-- Posted Monday, 10 June 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1385.40 | +$6.70 |
Silver | $21.91 | +$0.34 |
XAU | 105.79 | +0.17% |
HUI | 270.11 | +0.25% |
GDM | 803.29 | +0.17% |
JSE Gold | 1522.72 | +30.98 |
USD | 81.66 | -0.01 |
Euro | 132.57 | +0.38 |
Yen | 101.32 | -1.19 |
Oil | $95.77 | -$0.26 |
10-Year | 2.213% | +0.054 |
T-Bond | 140.09375 | -0.6875 |
Dow | 15238.59 | -0.06% |
Nasdaq | 3473.77 | +0.13% |
S&P | 1642.81 | -0.03% |
The Metals:
Gold climbed $9.50 to $1388.20 in Asia before it fell back to $1376.00 by a little before 10AM EST, but it then climbed to as high as $1388.70 in early afternoon New York trade and ended with a gain of 0.49%. Silver surged to as high as $22.083 and ended with a gain of 1.58%.
Euro gold rose to about €1045, platinum rose $7.50 to $1502.50, and copper fell 3 cents to about $3.24.
Gold and silver equities traded mostly slightly higher and ended with modest gains.
The Economy:
S&P revises U.S. credit outlook to 'stable' from 'negative' Reuters
Tomorrow at 10AM EST brings Wholesale Inventories for April expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on disappointing economic data out of China.
The U.S. dollar index erased early gains and ended near unchanged as traders awaited the outcome of the Bank of Japan’s two-day meeting.
“Treasury prices fell on Monday as investors in the U.S. government-debt market adjusted their holdings ahead of three days worth of auctions.
The Treasury Department will sell $32 billion of 3-year notes on Tuesday, $21 billion of 10-year notes on Wednesday and $13 billion of 30-year bonds on Thursday. ”
The Dow, Nasdaq, and S&P ended near unchanged in mixed trade.
Among the big names making news in the market today were AstraZeneca, Booz Allen, Wal-Mart, Google, and McDonald’s.
The Commentary:
“U.S. Stock Market – Because the most recent highs in the DJIA were within a fair range of the top I anticipated when I first noted this megaphone technical chart last January, I’ve stated there isn’t that much upside potential left to warrant staying aggressively long general U.S. equities. While not suggesting a crash or dramatic decline anytime soon, it’s my best guess (because guessing is all any of us really do no matter how sophisticated we try and make our work look) that very limited exposure to general U.S. equities is the way to go until further notice.
I do want to stress however (however is a word many strategists can’t live without), U.S. equities are likely to be the lesser of two evils over bonds for some time to come and therefore can be anticipated to find support after meaningful declines. Knowing virtually all financial advisers have some sort of membership and/or allegiance to the “Don’t Worry, Be Happy” crowd that makes-up and controls Wall Street, you should always realizing that these folks will never ever abandoned stocks or bonds or both in any meaningful matter. Remember, you can toss the lot of them off the top of the Empire State Building and all the way down they shall all say the same thing – “so far so good!”
U.S. Bonds – Avoid!
U.S. Dollar Index – While 99.9% of all investors should not trade commodities to start with, I’ve spoken about shorting the U.S. Dollar index in the 84-85 area. It’s been my belief that the U.S. Dollar remains in a secular bear market; is terminally ill and all we’ve seen is a rather weak countertrend rally the last year or two.
While the “Don’t Worry, Be Happy” crowd hasn’t (or won’t) mentioned more and more announcements around the world of countries no longer going to use the U.S. Dollar as their currency of trade, it’s just another sign that Uncle Sam’s paper is terminally ill long-term.
Gold – As noted in this post of mine last Friday, the Crimenex (Comex) was for the umpteen times the scene of a mugging. After countless similar criminal acts, the authorities have finally decided to act and have sent this man to investigate.
Seriously, it’s gone way beyond pathetic now and even TOUT-TV noticed the absurdity now of the trading in the paper market. But notice towards the end of the TOUT-TV interview, Simon Hobbs asserts why is anybody questioning this? He is now my poster boy for 99% of so-called financial journalists who should be a shame of themselves for not even questioning the insanity of the trading patterns and want us to think that the scandal after scandal in all other markets somehow stops at the door of the Crimenex?
In this particular case, Simon the dunce (sorry for appearing rude but after 30 years in and around Wall Street I know any journalists truly worthy to be called one would not simply “pan” the possibility that someone just a moment before one of the biggest economic monthly numbers is release, absolutely slams the market) is a fool. No one in their right mind, trades that amount long or short just before such a release – period, end of discussion…. Unless they know the news and know their trade can’t lose.
But ever since we learned it’s going to take the FED 7 years to ship back just a part of Germany’s gold, anyone who doesn’t grasp the ever-increasing takedowns in the paper gold market while physical demand just gets stronger and stronger, should become Simon Hobbs fans and also prepare for the return of Elvis, Jimmy Hoffa and Mark Sanchez being named NFL Player of The Year.
Despite yet another take down, gold is developing a major bottom formation. Getting above $1,430 without making a new low shall be another indicator of such a bottom. However, it’s going to take getting above $1,550 to send the gold haters and the media that love to publicize them, back under the rocks of which they came from.”- Peter Grandich, Grandich Letter
GATA Posts:
Gold's strange 'bear market': Deutsche Bank opens gold vault in Singapore
Future Money Trends interviews GATA Chairman Bill Murphy
Max Keiser interviews GoldMoney's Alasdair Macleod on gold market stress
Australian Financial Review: The great gold bullion conspiracy
The Statistics:
As of close of business: 6/07/2013
Gold Warehouse Stocks: | 7,970,142.932 | -64.3 |
Silver Warehouse Stocks: | 164,147,216.998 | -503,327.149 |
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 | 1007.141 | 32,380,584 | US$44,765m |
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$6,152m |
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$497m |
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 0.601 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 186.88: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,988.42: No change from yesterday’s data.
The Miners:
Goldcorp’s (GG) dividend and Exeter’s (XRA) surface rights were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Paramount | PZG +6.38% $1.50 |
2. Alamos | AGI +2.82% $14.57 |
3. Timmins | TGD +2.70% $2.66 |
LOSERS
1. Alexco | AXU -4.55% $1.47 |
2. Vista | VGZ -2.78% $1.40 |
3. Banro | BAA -2.59% $1.13 |
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
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
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 Monday, 10 June 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold Gains and Silver Surges
