-- Posted Monday, 19 August 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1366.60 | -$6.40 |
Silver | $23.16 | -$0.02 |
XAU | 107.36 | -1.74% |
HUI | 264.74 | -2.36% |
GDM | 807.20 | -1.93% |
JSE Gold | 1388.85 | -24.23 |
USD | 81.24 | -0.04 |
Euro | 133.38 | +0.08 |
Yen | 102.53 | +0.05 |
Oil | $107.10 | -$0.36 |
10-Year | 2.884% | +0.055 |
T-Bond | 130.46875 | -0.5625 |
Dow | 3589.09 | -0.47% |
Nasdaq | 15010.74 | -0.38% |
S&P | 1646.06 | -0.59% |
The Metals:
Gold climbed $11.26 to $1384.26 in Asia before it fell to as low as $1362.40 by late morning in New York and then bounced back higher in afternoon trade, but it still ended with a loss of 0.47%. Silver slipped to as low as $23.007 and ended with a loss of 0.09%.
Euro gold fell back under €1025, platinum lost $17.50 $1506.50, and copper fell a few cents to about $3.33.
Gold and silver equities traded slightly lower for most of the morning before they rebounded back above unchanged by midday, but they then fell back off in afternoon trade and ended with about 2% losses.
The Economy:
There were no major economic reports today, and there are none due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower on profit taking as traders watched for any new developments in Egypt.
The U.S. dollar index fell as the euro rose after the Bundesbank said that interest rates may rise.
Treasuries continued lower ahead of this week’s release of FOMC minutes on Wednesday.
The Dow, Nasdaq, and S&P fell on worries about higher interest rates.
Among the big names making news in the market today were JPMorgan, Blackstone, and Wal-Mart.
The Commentary:
“The US Dollar, as measured by the US Dollar Index or USDX, started the year off on the strong note and looked to have regained its status as "King Dollar" until the beginning of last month when it put in an outside reversal week lower on its weekly chart. Interestingly, it put in the same exact pattern a year ago in the same month. (By the way, for those are not technical analysis geeks like I unfortunately am - an outside reversal week pattern is one in which a market which has been trending higher makes a NEW HIGH for the week only to then CLOSE LOWER than the previous week's LOW. It is generally regarded as a fairly reliable BEARISH signal).
It is difficult to point to an exact reason for this change in sentiment towards the Dollar right now given the fact that the US economy is in better shape than Europe and Japan ( that is not saying much) and appears to have entered a season of rising interest rates accompanied thus far by a soaring stock market. For the first half of the year that was all that investors needed to see and into anything US Dollar related they ran. Something has changed that - or at least it so seems.
It might well be that the US fiscal house disorder is coming back to the forefront of investors'/traders' minds once again as the federal government is up against its borrowing limit and once again the usual circus in Washington on the Potomac is back in town. Whatever the cause, the Dollar has now moved lower in 4 out of the last 6 weeks and in the two weeks that it did manage to close higher, the high of that week did not exceed the previous week's high price. That is not exactly a show of confidence as it is certainly not bullish.
While it is still higher on the year (barely) the chart is picking up some signs of waning upside momentum. The high price made this year in July exceeded the high of the previous July 2012 and that outside reversal pattern but the indicator did not score a fresh high; instead it registered a lower high resulting in a BEARISH DIVERGENCE. This in and of itself is NOT A SURE Sell signal unless it is confirmed by subsequent price action, which of course the market did. Even at that, the Dollar has not broken down technically on the price chart .
I would have to see a weekly close BELOW the band of "MAJOR" support noted on the chart to turn bearish the Dollar. Right now I am ambivalent towards it, being neither bullish or bearish except for the shortest of term trades.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
India's war on gold fails to protect the rupee, which keeps plunging
Zero Hedge: Does the basement gold vault go too when JPM sells its NYC headquarters?
James Turk: Silver's very bullish three-decade chart pattern
Petropavlovsk's Hambro tells the Telegraph as much as he dares to. ...
Join GATA at the Gold Investment Symposium in Sydney on Oct. 16-17
TF Metals Report interviews Sandeep Jaitly on gold and silver backwardation
The Statistics:
As of close of business: 8/16/2013
Gold Warehouse Stocks: | 6,981,055.701 | -17,935.62 |
Silver Warehouse Stocks: | 165,146,203.701 | -79,713.05 |
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 | 915.323 | 29,428,537 | US$40,159m |
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$6,071m |
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$491m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.53 | 1,367,323 | US$1,818m |
Note: Change in Total Tonnes from yesterday’s data: SPDR ADDED 2.404 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.60: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,525.71: No change from yesterday’s data.
The Miners:
Oyu Tolgoi’s firing and B2Gold’s (BTG) note offering were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Dynasty | NAK +3.81% $2.18 |
2. Avino | ASM +3.25% $1.27 |
3. Timmins | TGD +2.39% $2.14 |
LOSERS
1. B2Gold | BTG -13.33% $2.86 |
2. Eurasian | EMXX -6.90% $1.35 |
3. Golden Minerals | AUMN -6.25% $1.50 |
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 Monday, 19 August 2013 | Digg This Article | Source: GoldSeek.com