• Gold: 1,275.54 0.00
  • Silver: 14.99 0.00
  • Euro: 1.124 -0.000
  • USDX: 97.474 0.07
  • Oil: 64.06 0.19

July 11: Gold and Silver End Slightly Higher

Chris Mullen
|
Wednesday, July 11th
 

Close

Gain/Loss

Gold

$1576.60

+$8.20

Silver

$27.09

+$0.25

XAU

148.53

-1.75%

HUI

400.83

-2.07%

GDM

1160.29

-2.11%

JSE Gold

2248.96

-56.58

USD

83.45

+0.06

Euro

122.42

-0.11

Yen

125.56

-0.36

Oil

$85.81

+$1.90

10-Year

1.498%

UNCH

T-Bond

151.15625

+0.15625

Dow

12604.53

-0.38%

Nasdaq

2887.98

-0.49%

S&P

1341.45

-0.01%

 
 

The Metals:

 

Gold climbed up to $1583.00 in Asia before it fell back to as low as $1567.21 immediately after the fed’s minutes were released, but it then bounced back higher in late trade and ended with a gain of 0.52%. Silver slumped to $26.816 before it also bounced back higher and ended with a gain of 0.93%.

 

Euro gold rose to about €1288, platinum gained $6.15 to $1423.50, and copper gained 6 cents to about $3.44.

 

Gold and silver equities fell about 2% by midmorning and remained near that level for the rest of the day.

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

May

-$48.7B

-$48.9B

-$50.6B

Wholesale Inventories

May

0.3%

0.3%

0.5%

 

FOMC Minutes from the fed’s last meeting showed that “a few members expressed the view that further policy stimulus likely would be necessary to promote satisfactory growth in employment and to ensure that the inflation rate would be at the Committee’s goal.”

 

Mortgage applications fell last week: MBA Reuters

Tomorrow at 8:30AM EST brings Import and Export Prices for June and Initial Jobless Claims for 7/07 expected at 375,000. At 2PM is the Treasury Budget for June.

 

The Markets:

 

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

 

Oil remained higher after the Energy Information Administration reported that crude inventories fell 4.7 million barrels, gasoline inventories rose 2.8 million barrels, and distillates rose 3.1 million barrels.

 

The U.S. dollar index ended slightly higher in mixed trade.

 

Treasuries erased early losses after today’s $21 billion 10 year note auction sold at a high yield of 1.459% with a bid to cover of 3.61.

 

The Dow, Nasdaq, and S&P remained mostly lower after today’s fed minutes seemed to lack the clear signal for more stimulus that many were hoping for.

 

Among the big names making news in the market today were Encana and Chesapeake, JPMorgan, AMR, Peregrine, Bank of America, and Airbus.

The Commentary:

 

Taking a look at silver on the weekly chart it is not too difficult to see that it has been in a well-defined downtrend since peaking in the spring of last year. Rallies are being sold but dips into the region near $27.00 - $26.00 have been bought. The result has been to form a perfect triangle pattern on the chart. This latter or bottom level of support has thus become CRITICAL to the future prospects of the metal.

It is getting very close to this downside line again this week. Bears are going to continue to try to press it to see if they can push enough longs out of the market to break it lower. If the bulls falter or waver in the least, the metal will buckle and then drop very quickly to the 75% Fibonacci Retracement level near $25.47 with the $25 level also within range.

To get anything going to the upside in this market is going to require a push through the $30 level that can maintain a handle of "30" in front of this market.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Mike Kosares: Gold's secular bull market -- past, present, and future

New York Sun: What's so magical about interest-rate rigging?

 

The Statistics:

As of close of business: 7/10/2012

Gold Warehouse Stocks:

10,810,629.464

-202.45

Silver Warehouse Stocks:

144,464,949.444

-697,535.23

 

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

1271.236

40,871,515

US$65,191m

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

Gold Bullion Securities

122.30

3,931,938

US$6,186m

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

ETFS Physical Gold

146.34

4,704,993

US$7,672m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.01

353,836

US$557m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.46

1,268,817

US$1,996m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 4.225 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.96: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,729.89: No change from yesterday’s data.

 

The Miners:

 

NovaGold’s (NG) Feasibility Study and permit applications, Comstock’s (LODE) crusher, Timmins Gold’s (TGD) credit facility, Goldcorp’s (GG) guidance update, Aurcana’s (AUN.V) second quarter production, Excellon’s (EXN.TO) suspended operations, and South American Silver’s (SAC.TO) response to Bolivia were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Alexco

AXU +2.63% $4.30

2. Golden Star

GSS +1.87% $1.09

3. Eurasian

EMXX+1.48% $1.8368

LOSERS

1. Exeter

XRA-12.08%$1.31

2. Goldcorp

GG -9.74% $33.17

3. Loncor

LON -7.41% $1.00

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.

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