-- Posted Tuesday, 17 September 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1309.90 | +$0.40 |
Silver | $21.72 | +$0.02 |
XAU | 96.51 | +1.66% |
HUI | 234.58 | +1.80% |
GDM | 713.27 | +1.77% |
JSE Gold | 1193.67 | +14.24 |
USD | 81.14 | -0.14 |
Euro | 133.59 | +0.20 |
Yen | 100.90 | -0.05 |
Oil | $105.42 | -$1.17 |
10-Year | 2.853% | -0.021 |
T-Bond | 131.875 | +0.53125 |
Dow | 15529.73 | +0.23% |
Nasdaq | 3745.70 | +0.75% |
S&P | 1704.76 | +0.42% |
The Metals:
Gold climbed $13.84 to $1323.34 in Asia before it fell back to $1306.01 in early afternoon New York trade, but it then bounced back higher in the next couple of hours of trade and ended with a gain of 0.03%. Silver rose to as high as $22.086 in Asia before it fell to as low as $21.60 in London, but it still ended with a gain of 0.09%.
Euro gold fell under €981, platinum lost $13.05 to $1417.70, and copper fell slightly to about $3.22.
Gold and silver equities rose about 1% in the first 10 minutes of trade before they fell back near unchanged at about 10:20AM EST, but they then chopped back higher in afternoon trade and ended with almost 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Aug | 0.1% | 0.2% | 0.2% |
Core CPI | Aug | 0.1% | 0.2% | 0.2% |
Net Long-Term TIC Flows | July | $31.1B | - | -$67.0B |
NAHB Housing Market Index | Sep | 58 | 59 | 58 |
Treasury warns Congress not to wait til last minute on debt ceiling Reuters
Tomorrow at 8:30AM EST brings Housing Starts and Building Permits for August and at 2PM is a FOMC Rate decision.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on the continued ease of tensions in the Middle East.
The U.S. dollar index fell as the euro rose after a better than expected reading of German investor confidence.
Treasuries found slight gains ahead of tomorrow’s FOMC decision.
The Dow, Nasdaq, and S&P traded moderately higher on positive company news.
Among the big names making news in the market today were Coty, Citigroup, Microsoft, JPMorgan, and Essent.
The Commentary:
“I mentioned in some recent posts that gold is having trouble sustaining any rallies due to the fact that as far as the bulk of traders/investors are concerned, inflation is a non-issue right now. You have falling grain prices as the market gears up for large harvests and now you have falling crude oil prices as well. Gasoline is backing off as the driving season/ vacation time is finished. The softs are struggling with coffee prices and sugar prices unable to get much going in the way of upside action and even the livestock markets are looking like they are able to run out of upside. In short, commodities in general are selling little in the way of strong buying. This is negating any influence from the sector as far as contributions to higher food or energy prices.
As you can see from the following chart, the commodity sector is heading lower once again. Note that the index here is trading below the 50 day moving average ( BEARISH) and is sitting right on top of the 100 day moving average. If it cannot find its footing there, it has more downside to come. That will not help gold but especially will it not help silver which needs an inflationary environment in which to thrive.
Throw on top of that an abysmal employment situation and a Velocity of Money reading that is moving lower, and the ingredients for wholesale inflation are not anyway in sight.
Gold, being a hedge against inflation, is therefore losing one of its fundamental pillars of support.
If we did not know this already, we were reminded of it today when the inflation number for August showed a mere 0.1% increase from the month of July, shy of the 0.2% that the Labor Department reported for the month of July compared to its previous month of June.
This sets up a rather interesting scenario as the markets focus on the upcoming FOMC statement for clues of "THE TAPERING". If inflation is not a threat based on the government's numbers, then will the Fed feel any particular urgency to go ahead and announce any tapering whatsoever? Given the weak employment readings of late, they may just stand pat and do nothing but repeat the same old mantra about monitoring economic data for clues to the economy's strength, etc.
IT seems as if the number floating around out there is a $10 billion reduction in the amount of bond/MBS buying from the current $85 billion. But that may prove to be too much. It is hard to say so we will have to see what the doves say and what the hawks say and go from there. If they announce what amounts to a "dovish" statement, gold may get a bit of a relief rally but until the rest of the commodity sector sees fresh inflows of speculative money, rallies in gold look like they are going to be sold at this point with equities remaining the go-to investment of choice for the big players.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
After spending $540 million, Anglo American dumps Pebble project in Alaska
The Statistics:
As of close of business: 9/16/2013
Gold Warehouse Stocks: | 7,021,849.758 | +64.3 |
Silver Warehouse Stocks: | 161,323,236.604 | +593,263.014 |
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$38,416m |
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$5,818m |
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$471m |
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: 177.56: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,497.74: No change from yesterday’s data.
The Miners:
AuRico’s (AUQ) dividend, Midway’s (MDW) test results, Exeter’s (XRA) drill program, and Excellon’s (EXN.TO) improved silver grade, produced ounces and costs were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Tanzanian Royalty | TRX +15.89% $3.72 |
2. Seabridge | SA +5.22% $13.91 |
3. Allied Nevada | ANV +4.47% $4.67 |
LOSERS
1. Gold Resource | GORO-11.06% $7.24 |
2. Rio Alto | RIOM -2.75% $2.12 |
3. Eurasian | EMXX -2.64% $1.256 |
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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© Gold Seeker 2013
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-- Posted Tuesday, 17 September 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Higher
