-- Posted Monday, 16 September 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1309.50 | -$13.70 |
Silver | $21.70 | -$0.49 |
XAU | 94.93 | -0.77% |
HUI | 230.42 | -0.68% |
GDM | 700.83 | -0.73% |
JSE Gold | 1179.43 | -13.41 |
USD | 81.28 | -0.19 |
Euro | 133.36 | +0.40 |
Yen | 100.88 | +0.25 |
Oil | $106.59 | -$1.62 |
10-Year | 2.874% | -0.024 |
T-Bond | 131.34375 | +0.3125 |
Dow | 15494.78 | +0.77% |
Nasdaq | 3717.84 | -0.12% |
S&P | 1697.60 | +0.57% |
The Metals:
Gold erased early Asian gains and fell $15.70 to $1307.50 at about 8:20AM EST before it rebounded to $1325.10 in the next 100 minutes of trade, but it then fell back off into the close and ended with a loss of 1.04%. Silver slipped to as low as $21.653 and ended with a loss of 2.21%.
Euro gold fell to about €982, platinum lost $17.25 to $1430.75 remained at about $3.23.
Gold and silver equities rose over 1% at the open before they fell to see slight losses about an hour into trade and then climbed back near their early highs by early afternoon, but they then fell back off again into the close and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
Empire Manufacturing | Sep | 6.3 | 9.0 | 8.2 |
Industrial Production | Aug | 0.4% | 0.5% | 0.0% |
Capacity Utilization | Aug | 77.8% | 77.8% | 77.6% |
Fed to Meet Amid Trio of Threats to Economy Yahoo
Summers Quit Fed Quest as Democrats Spurned Obama Favorite Bloomberg
Tomorrow brings CPI, Net Long-Term TIC Flows, and the NAHB Housing Market Index.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the US and Russia reached an accord that eliminates any chance of a U.S. military strike in Syria.
The U.S. dollar index pared early losses and treasuries moderated some of their gains, but the dollar still ended lower and bonds closed higher after Larry Summers withdrew his name as a possible successor to Bernanke as fed chairman.
The Dow, Nasdaq, and S&P traded mostly higher on optimism about Syria and fed stimulus.
Among the big names making news in the market today were HSBC, Post, Boeing, and Citigroup.
The Commentary:
“The market is interpreting Larry Summers's withdrawal from consideration as Ben Bernanke's replacement for head of the Federal Reserve as negative for the dollar and thus as a positive for gold this evening. The reason? - Summers was viewed as a more hawkish replacement for the soon-to-be retiring Bernanke. That leaves the door open further for Yellen, who is viewed as very dovish and thus more inclined to stay the course on the Fed bond buying program.
Gold has responded higher on the news but has run into a solid wall of selling just above key short-term resistance at $1330. The December contract has posted a high thus far of $1336. It will take a further push through this level in either European trading or in the New York session to run the bears out who sold into the news.
I find it rather interesting to note a very large rally in the long bond as the market there is fully one point higher on the same news. In other words, US interest rates on the long end of the curve are dropping with traders seeing a dove replacing Bernanke. Of course the S&P 500 is greeting the Summers news as wildly bullish for US equities with that index clearing 1700 in Asian trade. It looks as if it is Happy Days are Here Again for equity bulls as the punch bowl will be spiked further if the current sentiment now being reflected in this overnight trading is indeed correct.
We will have to closely watch the FOMC meeting for further clues into subsequent action but for now, Wall Street loves it.
I am concerned for gold however - if it cannot clear this overhead chart resistance on news that is obviously impacting the Dollar, the Treasury markets and the equity markets to this extent, then I am not sure exactly what it is going to take to move it into a sustained uptrend. I do want to note however that there is widespread weakness in the grain markets this evening as wide swaths of the Midwest were hit with significant rains over the weekend. That will tend to pressure food prices somewhat if this downward trend continues and thus take some of the heat off the food inflation front. Also undercutting strength in gold this evening is weakness in crude oil/energies.
We wait to see what New York bring us....”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
“U.S. Stock Market – I continue to look for the economy to roll over and whatever “tapering” occurs to be lessen, then halted; then eventually a new “easing” as the economy and jobs slip further than Obama’s popularity. But until the easing and perception that the FED is now “behind” the curve, the stock market is not likely to fall sharply.
U.S. Bonds – Avoid!
Gold – Once again selling large quantities at the worst possible time is taking place, which strongly suggesting the agenda we seen earlier this year is not complete. One of the obvious goals is to demoralize the sentiment. It’s working as I’m fed up with all the manipulation and horrific media response to it. Need to get back above $1,350 fairly soon or the rest of 2013 shall likely be shot.
U.S. Dollar – How long will it remain like kissing your sister? Your guess is as good as mine.
Mining and Exploration Shares – While the price movement of gold shall have a direct impact on the mining shares, the further one goes down the food chain in the juniors, the darker the outlook becomes. I’ve said it for many, many months now and sadly it continues to play out – the junior resource market is on life-support and at best, it shall be 2014 before we see any sustained lift – if at all.
I can assure you this belief of mine doesn’t help business or my own portfolio but in all cases – the truth shall always set you free.”- Peter Grandich, Grandich Letter
GATA Posts:
Gilder, Mundell, Vieira to speak at CMRE's October dinner meeting in New York
Reserve Bank of India is 'just curious' about temples' gold holdings
The Statistics:
As of close of business: 9/13/2013
Gold Warehouse Stocks: | 7,021,783.458 | -128.60 |
Silver Warehouse Stocks: | 160,729,980.310 | -404,753.94 |
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 | 911.119 | 29,293,386 | US$38,761m |
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$5,861m |
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$470m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.92 | 1,347,690 | US$1,869m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 6.007 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.56: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,497.74: -65.96 change from yesterday’s data.
The Miners:
Anglo American’s withdrawal from Northern Dynasty’s (NAK) Pebble project, Silvercorp’s (SVM) Senior Vice President appointment, Avino’s (ASM) mine update, and Endeavour Silver’s (EXK) production guidance were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. McEwen | MUX +11.35% $2.55 |
2. Paramount | PZG +7.26% $1.33 |
3. Rio Alto | RIOM +5.31% $2.18 |
LOSERS
1. Northern Dynasty | NAK -32.88% $1.49 |
2. Silver Standard | SSRI -6.56% $6.69 |
3. NovaGold | NG -6.18% $2.58 |
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, 16 September 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1% and 2%
