-- Posted Monday, 22 July 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1333.70 | +$39.30 |
Silver | $20.46 | +$0.97 |
XAU | 100.33 | +5.81% |
HUI | 254.93 | +6.08% |
GDM | 756.42 | +6.12% |
JSE Gold | 1292.49 | +90.70 |
USD | 82.22 | -0.36 |
Euro | 131.88 | +0.45 |
Yen | 100.49 | +1.11 |
Oil | $106.91 | -$1.14 |
10-Year | 2.488% | -0.003 |
T-Bond | 135.5625 | +0.0625 |
Dow | 15545.55 | +0.01% |
Nasdaq | 3600.38 | +0.36% |
S&P | 1695.53 | +0.20% |
The Metals:
Gold climbed higher throughout most of world trade and ended near its late morning New York high of $1339.00 with a gain of 3.04%. Silver surged to as high as $20.595 and with a gain of 4.98%.
Euro gold climbed above €1011, platinum gained $16 to $1438.75, and copper rose 4 cents to about $3.18.
Gold and silver equities rose as much as 7% and ended with about 6% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | June | 5.08M | 5.28M | 5.14M |
Tomorrow at 9AM EST brings the FHFA Housing Price Index for May.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell along with the U.S. dollar index on poor housing data that sent treasuries higher.
The Dow, Nasdaq, and S&P waffled near unchanged on mixed earnings reports.
Among the big names making news in the market today were Yahoo, Glaxo, UBS, Blackstone, Google, and McDonald’s.
The Commentary:
“Gold is adding to its gains from the Asian session last evening in impressive fashion as the climb today has been steady and methodical. It has all the appearances of a strong short squeeze accompanied by an inflow of new long positions, which is exactly what this market has been needing to propel it higher. If the specs start falling back in love with gold again, the rally will have further to run.
It is not hurting things that the HUI is roaring higher today! It is up over 6.5% as I type these comments so gold is firing on both cylinders right now.
A quick take on the gold chart.... note that price has run exactly to match the downtrending 50 day moving average. That is a big level that the funds watch closely. Gold has not been above that key average the entire year and only briefly when it last poked its head above there back in November 2012. If the 50 day moving average cannot hold it, then we will see even more short covering with that hedge fund short position looking quite vulnerable. It is do or die time for those funds playing the metal from the short side. They either hold it here or they will be forced out.
I included a graph of the RSI down below to show you that this is the strongest up move for gold this entire year based on this indicator. It has also matched the highest reading that occurred back in November of last year when it was last above the 50 day moving average.
Combine these and it is evident that the metal has forged a bottom on the chart back at $1180. Now whether or not this thing can start a sustained uptrend is unclear but certainly, a strong push past that 50 DMA is going to take it much closer to so doing. I would also like to see the RSI exceed the 60-65 level and push up towards 70. Bear markets do not normally reach the 70 level.
I noted a band of overhead horizontal chart resistance to show you that the market has now pushed into a region where technically, it can be expected to encounter selling pressure. If the bulls can absorb this, and thus far they are holding their own here about midway through today's New York session, then the bears are going to lose their grip.
Silver has been pulled higher by gold and has pushed past stubborn resistance at $20. Further helping it along is strength in old crop soybeans which are being fueled by more talk of dryness. Grain bulls have been crying up too much water, not enough water, everything they can in order to convince the world that the crop is terminally dead once again. This may be the last gasp for soybean bulls however. If we get some moisture soon, then they are in trouble. If not, prices can run a bit higher but the fact remains that we are going to have a big crop this year and US soybeans are too expensive on the world market. It is domestic demand that is supporting the market for now.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Playing in commodity markets, investment banks are mere parasites on the economy
Fed reconsiders letting banks trade commodities
Reuters notices gold backwardation and even quotes Naylor-Leyland
The Statistics:
As of close of business: 7/19/2013
Gold Warehouse Stocks: | 6,885,681.085 | -103,484.367 |
Silver Warehouse Stocks: | 164,622,940.269 | -1,615,655.38 |
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 | 932.463 | 29,979,633 | US$39,770m |
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$5,918m |
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$479m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.66 | 1,371,591 | US$1,777m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.705 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: No change from yesterday’s data.
The Miners:
Allied Nevada’s (ANV) preliminary second quarter operating results, Coeur’s (CDE) investment in International Northair Mines Ltd., and Endeavour Silver’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +20.83% $1.05 |
2. Tanzanian Royalty | TRX +12.71% $3.37 |
3. Almaden | AAU +12.42% $1.72 |
LOSER
1. Turquoise | TRQ -1.53% $5.15 |
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 Monday, 22 July 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 3% and 5%
