-- Posted Friday, 8 November 2013 | | Disqus
| Close | Gain/Loss | On Week |
Gold | $1287.40 | -$19.30 | -2.08% |
Silver | $21.45 | -$0.15 | -1.79% |
XAU | 92.48 | +0.82% | +0.48% |
HUI | 229.32 | +0.59% | +0.97% |
GDM | 668.25 | +0.17% | +0.39% |
JSE Gold | 1312.35 | -40.49 | +0.22% |
USD | 81.26 | +0.43 | +0.66% |
Euro | 133.65 | -0.53 | -0.99% |
Yen | 100.91 | -1.03 | -0.34% |
Oil | $94.60 | +$0.40 | -0.01% |
10-Year | 2.746% | +0.133 | +4.81% |
Bond | 131.65625 | -2.03125 | -1.52% |
Dow | 15761.78 | +1.08% | +0.94% |
Nasdaq | 3919.23 | +1.60% | -0.07% |
S&P | 1770.61 | +1.34% | +0.51% |
The Metals:
Gold dropped $25.55 to $1281.15 at about 10:30AM EST before it bounced back higher at times, but it still ended with a loss of 1.48%. Silver slipped to as low as $21.25 and ended with a loss of 0.69%.
Euro gold fell to about €964, platinum lost $10.70 to $1438.80, and copper rose slightly to about $3.26.
Gold and silver equities fell over 2% at the open, but they then fought back higher for most of the rest of trade and ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | 204K | 100K | 163K |
Unemployment Rate | Oct | 7.3% | 7.3% | 7.2% |
Hourly Earnings | Oct | 0.1% | 0.2% | 0.1% |
Average Workweek | Oct | 34.4 | 34.4 | 34.4 |
Personal Income | Sep | 0.5% | 0.2% | 0.5% |
Personal Spending | Sep | 0.2% | 0.2% | 0.3% |
PCE Prices - Core | Sep | 0.1% | 0.1% | 0.1% |
Michigan Sentiment | Nov | 72.0 | 75.3 | 73.2 |
The BLS net birth/death adjustment added 126,000 payrolls to October’s data. Private Payrolls rose 212,000.
All of this week’s other economic reports:
Next week’s economic highlights include Export and Import Prices and the Treasury Budget on Wednesday, Initial Jobless Claims, the Trade Balance, and Productivity on Thursday, and Empire Manufacturing, Industrial Production, Capacity Utilization, and Wholesale Inventories on Friday.
Also on Thursday will be Janet Yellen’s nomination hearing before the Senate banking committee.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose along with the U.S. dollar index on better than expected jobs data that sent treasuries lower and the Dow, Nasdaq, and S&P higher.
Among the big names making news in the market Friday were Gap, McDonald’s, Freddie Mac, NMI, Groupon, Microsoft, Twitter, and Tesla.
The Commentary:
“Pavlov's Dogs could not have been conditioned any better than those who have used every single bout of weakness in US equities to reload the boat and secure more stocks.
The stronger-than-expected jobs number (combined with upward revisions to previous months ) initially jolted the market as TAPERING FEARS were running rampant as soon as the numbers hit. Down went stocks as traders began crying that the punch bowl was going to be taken away. Not to fear however; dip buyers began talking up the numbers as a good thing and thus positive for stocks (Heads - I win; Tails - you lose). The technical support zone held and back up they went.
Note that the volume is very large on the move higher which no doubt is a great deal of short covering as once again attempting to short this market has proven to be a fool's errand. At some point, and I honestly do not have the faintest idea when, the bulls will go to the well once too often and we will finally see this bubble pop, but for now, it continues to shrug off any warnings of internal deterioration.
Each time this market has moved lower, bulls have moved in, bought the dip and then been rewarded by a move to yet another all-time high. However, this time around we do have the POTENTIAL for a double top up above 1770. Shell-shocked bears are going to be watching very closely for any signs of this market stalling out. They have gone back into hibernation today but will awaken in a surly mood if the technical chart tells them to pounce.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Alasdair Macleod: There's a liquidity crunch developing
GATA Chairman Murphy interviewed by TF Metals Report
The Statistics:
Activity from: 11/07/2013
Gold Warehouse Stocks: | 7,155,334.794 | - |
Silver Warehouse Stocks: | 169,291,247.708 | -347,727.728 |
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 | 868.418 | 27,920,500 | US$36,482m |
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$5,704m |
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$461m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.77 | 1,342,915 | US$1,756m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.00: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,497.75: No change from yesterday’s data.
The Miners:
Barrick’s (ABX) chairman tenure, Turquoise Hill’s (TRQ) restatement of previously reported financial results, Eldorado’s (EGO) third quarter results, McEwen’s (MUX) third quarter results, and Harmony’s (HMY) first quarter results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Avino | ASM +15.52% $1.34 |
2. Pretivm | PVG +12.42% $3.35 |
3. Comstock | LODE +7.47% $1.87 |
LOSERS
1. Timmins | TGD -6.67% $1.26 |
2. Eurasian | EMXX -3.48% $1.11 |
3. Turquoise | TRQ -3.29% $4.71 |
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, 8 November 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 2% on the Week 
