-- Posted Thursday, 11 July 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1285.40 | +$34.30 |
Silver | $20.18 | +$1.03 |
XAU | 91.71 | +7.01% |
HUI | 230.67 | +7.87% |
GDM | 688.00 | +7.63% |
JSE Gold | 1215.12 | +38.01 |
USD | 82.71 | -1.34 |
Euro | 130.97 | +1.10 |
Yen | 101.15 | +0.90 |
Oil | $104.91 | -$1.61 |
10-Year | 2.574% | -0.106 |
T-Bond | 134.21875 | +1.34375 |
Dow | 15460.92 | +1.11% |
Nasdaq | 3578.30 | +1.63% |
S&P | 1675.02 | +1.36% |
The Metals:
Gold climbed to as high as $1298.38 at about 2AM EST before it fell back to $1278.36 in late morning New York trade, but it then bounced back higher in afternoon trade and ended with a gain of 2.74%. Silver surged to as high as $20.278 and ended with a gain of 5.38%.
Euro gold rose to about €981, platinum gained $43 to $1405.50, and copper climbed 10 cents to about $3.18.
Gold and silver equities rose nearly 6% at the open before they pared their gains a bit in midmorning trade, but they then climbed to new highs in afternoon trade and ended with over 7% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/06 | 360K | 345K | 344K |
Export Prices | June | -0.1% | - | -0.5% |
Export Prices ex-ag. | June | -0.2% | - | -0.7% |
Import Prices | June | -0.2% | - | -0.7% |
Import Prices ex-oil | June | -0.3% | - | -0.3% |
Treasury Budget | June | $117.0B | $115.0B | -$59.7B |
U.S. Mortgage Rates for 30-Year Loans Rise to 2-Year High Bloomberg
Tomorrow brings PPI and Michigan Sentiment.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell “after the International Energy Agency forecast a rise in oil supply from non-OPEC countries this year and next that will likely outpace demand growth.”
The U.S. dollar index fell markedly and treasuries shot higher along with the Dow, Nasdaq, and S&P in reaction to comments made by Bernanke after yesterday’s market close.
“Bernanke said yesterday that “highly accommodative monetary policy for the foreseeable future is what’s needed” and minutes of the Fed’s June meeting showed officials want to see more signs of job growth before starting to scale back their $85 billion-a-month bond purchases.”
Among the big names making news in the market today were GlaxoSmithKline, Fannie Mae, Freddie Mac, Progressive, Apple, Cisco, and Google.
The Commentary:
“The rally in gold is finally pulling the lackluster mining shares higher and while it has somewhat improved the technical chart posture of the complex as a whole, work remains to be done to cement a bottom or at the very least, spook some of the bears who have been extremely complacent.
I have noted a significant chart gap that the index has of yet been unable to close. For this chart to turn friendlier, bulls must at least push into the gap, preferably closing it completely and holding the index through it. Should that occur, we will begin to see some more sizeable short covering in the complex.
The key question potential buyers of the miners are asking is whether or not the rally in the metal will continue or stall out below $1300. There is a line of thinking that the sell off in the Dollar is only due to money flows reversing as many traders were completely caught off guard by Mr. Bernanke's almost bizarre reversal on the duration of the QE program yesterday afternoon in his comments. (Count yours truly in that crowd).
That being said, many look for interest rates to rise FIRST in the US before elsewhere around the globe meaning that the sell off in the Dollar, though quite deep, may only be temporary before buyers return and begin bidding it up again. Upcoming economic data will be critical in this regards.
So far the Euro remains well bid against the greenback but most would agree that the state of the overall European economy is decidedly weaker than that of the US (which isn't saying much now is it?). If the Euro were to clear 1.34, we would have to re-evaluate that but as of now, it has already retreated one full point off its best level against the Dollar. Let's see how it closes the week out tomorrow and whether or not the trade reversals are pretty much done by now or will continue some into the close of trading Friday. If the Dollar begins to start working higher again, gold could come under some selling pressure.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Gold standard advocate Lehrman to introduce book at Cato Institute event
The Statistics:
As of close of business: 7/10/2013
Gold Warehouse Stocks: | 7,142,216.911 | +46,263.932 |
Silver Warehouse Stocks: | 165,956,278.937 | +845,034.33 |
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) AND Mexico Stock Exchange (BMV) | SPDR® Gold Shares | 939.075 | 30,192,195 | US$38,789m |
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$5,697m |
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$462m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.43 | 1,364,015 | US$1,713m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.672 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 179.00: -0.45 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,124.98: +90.03 change from yesterday’s data.
The Miners:
Nevsun’s (NSU) second quarter output, McEwen’s (MUX) quarterly production record, Santacruz Silver’s (SCZ.V) drill results, Great Panther’s (GPL) second quarter production, Gold Fields’ (GFI) second quarter production, Fortuna’s (FSM) second quarter production, and Kirkland’s (KGI.TO) fourth quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Randgold | GOLD+11.83% $67.88 |
2. Rio Alto | RIOM +11.05% $2.01 |
3. Allied Nevada | ANV +10.89% $6.01 |
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 Thursday, 11 July 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Over 2% and 5%
