• Gold: 1,454.50 -0.54
  • Silver: 16.79 -0.07
  • Euro: 1.103 0.000
  • USDX: 98.282 -0.12
  • Oil: 57.09 0.16

August 24: Gold and Silver Gain Over 3% and 9% on the Week

Chris Mullen
|
Friday, August 24th
 

Close

Gain/Loss

On Week

Gold

$1669.80

+$0.80

+3.34%

Silver

$30.67

+$0.16

+9.26%

XAU

168.50

+0.05%

+5.31%

HUI

455.90

+0.25%

+4.80%

GDM

1314.53

+0.20%

+4.90%

JSE Gold

2430.28

-8.08

-2.20%

USD

81.63

+0.25

-1.11%

Euro

125.11

-0.52

+1.44%

Yen

127.09

-0.31

+1.08%

Oil

$96.15

-$0.12

+0.15%

10-Year

1.678%

+0.012

-7.60%

Bond

148.375

-0.125

+1.71%

Dow

13157.97

+0.77%

-0.88%

Nasdaq

3069.79

+0.54%

-0.22%

S&P

1411.13

+0.65%

-0.50%

 
 

 

The Metals:

 

Gold dropped $5.45 to $1662.55 in Asia, but it then rose to as high as $1673.36 in New York and ended with a gain of 0.05%. Silver climbed to as high as $30.712 and ended with a gain of 0.52%.

 

Euro gold rose to about €1335, platinum gained $10.50 to $1544.00, and copper fell slightly to about $3.49.

 

Gold and silver equities waffled near unchanged and ended with slight gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Durable Orders

July

4.2%

2.5%

1.6%

Durable Orders -ex Trans.

July

-0.4%

0.6%

-2.2%

 

All of this week’s other economic reports:

 

New Home Sales - July

372K v. 359K

 

FHFA Housing Price Index - June

0.7% v. 0.6%

 

Initial Claims - 8/18

372K v. 368K

 

Existing Home Sales - July

4.47M v. 4.37M

 

Next week’s economic highlights include the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, GDP, Pending Home Sales, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Personal Income and Spending, and Core PCE Prices on Thursday, and Chicago PMI, Michigan Sentiment, and Factory Orders on Friday.

 

The Markets:

 

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

 

Oil ended slightly lower as the U.S. dollar index rose on reports “that the ECB wouldn’t make an announcement on Sept. 6 about whether it would buy peripheral sovereign debt to put a cap on bond yields, as many investors had been looking for. Instead, it will wait until after a German court rules on the region’s bailout fund later in September.”

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on a letter from Bernanke stating that "there is scope for further action by the Federal Reserve to ease financial conditions and strengthen the recovery."

 

Among the big names making news in the market Friday were Caterpillar, Bristol-Myers Squibb, HSBC, Autodesk, and Supervalu.

 

The Commentary:

 

The following chart reveals the strength of gold when priced in terms of the Euro Currency. Notice that it has been steadily working higher and is within striking distance of an overhead resistance level coming in just shy of 1350. If can push through this level, it should be able to match or exceed its all-time high.

It has been in a consolidation pattern since late last year but with a definite higher bias as can be seen from the series of higher lows riding along the lower red support line. Notice that mini-trend higher has accelerated since April of this year.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Sprott guys on ZIRP and NIRP and the gold supply crunch

Republican platform to offer sop to Paul supporters: another gold commission

 

The Statistics:

Activity from: 8/23/2012

Gold Warehouse Stocks:

10,848,607.575

+4,469.78

Silver Warehouse Stocks:

139,919,828.738

-55,338.22

 

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

1286.502

41,362,339

US$68,931m

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

Gold Bullion Securities

127.75

4,107,325

US$6,860m

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

ETFS Physical Gold

148.71

4,781,044

US$7,796m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$599m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.26

1,326,494

US$

Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.524 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 185.33: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,820.81: +36.18 change from yesterday’s data.

 

The Miners:

 

ITH’s (THM) Incentive Stock Option Plan and MAG Silver’s (MVG) annual and special meeting of shareholders were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1. Timmins

TGD +3.64% $2.28

2. MAG Silver

MVG +2.92% $10.21

3. Allied Nevada

ANV +2.67% $31.86

 

 

LOSERS

1. Loncor

LON -5.98% $1.10

2. Alexco

AXU -2.48% $3.54

3. Golden Minerals

AUMN -2.44% $5.19

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 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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