-- Posted Friday, 10 May 2013 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1443.30 | -$12.90 | -1.76% |
Silver | $23.79 | +$0.10 | -1.25% |
XAU | 108.51 | -0.28% | +0.78% |
HUI | 279.97 | -0.38% | +1.02% |
GDM | 825.62 | -0.32% | +0.47% |
JSE Gold | 1460.80 | -47.89 | -1.68% |
USD | 83.14 | +0.41 | +1.25% |
Euro | 129.84 | -0.55 | -1.00% |
Yen | 98.44 | -0.96 | -2.51% |
Oil | $96.04 | -$0.35 | +0.45% |
10-Year | 1.900% | +0.087 | +8.45% |
Bond | 145.125 | -1.375 | -1.25% |
Dow | 15118.49 | +0.24% | +0.97% |
Nasdaq | 3436.49 | +0.80% | +1.71% |
S&P | 1633.70 | +0.43% | +1.19% |
The Metals:
Gold edged up to $1462.10 in Asia before it fell back to as low as $1419.80 at about 10:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.89%. Silver slipped to as low as $23.178 in morning New York trade, but it then jumped higher in afternoon trade and ended with a gain of 0.42%.
Euro gold fell to under €1112, platinum lost $14.50 to $1487.50, and copper rose a few cents to about $3.35.
Gold and silver equities fell over 3% by midmorning, but they then rallied back higher throughout most of the afternoon and ended with only slight losses.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Apr | $112.9B | $112.0B | $59.1B |
Heading to G7, U.S. tells Japan to stick to currency rules Reuters
Bernanke Sees Important Risks in Wholesale Funding Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Retail Sales and Business Inventories on Monday, Export and Import Prices on Tuesday, PPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Wednesday, Initial Jobless Claims, CPI, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Michigan Sentiment and Leading Economic Indicators on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose on more weakness from the yen after yesterday’s dramatic move through the 100 level found little resistance from monetary authorities.
Treasuries fell as the Dow, Nasdaq, and S&P added to this week’s gains while investors looked for news from the start of this weekend’s meeting of the Group of Seven finance ministers.
Among the big names making news in the market Friday were UBS, True Religion and TowerBrook, and Dell.
The Commentary:
“Yesterday the Japanese Yen broke "PAR" with the US Dollar, a significant development. Today it is the Australian Dollar or "Aussie" which has now broken par.
I mentioned this currency because of its ties to the commodity sector in general. While it is not an exact relationship, the Australian Dollar as a general rule of thumb tends to perform strongly when commodities are in a rising trend. This is because of the nature of a large part of the Australian economy, which is involved in the production of raw materials. Remember, it was soaring Chinese demand for commodities across the board which helped fan the flames of Australia's economy and contributed to its growth. With Chinese demand apparently slowing somewhat, Australia is feeling the impact. Just this week the RBA lowered interest rates there and brought about a wave of selling into the currency as a result.
Today we are seeing across the board weakness in the commodity sector with hardly a single commodity in the green except for copper and feeder cattle, which are moving higher on the bearish USDA grain reports. That is resulting in more selling of the Aussie. Even the Canadian Dollar is lower today as it too is getting some residual selling coming in as commodity prices, most notably, crude oil are sinking.
This is what makes the move in the interest rate markets even more interesting. The Goldman Sachs Commodity Index (GSCI) is really taking it on the chin in today's session even as interest rates soar higher. One has to wonder which one of these signals is more accurate right now. So far the macro funds are jettisoning commodities as the strong US Dollar has their algorithms selling across the board in the sector. If however, some begin to suspect that the Central Bankers might just get their wish of generating "benign" inflation, then we might see some bottoms forged in the commodity sector although that is way too premature to look for at this point in time. It is just something that we will see if and when we do get a solid shift in sentiment towards inflation and away from deflation.
I might make a note here and tell you that the weakness in the Yen is beginning to impact consumers over in Japan. A large number of products are imported into that country, particularly energy, and with the Yen collapsing, the cost of those imported goods is rising rapidly. This is no doubt the reason that we are seeing such volatility in the Japanese government bond markets over there right now.
Abe and company are getting their wish - they are going to win the battle against deflation no matter what, but the "no matter what" is that which should worry the citizenry over in the land of the rising sun.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
The Statistics:
Activity from: 5/09/2013
Gold Warehouse Stocks: | 8,062,336.852 | +57,802.137 |
Silver Warehouse Stocks: | 165,495,096.559 | -878,025.90 |
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 | 1054.176 | 33,892,813 | US$48,319m |
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$6,320m |
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$511m |
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 ADDED 2.707 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 194.79: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,440.40: No change from yesterday’s data.
The Miners:
Richmont’s (RIC) election of directors, Turquoise Hill’s (TRQ) project update, Golden Star’s (GSS) AGM results, Timberline’s (TLE) second quarter results, Lake Shore’s (LSG) proposed amendments, Centamin’s (CEE.TO) legal update, and Hecla’s (HL) first quarter results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Tanzanian Royalty | TRX +5.64% $2.81 |
2. Banro | BAA +5.31% $1.19 |
3. McEwen | MUX +5.19% $2.23 |
LOSERS
1. Avino | ASM -5.08% $1.12 |
2. Richmont | RIC -4.93% $1.93 |
3. Timmins | TGD -4.53% $2.32 |
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 Friday, 10 May 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 1.5% on the Week
