-- Posted Tuesday, 12 November 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1268.90 | -$14.60 |
Silver | $20.75 | -$0.61 |
XAU | 90.83 | -2.04% |
HUI | 223.59 | -2.32% |
GDM | 655.44 | -2.01% |
JSE Gold | 1329.60 | +26.28 |
USD | 81.14 | +0.09 |
Euro | 134.37 | +0.30 |
Yen | 100.36 | -0.45 |
Oil | $93.04 | -$2.10 |
10-Year | 2.768% | +0.017 |
T-Bond | 131.4375 | -0.03125 |
Dow | 15750.67 | -0.21% |
Nasdaq | 3919.92 | +0.00% |
S&P | 1767.69 | -0.24% |
The Metals:
Gold edged down to $1276.40 in Asia before it climbed back above $1285 in London, but it then dropped to a new session low of $1261.64 by early afternoon in New York and ended with a loss of 1.14%. Silver slipped to as low as $20.583 and ended with a loss of 2.86%.
Euro gold fell to about €945, platinum gained $3 to $1431, and copper dropped 4 cents to about $3.22.
Gold and silver equities fell over 1% at the open before they rallied back to about unchanged in the next half hour of trade, but they then fell back off for most of the rest of the day and ended with about 2% losses.
The Economy:
Dallas Fed president Richard Fisher: QE won't last forever CNBC
Fed’s Lockhart Wants to See Higher Inflation Before QE Tapering Bloomberg
Fed's Kocherlakota: Reducing bond buys now would hinder recovery Reuters
There were no major economic reports today. Tomorrow brings a speech from fed chairman Bernanke, Export and Import Prices, and the Treasury Budget.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after OPEC predicted larger than previously expected output from non-OPEC producers like the US.
The U.S. dollar index traded mostly higher on bets that the fell will reduce its bond buying soon.
Treasuries remained lower after today’s $30 billion 3-year note auction sold at a yield of 0.644% with a bid to cover of 3.46.
The Dow, Nasdaq, and S&P traded mostly lower on poor earnings reports and worries about future fed actions.
Among the big names making news in the market today were D.R Horton, BP, T-Mobile, Prudential, and Apple.
The Commentary:
“Long Term Monthly Gold Chart - Can you see the significance of the 1280 region? It is the 38.2% Fibonacci Retracement level of the entire rally from the secondary low made back in April 2001 and the peak above $1900 made in September 2011. On the monthly chart, the price fell below that level reaching 1180 (1179 to be exact) but it did not see any downside follow through the next month as it immediately rebounded eventually pushing back above $1400 before failing once again.
Now it is back to testing that level and though it is early in the month of November still, if gold closes out this month below that level, December will be a critical test of the resolve of the bulls. Failure to stay above $1280 on a month ending basis on TWO CONSECUTIVE MONTHS, would increase the likelihood of another test of that spike low near $1180. Were that to fail, the next critical target for gold would be near the 50% retracement of the entire decade long bull market in gold ( 2001- 2011).
That would probably represent a good area for longer term oriented players to begin buying as you are talking about prices below the cost of production for many gold mining companies.
I am not predicting a move to this area as of now, I am merely setting up some possible scenarios IF PRICE PERFORMS AS I MENTIONED ABOVE. Remember, we are trying to listen to the voice of the market only and tuning out anything else. That is the only way to ultimately be successful as a trader/investor.
One thing that this chart also shows us is that in order for the bulls to turn this chart to their advantage, they MUST take price at a bare minimum back above the $1400 level and hold it there.
Much of this will depend on market expectations in regards to the overall inflation picture. Today, crude oil is falling sharply again having neared $93. If it fails to secure a foothold near this level, steeper losses are ahead. It is most difficult, if not impossible, to make an argument for inflation if energy prices are sinking.
On the food side of the ledger, soybeans are moving higher and have been since that USDA report last week but that is coming mainly on the heels of reported sales to China. China is notorious for booking sales but then cancelling those sales later if prices drop so beans need some more time to see how the demand is going to hold up at these higher levels. Corn appears to have found a short-term interim bottom but it is difficult for me to get bullish on corn when a record crop is still coming our way. Much depends on the S. American growing season. If it continues to get off to a good start, both corn and beans should stop moving higher sooner rather than later. I am monitoring both charts to get a sense of these all important foods, not to mention wheat, which also has stabilized. That however seems to me to be more a function of spillover buying from the corn and bean markets than any outright bullish wheat fundamentals.
Stay tuned...”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Andrew Huszar: Confessions of a quantitative easer
State Dept. memo describes gold suppression, but State denies having any gold records
Prospect of a deal on Volcker rule worries banks
The Statistics:
As of close of business: 11/11/2013
Gold Warehouse Stocks: | 7,159,928.863 | -228.431 |
Silver Warehouse Stocks: | 168,999,610.118 | -709,778.15 |
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$35,790m |
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$5,661m |
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$458m |
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: 172.21: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,443.82: -53.93 change from yesterday’s data.
The Miners:
AngloGold’s (AU) credit rating, Frist Majestic’s (AG) third quarter results, Seabridge’s (SA) drill results, and Silver Wheaton’s (SLW) Early Deposit Gold Stream Agreement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +3.79% $3.56 |
2. Avino | ASM +1.65% $1.23 |
3. DRDGOLD | DRD +0.43% $4.70 |
LOSERS
1. Pretivm | PVG -7.03% $3.04 |
2. Timmins | TGD -5.56% $1.19 |
3. AuRico | AUQ -5.16% $3.86 |
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 Tuesday, 12 November 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1% and 3%
