• Gold: 1,275.30 0.35
  • Silver: 15.02 0.01
  • Euro: 1.125 -0.001
  • USDX: 97.287 -0.099
  • Oil: 65.87 0.12

August 9: Gold and Silver Gain With Dollar

Chris Mullen
|
Thursday, August 9th
 

Close

Gain/Loss

Gold

$1617.70

+$4.90

Silver

$28.12

+$0.11

XAU

157.44

+1.25%

HUI

426.28

+1.36%

GDM

1230.46

+1.25%

JSE Gold

2393.98

UNCH

USD

82.62

+0.26

Euro

122.98

-0.64

Yen

127.27

-0.22

Oil

$93.36

+$0.01

10-Year

1.688%

+0.048

T-Bond

148.25

-0.125

Dow

13165.19

-0.08%

Nasdaq

3018.64

+0.25%

S&P

1402.80

+0.04%

 
 

The Metals:

 

Gold climbed $4.61 to $1617.41 in Asia before it fell back to $1609.70 in London, but it then rallied back higher in New York and ended near its early afternoon high of $1618.09 with a gain of 0.3%. Silver slipped back to $27.864 by a little after 8AM EST, but it then bounced back higher in New York and ended with a gain of 0.39%.

 

Euro gold climbed to over €1315, platinum gained $4 to $1411.50, and copper rose slightly to about $3.43.

 

Gold and silver equities rose about 1.5% by midmorning and remained near that level for the rest of the day.

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

8/04

361K

375K

367K

Trade Balance

June

-$42.9B

-$47.5B

-$48.0B

Wholesale Inventories

June

-0.2%

0.3%

0.0%

 

Jobs, trade data supports modest economic growth Reuters

U.S. Consumer Comfort Drops to Two-Month Low on Economy Concern Bloomberg

Home Prices Increase in Most U.S. Metropolitan Areas Bloomberg

 

Tomorrow at 8:30AM EST brings Import and Export Prices for July and at 2PM is the Treasury Budget for July expected at -$71.0 billion.

 

The Markets:

 

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

 

Oil traded mostly slightly higher on weaker than expected economic data out of China that increased possibilities for more monetary easing from the PBOC.

 

The U.S. dollar index rose as the euro dropped on uncertainty about when or how exactly the ECB will act.

 

Treasuries fell on doubts over whether or not the fed will participate in any additional bond buying anytime soon, but they did pare their losses after today’s $16 billion 30-year note auction sold at a high yield of 2.825% with a bid to cover of 2.41.

 

The Dow, Nasdaq, and S&P waffled near unchanged on mixed expectations about what the world’s central banks will do.

 

Among the big names making news in the market today were National Oilwell and Robbins & Myers, Goldman Sachs, E*Trade, and Standard Chartered.

The Commentary:

 

US centered investors/traders more often than not develop a US Dollar-centric view of the price of commodities, gold included. As such we oftentimes can miss how a large portion of the global investment community can be viewing the price action of an individual asset.

It is no secret that the current epicenter for global economic troubles is Europe. Sovereign debt woes and squabbles among the various members of the EU have led to a sort of impasse which is sapping confidence from investors in that corner of the world.

The result has been a significant amount of gold buying as a safe haven among Europeans.

This is quite noticeable when one compares the current chart of gold priced in Euros to a gold chart priced in US Dollar terms.

Frankly, Euro gold has a much stronger chart than US Dollar priced gold currently has. As a matter of fact, you can see from the following chart, that Euro Gold is a mere 50 euros or so just off its all time high! Compare that to US Dollar priced gold which is currently trading closer to $300 off its best all time level.

Unless we get a significant downside move in EuroGold, US Dollar gold bears are going to have their work cut out for them getting much more in the way of additional downside price action.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Ted Butler: Morgan is screwed even if CFTC drops silver investigation

Marshall Auerback: To avoid embarrassment, central banks need to get their gold back

Centennial's Peter Grant: Gold technicals portend impending breakout

Whether it's up or down, central banks are manipulating markets in secret

 

The Statistics:

As of close of business: 8/08/2012

Gold Warehouse Stocks:

10,877,889.738

+6,816.794

Silver Warehouse Stocks:

137,585,888.407

+168,218.010

 

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

1254.942

40,347,630

US$65,131m

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

Gold Bullion Securities

129.12

4,151,179

US$6,699m

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

ETFS Physical Gold

149.49

4,806,289

US$7,837m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$579m

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: 183.60: +0.74 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,742.43: No change from yesterday’s data.

 

The Miners:

 

Lake Shore’s (LSG) second quarter results, Royal Gold’s (RGLD) fourth quarter results and increased gold stream interest, Comstock’s (LODE) commenced mining operations, Aurizon’s (AZK) second quarter results, Vista Gold’s (VGZ) assay results, Kinross Gold’s (KGC) senior management appointments, Revett’s (RVM) second quarter results, and Excellon’s (EXN.TO) second quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Timmins

TGD+10.61% $2.19

2. Lake Shore

LSG +8.41% $1.16

3. Golden Star

GSS +5.97% $1.42

LOSERS

1. Alexco

AXU-6.58% $3.41

2. Jaguar

JAG-4.62%$1.135

3. Revett

RVM-4.00% $3.12

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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