• Gold: 1,505.05 8.89
  • Silver: 17.14 0.27
  • Euro: 1.110 0.002
  • USDX: 98.34 -0.03
  • Oil: 55.31 -0.82

November 13: Gold and Silver End Mixed

Chris Mullen
|
Wednesday, November 13th
 

Close

Gain/Loss

Gold

$1273.30

+$4.40

Silver

$20.56

-$0.19

XAU

91.46

+0.69%

HUI

224.71

+0.50%

GDM

657.77

+0.34%

JSE Gold

1306.42

-23.18

USD

80.94

-0.20

Euro

134.59

+0.23

Yen

100.59

+0.21

Oil

$93.88

+$0.84

10-Year

2.725%

-0.043

T-Bond

131.84375

+0.34375

Dow

15821.63

+0.45%

Nasdaq

3965.58

+1.16%

S&P

1782.00

+0.81%

 
 

The Metals:

 

Gold climbed $10.76 to $1279.66 at about 9AM EST before it fell back to $1268.37 in the next four and half hour of trade, but it then rallied back higher into the close and ended with a gain of 0.35%. Silver edged up to $20.868 before it fell back to $20.443 and then also bounced back higher, but it still ended with a loss of 0.92%.

 

Euro gold rose to €946, platinum lost $4 to $1427, and copper fell 6 cents to about $3.16.

 

Gold and silver equities traded mostly slightly higher and ended with modest gains.

The Economy:

 

Report

For

Reading

Expected

Previous

Treasury Budget

Oct

-$91.6B

-

-$120.0B

 

Mortgage applications fall as rates rise usatoday

Yellen Rejoins QE Debate as Senate Hearing Gives Critics Forum Bloomberg

 

Tomorrow brings fed chair nominee Yellen before the Senate Banking Committee, Initial Jobless Claims, the Trade Balance, Productivity, and Unit Labor Costs.

 

The Markets:

 

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

 

Oil rose on Libyan supply outages and the U.S. dollar index fell as the euro climbed higher on signs that the ECB may not be fully committed to its recent surprise rate cut.

 

Treasuries remained higher after today’s $24 billion 10-year note auction sold at yield of 2.750% with a bid to cover of 2.70.

 

The Dow, Nasdaq, and S&P erased early losses and turned higher by midday on decent earnings reports.

 

Among the big names making news in the market today were Macy’s, PetroChina, Office Depot, Scripps Howard, Starbucks, Tesla, and Volkswagen.

The Commentary:

 

Silver Bulls had better flex any muscles they might have very quickly as the Bears are out growling and seem quite determined to go a stop huntin'.

The rectangular area shaded and marked support is an important inflexion point for the metal. If it does not bounce from this region and head back up again, in effect reinforcing its range trade, odds will favor a continuation lower to $20 and possibly down to $19.

The 50 day moving average is resuming its downward trend after having leveled off back in late August. It should now serve as an overhead cap to price on any rebound higher unless there is a solid, discernible change in the fundamentals and more important, in sentiment, towards the precious metals.

 

Gold has also lost an important level of chart support in today's session. This level, $1280, was very important as the price has tended, since August, to uncover some decent buying down here. In the middle of October, it did fall below this point, but its stay down there was only a couple of days in a row at best. If gold can recover in Asia this evening or by Thursday of this week, it will have dodged a bullet. If not, look for the next key support level to come under a test. If the Dollar takes out 81.50 on the USDX, gold is going lower.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Gold gets mere travelogue from Vanity Fair instead of investigative reporting

Venezuelan opposition leader says desperate president plans to sell gold reserves

Gold has achieved a staggering 3,500% return since 1970, a new report has found

Deniers of gold market manipulation should address the documentation

 

The Statistics:

As of close of business: 11/12/2013

Gold Warehouse Stocks:

7,159,928.863

-

Silver Warehouse Stocks:

168,868,982.027

-130,628.091

 

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) AND Mexico Stock Exchange (BMV)

SPDR® Gold Shares

868.418

27,920,500

US$35,510m

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

Gold Bullion Securities

138.13

4,441,056

US$5,667m

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

ETFS Physical Gold

152.66

4,908,200

US$8,004m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$457m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.77

1,342,915

US$1,756m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.21: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,443.82: No change from yesterday’s data.

 

The Miners:

 

SEMAFO’s (SMF.TO) third quarter results, Comstock’s (LODE) expansion progress, Midway’s (MDW) EPCM contract, Kirkland’s (KGI.TO) first quarter results, and Kootenay’s (KTN.V) assay results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Rio Alto

RIOM +4.40% $1.66

2. Fortuna

FSM +4.26% $3.67

3. Timmins

TGD +4.20% $1.24

LOSERS

1. Alexco

AXU -3.97% $1.21

2. Turquoise

TRQ -3.29% $4.41

3. Randgold

GOLD-1.63%$71.89

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 2013

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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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