-- Posted Thursday, 12 December 2013 | | Disqus
| Close | Gain/Loss |
Gold | $1226.50 | -$26.40 |
Silver | $19.52 | -$0.79 |
XAU | 81.78 | -1.26% |
HUI | 195.28 | -1.06% |
GDM | 578.36 | -0.93% |
JSE Gold | 1028.00 | -71.82 |
USD | 80.20 | +0.31 |
Euro | 137.49 | -0.38 |
Yen | 96.76 | -0.85 |
Oil | $97.50 | +$0.06 |
10-Year | 2.877% | +0.033 |
T-Bond | 130.59375 | -0.375 |
Dow | 15739.43 | -0.66% |
Nasdaq | 3998.40 | -0.14% |
S&P | 1775.50 | -0.38% |
The Metals:
Gold fell $28.53 to $1224.37 at about 1:30PM EST before it bounced back higher into the close, but it still ended with a loss of 2.11%. Silver slipped to as low as $19.435 and ended with a loss of 3.89%.
Euro gold fell to about €892, platinum lost $24.30 to $1358.70, and copper fell slightly to about $3.30.
Gold and silver equities fell about 3% in the first fifteen minutes of trade before they fought back higher for most of the rest of the day, but they still ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 12/07 | 368K | 315K | 300K |
Retail Sales | Nov | 0.7% | 0.6% | 0.6% |
Retail Sales ex-auto | Nov | 0.4% | 0.3% | 0.5% |
Export Prices | Nov | 0.1% | - | -0.6% |
Export Prices ex-ag. | Nov | 0.1% | - | -0.6% |
Import Prices | Nov | -0.6% | - | -0.6% |
Import Prices ex-oil | Nov | 0.0% | - | 0.1% |
Business Inventories | Oct | 0.7% | 0.3% | 0.6% |
Tomorrow at 8:30AM EST brings PPI for November expected at -0.1%. Core PPI is expected at 0.1%
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose along with the U.S. dollar index on stronger than expected retail sales data.
Treasuries remained lower after today’s $13 billion 30-year note auction sold at a yield of 3.90% with a bid to cover of 2.35.
The Dow, Nasdaq, and S&P traded mostly lower on continued worries about fed tapering.
Among the big names making news in the market today were American Airlines, Mercedes, JPMorgan, General Motors, Aramark, and Lululemon.
The Commentary:
“There is news this morning that IAMGOLD has completely suspended its dividend. Unlike Barrick and Newmont, which both REDUCED their dividend payments earlier this year, IAG has done away with altogether.
News like this never serves a sector well which has already been beaten up so badly. Coming at a time in which it appeared some of the mining stocks were attempting to cement a bottom, it could not have been worse.
In a note to clients, Goldman analysts noted that IAG has one of the highest cash costs in the sector ($1200).
Unfortunately the entire sector is getting hit hard again today. Barrick, which just this week looked as if it was ready to bottom, has now fallen back into that Monday gap on the charts and completely closed it and then some.
Meanwhile, the HUI has now made a new low for this move down. It has scored a new 52 week low and is actually trading below the MONTHLY CLOSING PRICE made back in October 2008.
Let's see what the rest of the day brings. There is still a chance that the index and some of the respective miners could stage a late session move higher. That would be a hugely positive sign. If not, well... not much more needs to be added.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Choice for Fed deputy implemented devaluation in Israel
Ignoring gold market rigging, Wall Street Journal celebrates Sprott fund's decline
Zheng Gang: China prepares for financial warfare
Russian central bank picks symbol for ruble
The Statistics:
As of close of business: 12/11/2013
Gold Warehouse Stocks: | 7,490,335.498 | +66,711.25 |
Silver Warehouse Stocks: | 169,466,086.544 | -510,854.40 |
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 | 833.605 | 26,801,229 | US$32,821m |
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$5,455m |
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$440m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.88 | 1,346,506 | US$1,674m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.1 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.90: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,208.66: No change from yesterday’s data.
The Miners:
Banro’s (BAA) corporate and board changes, Brigus Gold’s (BRD) drill results, Kirkland’s (KGI.TO) second quarter results, IAMGOLD’s dividend, Alexco’s (AXU) technical report, and Aurcana’s (AUN.V) resource estimate guidance were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Avino | ASM +4.41% $1.16 |
2. Sandstorm | SAND +2.93% $4.21 |
3. B2Gold | BTG +2.48% $2.07 |
LOSERS
1. IAMGOLD | IAG -10.94% $3.42 |
2. Timmins | TGD -7.89% $1.05 |
3. Northern Dynasty | NAK -5.50% $1.03 |
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, 12 December 2013 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 2% and 4%
