August 20: Gold Gains and Silver Surges
Gold edged up to $1619.91 in Asia before it fell back to $1610.25 at about 8:30AM EST, but it then rallied back higher in New York and ended near its early afternoon high of $1622.40 with a gain of 0.3%. Silver slipped back to $27.927 before it also rallied back higher in New York and ended near its late session high of $28.83 with a gain of 2.64%.
Euro gold climbed to over €1312, platinum gained $27.75 to $1496.25, and copper fell 5 cents to about $3.37.
Gold and silver equities fell over 1% by midmorning, but they then bounced back higher midday and ended with modest gains.
There were no major economic reports today. Tomorrow at 2PM EST brings FOMC minutes from the fed’s July 31st meeting.
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower on persistent worries about Europe that sent the U.S. dollar index higher in early trade, but the dollar then fell back off into the close and ended with a small loss as the euro rose on talk that the ECB might revive its controversial bond-buying program.
Treasuries saw modest gains as the Dow, Nasdaq, and S&P traded mostly lower on worries about Europe.
Among the big names making news in the market today were Netflix, Kinder Morgan, Best Buy, GM, Aetna and Coventry, and Lowe’s.
“I remarked last week that silver had been slyly working its way higher in very quiet fashion but was knocking on the door of overhead resistance. Today it broke that resistance and so far is doing it in convincing fashion.
Based purely on technical factors, it should try to make a run at $29 where heavier supply awaits. That stands between it and a handle of "30" which will most certainly catch the attention of the momentum crowd.
Take a look at the shorter term moving averages (not labeled). These are the 10 day and 20 day respectively. Notice that late last week BOTH MOVING AVERAGES crossed above the longer term 50 day moving average. This has not been the case since the middle of March of this year! Also notice that both of those are now trending in an upward direction as they pick up the upward shift in momentum.
You will also see the heavier blue line which is the 100 day moving average. That comes in near 28.83, a bit below horizontal resistance near the 29 level. Expect a battle beginning at that level and extending up to $29. This is one of the reasons I expect to see a fairly large amount of supply hit the market near this point. If the silver bulls can eat through and absorb that selling, it will mark a decided shift in sentiment towards the metal.
Downside support lies first near $28 and is staggered at 50 cents intervals below there down to $27.
I should note that this is occurring against a backdrop of a higher CCI (Continuous Commodity Index) which is beginning to move closer to the top of its recent trading range. Note also that this top of the recent trading range happens to correspond EXACTLY with a critical Fibonacci Retracement level, namely the 61.8% near 566.
If the CCI can clear 570 with gusto, Silver will see an increase in buying.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
As of close of business: 8/17/2012
Gold Warehouse Stocks:
Silver Warehouse Stocks:
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
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
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
Australian Stock Exchange (ASX)
Gold Bullion Securities
Johannesburg Securities Exchange (JSE)
New Gold Debentures
Note: Change in Total Tonnes from yesterday’s data: SPDR added 11.161 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 183.60: -0.94 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,733.39: No change from yesterday’s data.
Franco Nevada’s (FNC) precious metals stream agreement with Inmet (IMN.TO), Eurasian’s (EMXX) completed merger with Bullion Monarch, Endeavour Silver’s (EXK) board appointment and new Manager of Corporate Communications, Silvercorp’s (SVM) drill results, and Aurcana’s (AUN.V) second quarter results were among the big stories in the gold and silver mining industry making headlines today.
1. Silver Standard
SSRI +5.90% $13.29
MUX +4.23% $3.70
AXU +3.86% $3.50
HMY -3.95% $8.99
NG -2.55% $4.59
3. Tanzanian Royalty
TRX -2.48% $4.33
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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