-- Published: Thursday, 4 December 2014 | Print | Disqus
| Close | Gain/Loss |
Gold | $1206.30 | -$4.20 |
Silver | $16.46 | +$0.04 |
XAU | 71.46 | -2.19% |
HUI | 170.45 | -2.48% |
GDM | 532.93 | -1.97% |
JSE Gold | 1091.94 | -0.16 |
USD | 88.62 | -0.33 |
Euro | 123.84 | +0.75 |
Yen | 83.50 | +0.02 |
Oil | $66.81 | -$0.57 |
10-Year | 2.257% | -0.030 |
Bond | 143.5625 | +0.84375 |
Dow | 17900.10 | -0.07% |
Nasdaq | 4769.43 | -0.11% |
S&P | 2071.92 | -0.12% |
The Metals:
Gold dropped $8.61 to $1201.89 in London before it ran up to $1213.28 at about 9AM EST and then chopped back lower in New York, but it ended with a loss of just 0.35%. Silver slipped to $16.378 before it bumped up to $16.647 and then also fell back off, but it still ended with a gain of 0.24%.
Euro gold fell to about €974, platinum gained $11 to $1234, and copper climbed 4 cents to about $2.92.
Gold and silver equities waffled near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 11/29 | 297K | 295K | 314K |
Mortgage Rates in U.S. Decline to Lowest Since May 2013 Bloomberg
Tomorrow brings November’s jobs data, the Trade Balance, Factory Orders, and Consumer Credit.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell “after Saudi Arabia announced deep discounts for the crude it sells to Asian and U.S. buyers.”
The U.S. dollar fell as the euro rose after the ECB delayed the addition of further stimulus measures until at least next quarter.
Treasuries found decent gains as the Dow, Nasdaq, and S&P traded mostly lower ahead of tomorrow’s jobs data.
Among the big names making news in the market today were Ford, Barnes & Noble, Honda, Dollar General, Dell, and Kroger.
The Commentary:
“Expectations were high heading into today's ECB meeting that the Central Bank would issue some news detailing the start of another round of stimulus for the lagging Eurozone economy.
'Twas not to be.
Draghi TALKED doing more stimulus at some point as he went through the same litany of things that he has been saying seemingly forever at this point:
"Economic risks remain to the downside"
"our projections suggest lower inflation"
"we now see GDP growth at 1.0% versus 1.6% in September"
BLAH, BLAH, and more BLAH. The problem is, as far as the market is concerned, they did NOTHING! Just talk.
That is NOT what the market wanted to hear so guess what? Time to cover all those short Euro positions were loaded in this week in anticipation that they would do SOMETHING. Up went the Euro, now over 100 points and once again, the currency markets are roiled by another yapping Central Banker.
Ah yes, another moment in the "CALMING" affect of Central Bankers on the financial markets. Thank heaven for these people - without them, chaos, instability and turmoil would be the norm in our lives!
Note the words dripping with sarcasm.
This is an example of how these monetary lords mislead markets. Draghi has been sounding like the uber dove for quite some time now and hinting about further measures, then - This - a big, fat egg.
It was amusing to see his excuse for the ECB's inaction - OIL PRICE CHANGES! Personally I think the ECB is scared to death to follow in the footsteps of the US Fed and the Bank of Japan/ Abe government and get aggressive on the QE type front. I wonder what the Eurozone exporting related industries are going to think of their latest "plan" seeing that the Euro is going the other way than from what they were hoping?
Perhaps, some time during his current press conference, Mr. Draghi will look at this cell phone to check and see how the Euro is responding to all this, and then make some statement promising more definitive action next time around. Who knows?
I wonder what it must be like to have financial markets responding to every syllable that proceeds forth from one's mouth?
By the way, while this circus show was going on, Saudi Arabia cut all January oil prices to the US and to Asia! Crude oil went "thump" as a result.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Paul Mylchreest: Long Nikkei / short gold -- profitable, dangerous, and missed by everybody?
China said to consider scaling back restrictions on gold imports
New York Sun: Beyond Bernard von NotHaus
The Statistics:
Activity from: 12/3/2014
Gold Warehouse Stocks: | 7,861,120.103 | -57,640.584 |
Silver Warehouse Stocks: | 177,321,762.997 | +558,458.53 |
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 | 720.018 | 23,149,288 | US$27,973m |
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$5,368m |
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$433m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 38.40 | 1,234,459 | US$1,506m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 162.79: +1.02 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,737.66: -68.54 change from yesterday’s data.
The Miners:
WINNERS
1. Kinross | KGC +0.97% $3.13 |
2. Hecla | HL +0.79% $2.56 |
3. MAG Silver | MVG +0.15% $6.85 |
LOSERS
1. Allied Nevada | ANV -8.77% $1.56 |
2. McEwen | MUX -8.57% $1.28 |
3. Endeavour Silver | EXK -5.82% $2.57 |
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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-- Published: Thursday, 4 December 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Mixed Before Jobs Day
