-- Posted Monday, 12 August 2013 | | Disqus

The Metals:

Gold rose over $20 in Asia before it fell back to $1322.60 in London, but it then climbed to as high as $1343.30 in New York and ended with a gain of 1.77%.  Silver surged to as high as $21.451 and ended with a gain of 4.3%.

Euro gold rose to about €1004, platinum lost $4 to $1490.80, and copper remained at about $3.31.

Gold and silver equities rose over 5% at the open and remained near that level for the rest of the day.

The Economy:

Tomorrow brings Retail Sales, Import and Export Prices, and Business Inventories.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil rose along with the U.S. dollar index on expectations for strong economic data that sent treasuries lower.

The Dow, Nasdaq, and S&P waffled near unchanged in quiet trade.

Among the big names making news in the market today were Facebook, BlackBerry, Qualcomm, Steinway, and Bitcoin.

The Commentary:

“I wanted to provide a quick update for those who are following the "backwardation" talk out there.

I am currently showing the August, October and December gold futures contract all at the same exact bid. Also, the December has a mere $0.80 discount to the February. The futures market has still not entered a backwardation state but it is just about there. I will continue to monitor this and report on it should it occur.

Also, thus far I have not seen anything that would signal any problems with the delivery process for the August gold contract but one thing that does stand out is that J P Morgan continues to be the consistent, large stopper of gold for their "House" account. Morgan is acquiring a lot of gold.

It is going to be interesting to see whether they retender it before the month ends or at some point during another delivery month process but either way, they are acquiring it right now.

I am still watching that $1340 level in the December gold contract. So far it is proving to be formidable resistance. Strength in the gold shares is helping keep a very firm bid in gold but it is silver that is really proving a great degree of lift to the yellow metal.

That push through $21.50 is squeezing the shorts and it now looks as if the metal has a decent shot at testing $22.00.

Downside support for silver is first at $20.50 followed by $20.

Incidentally, gold is moving higher in spite of the fact that the US Dollar is stronger today.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

“I continue to believe the “Don’t Worry, Be Happy” crowd can keep the U.S. stock market afloat through Labor Day. WE will need to watch carefully after that as my scenario remains that the U.S. economy shall roll over fairly sharply this Fall and Winter causing any Fed tapering to be short-lived. I also believe if and when this occurs, the FED shall be perceived as behind the curve versus ahead of it up until now.

There are a whole host of concerns, including but not limited to:

• Despite trillions of dollars from QE, the U.S. economy has seen little if any real sustainable growth. Much of the so-called job growth is part-time, not great paying jobs and has given a false sense that we’re moving forward.
• The FED is not the cure all, running out of silver bullets while fiscal policy is nearly non-existent.
• When mom and pop show up again, time to exit is near.
• America has robbed Peter to pay Paul and Peter is tapped out.
• Social crisis shall rival economic ones for Americans going forward
• The bears continue to try and break gold lower. We need a few closes above $1,350 to get real momentum to the upside going (and they know that t0o). Seasonally favorable period for gold upon us.
• Despite all the hoopla that the U.S. Dollar was in a supposed mega new bull market, it’s merely treading water in a secular bear market that appears ready now to resume to the downside.”- Peter Grandich, Grandich Letter

GATA Posts:

Gene Arensberg's GGR: Big changes in gold futures market composition

Commodity trader tells Bloomberg TV of 'huge run' on physical gold

The Statistics:

As of close of business: 8/09/2013

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.803 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.60: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,396.73: No change from yesterday’s data.

The Miners:

Newcrest’s (NCM.AX) loss, Alamos Gold’s (AGI) Environmental Impact Assessment, Aurcana’s (AUN.V) new board member, Golden Star’s (GSS) second quarter results, Brigus Gold’s (BRD) second quarter results, and Seabridge’s (SA) discovery were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSER

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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• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2013

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-- Posted Monday, 12 August 2013 | Digg This Article | Source: GoldSeek.com

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