October 18: Gold and Silver Fall With Stocks
Gold bumped up to $1751.29 in Asia before it fell to $1737.90 by about 8:30AM EST and then rallied back higher into midday, but it then fell back off again in afternoon trade and ended with a loss of 0.44%. Silver slipped to as low as $32.67 and ended with a loss of 1.24%.
Euro gold fell to about €1332, platinum lost $29.75 to $1635.25, and copper fell a couple of cents to about $3.73.
Gold and silver equities fell throughout most of trade and ended with almost 3% losses.
Tomorrow at 10AM EST is the Existing Home Sales report for September expected at 4,700,000.
Charts Courtesy of http://finance.yahoo.com/
Treasuries fell on relief over a Spanish bond sale that drew decent demand.
The Dow, Nasdaq, and S&P fell after Google mistakenly released a poor earnings report earlier than intended.
Among the big names making news in the market today were Google, Travelers, Union Pacific, Verizon, Rosneft, Morgan Stanley, and Apple.
“As you can see on this shorter term chart, gold has broken the nice STAIR-STEPPING PATTERN that had been in place since the middle of August. The overhead resistance at $1,800 has proven to be too formidable for the bulls to overcome and thus the market has set back due to a combination of both stale long liquidation and fresh shorting against this resistance line.
The market is probing lower looking to see at what price level more demand, especially on the physical market, can be generated. It is important that the line marked, "SECONDARY SUPPORT" does not give way. If it does, gold will drop to $1700 - $1690 and possible as low as $1680 before temporarily stabilizing.
There is some concern that the slower growth in China (they are still humming along at over 7% but well off the previous pace) will curtail some physical gold demand from that quarter. Also, from time to time it appears the woes in Euroland continue to make traders nervous about piling on the risk trades any further.
The larger trend continues against a backdrop of easy money policies meaning low interest rates and Quantitative Easing/Bond Buying programs and some government stimulus measures over in China. That does not look to change for the foreseeable future. This will keep the primary trend in gold intact.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
As of close of business: 10/17/2012
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: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 207.13: +1.18 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,861.44: No change from yesterday’s data.
Gold Fields’ (GFI) striking workers, McEwen’s (MUX) third quarter production results, Gold Resource’s (GORO) new General Manager, Pretivm’s (PVG) drill results, Silvercorp’s (SVM) drill results, Aurcana’s (AUN.V) third quarter production, and Silver Standard’s (SSRI) third quarter operational results were among the big stories in the gold and silver mining industry making headlines today.
ASM +1.95% $1.57
3. Gold Reserve
GRZ +1.25% $3.25
1. Gold Resource
AU -6.78% $32.57
3. Gold Fields
GFI -5.92% $11.76
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.