• Gold: 1,525.51 -3.03
  • Silver: 17.37 -0.09
  • Euro: 1.113 -0.001
  • USDX: 97.646 -0.524
  • Oil: 53.98 -1.38

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 3% on the Week

|
January 13, 2012 - 5:28pm

Please Note: US Markets are closed on Monday in observance of Martin Luther King Jr. Day.

 

 

Close

Gain/Loss

On Week

Gold

$1638.00

-$11.00

+1.34%

Silver

$29.65

-$0.49

+3.35%

XAU

192.91

-1.13%

+3.07%

HUI

519.42

-1.39%

+0.34%

GDM

1499.89

-1.28%

+1.26%

JSE Gold

2910.85

-3.18

-1.87%

USD

81.43

+0.66

+0.23%

Euro

126.80

-1.37

-0.13%

Yen

129.98

-0.29

+0.06%

Oil

$98.70

-$0.40

-2.82%

10-Year

1.853%

-0.080

-5.51%

Bond

145.00

+1.4375

+1.38%

Dow

12422.06

-0.39%

+0.50%

Nasdaq

2710.67

-0.51%

+1.36%

S&P

1289.09

-0.49%

+0.88%

 
 

 

The Metals:

 

Gold fell to as low as $1625.27 by about 10:30AM EST before it rebounded midday, but it still ended with a loss of 0.67%.Silver slipped to as low as $29.42 before it also bounced back higher, but it still ended with a loss of 1.63%.

 

Euro gold rose to about €1291, platinum lost $7.70 to $1484, and copper fell slightly to about $3.63.

 

Gold and silver equities fell about 2% in the first hour of trade before they rebounded slightly in late trade, but they still ended with over 1% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

Nov

-$47.8B

-$44.0B

-$43.3B

Export Prices

Dec

-0.5%

-

0.1%

Export Prices ex-ag.

Dec

-0.2%

-

-0.2%

Import Prices

Dec

-0.1%

-

0.8%

Import Prices ex-oil

Dec

0.1%

-

-0.2%

Michigan Sentiment

Jan

74.0

71.2

69.9

 

Inside the Fed in 2006: A Coming Crisis, and Banter Yahoo

Fed to Weigh Further Easing Amid Doubts About Recovery CNBC

 

All of this week’s other economic reports:

 

Treasury Budget - December

$86B v. $78B

 

Business Inventories - November

0.3% v. 0.8%

 

Retail Sales - December

0.1% v. 0.4%

 

Retail Sales ex-auto - December

-0.2% v. 0.3%

 

Initial Claims - 1/07

399K v, 375K

 

Wholesale Inventories - November

0.1% v. 1.2%

 

Consumer Credit - November

$20.4B v. $6.0B

 

Next week’s economic highlights include Empire Manufacturing on Tuesday, PPI, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and the NAHB Housing Market Index on Wednesday, Initial Jobless Claims, CPI, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Existing Home Sales on Friday.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose on worries about European credit downgrades that sent the Dow, Nasdaq, and S&P lower.

 

France loses AAA-rating in blow to eurozone Yahoo

Looming S&P downgrade hits euro zone markets Reuters

 

Among the big names making news in the market Friday were JPMorgan, Diamond Foods, and Fannie Mae.

 

The Commentary:

 

The inability of the metal to secure a CLOSE above $1,650 in spite of yesterday's surge towards $1,660 has engendered profit taking by shorter-term oriented longs this morning. As noted the other day, the metal has had a strong rally off of a major double bottom on the chart near $1,535 since the last couple of trading days of 2011 to the present coming over $130 higher since then. Longs are wisely pulling some chips off of the table after watching the push higher in yesterday's session fail to attract enough momentum to keep it trading above that $1650 level.

The US Dollar surge to yet another 52 week high is proving to be a source of some rather stiff headwinds for the longs today as the equity markets are selling off and risk aversion trades are showing their usual signature once again.

Dip buying has been the order of the day since this rally began. We will now watch to see where this buying will resurface. There is some light support that should appear near $1625- $1620. If it does not hold there, $1,600 is the next stop.

Bulls will need to push this thing past $1650 again and KEEP IT ABOVE THAT LEVEL to have a legitimate shot at $1675 - $1680, where bullion bank selling can be expected to appear.

 

The trend on gold since August has been down on this shorter term chart. However, the inability of the bears to take the metal down below $1535 and start another leg lower resulted in a bout of short covering among the weaker hands in that category. Bulls have pressed hard using the strong physical offtake at the lower price levels as their ally and have managed to take the price over $1600 which is constructive. But they have a lot more work to do to turn this chart pattern decidedly bullish.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

With luck this soon will be an important estate-planning question

Fed blew the housing bubble, then sought to pop it, transcripts show

Theft, RICO lawsuit targets MF Global, CME Group, MorganChase

A fiery horse with the speed of light, a cloud of dust, and a hearty 'Hi-yo, Silver! Away!'

 

The Statistics:

Activity from: 1/12/2012

Gold Warehouse Stocks:

11,461,700

-835

Silver Warehouse Stocks:

125,979,555

+1,211,762

 

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

1254.159

40,322,452

US$66,964m

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

Gold Bullion Securities

115.35

3,708,632

US$6,045m

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

ETFS Physical Gold

126.23

4,058,350

US$6,615m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,970

US$748m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.99

1,317,781

US$2,189m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.84: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,516.75: No change from yesterday’s data.

 

The Miners:

 

Gold Fields’ (GFI) project in Kyrgyzstan, AuRico’s (AUQ) preliminary results for the fourth quarter, Pretivm’s (PVG) filed technical report, Lake Shore’s (LSG) production results for the fourth quarter and full year 2011, and Coeur’s (CDE) Director of Corporate Communications were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.Solitario

XPL +6.06% $1.75

2.Ivanhoe

IVN+4.97% $19.84

3.Avino

ASM+3.59% $1.82

 

 

LOSERS

1.Lake Shore

LSG -8.72% $1.36

2.Claude

CGR -4.96% $1.34

3.Comstock

LODE-4.55% $2.10

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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About Chris Mullen

Chris Mullen has been the Chief Content Manager of GoldSeek.com, SilverSeek.com, UraniumSeek.com, GoldReview.com, CapitalUpdates.com, and Gold-Seeker.com since 2004. Sign up for free email lists from these sites at http://email.goldseek.com/

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