• Gold: 1,464.42 5.91
  • Silver: 16.93 0.12
  • Euro: 1.101 0.000
  • USDX: 98.316 -0.011
  • Oil: 56.31 -0.49

December 26: Gold and Silver Gain With Oil

Chris Mullen
|
Wednesday, December 26th
 

Close

Gain/Loss

Gold

$1660.10

+$1.60

Silver

$29.96

+$0.07

XAU

161.34

+0.47%

HUI

432.15

+0.57%

GDM

1252.32

+0.40%

JSE Gold

2258.59

+27.60

USD

79.60

-0.06

Euro

132.26

+0.38

Yen

116.80

-1.08

Oil

$90.98

+$2.37

10-Year

1.758%

-0.016

T-Bond

147.46875

+0.21875

Dow

13114.59

-0.19%

Nasdaq

2990.15

-0.74%

S&P

1419.83

-0.48%

 
 

The Metals:

 

Gold climbed up to $1667.63 by about 9:15AM EST before it fell back off midday, but it still ended with a gain of 0.1%. Silver surged to $30.21 before it slipped back to $29.842 and then rallied back higher in early afternoon New York trade, but it then fell back off again in the last hour of trade and ended with a gain of just 0.23%.

 

Euro gold fell to about €1256, platinum gained $3.50 to $1532.50, and copper climbed 5 cents to about $3.58.

 

Gold and silver equities waffled near unchanged for most of the morning, but they then edged higher in afternoon trade and ended with modest gains.

The Economy:

 

Report

For

Reading

Expected

Previous

Case-Shiller 20-city Index

Oct

4.3%

3.9%

3.0%

 

U.S. retailers scramble after lackluster holiday sales

U.S. Holiday Sales Rise 0.7% as Washington Hurts Confidence

Retail sales creep higher in weak holiday season: early data

Obama Cancels Vacation to Resume the Fiscal Cliff Fight

Obama, Congress set for one last effort on "fiscal cliff"

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 12/22 expected at 375,000 and at 10AM are New Home Sales for November expected at 379,000 and Consumer Confidence for December expected at 70.0.

 

The Markets:

 

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

 

Oil rose nearly 3% on optimism that a budget deal can be reached to solve the fiscal cliff.

 

The U.S. dollar index traded only modestly lower as euro strength was offset by yen weakness “after minutes from the Bank of Japan’s November meeting showed some determination to drive the nation’s currency lower.”

 

Treasuries rose on disappointing retail sales reports that held the Dow, Nasdaq, and S&P mostly slightly lower.

 

Treasuries Head for Lowest Average Annual Yield on Record

 

Among the big names making news in the market today were Knight, Netflix, and VW and GM.

The Commentary:

 

Alas, Christmas has now come and gone for another year. The hustle and bustle of the season begins to wind down, the wrappings, bows and pretty paper now being consigned to the trash bin. Soon the lights will be coming down and the trees discarded for mulch or put back into the basement or attics. The children will be out making merry with their new toys and games. These things seem as constant as the North star for those of us who celebrate this wondrous holiday.

Sadly, as constant as the above, so too it seems is the desire of political leaders to debauch or debase their own currencies. Witness the Japanese Yen as it continues to plummet following the path desired by the new political leadership. The point is not being lost on gold as it continues to hover near record highs when priced in terms of that currency.

 

Incidentally, unleaded gasoline is threatening a breach of overhead resistance at the top of its trading range near the $2.81 level. Distillate strength is keeping a very firm bid in the liquid energy markets despite the continued threat of a so-called 'fiscal cliff' breakdown.

Crude oil is flirting with a band of heavy resistance between 90.30 - 90.60. Above that, it can be expected to see strong selling pressure emerging if it approaches the $93 level.

Cold weather has given heating oil a boost and it too is up near the top of its trading range. These energy markets are worth keeping an eye on as any bona fide breakout will tend to give gold a boost to the upside as well.

Well, at least we got a brief respite from the high gasoline prices. We'll see how long this upside push might last in the liquid energies.

Sinking grains today are working to undercut strength in silver which had been following copper to the upside but began wilting as the soybean complex, along with wheat, lead the entire grain complex lower. Silver still likes to see soybeans moving higher as it tends to feed into an inflationary bias. When you get the grains moving higher, along with copper and the other base metals, it is almost impossible to prevent the grey metal from moving higher along with them.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Eric Sprott: Why are investors buying so much more silver than gold?

 

The Statistics:

As of close of business: 12/24/2012

Gold Warehouse Stocks:

11,042,022.807

+3,858.00n

Silver Warehouse Stocks:

147,096,348.487

+216,674.80

 

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

1350.820

43,430,228

US$72,178m

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

Gold Bullion Securities

139.16

4,474,217

US$7,435m

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

ETFS Physical Gold

159.68

5,133,931

US$8,372m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$596m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.45

1,364,715

US$2,214m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 217.12: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,045.85: No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) dividend was the only big story in the gold and silver mining industry making headlines today.

 

WINNERS

1. ITH

THM +6.57% $2.11

2. Exeter

XRA +6.14% $1.21

3. Great Panther

GPL +5.30% $1.59

LOSERS

1. Mag Silver

MVG -1.60% $9.87

2. Agnico-Eagle

AEM -1.02% $50.42

3. Randgold

GOLD-0.84% $98.26

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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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.

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