-- Posted Wednesday, 29 May 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1394.80 | +$13.80 |
Silver | $22.46 | +$0.16 |
XAU | 104.03 | +3.99% |
HUI | 263.66 | +4.16% |
GDM | 787.36 | +4.34% |
JSE Gold | 1359.70 | +8.30 |
USD | 83.62 | -0.60 |
Euro | 129.40 | +0.87 |
Yen | 98.88 | +1.15 |
Oil | $93.13 | -$1.88 |
10-Year | 2.124% | -0.011 |
T-Bond | 141.75 | +0.50 |
Dow | 15302.80 | -0.69% |
Nasdaq | 3467.51 | -0.61% |
S&P | 1648.36 | -0.70% |
The Metals:
Gold edged down to $1380.70 in Asia before it rebounded to $1394.70 at about 7AM EST and then fell back to $1382.60 in the next few hours of trade, but it then rose to a new session high of $1395.00 in afternoon New York trade and ended with a gain of 1%. Silver slipped to $22.179 in Asia, but it then rose to as high as $22.511 in New York and ended with a gain of 0.72%.
Euro gold rose to about €1078, platinum lost $2.50 to $1453.50, and copper fell slightly to about $3.30.
Gold and silver equities climbed steadily higher throughout most of trade and ended with about 4% gains.
The Economy:
US mortgage rates surge as Federal tapering fears mount-MBA The Economic Times
Tomorrow brings Initial Jobless Claims, GDP, and Pending Home Sales.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the International Monetary Fund reduced its estimate for China’s growth.
The U.S. dollar index fell and the yen rose as traders took profits from the past month’s widely publicized drop in the Japanese currency.
Treasuries stabilized after yesterday’s selloff. Today’s 35 billion 5-year note auction sold at a yield of 1.045% with a bid to cover of 2.79.
The Dow, Nasdaq, and S&P fell on renewed concerns about the global economy.
Among the big names making news in the market today were Sallie Mae, Smithfield Foods, and Nasdaq.
The Commentary:
“Here's the current mindset in the gold market as of this morning... the stock market looks as if it is experiencing either a bout of profit taking by longs or has temporarily run out of willing buyers near its new lifetime high - that begets a safe haven bid and a bit of the risk aversion trade comes back on.
That can primarily be seen in the bid going into the Japanese Yen, which is becoming extremely volatile due to this risk on, risk off, alternating from day to day. You can also see it in the long bond which rallied over a full 1 1/2 points off its low of the session. This trade then brings back a bid into the gold market.
especially as the US Dollar weakens.
Today, we have the European majors and the Yen moving up against the US Dollar as the equity markets weaken. The inverse link between the greenback and gold then comes into play and gold pops higher. Gold then functions as a safe haven.
Whether this is sufficient to take gold through the $1400 level and maintain a "14"handle on it is unclear at this time. It all depends on what happens to the equity market. If this is just another dip in price that will be bought by the large specs, then gold will run into further selling as it moves towards overhead chart resistance. Why? Because they will look to jettison their gold holdings to put that money to work in the equity markets. If it is something more serious in regards to the stock market, then gold will be able to clear round number resistance at $1400 and should be able to maintain its gains.
This is what will be required to spook any of the hedge fund shorts out of their positions and touch off some buying by that side of the ledger. Remember, gold needs a catalyst of some sort.
I should also note here that there is general weakness in the grains and in the energy sector today. That combined with weakness in the copper markets is keeping pressure on the Goldman Sachs Commodity Index and furthering the notion that inflation, at least when it comes to the cost of basic commodities, is currently a non-issue.
Take a look at the chart of Unleaded Gasoline. Notice that it is some $0.45/gal cheaper than it was a mere two months ago. You put that together with a stock market nearly daily making one all time high after another, and is it any wonder that consumer confidence readings are moving up?”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
New Bank of England chief will devalue the pound, Pimco warns
GATA Chairman Bill Murphy interviewed at Vancouver conference
India's central bank won't ban sale of gold coins
GATA secretary interviewed at Vancouver conference
Gene Arensberg: Huge rally fuel in place for gold futures
The Statistics:
As of close of business: 5/28/2013
Gold Warehouse Stocks: | 8,043,961.551 | -13,143.895 |
Silver Warehouse Stocks: | 164,909,992.830 | -1,814,642.88 |
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 | 1012.252 | 32,544,916 | US$44,974m |
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$6,170m |
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$500m |
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 3.909 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 187.58: -0.81 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,022.95: No change from yesterday’s data.
The Miners:
Royal Gold’s (RGLD) dividend, Sibanye Gold’s (SGL) job cuts, Centerra Gold’s (CG.TO) protesters in Kyrgyzstan, Midway’s (MDW) drill results, Vista Gold’s (VGZ) preliminary feasibility study, and SilverCrest’s (SVL.V) updated Reserve and Resource estimations were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Minerals | AUMN +12.96% $1.83 |
2. Tanzanian Royalty | TRX +11.52% $3.00 |
3. Seabridge | SA +10.89% $11.30 |
LOSERS
1. Solitario | XPL -2.61% $1.12 |
2. Alexco | AXU -1.32% $1.50 |
3. Turquoise | TRQ -1.03% $6.74 |
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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© Gold Seeker 2013
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-- Posted Wednesday, 29 May 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 1%
