• Gold: 1,525.51 -3.03
  • Silver: 17.37 -0.09
  • Euro: 1.113 -0.001
  • USDX: 97.169 -1.001
  • Oil: 53.69 -1.67

July 18: Gold and Silver End Slightly Lower

Chris Mullen
|
Wednesday, July 18th
 

Close

Gain/Loss

Gold

$1577.30

-$4.40

Silver

$27.23

-$0.02

XAU

146.30

-1.21%

HUI

393.25

-1.46%

GDM

1137.31

-1.39%

JSE Gold

2186.89

-36.93

USD

82.98

-0.04

Euro

122.81

-0.11

Yen

126.93

+0.45

Oil

$89.87

+$0.65

10-Year

1.479%

-0.022

T-Bond

151.28125

+0.34375

Dow

12908.70

+0.81%

Nasdaq

2942.60

+1.12%

S&P

1372.78

+0.67%

 
 

The Metals:

 

Gold climbed to $1584.69 in Asia before it fell back to as low as $1567.62 by about 9AM EST, but it then climbed back to as high as $1582.53 in late morning New York trade and ended with a loss of just 0.28%. Silver rose to $27.30 before it dropped back to $26.90, but it then rose to a new session high of $27.31 and ended with a loss of just 0.07%.

 

Euro gold fell to about €1284, platinum lost $8 to $1403.50, and copper gained a couple of cents to about $3.47.

 

Gold and silver equities fell about 2% at the open before they bounced back higher midmorning, but they then fell back off into the close and ended with almost 1.5% losses.

The Economy:

 

Report

For

Reading

Expected

Previous

Housing Starts

June

760K

743K

711K

Building Permits

June

755K

765K

784K

 

The fed’s Beige Book “said the economy expanded at a “modest to moderate” pace in June and early July, as retail sales and manufacturing cooled in some regions.”

 

Bernanke Says Inflation to Remain Near Fed’s 2% Target Bloomberg

Geithner defends response to 2008 Libor concerns Reuters

Temporary Work Demand Rises as Companies Avoid Commitments: Jobs Yahoo

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/14 expected at 365,000. At 10AM are Existing Home Sales for June expected at 4,650,000, Leading Economic Indicators for June expected at -0.2%, and the Philadelphia Fed for July expected at -10.0.

 

The Markets:

 

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

 

Oil turned higher after the Energy Information Administration reported that crude inventories fell 800,000 barrels, gasoline inventories fell 1.8 million barrels, and distillates rose 2.6 million barrels.

 

The U.S. dollar index erased early gains and ended slightly lower on Bernanke’s testimony.

 

Treasuries cut into some of yesterday’s notable losses.

 

The Dow, Nasdaq, and S&P rose on decent earnings reports and housing data.

 

Among the big names making news in the market today were U.S. Bancorp, BlackRock, Credit Suisse, BofA, PNC, AMR, BNY Mellon, Honeywell, GM, and Ford.

The Commentary:

 

Call it a "stealth rally" as it has not been garnering any headlines, but unleaded gasoline futures have quietly been on the rise for the last three weeks after bouncing off of the $2.50 level and are now pushing back towards the important 50% Fibonacci retracement level of the entire decline from the late March peak.

Coming at the same time that we are seeing the grains soaring higher (see my recent article on this), it is soon going to be packing a one-two punch to consumers between food and energy costs. Prices at the pump had been coming down giving some relief to drivers and the transportation industry in general but this advance threatens to pull the plug on that soon enough if price pushes past the $2.96 level on this chart.

So let's take an inventory of what we have thus far - An absolutely horrendous employment picture, rising food prices, rising gasoline prices, underwater mortgages, and an Administration that is totally clueless when it comes to understanding the factors that contribute to job creation and a growing vibrant economy. Is it any wonder that retail sales are tanking and the economy is taking a nosedive? Feeling better yet????- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Von Greyerz explains why gold will win; Hepburn explains why manipulation is easy

 

The Statistics:

As of close of business: 7/17/2012

Gold Warehouse Stocks:

10,811,118.769

+11,370.15

Silver Warehouse Stocks:

143,736,343.481

-616,179.956

 

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

1266.106

40,706,587

US$64,516m

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

Gold Bullion Securities

123.78

3,979,559

US$6,285m

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

ETFS Physical Gold

146.56

4,711,933

US$7,684m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$566m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.46

1,268,817

US$1,996m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 183.78: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,696.71: No change from yesterday’s data.

 

The Miners:

 

Kimber’s (KBX) bridge loan, Comstock’s (LODE) reclamation surety bond, New Gold’s (NGD) updated National Instrument 43-101 compliant mineral resource estimate, Brigus Gold’s (BRD) drill results, Timmins Gold’s (TGD) drill program, Pretivm’s drill results, and MAG Silver’s (MVG) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Ivanhoe

IVN +6.96% $8.76

2. Revett

RVM +2.40% $3.42

3. Northern Dynasty

NAK +2.29% $2.68

LOSERS

1. AuRico

AUQ-6.65% $6.18

2. ITH

THM-3.90% $2.71

3. Goldcorp

GG-3.33% $32.53

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

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