• Gold: 1,522.29 -2.24
  • Silver: 18.65 -0.05
  • Euro: 1.099 -0.000
  • USDX: 98.627 0.114
  • Oil: 58.48 0.03

July 5: Gold and Silver End Slightly Lower

Chris Mullen
|
Thursday, July 5th

Please Note: Today’s gains and losses reflect changes from Tuesday’s early close at 1PM EST and today’s usual close at 4PM EST. US Markets were closed on Wednesday in observance of Independence Day.

 

Close

Gain/Loss

Gold

$1604.40

-$18.40

Silver

$27.68

-$0.65

XAU

161.94

-1.01%

HUI

438.01

%-1.07

GDM

1265.81

-1.17%

JSE Gold

2353.88

+42.40

USD

82.81

+1.03

Euro

123.91

-2.15

Yen

125.15

-0.08

Oil

$87.22

-$0.44

10-Year

1.597%

-0.034

T-Bond

148.90625

+0.375

Dow

12895.67

-0.36%

Nasdaq

2976.12

+0.00%

S&P

1367.58

-0.47%

 
 

 

The Metals:

 

Gold climbed up to $1623.53 at about 7:45AM EST before it fell back to $1597.59 in the next hour of trade, but it then bounced back higher at times and ended with a loss of 1.13%. Silver rose to $28.39 before it slumped back to $27.516 and then also bounced back higher, but it still ended with a loss of 2.29%.

 

Euro gold rose to about €1295, platinum lost $11 to $1474.00, and copper fell 4 cents to $3.49.

 

Gold and silver equities fell over 1% at the open before they rallied back to about unchanged by midmorning, but they then fell back off into the close and ended with over 1% losses.

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

June

179K

105K

136K

Initial Claims

6/30

374K

385K

388K

ISM Services

June

52.1

53.0

53.7

 

Tomorrow at 8:30AM EST brings June’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 8.2%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.4.

 

The Markets:

 

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

 

The Bank of China lowered borrowing and deposit rates, the European Central Bank cut its main rate to a record low, and the Bank of England extended their bond buying program, but those central bank interventions only managed to meet expectations and not exceed them. Following that were some rather tame statements by ECB president Draghi and some better than expected jobs data in the US, and the markets took on a defensive/non-stimulative tone going forward.

 

Oil pared early losses after the Energy Information Administration reported that crude inventories fell 4.3 million barrels, gasoline inventories rose 200,000 barrels, and distillates fell 1.1 million barrels.

 

The U.S. dollar index and treasuries rose on todays above mentioned news that held the Dow, Nasdaq, and S&P mostly lower.

 

Among the big names making news in the market today were Barclays, Telefonica, and Aetna.

 

GATA Posts:

 

 

South Africa mine union revolt shows cracks in ANC rule

Hinde Capital's Ben Davies calculates a gold price by money supply and credit creation

New York Times figures out that conspiracies really ARE rigging markets

Why mine production has little influence on the gold price

The rig is up, Sinclair says; and Embry cautions gold, silver rig deniers

'Massive short-covering rally' likely in silver, GGR's Arensberg says

 

The Statistics:

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

1279.506

41,137,412

US$66,513m

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

Gold Bullion Securities

120.85

3,885,402

US$6,252m

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

ETFS Physical Gold

145.41

4,675,069

US$7,623m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.01

353,836

US$569m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

39.23

1,261,267

US$2,022m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.96: -0.04 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,681.63: -4.08 change from yesterday’s data.

 

The Miners:

 

Banro’s (BAA) initiatives to improve access to education in the Democratic Republic of the Congo, Newmont’s (NEM) protests in Peru, AngloGold’s (AU) comments on Australia’s politics, and Silvercorp’s (SVM) mineral resource estimates were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Northern Dynasty

NAK +11.11% $2.80

2. Lake Shore

LSG +9.78% $1.01

3. Comstock

LODE +4.02% $2.59

LOSERS

1. Eurasian

EMXX-6.50% $1.87

2. Jaguar

JAG -5.74% $1.15

3. Ivanhoe

IVN -5.06% $9.76

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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