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Gold Seeker Closing Report: Gold and Silver Fall Over 1%
By: Chris Mullen, Gold-Seeker.com


-- Posted Thursday, 10 October 2013 | | Disqus

 

Close

Gain/Loss

Gold

$1287.40

-$18.90

Silver

$21.59

-$0.26

XAU

88.52

-0.30%

HUI

217.40

-0.85%

GDM

651.54

-0.83%

JSE Gold

1187.01

+33.22

USD

80.48

+0.11

Euro

135.24

-0.01

Yen

101.80

-0.89

Oil

$103.01

+$1.40

10-Year

2.685%

+0.035

T-Bond

132.65625

-0.46875

Dow

15126.07

+2.18%

Nasdaq

3760.75

+2.26%

S&P

1692.56

+2.18%

 
 

 

The Metals:

 

Gold jumped up to $1311.28 just after 8:30AM EST before it fell back to $1294.52 in the next half hour of trade and then bounced back higher midday, but it then fell back off again in the last hour of trade and ended with a loss of 1.45%.  Silver slipped to $21.68 in late Asian trade before it popped up to $22.195 in early New York trade, but it then fell back off into the close and ended with a loss of 1.19%.

 

Euro gold fell to about €952, platinum gained $4 to $1380.50, and copper climbed a penny to $3.24.

 

Gold and silver equities waffled near unchanged and ended with slight losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

10/05

374K

318K

308K

 

Republicans push six-week debt limit hike MarketWatch

Debt-Limit Prospects Gain as Parties Open to Short Deal Bloomberg

U.S. Mortgage Rates Rise for the First Time in Five Weeks Bloomberg

 

Today’s Export and Import Prices report and the Treasury Budget report were not released due to the government shutdown

 

Tomorrow may bring Retail Sales, PPI, Michigan Sentiment, and Business Inventories.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil climbed higher on worries about supply disruptions in Libya.

 

The U.S. dollar index saw slight gains as the Dow, Nasdaq, and S&P jumped higher and treasuries fell on signs of progress for a deal to raise the debt limit.

 

Among the big names making news in the market today were Microsoft, GE, and Regency.

 

The Commentary:

 

The HUI to gold ratio continues to plumb new lows over the last few months having already moved well below the spike bottom made back in late 2008 when the first news about Quantitative Easing hit the markets. The falling ratio is disturbing.

Either one of two things is going to happen - either gold shares are going to stage a rebound sooner rather than later or the price of gold is going to start moving lower at a faster rate than the shares. There always remains the possibility that both will rise higher in sync with the shares outperforming to the upside. That would restore the ratio but thus far the technical charts of the HUI index do not show any serious buying by anyone but the value crowd.

 

The ratio has fallen through every single Fibonacci retracement level shown on the chart drawn off the 2000 low and the 2003 high. Classic Fibonacci theory would tell us that if the 75% retracement level is bested, odds favor the entire move being erased. That is more than sobering; it is a catastrophe.

It is telling that no matter what gold does, the shares simply cannot seem to gain much in the way of traction to the upside. Perhaps that will change but thus far the shares, which have been rather good at predicting in what direction the price of gold will be going, are heading lower.

One wonders just how far this ratio will continue to move. This is the reason that I have strongly recommended to miners that if they have the opportunity to lock in some good profits on gold under production, that they do so, at least a decent percentage of that production, to ensure those profits. In other words, hedge or use some forward contract methods so that they do not sit there and watch the metal sink lower on them without any downside price protection.

The ratio at such low levels would seem to be saying that there is a distinct possibility of lower gold prices ahead. Gold at $1300 is certainly not the same as gold at $1900 but if a miner can dig it out of the ground and secure profits at that price, why risk all of those profits? Something is going on in the mining shares which simply makes investors reluctant to buy them even after such a protracted decline. Perhaps investors are wondering whether profits are in the picture before they put hard earned capital at risk.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Commodity price benchmarks are wrong as often as 27% of the time

Grandich discusses gold market manipulation with Wall Street for Main Street

Pierre Lassonde must not know the right central bankers

 

The Statistics:

As of close of business: 10/09/2013

Gold Warehouse Stocks:

6,919,823.894

-289.35

Silver Warehouse Stocks:

165,557,804.525

+190,827.47

 

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

898.184

28,877,500

US$37,478m

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$5,777m

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$467m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.55

1,335,829

US$1,767m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 176.83: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,565.19: No change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) mine in Congo, Pretivm’s (PVG) drill results, Timberline’s (TLR) permitting progress, Nevsun’s (NSU) operating results, Banro’s (BAA) production update, Great Panther’s (GPL) third quarter production results, and Excellon’s (EXN.TO) ) third quarter production results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Revett

RVM +7.63% $1.27

2.  Pretivm

PVG +4.89% $4.93

3.  Freeport

FCX +2.03% $33.23

 

LOSERS

1.  Rio Alto

RIOM -4.95% $1.73

2.  Allied Nevada

ANV -3.85% $4.24

3.  Almaden

AAU -3.79% $1.27

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2013

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted Thursday, 10 October 2013 | Digg This Article | Source: GoldSeek.com

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