-- Posted Thursday, 17 October 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1319.70 | +$40.20 |
Silver | $21.80 | +$0.53 |
XAU | 92.66 | +5.03% |
HUI | 227.75 | +5.51% |
GDM | 674.28 | +4.81% |
JSE Gold | 1243.57 | +46.10 |
USD | 79.65 | -0.85 |
Euro | 136.77 | +1.45 |
Yen | 102.12 | +0.86 |
Oil | $100.67 | -$1.62 |
10-Year | 2.587% | -0.084 |
T-Bond | 134.09375 | +1.125 |
Dow | 15371.65 | -0.01% |
Nasdaq | 3863.14 | +0.62% |
S&P | 1733.15 | +0.67% |
The Metals:
Gold edged back above $1385 in early Asian trade and fell to see a $5.10 loss at $1274.40 at about 3AM EST before it soared over $45 higher to above $1320 in the next hour of trade and then fell back under $1305 in the hour of trade following that, but it then climbed to a new session high of $1324.29 in New York and ended with a gain of 3.14%. Silver soared to as high as $22.161 and ended with a gain of 2.49%.
Euro gold climbed to about €965, platinum gained $39.20 to $1432.50, and copper fell a couple of cents to about $3.29.
Gold and silver equities rose as much as 7% by midafternoon before they fell back off in the last hour of trade, but they still ended with about 5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/12 | 358K | 330K | 373K |
Philadelphia Fed | Oct | 19.8 | 7.0 | 22.3 |
Chinese agency downgrades US credit rating FRANCE 24
U.S. failure to fix fiscal 'mess' undermines Fed on jobs: Fisher Reuters
Congress Vote Ends Impasse to Be Revisited in January Bloomberg
Consumers’ Expectations for U.S. Economy Plunge to Two-Year Low Bloomberg
Tomorrow at 10AM may bring Leading Economic Indicators for September expected at 0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell along with the U.S. dollar index and treasuries jumped higher as Congress’ deal to raise the debt ceiling until February 7 and open the government until January 15 was seen being a rather minimal effort that solves little and mostly just delays things until past the New Year.
The Nasdaq and S&P erased early losses and turned higher by midday, but the Dow remained lower due to an especially poor quarterly report from IBM.
Among the big names making news in the market today were HSBC, Verizon, Goldman Sachs, UnitedHealth, Ford, AMR, and IBM.
The Commentary:
“Isn’t it nice of Goldman Sachs… oops, sorry, the gold manipulators to throw us a bone this morning-lol
All kidding aside, and knowing the manipulators are still out there waiting in the weeds, I do think the sell-off in the terminally ill dollar makes sense. How could anyone in their right mind want to hold the currency of a country that just witnessed politics at its worse and is in grave economic and social danger to boot?
After witnessing what took place in D.C., this American knows it’s just a warm-up for what’ s to come. Years of kicking the can down the road are ending as the can barely was able to be pushed a little this time around. Whether there’s one or even two postponements of the inevitable doesn’t matter as the Fat Lady may not have sung, but she’s standing up and clearing her voice.”- Peter Grandich, Grandich Letter
GATA Posts:
Central bank and hedge fund bear raids push gold from West to East, Rickards says
Mark Mahaffey: Why gold production is going to go to zero
The Statistics:
As of close of business: 10/16/2013
Gold Warehouse Stocks: | 6,942,500.294 | +83,024.30 |
Silver Warehouse Stocks: | 165,905,081.460 | +1,080,763.870 |
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 | 885.529 | 28,470,643 | US$37,552m |
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$5,868m |
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$474m |
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 3.603 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 174.20: -1.21 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,391.35: No change from yesterday’s data.
The Miners:
Richmont’s (RIC) commercial production declaration, Newcrest’s (NCM.AX) tax charge, Fresnillo’s (FRES.LN) quarterly production, and Fortuna’s (FSM) updated Mineral Reserve and Mineral Resource estimates were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Alexco | AXU +13.11% $1.38 |
2. Fortuna | FSM +11.80% $3.60 |
3. Rubicon | RBY +11.40% $1.27 |
LOSER
1. Pretivm | PVG -1.95% $4.53 |
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, 17 October 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 3%
