• Gold: 1,268.40 1.10
  • Silver: 16.39 0.08
  • Euro: 1.165 0.004
  • USDX: 94.612 -0.231
  • Oil: 68.68 2.74

August 12: Gold and Silver Gain About 2% and 4%

Chris Mullen
|
Monday, August 12th
 

Close

Gain/Loss

Gold

$1335.90

+$23.30

Silver

$21.34

+$0.88

XAU

102.73

+5.19%

HUI

253.48

+5.51%

GDM

771.48

+5.45%

JSE Gold

1297.45

+147.64

USD

81.39

+0.28

Euro

133.03

-0.41

Yen

103.22

-0.61

Oil

$106.11

+$0.14

10-Year

2.605%

+0.025

T-Bond

134.125

-0.3125

Dow

15419.68

-0.04%

Nasdaq

3669.95

+0.27%

S&P

1689.47

-0.12%

 
 

The Metals:

 

Gold rose over $20 in Asia before it fell back to $1322.60 in London, but it then climbed to as high as $1343.30 in New York and ended with a gain of 1.77%. Silver surged to as high as $21.451 and ended with a gain of 4.3%.

 

Euro gold rose to about €1004, platinum lost $4 to $1490.80, and copper remained at about $3.31.

 

Gold and silver equities rose over 5% at the open and remained near that level for the rest of the day.

The Economy:

 

Report

For

Reading

Expected

Previous

Treasury Budget

July

-$97.6B

-$96.0B

-$69.6B

 

Tomorrow brings Retail Sales, Import and Export Prices, and Business Inventories.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose along with the U.S. dollar index on expectations for strong economic data that sent treasuries lower.

 

The Dow, Nasdaq, and S&P waffled near unchanged in quiet trade.

 

Among the big names making news in the market today were Facebook, BlackBerry, Qualcomm, Steinway, and Bitcoin.

The Commentary:

 

I wanted to provide a quick update for those who are following the "backwardation" talk out there.

I am currently showing the August, October and December gold futures contract all at the same exact bid. Also, the December has a mere $0.80 discount to the February. The futures market has still not entered a backwardation state but it is just about there. I will continue to monitor this and report on it should it occur.

Also, thus far I have not seen anything that would signal any problems with the delivery process for the August gold contract but one thing that does stand out is that J P Morgan continues to be the consistent, large stopper of gold for their "House" account. Morgan is acquiring a lot of gold.

It is going to be interesting to see whether they retender it before the month ends or at some point during another delivery month process but either way, they are acquiring it right now.

I am still watching that $1340 level in the December gold contract. So far it is proving to be formidable resistance. Strength in the gold shares is helping keep a very firm bid in gold but it is silver that is really proving a great degree of lift to the yellow metal.

That push through $21.50 is squeezing the shorts and it now looks as if the metal has a decent shot at testing $22.00.

Downside support for silver is first at $20.50 followed by $20.

Incidentally, gold is moving higher in spite of the fact that the US Dollar is stronger today.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

“I continue to believe the “Don’t Worry, Be Happy” crowd can keep the U.S. stock market afloat through Labor Day. WE will need to watch carefully after that as my scenario remains that the U.S. economy shall roll over fairly sharply this Fall and Winter causing any Fed tapering to be short-lived. I also believe if and when this occurs, the FED shall be perceived as behind the curve versus ahead of it up until now.

 

There are a whole host of concerns, including but not limited to:

 

 

GATA Posts:

 

 

Gene Arensberg's GGR: Big changes in gold futures market composition

Commodity trader tells Bloomberg TV of 'huge run' on physical gold

 

The Statistics:

As of close of business: 8/09/2013

Gold Warehouse Stocks:

6,999,622.688

-37,321.578

Silver Warehouse Stocks:

164,492,893.437

-164,500.013

 

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

911.130

29,293,742

US$39,261m

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$5,942m

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$480m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.65

1,371,290

US$1,780m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.803 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.60: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,396.73: No change from yesterday’s data.

 

The Miners:

 

Newcrest’s (NCM.AX) loss, Alamos Gold’s (AGI) Environmental Impact Assessment, Aurcana’s (AUN.V) new board member, Golden Star’s (GSS) second quarter results, Brigus Gold’s (BRD) second quarter results, and Seabridge’s (SA) discovery were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Alexco

AXU +16.80% $1.46

2. Allied Nevada

ANV +10.78% $4.11

3. Rio Alto

RIOM +10.37% $2.66

LOSER

1. Turquoise Hill

TRQ -1.18% $5.04

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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Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

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