-- Posted Friday, 19 July 2013 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1294.40 | +$10.70 | +0.77% |
Silver | $19.49 | +$0.11 | -2.01% |
XAU | 94.82 | +3.78% | +5.87% |
HUI | 240.33 | +4.40% | +6.80% |
GDM | 712.79 | +4.17% | +6.06% |
JSE Gold | 1201.79 | +3.18 | +0.02% |
USD | 82.58 | -0.21 | -0.46% |
Euro | 131.43 | +0.33 | +0.56% |
Yen | 99.69 | +0.13 | -0.98% |
Oil | $108.05 | +$0.01 | +1.98% |
10-Year | 2.491% | -0.043 | -4.23% |
Bond | 135.625 | +0.96875 | +1.12% |
Dow | 15543.74 | -0.03% | +0.51% |
Nasdaq | 3587.61 | -0.66% | -0.35% |
S&P | 1692.09 | +0.16% | +0.71% |
The Metals:
Gold rose over $10 to $1294.47 in Asia before it fell back to $1285.85 in London, but it then climbed to as high as $1297.51 in New York and ended with a gain of 0.83%. Silver slipped to as low as $19.311 at about 4AM EST, but it then rallied back higher for most of the rest of the day and ended with a gain of 0.57%.
Euro gold rose to about €985, platinum gained $14.50 to $1422.75, and copper climbed a penny to about $3.14.
Gold and silver equities rose about 2% in the first half hour of trade before they pulled back a bit in the next hour, but they then climbed to new highs into the close and ended with about 4% gains.
The Economy:
Chicago bond rating takes big hit chicagotribune
Detroit files for bankruptcy protection usatoday
U.S. Outlook Revised by Moody’s to Stable on Deficit Reduction Bloomberg
All of this week’s other economic reports:
NAHB Housing Market Index - July | 57 v. 52 |
Next week’s economic highlights include Existing Home Sales on Monday, the FHFA Housing Price Index on Tuesday, New Home Sales on Wednesday, Initial Jobless Claims and Durable Goods Orders on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended barely higher in mixed and quiet trade.
The U.S. dollar index fell and treasuries rose on doubts that the fed will taper its bond buying program anytime soon.
The Dow, Nasdaq, and S&P traded mostly lower on poor earnings reports.
Among the big names making news in the market Friday were GlaxoSmithKline, Google, Microsoft, GE, Allianz, Schlumberger, Time Warner Cable, AMD and Honeywell.
The Commentary:
“U.S. Stock Market - By not shorting the market since 2007, I’ve avoided the temptation so many others have succumb to. While I continue to think the “false” assumption that you can’t get hurt in equities so long as the FED is into QE shall continue, there shall come a time when a weakening economy shall just become too much for even the “Don’t Worry, Be Happy” crowd on Wall Street to overcome with spin. I continue to feel that time shall not come until Fall at the earliest.
U.S. Bonds – Avoid!
Gold - Normally just a psychological round number, $1,300 is far more than that for gold right now. The Crimenex (Comex) has witness several assaults each time gold briefly poked its head above that number. It’s key to get and stay above that number in order for this bounce to become something more meaningful. I think it shall and today would be nice.
U.S Dollar Index – Despite all the hoopla the U.S. Dollar can’t maintain any real upside momentum. It’s an accident waiting to happen.”- Peter Grandich, Grandich Letter
GATA Posts:
For first time in nine months, Russia's central bank buys no gold
Arensberg sees potential for 'epic short-covering surge' in gold
The Statistics:
Activity from: 7/18/2013
Gold Warehouse Stocks: | 6,989,165.449 | -90,311.162 |
Silver Warehouse Stocks: | 166,238,595.649 | -666,037.01 |
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 | 935.168 | 30,066,589 | US$38,947m |
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$5,755m |
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$465m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.54 | 1,367,743 | US$1,755m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.902 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.24: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,284.02: +75.02 change from yesterday’s data.
The Miners:
Turquoise Hill’s (TRQ) funding update and Fortuna’s (FSM) board appointment were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Harmony | HMY +7.02% $3.66 |
2. Gold Fields | GFI +6.54% $5.54 |
3. Northern Dynasty | NAK +6.52% $2.45 |
LOSERS
1. Turquoise | TRQ -8.25% $5.23 |
2. Alexco | AXU -2.63% $1.11 |
3. Timmins | TGD -1.82% $2.16 |
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, 19 July 2013 | Digg This Article | Source: GoldSeek.com