-- Posted Wednesday, 28 August 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1415.70 | +$0.20 |
Silver | $24.29 | -$0.17 |
XAU | 104.30 | -2.80% |
HUI | 255.63 | -2.93% |
GDM | 780.36 | -2.78% |
JSE Gold | 1357.29 | -72.87 |
USD | 81.42 | +0.28 |
Euro | 133.41 | -0.51 |
Yen | 102.41 | -0.66 |
Oil | $110.10 | +$1.09 |
10-Year | 2.782% | +0.061 |
T-Bond | 132.65626 | -0.53125 |
Dow | 14824.51 | +0.33% |
Nasdaq | 3593.35 | +0.41% |
S&P | 1634.96 | +0.27% |
The Metals:
Gold climbed $17.80 to $1433.30 at about 2:15AM EST, but it then drifted back lower for most of the rest of trade and ended with a gain of just 0.014%. Silver surged to as high as $25.095 before it also fell back off and ended with a loss of 0.7%.
Euro gold rose to about €1061, platinum gained $9.45 to $1531.20, and copper fell a couple of cents to about $3.31.
Gold and silver equities rose over 2% in the first hour of trade, but they then fell back off in the last few hours of trade and ended with almost 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | July | -1.3% | 0.2% | -0.4% |
Mortgage applications fall as rates hit 2013 high -MBA Reuters
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/24 expected at 330,000 and second quarter GDP expected at 2.1%. The GDP Deflator is expected at 0.7%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil remained higher on worries about Syria after the Energy Information Administration reported that crude inventories rose 3.0 million barrels, gasoline inventories fell 600,000 barrels, and distillates fell 300,000 barrels.
The U.S. dollar index rose as riskier currencies sold off on worries about Syria.
Treasuries extended lower after today’s $35 billion 5-year note auction sold at a yield of 1.624% with a bid to cover of 2.38.
The Dow, Nasdaq, and S&P bounced back from yesterday’s notable losses as traders awaited news on Syria.
Among the big names making news in the market today were JPMorgan, Wal-Mart, Kickstarter, and GM.
The Commentary:
“Gold $1,430 Silver $25
Other than correctly stepping aside some corrections along the way, yours truly rode the great bull run in gold from just over $300 in 2003, all the way to the $1,900 highs in 2011. It would be a great story if it ended there… but it didn’t. Thanks in part to one of the greatest attempts of all-time to artificially shake out a market, gold prices fell to just under $1,200.
It was shortly after that when I would exclaim (along with a small minority of others), that this ultimate manipulation attempt would fail and I went on record that gold would not see under $1,200 in my lifetime again.
In recent days, gold and silver have hearten the faithful who saw their life’s pass in front of them just a few months ago during the plunge. At the time, people were knocking themselves over in print and on the airwaves, telling us the king of hard assets (gold) is dead. While this recent rally has made many of those who uttered “death to gold” crawl back under their rocks, some have hit a new low (like on TOUT-TV) and are trying to change history by claiming they foresaw this rally (and here’s where credit is due someone. Dennis Gartman, who some of us have a love/hate relationship with – while others just hate all the time, correctly forecasted much of the decline and turned bullish very near the bottom. Unlike many others, he was clear and precise in his change of opinion and deserves credit for two very nice calls – We must remember he’s a trader and that means he can be many different things over time).
As volatile as it has been for the last 12 years, I believe the next several months are going to be anything but dull for gold and silver. Simply put, those who purposely attacked the gold paper market in hopes of seeing mass quantities of physical gold come into the market for sale only to see the opposite happen, are going to be in “crisis” mode (if they aren’t already). Whatever hope they could still cling to will be lost if gold gets much above $1,550. I know it, they know it, and the world will too (if they don’t already). I suspect we can see us trade $1,350 – $1,500 until the white stuff is on the ground again (and I’m not talking about all that white stuff at Hollywood parties).
Buckle up boys and girls. We’re not out of the woods yet as these folks are capable of anything. But like their failed assault in the paper market, so too shall whatever they have left as the “mother” of all gold bull markets marches to new, all-time highs in 2014 and beyond.”- Peter Grandich, Grandich Letter
GATA Posts:
Bloomberg News: Currency spikes at 4 p.m. in London provide rigging clues
The Statistics:
As of close of business: 8/27/2013
Gold Warehouse Stocks: | 7,002,105.463 | -610.85 |
Silver Warehouse Stocks: | 163,736,428.963 | -525,898.85 |
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 | 921.030 | 29,612,041 | US$42,019m |
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$6,299m |
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$508m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.52 | 1,367,143 | US$1,940m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.901 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.20: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,600.69: +44.99 change from yesterday’s data.
The Miners:
New Gold’s (NGD) pit wall movement, Freeport’s (FCX) pay talks, Timberline’s (TLR) acquired property, and Bear Creek’s (BCM.V) filed responses were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +4.55% $1.38 |
2. DRDGOLD | DRD +2.27% $5.86 |
3. Alexco | AXU +1.91% $2.13 |
LOSERS
1. Allied Nevada | ANV -7.78% $4.62 |
2. Great Panther | GPL -7.44% $1.12 |
3. New Gold | NGD -7.20% $6.83 |
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 Wednesday, 28 August 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Off Overnight Highs While Miners Drop Again
