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Gold Seeker Closing Report: Gold and Silver Fall Over 2% and 3%
By: Chris Mullen, Gold-Seeker.com


-- Posted Wednesday, 15 May 2013 | | Disqus

 

Close

Gain/Loss

Gold

$1392.70

-$32.70

Silver

$22.53

-$0.83

XAU

100.43

-4.01%

HUI

256.79

-4.72%

GDM

759.79

-4.59%

JSE Gold

1417.87

-53.17

USD

83.83

+0.24

Euro

128.78

-0.51

Yen

97.74

-0.01

Oil

$94.30

+$0.09

10-Year

1.943%

-0.009

T-Bond

144.125

+0.0625

Dow

15275.69

+0.40%

Nasdaq

3471.62

+0.26%

S&P

1658.78

+0.51%

 
 

 

The Metals:

 

Gold fell to as low as $1389.60 at about 3:40PM EST before it bounced back higher in the last 20 minutes of trade, but it still ended with a loss of 2.29%.  Silver slumped to as low as $22.50 and ended with a loss of 3.55%.

 

Euro gold fell to about €1081, platinum lost $10.80 to $1487, and copper fell a couple of cents to about $3.27.

 

Gold and silver equities fell throughout most of trade and ended with over 4% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

PPI

Apr

-0.7%

-0.5%

-0.6%

Core PPI

Apr

0.1%

0.1%

0.2%

Empire Manufacturing

May

-1.4

3.5

3.1

Net Long-Term TIC Flows

Mar

-$13.5B

-

-$13.3B

Industrial Production

Apr

-0.5%

-0.2%

0.3%

Capacity Utilization

Apr

77.8%

78.3%

78.3%

NAHB Housing Market Index

May

44

44

41

 

Mortgage applications drop as rates rise: MBA Reuters

 

Tomorrow brings Initial Jobless Claims, CPI, Housing Starts, Building Permits, and the Philadelphia Fed.

 

The Markets:

 

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

 

Oil turned slightly higher after the Energy Information Administration reported that crude inventories surprisingly fell 600,000 barrels, gasoline inventories rose 2.6 million barrels, and distillates rose 2.3 million barrels.

 

The U.S. dollar index rose after Europe’s disappointing economic data was deemed poorer than the worse than expected batch of data released in the US this morning.

 

Treasuries rose along with the Dow, Nasdaq, and S&P on the outlook for continued easy monetary policy around the world.

 

Among the big names making news in the market today were Monsanto, Google, SocGen, Macy’s, HSBC, and Deere.

 

The Commentary:

 

Bears have been salivating at reaching downside sell stops for a while now but had been stymied by strong physical buying of the metal which had kept prices supported. With the US Dollar continuing to strengthen, and with commodities in general seeing strong selling pressure, they finally got their wish in today's trading session.

Price fell through some initial support near the $1420 level which had held the market for the last few sessions but once that gave way, downside pressure intensified until bears took it down to near $1410. Just below that they hit their jackpot and reached the sell stops. It was those stops going off that knocked price through the psychological floor at $1400. That allowed another $10+ fall in the price of gold where some short covering and bottom hunting surfaced right below $1390.

I have noted the next level of chart support for gold. It is currently just beneath today's session low of $1389 coming in closer to the $1385 level. If that does not attract sufficient buying, price will fall down into the rectangle I have noted on the chart somewhere in the vicinity of $1375 - $1365.

I want to note here yet again how volume continues to increase during these downdrafts. This is not a bullish pattern. Bears are firmly in control until we see the volume shift along with the price action.

 

With the mining shares completely collapsing, there is really no other catalyst for bears to aggressively cover their positions right now other than booking a few profits. Like it or not, approve of it or not, the US Dollar is the strongest game in town right now as investors globally see the US as the best place to stash money. It is a pity that the Treasury International Capital Flows data is so dated by the time we get it but I would wager good money that the component breaking out the foreign money inflows into equities is soaring.

 

Either way, the strong Dollar is keeping gold buying in check. One thing I might note here - that same strong dollar is now beginning to impact US exports of agricultural goods.

 

It's funny in a perverse sort of way that the Bank of Japan, which is printing about $74 billion each month in an effort to stave off deflation is seeing that extra supply of Yen drop its currency into an abyss while at the same time, the Federal Reserve is printing an equivalent value of some $85 billion each and every month while its currency soars blissfully into the upper levels of the atmosphere. You tell me how to mentally wrap ones mind around this sort of perverseness. All I know is that Bernanke and Friends have concocted a new elixir and discovered the Holy Grail of Permanent, Pain Free, Prosperity. We really are seeing the very concept of "MONEY" redefined right before our eyes!

 

Incidentally, LUMBER made a FRESH SEVEN MONTH LOW today.... Homebuilding must be gangbusters right now... (note the sarcasm here).- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

 

India's gold buyers, smugglers will have last laugh on government

Indian gold premiums double amid fears of cut in supply

 

The Statistics:

As of close of business: 5/14/2013

Gold Warehouse Stocks:

7,975,029.666

+31,696.83

Silver Warehouse Stocks:

165,514,774.574

+513,511.95

 

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

1051.646

33,811,468

US$47,662m

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$6,201m

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$501m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.45

1,364,715

US$

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 193.60: -0.60 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,440.40: No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) tunnel collapse, SilverCrest’s (SVL.V) first quarter results, McEwen’s (MUX) copper project, First Majestic’s (AG) first quarter results, Aurizon’s (AZK) first quarter results, B2Gold’s (BTO.TO) first quarter results, Lake Shore Gold’s (LSG) first quarter results, Pan America’s (PAAS) annual general and special meeting results, Claude’s (CGR) election of directors, and Pretivm’s (PVG) change to its board of directors were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Freeport

FCX +0.60% $31.76

2.  DRDGOLD

DROOY +0.33% $6.09

 

LOSERS

1.  Allied Nevada

ANV -11.74% $7.82

2.  Rio Alto

RIOM-10.26%$3.15

3.  First Majestic

AG -8.98% $10.24

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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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 Wednesday, 15 May 2013 | Digg This Article | Source: GoldSeek.com

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