September 7: Gold and Silver Gain 3% and 6% on the Week

Chris Mullen

Friday, September 7th

	Close	Gain/Loss	On Week
Gold	$1736.50	+$36.20	+2.64%
Silver	$33.65	+$1.01	+6.00%
XAU	179.28	+3.17%	+5.53%
HUI	483.38	+2.77%	+5.45%
GDM	1391.77	+2.65%	+5.16%
JSE Gold	2372.63	+50.99	+7.00%
USD	80.18	-0.91	-1.27%
Euro	128.10	+1.78	+1.80%
Yen	127.79	+0.99	+0.02%
Oil	$96.42	+$0.89	-0.05%
10-Year	1.661%	-0.012	+6.34%
Bond	148.53125	-0.09375	-1.31%
Dow	13306.64	+0.11%	+1.65%
Nasdaq	3136.42	+0.02%	+2.26%
S&P	1437.92	+0.40%	+2.23%

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The Metals:

Gold dropped $11.30 to $1689.00 in Asia, but it then jumped to as high as $1740.98 in New York and ended with a gain of 2.13%. Silver soared to as high as $33.707 and ended with a gain of 3.09%.

Euro gold rose to about €1356, platinum gained $9.05 to $1587.25, and copper climbed 13 cents to $3.65.

Gold and silver equities rose about 3% by midmorning and remained near that level for the rest of the day.

The Economy:

Report	For	Reading	Expected	Previous
Nonfarm Payrolls	Aug	96K	130K	141K
Unemployment Rate	Aug	8.1%	8..3%	8.3%
Hourly Earnings	Aug	0.0%	0.2%	0.1%
Average Workweek	Aug	34.4	34.5	34.4

The BLS net birth/death adjustment added 87,000 payrolls to August’s data. Private Payrolls rose 103,000.

All of this week’s other economic reports:

ISM Services - August: ISM

53.7 v. 52.6

Initial Claims - 9/01

365K v. 377K

ADP Employment - August

201K v. 173K

Unit Labor Costs - Q2

1.5% v. 1.7%

Productivity - Q2

2.2% v. 1.6%

Construction Spending - July

-0.9% v. 0.4%

ISM Index - August

49.6 v. 49.8

Next week’s economic highlights include Consumer Credit on Monday, the Trade Balance on Tuesday, Export and Import Prices and Wholesale inventories on Wednesday, Initial Jobless Claims, PPI, a FOMC Rate Decision, and the Treasury Budget on Thursday, and Retail Sales, CPI, Industrial Production, Capacity Utilization, Michigan Sentiment, and Business Inventories on Friday.

The Markets:

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

Oil climbed higher as the U.S. dollar index dropped markedly after this morning’s jobs data spurred bets the fed will undertake more monetary stimulus.

Treasuries ended slightly lower in mixed trade.

The Dow, Nasdaq, and S&P ended with modest gains as disappointing jobs data was offset by hopes for more monetary easing.

Among the big names making news in the market Friday were Glencore and Xstrata, Intel, and Amazon.

The Commentary:

“My Dear Extended Family,

If you have eyes to see, coordinated central bank monetary and fiscal stimulation action is taking place.

Yesterday was "Draughi Day." Today the Chinese officially released massive fiscal stimulus on top of the already monetary stimulus. Watch for the US Fed to chime in.

QE to infinity MOPEd as sterilized is falling into place. Please review my post from last weekend to you on the illusion of monetary sterilization.

Gold is going to and through $3500. The approach some long term gold bulls took toward gold, initiating a temporary short directly after Labor Day, is now in the process of backfiring badly.

Regards,”- Jim Sinclair, JSMineset.com

GATA Posts:

Central banker berates Indians for preferring gold to a crappy currency

Russia's central bank takes note of GATA and gold price manipulation

The Statistics:

Activity from: 9/06/2012

Gold Warehouse Stocks:	10,918,922.159	-2,366.32
Silver Warehouse Stocks:	141,384,934.238	+570,248.90

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	1293.138	41,575,667	US$71,812m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)	Gold Bullion Securities	132.22	4,251,163	US$7,380m
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam	ETFS Physical Gold	149.89	4,819,192	US$7,858m
Australian Stock Exchange (ASX)	Gold Bullion Securities	11.16	358,789	US$623m
Johannesburg Securities Exchange (JSE)	New Gold Debentures	41.26	1,326,494	US$2,121m

Note: No change in Total Tonnes from yesterday’s data.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 190.95: +0.75 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,734.23: No change from yesterday’s data.

The Miners:

Lake Shore’s (LSG) completed offering and Excellon’s (EXN.TO) cancelled meeting were among the big stories in the gold and silver mining industry making headlines Friday.

WINNERS

1. Taseko	TGB +10.23% $3.34
2. Northern Dynasty	NAK +8.66% $3.89
3. Freeport	FCX +8.50% $39.43

LOSERS

1. Pretivm	PVG -5.16% $14.15
2. Gold Standard	GSV -4.47% $1.71
3. Loncor	LON -4.03% $1.19

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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