-- Posted Tuesday, 22 October 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1340.20 | +$25.00 |
Silver | $22.68 | +$0.49 |
XAU | 97.91 | +4.20% |
HUI | 241.77 | +4.42% |
GDM | 714.90 | +4.20% |
JSE Gold | 1333.08 | +68.49 |
USD | 79.24 | -0.44 |
Euro | 137.82 | +1.07 |
Yen | 101.92 | +0.06 |
Oil | $97.80 | -$1.42 |
10-Year | 2.512% | -0.097 |
T-Bond | 134.9375 | +1.21875 |
Dow | 15467.66 | +0.49% |
Nasdaq | 3929.56 | +0.24% |
S&P | 1754.67 | +0.57% |
The Metals:
Gold fell $5.10 to $1310.10 in late Asian trade, but it then climbed to as high as $1344.40 in New York and ended with a gain of 1.9%. Silver surged to as high as $22.805 and ended with a gain of 2.21%.
Euro gold rose to over €972, platinum gained $12 to $1444.50, and copper climbed 4 cents to about $3.34.
Gold and silver equities rose over 4% in the first half hour of trade and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Sep | 148K | 183K | 193K |
Unemployment Rate | Sep | 7.2% | 7.3% | 7.3% |
Hourly Earnings | Sep | 0.1% | 0.2% | 0.3% |
Average Workweek | Sep | 34.5 | 34.5 | 34.5 |
Net Long-Term TIC Flows | Aug | -$8.9B | - | $31.0B |
Construction Spending | Aug | 0.6% | 0.4% | 1.4% |
The BLS net birth/death adjustment subtracted 26,000 payrolls from September’s data. Private Payrolls rose 126,000.
90,609,000: Americans Not in Labor Force Climbs to Another Record CNS News
Tepid U.S. job growth supports Fed's cautious stance Reuters
Tomorrow brings Export and Import Prices and the FHFA Housing Price Index.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell along with the U.S. dollar index on worse than expected jobs data that sent treasuries higher.
The Dow, Nasdaq, and S&P traded mostly higher on expectations for continued stimulus from the fed.
Among the big names making news in the market today were Lockheed Martin, Travelers, Caesars, J.C. Penney, Delta, DuPont, McGraw Hill, and Netflix.
The Commentary:
“Are we Beginning to see a loss of Confidence in the US Dollar? Based on the price action, the answer to that question is it is certainly looking like that. The Dollar is within a hair's breadth of a strong region of support. If it does not hold, we will know the answer to this question is "YES".
I have also noticed that in conjunction with this move lower in the Dollar, interest rates at the long end of the yield curve are also beginning to drop once again. That is not good for the Dollar.
The catalyst for this was today's stunningly poor payrolls number for the month of September. Forecasts were for 180,000 jobs being created. Instead we got a pathetic 148,000! With that, it was a big "KERPLUNK" for the US Dollar and that sent gold careening higher as once again any notion of a slowdown or "taper" in the Fed bond buying program was immediately shelved.
It has been my opinion for some time now that gold will not mount any sort of SUSTAINED move higher unless there is a loss of CONFIDENCE in the US Dollar, which is in effect the same thing as a loss of confidence in the US political leadership and to a certain degree, monetary authorities. Trying to maintain an objective view of this when it comes to my own beloved nation is difficult at times to do but after watching the President's 1-800 INFOMERCIAL on the failed rollout of his healthcare law, it does not take a big stretch of the imagination to say that he looks like a cheap carnival barker pedaling a batch of snake oil instead of the responsible and serious leader of the free World which global investors expect.
Global investors are not stupid nor are they reckless with their capital. One shudders to think what would be happening to the US equity markets were it not for the fact that most of the $85 billion being created each month by the Fed is being stuffed into them. That is the only reason that they have not plummeted along with the Dollar.
All I can add to this is to say "Watch Out" if the US Dollar Index cracks chart support. That is far more important than any public opinion poll citing favorability numbers because it is a poll in which investors are voting and telling you exactly what they think about the current leadership of the nation.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Ambrose Evans-Pritchard: Euro exit fever reaches heart of French establishment
The Statistics:
As of close of business: 10/21/2013
Gold Warehouse Stocks: | 7,154,208.355 | +1,200.01 |
Silver Warehouse Stocks: | 165,672,818.059 | +397,239.25 |
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 | 871.720 | 28,026,654 | US$37,349m |
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$5,961m |
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$481m |
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 10.507 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.54: -0.61 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,391.35: No change from yesterday’s data.
The Miners:
Pretivm’s (PVG) initial processing results for the material excavated from the Valley of the Kings Bulk Sample Program, Buenaventura’s (BVN) mine strike, Gold Reserve’s (GRZ.V) aeromagnetic survey, Freeport’s (FCX) third quarter results, and U.S Silver & Gold’s (USA.TO) third quarter production update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Turquoise | TRQ +10.74% $4.95 |
2. Alexco | AXU +10.46% $1.69 |
3. AngloGold | AU +9.05% $16.26 |
LOSERS
1. Pretivm | PVG -27.43% $3.36 |
2. DRDGOLD | DRD -2.81% $5.18 |
3. Comstock | LODE -1.14% $1.74 |
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, 22 October 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain About 2%
