May 11: Gold and Silver Fall About 4% on the Week
Gold fell $20.28 to $1573.72 by about 3:30AM EST before it climbed back to $1590.53 by late morning in New York, but it then fell back off into the close and ended with a loss of 0.8%. Silver slipped to as low as $28.436 by midmorning in New York before it rallied back to $29.15, but it also fell back off in afternoon trade and ended with a loss of 0.58%.
Euro gold fell to about €1224, platinum lost $20.25 to $1459.75, and copper fell 6 cents to about $3.63.
Gold and silver equities traded mostly slightly lower and ended with about 1.5% losses.
All of this week’s other economic reports:
Treasury Budget - April
Export Prices - April
Export Prices ex-ag. - April
Import Prices - April
Import Prices ex-oil - April
Trade Balance - March
Initial Claims - 5/05
Wholesale Inventories - March
Consumer Credit - March
Next week’s economic highlights include Retail Sales, CPI, Empire Manufacturing, Net Long-Term TIC Flows, Business Inventories, and the NAHB Housing Market Index on Tuesday, Housing Starts, Building Permits, Industrial Production, Capacity Utilization, and FOMC Minutes on Wednesday, and Initial Jobless Claims, the Philadelphia Fed, and Leading Economic Indicators on Thursday.
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P fell at the open on a surprising loss from JPMorgan, but they then pared their losses a bit midmorning and ended only mixed after a stronger than expected Consumer Confidence report.
Among the big names making news in the market Friday were JPMorgan, Sony, Facebook, and Arena.
“Silver continues to be the poor poster child for the Deflation or Risk Aversion Trade. Its chart is abysmal at this point as it has steadily retreated since peaking near $50 in what seems a lifetime ago. About the only positive thing that can be said about it is that is had not been below the $26 level for some time now. That level still seems to be bringing in buyers.
Unless something changes rather drastically over the next week, it looks like it is going to once again test the resolve of those buyers that have been busy down there. If it holds, fine; if not, it would get rather ugly for silver.
One thing about it is that it has already seen a rather large exodus of speculative money from the long side of the market. It will take fresh short selling to break it down below $26 therefore. The key question is when will the market psychology shift away from deflation back to inflation? My view is that it will not UNLESS and UNTIL the monetary authorities give a credible hint that the QE punch bowl is going to be brought out soon. ”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
Activity from: 5/10/2012
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: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 179.22: -0.91 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,465.08: No change from yesterday’s data.
Tanzanian Royalty’s (TRX) drill results, Randgold’s (GOLD) plans to ring the NASDAQ Stock Market Closing Bell, and Banro’s (BAA) appointment of Mr. Colin Belshaw as Vice President, Operations of the Company were among the big stories in the gold and silver mining industry making headlines Friday.
1. Royal Gold
XG +3.31% $3.12
LODE +2.63% $1.95
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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