-- Posted Thursday, 24 October 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1345.40 | +$12.10 |
Silver | $22.67 | +$0.11 |
XAU | 99.04 | +3.88% |
HUI | 244.22 | +4.11% |
GDM | 719.30 | +3.52% |
JSE Gold | 1317.77 | -18.23 |
USD | 79.19 | -0.07 |
Euro | 138.02 | +0.25 |
Yen | 102.81 | +0.10 |
Oil | $97.11 | +$0.25 |
10-Year | 2.522% | +0.037 |
T-Bond | 135.09375 | -0.375 |
Dow | 15509.21 | +0.62% |
Nasdaq | 3928.95 | +0.56% |
S&P | 1752.07 | +0.33% |
The Metals:
Gold climbed $18.41 to $1351.71 by early afternoon in New York before it fell back off into the close, but it still ended with a gain of 0.91%. Silver surged to as high as $22.849 and ended with a gain of 0.49%.
Euro gold climbed to about €975, platinum gained $16 to $1450.00, and copper remained at about $3.27.
Gold and silver equities rose about 4% by midday and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 10/19 | 350K | 341K | 362K |
Trade Balance | Aug | -$38.8B | -$38.8B | -$38.6B |
JOLTS - Job Openings | Aug | 3.883M | - | 3.808M |
Central Banks Drop Tightening Talk as Easy Money Goes On Bloomberg
Tomorrow brings Durable Goods Orders, Michigan Sentiment, and Wholesale Inventories.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil erased early losses and ended slightly higher as the U.S. dollar index remained weak on the outlook for further stimulus from the fed.
Treasuries saw slight losses as the Dow, Nasdaq, and S&P rose on decent earnings reports and better than expected economic data out of China and Europe.
Among the big names making news in the market today were 3M, Apple, Dow Chemical, Timken, and Ford.
The Commentary:
“U.S. Stock Market – My growling bear suit was hung up in my closet back in March 2009. Since that time the U.S. stock market has enjoyed an incredible rise during a period of rather pathetic economic growth. Not that many days pass without a reader asking how come I’m not shorting the stock market.
It’s been my opinion for quite some time that the U.S. stock market was tracing out a “megaphone” pattern and that the ultimate top appears to be somewhere over DJIA 16,000. I continue to act on that belief and feel with all other factors impacting the market it would be an ideal place to get short.
For now, the “Don’t Worry, Be Happy” crowd are dusting off their Santa Claus rally propaganda scripts and starting to calculate their year-end bonuses. If defaulting on our debt didn’t sway them, I can almost assure you they’re home free through at least year-end.
U.S. Bonds – the high yield for the year was 3% on the 10-year and the rally anticipated from there is running its course. For those who didn’t like the taste of losses holding bonds, it was just a trial run to what’s going to happen in 2014 and beyond. Don’t be part of the fool me once shame on you, fool me twice shame on me group in the coming economic, political and social upheaval forming in America as we speak.
Gold – Funny thing about its many critics. Throughout most of the year, they and the media who love to follow them said with “tapering” to come and a rising U.S. dollar, it will spell doom for gold. Yet, with the opposite, not one of them have showed class and said this.
A very significant bottoming process in near complete and a move back above $1,400 appears in the cards. The $1,500 – $1,550 area is critical resistance and a place you can be assured the gold haters will make a stand
U.S. Dollar – It’s terminally ill. End of story.”- Peter Grandich, Grandich Letter
GATA Posts:
GoldMoney's James Turk interviewed by Sprott Money News
The Statistics:
As of close of business: 10/23/2013
Gold Warehouse Stocks: | 7,154,225.563 | -31,933.462 |
Silver Warehouse Stocks: | 166,880,529.814 | +403,909.965 |
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 | 878.324 | 28,238,993 | US$37,963m |
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$5,995m |
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$484m |
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: 172.54: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,442.30: +74.92 change from yesterday’s data.
The Miners:
Pretivm’s (PVG) drill results, Goldcorp’s (GG) third quarter results, Agnico Eagle’s (AEM) third quarter results, and First Majestic’s (AG) dismissed appeal were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pretivm | PVG +20.31% $3.85 |
2. Agnico Eagle | AEM +18.02% $30.52 |
3. Alexco | AXU +12.90% $1.75 |
LOSER
1. Rio Alto | RIOM -2.60% $1.87 |
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, 24 October 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Almost 1%
