-- Posted Monday, 9 September 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1386.50 | -$2.00 |
Silver | $23.67 | -$0.14 |
XAU | 102.18 | -0.80% |
HUI | 251.55 | -0.89% |
GDM | 762.89 | -1.04% |
JSE Gold | 1310.28 | +22.26 |
USD | 81.80 | -0.36 |
Euro | 132.59 | +0.72 |
Yen | 100.42 | -0.48 |
Oil | $109.52 | -$1.01 |
10-Year | 2.897% | -0.041 |
T-Bond | 130.96875 | +0.50 |
Dow | 15063.12 | +0.94% |
Nasdaq | 3706.18 | +1.26% |
S&P | 1671.71 | +1.00% |
The Metals:
Gold fell $6.50 to $1382.00 by a little after 8AM EST before it climbed back to $1390.72 in the next couple of hours of trade, but it then drifted back lower into the close and ended with a loss of 0.14%. Silver slipped to as low as $23.396 and ended with a loss of 0.59%.
Euro gold fell to about €1046, platinum lost $5.50 to $1482, and copper rose a couple of cents to about $3.28.
Gold and silver equities fell about 1% by late morning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | July | $10.4B | $13.0B | $11.9B |
Tomorrow at 10AM EST brings JOLTS Job Openings data from July.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on easing worries about Syria.
The U.S. dollar index fell and treasuries found decent gains in continued reaction to last week’s jobs data that weakened expectations for a tapering of the fed’s stimulative measures.
The Dow, Nasdaq, and S&P climbed higher on strong export data out of China.
Among the big names making news in the market today were Neiman Marcus, Citigroup, Sam Adams, Molex, and Dell.
The Commentary:
“U.S. Stock Market – It’s been my belief for quite some time now that the U.S. stock market won’t see a major sell-off until such time the perception of the FED goes from being in front of the curve to behind. I suggested this could occur as fall took hold and the economy accelerates to the downside, causing any “tapering” to end and cries for more trillions to be created and thrown at the economy increase.
Last Friday’s employment numbers are just another indicator that the U.S. economy is very weak despite trillions created to make it stronger and now shall also choke off real economic expansion thanks to a debt crisis that only gets bigger each day.
While the “Don’t Worry, Be Happy” crowd can spin “tapering” into a good thing for now, the weight of years of total fiscal mismanagement and a monetary policy gone wild is setting us up for yet another economic crisis that the those who normally bail it out will need a bail-out themselves.
I would use continued strength in U.S. equities to lower exposure greatly and limit my general equities holdings to companies outside the U.S.
U.S. Bonds – While we may see a respite to rising rates in the short term, the worse investment for the next decade remains just that.
Gold – We need to watch gold closely as it’s at a critical junction. After getting above initial resistance around $1,350, it has wobbled at next key resistance around $1,425 – $1,450. It’s critical gold remain above the $1,350 area and eventually get above $1,450 to put a nail in the coffin of those who have tried to break its back and still are out there as we speak.
U.S. Dollar – The trading range has become so tight that movements that in the past wouldn’t even batter an eye now cause long-winded responses. It’s kissing your sister until further notice.
Mining and Exploration Shares – While clearly off the bottom, the heavy damage from the worse bear market in my 30-year career still lingers – especially as one goes down the food chain to juniors. I don’t see how that changes until either gold gets above $1,550 or we officially have said good-bye to 2013.”- Peter Grandich, Grandich Letter
GATA Posts:
Neighbors favor Romanian gold mine while those at a distance are opposed
Gene Arensberg: U.S. bullion banks remain unusually long gold
The Statistics:
As of close of business: 9/06/2013
Gold Warehouse Stocks: | 7,033,659.109 | +25,100.875 |
Silver Warehouse Stocks: | 161,884,158.339 | -1,301,602.595 |
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 | 919.228 | 29,554,098 | US$41,060m |
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$6,157m |
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$498m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.92 | 1,347,690 | US$1,869m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.17: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,533.72: No change from yesterday’s data.
The Miners:
Pretivm’s (PVG) drill results, McEwen’s (MUX) addition to its management team, Goldcorp’s (GG) dividend, ITH’s (THM) filed technical report, Avino’s (ASM) production report, Eldorado’s (EGO) resources update, and Gold Fields’ (GFI) settled strike were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Revett | RVM +24.79% $1.46 |
2. Northern Dynasty | NAK +6.88% $2.33 |
3. Gold Resource | GORO +4.53% $8.54 |
LOSERS
1. Paramount | PZG -6.38% $1.32 |
2. Eldorado | EGO -4.27% $8.07 |
3. Alexco | AXU -3.70% $1.82 |
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, 9 September 2013 | Digg This Article | Source: GoldSeek.com