• Gold: 1,240.69 -0.78
  • Silver: 17.14 -0.01
  • Euro: 1.264 -0.000
  • USDX: 85.749 0.366
  • Oil: 80.40 -2.14

Gold Seeker Closing Report: Gold and Silver End Mixed

|
January 31, 2012 - 5:26pm
 

Close

Gain/Loss

Gold

$1739.60

+$10.90

Silver

$33.15

-$0.33

XAU

201.04

+0.00%

HUI

541.21

-0.29%

GDM

1567.15

-0.03%

JSE Gold

2950.86

-23.85

USD

79.30

+0.15

Euro

130.77

-0.64

Yen

131.17

+0.20

Oil

$98.48

-$0.30

10-Year

1.799%

-0.038

T-Bond

145.4375

+0.8125

Dow

12632.91

-0.16%

Nasdaq

2813.84

+0.07%

S&P

1312.40

-0.05%

 
 

 

The Metals:

 

Gold climbed to $1747.60 by a little after 9AM EST before it fell back to $1726.30 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a gain of 0.63%. Silver surged to as high as $34.10 before it fell back to $32.952 and then also bounced back higher in late trade, but it still ended with a loss of 0.99%.

 

Euro gold rose to about €1330, platinum lost $27 to $1582.50, and copper fell 4 cents to about $3.79.

 

Gold and silver equities waffled near unchanged and ended mixed.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Employment Cost Index

Q4

0.4%

0.4%

0.3%

Case-Shiller 20-city Index

Nov

-3.7%

-3.2%

-3.4%

Chicago PMI

Jan

60.2

62.8

62.2

Consumer Confidence

Jan

61.1

67.0

64.8

 

Laughing All the Way to the Top: Good Times at Fed Meetings Signaled Housing Bubble CNBC

Trying to read between the lines of the Fed rate message Reuters

BlackRock’s Doll Says QE3 Unlikely in Contrast to Gross Bloomberg

 

Tomorrow at 8:15 AM EST brings ADP Employment for January expected at 200,000 and at 10AM are the ISM Index for January expected at 54.5 and Construction Spending for December expected at 0.4%.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose on worse than expected economic data that sent the Dow, Nasdaq, and S&P lower, but hopes for a deal for Greece gave some strength to the major indices late in the day.

 

Among the big names making news in the market today were UPS, Exxon Mobil, Apple, Pfizer, and Eli Lilly.

 

The Commentary:

 

The European Super Highway of Debt: These info-graphics show how much banks borrowed to Portugal, Ireland, Italy, Greece & Spain (PIIGS). Europe is in a deep crisis, and this shows how much must be repaid.

 

Gold priced in terms of the Euro continues to be most impressive on the chart as it creeps ever closer to its all time high. This move upwards is a visual telegraph that there remains deep-seated concerns over the European sovereign debt situation, especially on the Continent itself, in spite of the recent euphoria over "free money" for the next two years.

While the Fed has given the markets, and in particular, the wild-eyed hedge fund community, the green light to buy "risk assets", there is an underlying current of palpable worry which remains in our global markets. Short-term oriented players are betting that they are faster than the next guy and can exit any risk trades if something goes wrong. Longer term players are more cautious but also do not want to be sitting on the sidelines missing potential profits. Expect some wild swings in price even on an intraday basis as we move forward. "Conviction" is not something that we will see much of.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

U.S. Stock Update – Yes, those of you who listened to my Friday interview heard correct. I did indeed state I believe the DJIA can approach, touch or surpass its all-time high. No, I haven’t been stuck in a room with CNBC the only TV channel. And no, I haven’t applied for membership in the “Don’t Worry, Be Happy” crowd.

 

With almost 30 years in and around Wall Street, I feel I’ve developed a sixth sense with markets. The Fed’s recent announcement of leaving the money spigot wide open, combined with the inability of the bears to take the market lower on supposed bad news, reeks of a market that still wants to go higher. I was never a hippee as a youth but their slogan of “make love, not war” is prudent and I continue not to fight the tape.

 

Gold has broken above a classic correction pattern (descending wedge) and should at least move back to the $1800 area before any meaningful consolidation. A new, all-time this year is quite possible.

 

I’m now in bond shorting mode again. Ideally, I would like to do it on the back of a new low yield on the U.S. 10-year Treasury (around 1.70%) so stay tuned. It’s my opinion that bonds shall be the worse asset class to own over the next 10 years (next of course to signs declaring Nadler gold timer of the year).”- Peter Grandich, Grandich Letter

 

GATA Posts:

 

 

No gold intervention in 40 years, Mr. Volcker? Rob Kirby disagrees

Venezuela welcomes home final shipment of repatriated gold

More about the Vancouver conference from Thom Calandra

 

The Statistics:

Activity from: 1/30/2012

Gold Warehouse Stocks:

11,494,409

+1,613

Silver Warehouse Stocks:

128,670,622

-432,766

 

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

1271.089

40,866,777

US$71,246m

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

Gold Bullion Securities

115.35

3,708,632

US$6,444m

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

ETFS Physical Gold

126.23

4,058,350

US$7,051m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,874

US$794m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.98

1,317,578

US$2,275m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 174.63: +0.60 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,608.95: +98.25 change from yesterday’s data.

 

The Miners:

 

Golden Star’s (GSS) new CFO, Tanzanian Royalty’s (TRX) NI-43-101 reports, Paramount’s (PZG) assay results, AuRico’s (AUQ) 2012 operational guidance, Minco Silver’s (MSV.TO) field work, Endeavour Silver’s (EXK) 2012 forecast, Silvercorp’s (SVM) Pre-Feasibility Study, and U.S. Silver’s (USA.V) 2012 budget and operating plan were among big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Loncor

LON+12.24% $1.65

2. Paramount

PZG +4.03% $2.58

3. Endeavour

EXK+3.47% $11.32

 

 

LOSERS

1. Entree

EGI -5.93% $1.27

2. Allied Nevada

ANV -4.29% $35.93

3. Coeur

CDE -3.15% $27.66

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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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.

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About Chris Mullen

Chris Mullen has been the Chief Content Manager of GoldSeek.com, SilverSeek.com, UraniumSeek.com, GoldReview.com, CapitalUpdates.com, and Gold-Seeker.com since 2004. Sign up for free email lists from these sites at http://email.goldseek.com/

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