-- Posted Friday, 11 October 2013 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1270.20 | -$17.20 | -3.08% |
Silver | $21.29 | -$0.30 | -1.80% |
XAU | 86.75 | -2.00% | -4.00% |
HUI | 212.18 | -2.40% | -4.28% |
GDM | 636.09 | -2.38% | -4.49% |
JSE Gold | 1162.43 | -24.58 | -1.39% |
USD | 80.38 | -0.10 | +0.30% |
Euro | 135.51 | +0.29 | -0.01% |
Yen | 101.53 | -0.32 | -1.07% |
Oil | $102.02 | -$0.99 | -0.59% |
10-Year | 2.682% | -0.003 | +1.13% |
Bond | 132.78125 | +0.125 | -0.16% |
Dow | 15237.11 | +0.73% | +1.09% |
Nasdaq | 3791.87 | +0.83% | -0.42% |
S&P | 1703.20 | +0.63% | +0.75% |
The Metals:
Gold edged up to $1294.04 in Asia, but it was then hit with a massive sell order in early New York trade and ended near its late morning low of $1262.70 with a loss of 1.34%. Silver slipped to as low as $20.989 and ended with a loss of 1.39%.
Euro gold fell to about €937, platinum lost $10.50 to $1370, and copper climbed a few cents to about $3.27.
Gold and silver equities fell over 2% in the first hour of trade and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Oct | 75.2 | 74.5 | 77.5 |
All of this week’s other economic reports:
Next week’s economic highlights may include Empire Manufacturing on Tuesday, CPI, Net Long-Term TIC Flows, the NAHB Housing Market Index, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, Industrial Production, Capacity Utilization, and the Philadelphia Fed on Thursday, and Leading Economic Indicators on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the International Energy Agency predicted strong growth in supply of the commodity for next year.
The U.S. dollar index ended slightly lower in mixed trade and treasuries saw modest gains on uncertainty about a possible debt deal.
The Dow, Nasdaq, and S&P traded mostly higher on hopes that lawmakers can come to a resolution over the weekend.
Among the big names making news in the market Friday were JPMorgan, Del Monte, Wells Fargo, and Gap.
The Commentary:
“Love or it hate it, the largest gold ETF on the planet, GLD, is still one of the best, if not the best indicator of the size of Western investment demand for the yellow metal.
As noted here many times now, the reported gold tonnage in this vehicle, continues to sink.
You thus have two key indicators here in the West, GLD and the HUI or index of gold shares, both of which are telling us that gold has fallen out of favor with the investment class. Whether we like this or not is immaterial. It is a fact and reflects the sentiment towards gold here in the West. To be successful at trading one must learn to accept what the market is saying even if you disagree with it. That means becoming a hard-nosed, thick-skinned realist and tuning out anything to the contrary.
When sentiment turns, you either turn with it or lose money. It is really that painfully simple.
Now, you may be correct in the long run and your view may ultimately be vindicated, but you could end up broke by then. Let the market itself speak to you and tell you when it has come around to your way of thinking. Otherwise, you are apt to look as foolish as someone spitting into a hurricane. It may make you feel better than you are defiant and standing tall, but all you are going to end up with for your effort is a wet face, courtesy of yourself!
Here is a chart of the total tonnage of GLD. Notice how it continues to sink lower and lower. Until this disgorging of gold is over and the trend reverses, rallies in gold will be sold. While Asian demand will be strong, in and of itself that is insufficient to reverse the disgorging trend here in the West.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
SharpsPixley's Norman acknowledges central bank rigging of gold market
Moscow exchange plans deliverable gold and silver trading
European central bank gold sales lowest since 1999 accord
The Statistics:
Activity from: 10/10/2013
Gold Warehouse Stocks: | 6,910,185.333 | -9,638.561 |
Silver Warehouse Stocks: | 165,476,228.215 | -81,576.31 |
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 | 896.382 | 28,819,583 | US$36,451m |
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$5,630m |
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$455m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.55 | 1,335,829 | US$1,767m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.802 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 176.02: -0.81 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,565.19: No change from yesterday’s data.
The Miners:
WINNERS
1. Rio Alto | RIOM +1.16% $1.75 |
2. Buenaventura | BVN +0.77% $11.76 |
3. Freeport | FCX +0.63% $33.44 |
LOSERS
1. Gold Resource | GORO-9.17% $4.95 |
2. Eurasian | EMXX -6.84% $1.09 |
3. Fortuna | FSM -4.52% $3.38 |
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 Friday, 11 October 2013 | Digg This Article | Source: GoldSeek.com