• Gold: 1,284.61 -0.07
  • Silver: 14.56 -0.01
  • Euro: 1.121 -0.000
  • USDX: 97.592 -0.264
  • Oil: 58.99 0.75

August 2: Gold and Silver End Modestly Lower

Chris Mullen
|
Thursday, August 2nd
 

Close

Gain/Loss

Gold

$1588.70

-$10.50

Silver

$27.12

-$0.25

XAU

147.72

-0.93%

HUI

400.47

-0.74%

GDM

1159.20

-0.81%

JSE Gold

2424.91

+36.84

USD

83.32

+0.19

Euro

121.81

-0.46

Yen

127.87

+0.38

Oil

$87.13

-$1.78

10-Year

1.478%

-0.061

T-Bond

151.50

+1.21875

Dow

12878.88

-0.71%

Nasdaq

2909.77

-0.36%

S&P

1365.00

-0.74%

 
 

 

The Metals:

 

Gold climbed almost 1% to $1615.05 by a little after 8AM EST, but it then fell to as low as $1584.97 by early afternoon in New York and ended with a loss of 0.66%. Silver slumped to as low as $26.97 and ended with a loss of 0.91%.

 

Euro gold fell to about €1305, platinum lost $8.70 to $1384, and copper dropped 8 cents to about $3.30.

 

Gold and silver equities saw slight gains for most of the morning, but they then turned back lower in late trade and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Challenger Job Cuts

July

-44.5%

-

-9.5%

Initial Claims

7/28

365K

365K

357K

Factory Orders

June

-0.5%

0.6%

0.5%

 

Tomorrow at 8:30AM EST brings July’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 8.2%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5. At 10AM is the ISM Services report for July expected at 52.3.

 

The Markets:

 

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

 

Oil fell and the U.S. dollar index rose as the euro dropped after ECB President Mario Draghi failed to announce any actual new measures to be taken by the European Central Bank, as many believed he had promised to do last week.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell on disappointment over Europe.

 

Among the big names making news in the market today were Bristol-Myers, Knight, Eloqua, Gap, Macy’s, Earthlink, GM, and Facebook.

 

GATA Posts:

 

 

Swiss gold repatriation movement leader interviewed

Jan Skoyles: Vietnam's new war -- against gold

South Korean central bank says it bought 16 tonnes of gold in July

 

The Statistics:

As of close of business: 8/01/2012

Gold Warehouse Stocks:

10,808,835.606

-1,719.235

Silver Warehouse Stocks:

138,309,747.456

-287,542.774

 

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)

SPDR® Gold Shares

1251.925

40,250,633

US$64,254m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

123.89

3,983,107

US$6,339m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

147.75

4,750,199

US$7,746m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$570m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.91

1,315,135

US$2,098m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 182.90: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,708.77: +21.11 change from yesterday’s data.

 

The Miners:

 

ITH’s (THM) new IR manager, Gold Fields’ (GFI) possible dismissals, Kinross Gold’s (KGC) new CEO, and Huldra Silver’s (HDA.V) amended Credit Agreement were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Paramount

PZG+4.76% $2.20

2. Revett

RVM+3.44% $3.01

3. Seabridge

SA+3.07% $14.75

 

LOSERS

1. Solitario

XPL-7.09% $1.18

2. Kinross

KGC-5.92%$7.47

3. Alexco

AXU-4.29%$4.02

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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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