -17,690.401 |
Silver Warehouse Stocks: | 166,052,673.100 | -87,974.87 |
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 | 1083.051 | 34,821,165 | US$51,077m |
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$6,530m |
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$527m |
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 7.219 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 195.56: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,392.42: +25.53 change from yesterday’s data.
The Miners:
Avino’s (ASM) processing capacity, Endeavour Silver’s (EXK) cost reductions, Gold Resource’s (GORO) dividend, and Kinross Gold’s (KGC) feasibility study were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +8.40% $1.29 |
2. Revett | RVM +6.57% $1.46 |
3. McEwen | MUX +5.31% $2.18 |
LOSERS
1. Great Panther | GPL -5.50% $1.03 |
2. Banro | BAA -4.58% $1.25 |
3. Eurasian | EMXX -4.38% $1.53 |
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, 29 April 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 1%
