-- Posted Tuesday, 5 November 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1310.80 | -$3.40 |
Silver | $21.68 | +$0.06 |
XAU | 93.28 | -1.12% |
HUI | 230.56 | -1.34% |
GDM | 674.37 | -1.28% |
JSE Gold | 1285.14 | -12.84 |
USD | 80.71 | +0.16 |
Euro | 134.74 | -0.40 |
Yen | 101.48 | +0.08 |
Oil | $93.37 | -$1.25 |
10-Year | 2.662% | +0.060 |
T-Bond | 132.96875 | -1.00 |
Dow | 15618.22 | -0.13% |
Nasdaq | 3939.86 | +0.08% |
S&P | 1762.97 | -0.28% |
The Metals:
Gold dipped $5.20 to $1309.00 in Asia before it climbed back to $1319.16 at about 8AM EST and then dropped to $1305.77 in the next couple of hours of trade, but it then bounced back higher into the close and ended with a loss of just 0.26%. Silver climbed to $21.775 before it fell back to $21.543 in Asia, but it then rallied back higher in London and New York and ended with a gain of 0.28%.
Euro gold climbed to about €973, platinum lost $1.15 to $1446.50, and copper remained at about $3.26.
Gold and silver equities fell over 2% by midafternoon before they rallied back higher in the last hour of trade, but they still ended with over 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Oct | 55.4 | 54.0 | 54.4 |
U.S. Treasury’s Brainard Said Likely to Be Fed Nominee Bloomberg
Bernanke Giving Homebuyers Second Chance With Pledge Bloomberg
Growth still slower than I'd like to see: Fed's Rosengren cnbc
Annual home-price growth fastest since 2006 MarketWatch
Tomorrow at 10AM EST brings Leading Economic Indicators for September expected at 0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell ahead of tomorrow’s inventory report which is expected to show an increase in crude supplies for the seventh week in a row.
The U.S. dollar index edged higher on decent economic data while the euro fell on speculation that the ECB may cut interest rates at its meeting on Thursday.
Treasuries fell on better than expected ISM Services data the raised expectations that the fed could taper its bond purchases as early as next month.
The Dow, Nasdaq, and S&P erased early losses and ended mixed on conflicting statements about future fed actions.
Among the big names making news in the market today were Michael Kors, Ally, Twitter, Endo Health, Apple, RBS, Deutsche Bank, JPMorgan, DirecTV, T-Mobile, CVS, and AOL.
The Commentary:
“Each year the sponsors/originators of the various commodity sector indices announce a reweighting or rebalancing of their respective commodity index. This is done for assorted reasons but for whatever the reason, those index funds that benchmark to these things, must adjust their portfolio at the onset of the New Year in order to bring them into line with the new weightings.
The Dow Jones/UBS Commodity Index has announced that the target weighting of both gold and silver will be increased in the 2014 index. Silver's new weighting will be 4.1% compared to its current 3.9%. WTI Crude will be lowered to 8.5% from the current 9.2%.
Gold, surprisingly enough, will be raised to 11.5% (the largest weighting) from this year's 10.8%.
I am still looking for the Goldman Sachs Commodity Index reweighting and will try to note the changes in the precious metals, if any.
This will bring in some buying after the first of the year of both gold and silver futures contracts. While this is purely a technical development, it will tend to have a very short term impact on the metals.
I might add that this is not at all friendly towards crude oil which is already seeing large selling pressure.
A lot can happen between now and then, but I did want to note this.
As of today, the commodity complex as a whole is experiencing another strong bout of selling as the Dollar is moving a bit higher and traders continue to have their doubts about the longevity of the "no tapering" policy.
As has been the case, the equity markets could seemingly care less about much of anything. Dips continue to be bought as that bubble grows larger and larger. It really is mind-boggling to me to see this drug-induced march higher and higher in the US equity markets. The disconnect between the US stock market and what is occurring all across Main Street is something to behold. There still does not seem to be any sign that the mania is about to end anytime soon.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Financial interests finally get rid of CFTC's Chilton
Will Indians keep buying gold?
Gold market manipulation cited in Future Money Trends interview of Jay Taylor
The Statistics:
As of close of business: 11/04/2013
Gold Warehouse Stocks: | 7,155,237.931 | -96.45 |
Silver Warehouse Stocks: | 170,209,726.536 | +839,325.97 |
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 | 866.317 | 27,852,950 | US$36,395m |
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$5,819m |
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$470m |
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: 171.54: -0.04 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,497.75: -4.48 change from yesterday’s data.
The Miners:
Eurasian’s (EMXX) discovery update and acquisition, Hecla’s (HL) third quarter results, Gold Resource’s (GORO) second ball mill, Excellon’s (EXN.TO) third quarter results, Seabridge’s (SA) drill results, and Timmins Gold’s updated mine plan and updated Reserve and Resource Estimate were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +6.84% $1.25 |
2. Turquoise | TRQ +3.23% $4.80 |
3. Silver Standard | SSRI +3.20% $5.80 |
LOSERS
1. Alamos | AGI -5.57% $14.24 |
2. IAMGOLD | IAG -4.63% $4.94 |
3. Nevsun | NSU -4.28% $3.58 |
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, 5 November 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Mixed
