• 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

May 31: Gold and Silver End Slightly Lower

Chris Mullen
|
Thursday, May 31st
 

Close

Gain/Loss

Gold

$1562.10

-$2.70

Silver

$27.75

-$0.19

XAU

153.80

-1.00%

HUI

416.45

-0.96%

GDM

1209.98

-1.00%

JSE Gold

2579.86

+103.95

USD

83.06

UNCH

Euro

132.61

-0.09

Yen

126.45

+1.17

Oil

$86.53

-$1.29

10-Year

1.581%

-0.044

T-Bond

150.28125

+0.625

Dow

12394.05

-0.21%

Nasdaq

2827.33

-0.35%

S&P

1310.33

-0.23%

 
 

The Metals:

 

Gold jumped to $1573.17 at about 9:45AM EST before it plummeted back to $1552.29 in the next half hour of trade and then bounced back higher midday, but it still ended with a loss of 0.17%. Silver climbed to $28.213 in London and then fell back to $27.54 in midmorning New York trade before it the bounced back higher midday, but it still ended with a loss of 0.68%.

 

Euro gold fell to about €1263, platinum gained $13.50 to $1410, and copper fell slightly to about $3.36.

 

Gold and silver equities traded mostly lower and ended with about 1% losses.

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

5/26

383K

368K

373K

GDP

Q1

1.9%

2.0%

2.2%

GDP Deflator

Q1

1.7%

1.5%

1.5%

Chicago PMI

May

52.7

57.0

56.2

ADP Employment

May

133K

157K

113K

 

Short Sales of U.S. Homes on Track to Exceed Foreclosure Deals Bloomberg

Tomorrow at 8:30AM EST brings Core PCE Prices and Personal Income and Spending for April all expected at 0.3%. It also brings May’s jobs data. Nonfarm Payrolls are expected at 150,000, the Unemployment Rate is expected 8.1%, Hourly Earnings are expected at 0.2%, and the Average Workweek is expected at 34.5. At 10AM is the ISM Index for May expected at 54.0 and Construction Spending for April expected at 0.5%.

 

The Markets:

 

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

 

Oil fell on “lingering worries about global demand against a backdrop of European debt troubles and mostly disappointing economic data” that sent treasuries higher again.

 

The U.S. dollar index remained near unchanged as the euro stabilized “on a report that the International Monetary Fund was weighing a rescue loan to Spain if the country fails to bailout a troubled big bank.”

 

The Dow, Nasdaq, and S&P closed slightly lower ahead of tomorrow’s jobs data.

 

Among the big names making news in the market today were Costco, Ford, JPMorgan, and United.

The Commentary:

 

Gold has once again attracted strong buying down near the bottom of its broad 8 month trading range and has now bounced higher for the day. Strength in the yellow metal has pulled silver up a tad which was sinking under the weight of a collapsing copper market.

While some are ready to pronounce gold DEAD as a safe haven asset, the chart picture denotes otherwise, especially given the broad weakness in the commodity sector as a whole and the rallying Dollar, which continues its technical march towards the 84 level on the USDX. Whenever I see gold moving higher alongside Treasuries and the Dollar, it tells me that all such talk about gold being useless as a store of wealth, is simply false. The chart will tell you more than all the pontifications of the short-sighted analysts and pundits.

To get any sort of excitement going beyond the continued value based buying of gold, it will need to push through the $1600 level and not falter.

 

The mining shares are defying the general trend of equity selling today which is aiding the cause of both metals. Note that for the last two weeks, it is the mining sector which has been the bright spot in the otherwise dim US stock market.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

John Embry: Powers that be succeed once again in trashing gold

Big commercials aggressively covering gold and silver shorts, Arensberg says

 

 

The Statistics:

As of close of business: 5/30/2012

Gold Warehouse Stocks:

11,007,083.825

+5,050.90

Silver Warehouse Stocks:

142,448,897.141

+528,970.137

 

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

awaited

awaited

US$awaited

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

Gold Bullion Securities

awaited

awaited

US$awaited

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

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 176.19: -0.61 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,643.17: +24.14 change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRX) permit, Revett’s (RVM) AGM results, and Golden Minerals’ (AUMN) royalty sale to Excellon (EXN.TO) were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Timmins

TGD +8.39% $1.68

2. Comstock

LODE +5.21% $2.02

3. Extorre

XG +3.70% $2.80

LOSERS

1. Golden Minerals

AUMN -6.70% $3.48

2. Alexco

AXU -5.74% $4.60

3. Vista Gold

VGZ -5.25% $2.89

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

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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