The Metals:

Gold saw decent gains in Asia before it fell back to $1752.30 in London, but it then rallied to as high as $1780.15 in New York and ended with a gain of 1.48%. Silver surged to as high as $34.74 and ended with a gain of 2.15%.

Euro gold rose to a new ALL-TIME HIGH at about €1377, platinum gained $13.05 to $1643.25, and copper rose a few cents to about $3.75.

Gold and silver equities rose throughout most of trade and ended with about 3% gains.

The Economy:

U.S. 30-Year Mortgage Rates Fall to Record Low of 3.4% Bloomberg

Tomorrow brings Personal Income and Spending, Core PCE Prices, Chicago PMI, and Michigan Sentiment.

The Markets:

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

Oil rose on worries about Iran and on speculation that China’s government will bolster stimulus efforts.

The U.S. dollar index fell as the euro rose after Spanish ministers in Madrid unveiled a fresh round of budget cuts amid the prospect of a sovereign bailout.

Treasuries remained lower after today’s $29 billion 7-year note auction sold at a high yield of 1.055% with a bid to cover of 2.61.

The Dow, Nasdaq, and S&P rose on relief over Europe.

Among the big names making news in the market today were Dish, Goldman Sachs, and Discover.

The Commentary:

“Gold’s incredible rally after breaking out from a nearly one-year corrective/consolidation phase brought us to a quite overbought state on the daily charts noting by point A. MACD (Point C) has also turned over and the space between price and the 200-Day M.A also suggests consolidation.

I depend far more on the weekly charts since I don’t usually trade gold in and out. Here, we see a much more constructive picture with RS (Point A) not even reaching overbought in this move up. The $1,800 area is key resistance (Point B) and spending some time under it shall only benefit us bulls over the longer term. MACD (Point C) has only begun to move up in earnest.

While some more backing and filling is actually good for those of us who see $2,000+ gold in our future, the “mother” of all bull markets should continue to limit most of its surprises to the upside.

Back in the early part of 2011, I suggested the U.S. Dollar could rally and cause the U.S. Dollar Index to reach the 83-84 area (Point A) but would consider such a move a mere “dead-cat-bounce” in a secular bear market that should eventually lead to new lows below 70 (Point B). With the Euro the single biggest component of the Index and it continues to have its own turmoil, it would come as no surprise to me that the Index stay fairly close to its key moving averages (Point B) for the near-term. Longer-term, there’s only one song to sing for the dollar.”- Peter Grandich, Grandich Letter

GATA Posts:

Strikes halt 39% of South Africa's gold production

Do the investment banks really have a lot of metal?

The Statistics:

As of close of business: 9/26/2012

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 10.554 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 199.82: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,046.12: +30.13 change from yesterday’s data.

The Miners:

Kimber’s (KBX) sampling, Seabridge’s (SA) drill results, and Golden Minerals’ (AUMN) presentation were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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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• http://www.goldreview.com

© Gold Seeker 2012

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