-- Posted Thursday, 19 September 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1365.20 | -$1.10 |
Silver | $23.01 | -$0.08 |
XAU | 101.94 | -2.80% |
HUI | 248.81 | -3.21% |
GDM | 753.90 | -3.20% |
JSE Gold | 1266.47 | +83.81 |
USD | 80.38 | +0.11 |
Euro | 135.30 | +0.16 |
Yen | 10.+60 | -1.43 |
Oil | $106.39 | -$1.68 |
10-Year | 2.748% | +0.040 |
T-Bond | 133.0625 | -0.40625 |
Dow | 15636.55 | -0.26% |
Nasdaq | 3789.38 | +0.15% |
S&P | 1722.34 | -0.18% |
The Metals:
Gold chopped around on either side of unchanged in volatile trade and ended with a loss of just 0.08%. Silver slipped to $22.817 before it rebounded to $23.395 and then fell back off in the last four hours of trade, but it ended with a loss of just 0.35%.
Euro gold remained at about €1009, platinum lost $0.50 to $1459.50, and copper climbed a couple of cents to about $3.34.
Gold and silver equities fell over 4% by midafternoon, but they then rallied back higher in the last couple of hours of trade and ended with only about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 9/14 | 309K | 340K | 294K |
Current Account Balance | Q2 | -$98.9B | -$100.0B | -$104.9B |
Existing Home Sales | Aug | 5.48M | 5.30M | 5.39M |
Philadelphia Fed | Sep | 22.3 | 9.0 | 9.3 |
Leading Indicators | Aug | 0.7% | 0.6% | 0.5% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on easing tensions in the Middle East after Iran's president said his country was not seeking war with any nation.
The U.S. dollar index rebounded from yesterday’s dramatic drop.
Treasuries fell on better than expected economic data.
The Dow, Nasdaq, and S&P ended near unchanged in mixed trade as market participants continued to digest yesterday’s fed announcement.
Among the big names making news in the market today were Airbus, JPMorgan, Wells Fargo, Agilent, and Sony.
The Commentary:
“Okay - we knew this was coming but one day after the big FOMC announcement! Please, give me a break! What I am referring to is the new "call" from Goldman Sachs that Tapering will now start in December of this year. Yes, you read that right.
Remember, it was Goldman who just a short time ago came out with a prediction of a $10 billion "dovish" tapering (their words) in September and thus advised clients based on that to buy all dips in the US equity markets and the conditions for rising stocks would still remain in place in that sort of easy money environment.
Well, lo and behold this morning news greeted me that Goldman was predicting a Fed Tapering beginning with the December 18 meeting of the FOMC. They commented that there would be insufficient data at the October meeting to change the Fed's newly announced NON-TAPER but by December this year the Fed will move. They also are predicting a complete end of the program by September 2014.
This should be interesting to watch unfold to say the least. Goldman, as well as a lot of other large firms, received a major black eye as they completely misread the Fed. I guess watching stocks soar to new all-time highs however is some pretty damned good consolation for them all!
By the way, give credit to those guys who did call for a non-action on the part of the Fed – [See With a sling and a stone for a good list].
I can tell you one thing as a trader - I simply get out of markets before major announcements like that. I can suggest possibilities but that is just what they are, possibilities. Trading on a guess is a quick way to the poor house. If you get it right - you are a hero. If you get it wrong, your account becomes a zero. That is not trading; it is gambling and there is a world of difference between the two things.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Alasdair Macleod: No tapering!
New York Sun: Mr. Bernanke gets the jones
Ambrose Evans-Pritchard: Fed recoils from 1937 tightening error as jobs evaporate
The Statistics:
As of close of business: 9/18/2013
Gold Warehouse Stocks: | 7,021,750.655 | -32.15 |
Silver Warehouse Stocks: | 162,631,296.054 | -46,865.38 |
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$39,975m |
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$6,082m |
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$489m |
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:
Solitario’s (XPL) updated resource estimate, SEMAFO’s (SMF.TO) increased reserves, Kirkland’s (KGI.TO) drill results, and Paramount’s (PZG) discovery were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Mag Silver | MVG +0.87% $6.98 |
2. Franco Nevada | FNV +0.75% $47.14 |
3. Alamos | AGI +0.59% $16.99 |
LOSERS
1. Seabridge | SA -9.44% $13.33 |
2. Richmont | RIC -9.03% $1.41 |
3. Harmony | HMY -8.01% $3.79 |
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 Thursday, 19 September 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Retain Yesterday’s Gains
