• Gold: 1,255.13 -0.67
  • Silver: 15.97 -0.07
  • Euro: 1.175 -0.001
  • USDX: 93.932 0.443
  • Oil: 57.26 0.11

July 25: Gold and Silver Gain Over 1%

Chris Mullen
|
Wednesday, July 25th
 

Close

Gain/Loss

Gold

$1604.50

+$22.20

Silver

$27.35

+$0.35

XAU

147.08

+2.77%

HUI

399.66

+3.05%

GDM

1159.75

+3.14%

JSE Gold

2340.29

+34.55

USD

83.57

-0.37

Euro

121.56

+0.91

Yen

127.92

+0.02

Oil

$88.97

+$0.47

10-Year

1.406%

+0.002

T-Bond

152.8125

+0.0625

Dow

12676.05

+0.47%

Nasdaq

2854.24

-0.31%

S&P

1337.89

-0.03%

 
 

The Metals:

 

Gold climbed steadily higher throughout most of trade in London and New York and ended near its late session high of $1610.10 with a gain of 1.4%. Silver surged to as high as $27.559 and ended with a gain of 1.3%.

 

Euro gold rose to about €1320, platinum gained $14.65 to $1394.80, and copper and copper gained 4 cents to about $3.39.

 

Gold and silver equities traded about 2% higher for most of the morning, but they then climbed even more in afternoon trade and ended with about 3% gains.

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

June

350K

373K

382K

 

Geithner Says U.K. Regulators Had Libor Responsibility Bloomberg

Companies Say 3 Million Unfilled Positions in Skill Crisis: Jobs Bloomberg

U.S. Mortgage Application Volume Up 0.9% in Week Fox Business

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/21 expected at 381,000 and Durable Goods Orders for June expected at 0.3%. Excluding transportation, orders are expected at -0.1%. At 10AM is the Pending Home Sales report for June expected at 0.9%.

 

The Markets:

 

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

 

Oil fell after the Energy Information Administration reported that crude inventories rose 2.7 million barrels, gasoline inventories rose 4.1 million barrels, and distillates rose 1.7 million barrels, but it then rallied back higher in late trade and ended with a modest gain on hopes for more stimulus measures from the fed.

 

The U.S. dollar index fell as the euro rose “after a European Central Bank policymaker said he could see grounds for giving the euro zone bailout fund a banking license.”

 

Treasuries fell as the Dow rose on speculation the fed may announce more stimulus measures at its meeting next week, but the Nasdaq and S&P ended lower in mixed trade on poor earnings reports.

 

Among the big names making news in the market today were PepsiCo, CNOOC, Netflix, Apple, BMW, Ford, Caterpillar, and Eli Lilly.

The Commentary:

 

The market is abuzz this morning with chatter that the Fed is going to open the candy store next month instead of waiting until September as many had come to believe.

That is all you need to know to understand why nearly every commodity on the Board is moving higher today as well as equities.

Welcome to the brave new world of "investing".

As I mentioned in my post yesterday, if the Fed succumbs to this madness, hold onto your hats for food prices are going to shoot directly to the moon. The entire grain complex is putting back on a large portion of what it took off yesterday. If the Fed does indeed pull the trigger on another round of this idiotic bond buying, hedge fund algorithms are going to jam food prices due north.

Interestingly enough, about the only segment of the commodity complex not moving higher today is the energy complex. The current data releases continue to confirm slow demand due to the poor economic conditions.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Ben Davies: Seeking value in a world of financial repression

GATA files new gold records requests with State, Treasury, Fed, and FOMC

 

The Statistics:

As of close of business: 7/24/2012

Gold Warehouse Stocks:

10,810,925.869

+192.90

Silver Warehouse Stocks:

30,635,262.009

-670,704.483

 

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

1254.640

40,337,943

US$63,846m

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

Gold Bullion Securities

123.92

3,984,244

US$6,380m

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

ETFS Physical Gold

146.87

4,722,058

US$7,700m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$575m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.35

1,265,119

US$2,041m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 182.90: +0.94 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,639.42: -69.36 change from yesterday’s data.

 

The Miners:

 

Golden Star’s (GSS) drill results, Randgold’s (GOLD) mining at the Kibali gold project, Pretivm’s (PVG) drill results, and Huldra Silver’s (HDA.V) sample results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Timmins

TGD+12.5% $1.80

2. Nevsun

NSU+10.0% $3.41

3. Fortuna

FSM+9.06% $3.61

LOSERS

1. Revett

RVM -4.29% $2.90

2. Buenaventura

BVN-0.87% $35.47

3. Northern Dynasty

NAK -0.84% $2.37

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

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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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