• Gold: 1,230.91 -0.24
  • Silver: 17.19 -0.00
  • Euro: 1.267 0.000
  • USDX: 85.705 -0.129
  • Oil: 81.30 -0.62

June 7: Gold and Silver Fall After Bernanke

Chris Mullen
|
Thursday, June 7th
 

Close

Gain/Loss

Gold

$1591.60

-$28.00

Silver

$28.61

-$0.79

XAU

161.13

-2.75%

HUI

439.87

-3.26%

GDM

1272.98

-3.23%

JSE Gold

2537.16

-131.37

USD

82.22

+0.04

Euro

125.68

-0.04

Yen

125.65

-0.60

Oil

$84.82

-$0.20

10-Year

1.654%

+0.003

T-Bond

149.0625

-0.28125

Dow

12460.96

+0.37%

Nasdaq

2831.02

-0.48%

S&P

1314.99

-0.01%

 
 

 

The Metals:

 

Gold fell $6.53 to $1613.07 at about 6:45AM EST before it rebounded to $1629.12 at about 8AM EST, but it then dropped to a new session low of $1579.00 following Bernanke’s testimony and ended with a loss of 1.73%. Silver rose to $29.699 in London, but it then slumped back to $28.40 in late morning New York trade and ended with a loss of 2.69%.

 

Euro gold fell to about €1267, platinum lost $20.70 to $1438, and copper remained at about $3.37.

 

Gold and silver equities fell about 4% by midmorning before they rebounded midday, but they still ended with about 3% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

6/2

377K

375K

389K

Consumer Credit

Apr

$6.5B

$12.7B

$12.4B

 

“Federal Reserve Chairman Ben Bernanke said on Thursday the central bank was ready to shield the economy if financial troubles mount, but offered few hints that further monetary stimulus was imminent.”

 

Tomorrow at 8:30AM EST brings the Trade Balance for April expected at -$49.7 billion and at 10AM is the Wholesale Inventories report for April expected at 0.5%.

 

The Markets:

 

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

 

Oil rose in early trade as the U.S. dollar index fell after China surprisingly cut policy rates, but it then fell back off after Bernanke’s testimony sent the dollar back higher again.

 

“Treasury notes were little changed as Federal Reserve Chairman Ben S. Bernanke said the economy is at risk from Europe's debt crisis and the prospect of fiscal tightening in the U.S., while refraining from discussing steps the central bank might take to protect the expansion.”

 

The Dow, Nasdaq, and S&P rose on China’s surprise policy move, but notable early gains were then pared back for most of the rest of trade in reaction to Bernanke’s testimony.

 

Among the big names making news in the market today were Bear Stearns, Best Buy, and Navistar.

 

The Commentary:

 

Videos from Sunday and Monday's World Resource Investment Conference have been posted online.

 

Watch Cambridge House Live: http://youtube.com/cambridgehouseintl

 

Interview guests include Peter Spina, Peter Schiff, Ross Beaty, Rick Rule, Frank Holmes, Doug Casey, John Kaiser, Keith Schaefer, Danielle Park, David Morgan, Thom Calandra, Peter Grandich, Brent Cook, Jeff Berwick, Bill Murphy, and others.

 

GATA Posts:

 

 

James West: Gold futures and perception management

Fed Chairman Burns' letter on controlling gold market is translated into German and French

U.S. is biggest currency manipulator, Jim Rickards tells Casey Research

 

The Statistics:

As of close of business: 6/6/2012

Gold Warehouse Stocks:

11,007,626.224

+799.91

Silver Warehouse Stocks:

143,486,176.317

+560,074.62

 

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

1274.789

40,985,746

US$65,794m

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

Gold Bullion Securities

118.33

3,804,466

US$6,039m

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

ETFS Physical Gold

139.83

4,495,647

US$7,331m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,190

US$726m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.76

1,246,035

US$1,972m

Note: Unknown change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.27: +0.36 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,699.25: +0.17 change from yesterday’s data.

 

The Miners:

 

Gold Standard’s (GSV) listing on the NYSE, Timberline’s (TLR) optioned project and prospects, AuRico’s (AUQ) update on the Young-Davidson mine, Lake Shore’s (LSG) drill results, Barrick’s (ABX) plans to resume its focus on gold, United Silver’s (USC.TO) breakthrough, and Coeur’s (CDE) share repurchase program were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Solitario

XPL +2.83% $1.09

2. Timmins

TGD+1.60% $1.90

3. Taseko

TGB+1.14% $2.67

 

LOSERS

1. Richmont

RIC-7.91% $6.05

2. Almaden

AAU-7.36%$2.14

3. Aurizon

AZK-6.40%$4.68

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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.

No votes yet

Silver from the Mint!

Buy Silver Bullion Online

Highest Voted

Julian D. W. Phillips, 90.0% (2 votes)
Steve St. Angelo, SRSrocco Report, 88.6% (7 votes)
Jack Mullen, 100.0% (23 votes)
Bill Rice, Jr., 100.0% (18 votes)

Article Comments

Sponsored Links