• Gold: 1,312.80 -0.01
  • Silver: 20.96 0.03
  • Euro: 1.348 -0.004
  • USDX: 80.697 0.128
  • Oil: 102.60 -0.1

Gold Seeker Closing Report: Gold and Silver Fall Slightly

|
December 22, 2011 - 5:13pm
 

Close

Gain/Loss

Gold

$1604.70

-$11.30

Silver

$29.13

-$0.23

XAU

184.11

-0.67%

HUI

508.33

-1.00%

GDM

1450.94

-1.03%

JSE Gold

2891.74

-23.15

USD

79.94

-0.05

Euro

130.49

-0.01

Yen

127.92

-0.19

Oil

$99.53

+$0.86

10-Year

1.951%

-0.016

T-Bond

143.46875

+0.21875

Dow

12169.58

+0.51%

Nasdaq

2599.44

+0.83%

S&P

1254.02

+0.83%

 
 

 

The Metals:

 

Gold fell over 1% to $1598.17 by a little after 10:30AM EST before it bounced back higher midday, but it still ended with a loss of 0.7%.Silver climbed up to $29.69 in Asia, but it then fell back off in London in New York and ended with a loss of 0.78%.

 

Euro gold fell to about €1230, platinum lost $6.20 to $1417.50, and copper climbed a couple of cents to about $4.41.

 

Gold and silver equities fell over 1% at the open before they rallied back higher in afternoon trade, but they still ended with slight losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

12/17

364K

380K

368K

GDP

Q3

1.8%

2.0%

2.0%

GDP Deflator

Q3

2.6%

2.5%

2.5%

Michigan Sentiment

Dec

69.9

68.0

67.7

Leading Indicators

Nov

0.5%

0.3%

0.9%

FHFA Housing Price Index

Oct

-0.2%

-

0.4%

 

Rates on 30-year mortgages hit record low MarketWatch

Foreclosures May Delay Housing Rebound to 2013 Bloomberg

Decline in U.S. Home Values to Be Smallest in Four Years, Zillow Reports Bloomberg

 

Tomorrow brings Durable Goods Orders, Personal Income and Spending, Core PCE Prices, and New Home Sales.

 

The Markets:

 

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

 

Oil added to yesterday’s gains in continued reaction to the largest crude inventory drop in over a decade.

 

The U.S. dollar index and treasuries waffled near unchanged on relatively little news ahead of the long holiday weekend.

 

The Dow, Nasdaq, and S&P saw modest gains on decent economic data.

 

Among the big names making news in the market Friday were UPS, FedEx, Toyota, and BofA.

 

The Commentary:

 

Dear Extended Family,

 

There is a certain extremely important market reality that must be kept in mind as you listen to all the bearish gold predictions.

 

What is good for the dollar is bad for gold.

 

This is wrong because it depends what dollar related factors are giving a positive dollar price action.

 

If the good for the dollar was strong US economic activity, sound balance sheets in the US financial industry and a US consumer ready and credit able to expand, the answer would be yes if these activities were for the long term.

 

That strong dollar would not be good for gold.

 

However there is only one dollar positive out there. That is the largest currency market on the planet is the dollar vs. euro market in which the so called vigilantes (International Investment Banks) are shorting the euro to infinity. That downward pressure on the euro creates a mirror image of dollar strength but give that strength no greater legs than the euro problem possess.

 

What happens the third weeks post and euro settlement be that a changed euro or no euro.

 

There will be an end to the euro’s problems one way or another sometime sooner than later as that is the nature of failing euro hopes as today and fruitless euro financial programs as every proposal has been so far.

 

That process brings you closer to a crisis rather than further away. Even if there was a miracle that saved the euro at today’s price, the soap opera then ends.

 

Within three weeks from whatever date is the final act in the euro soap opera the US dollar will be the primary focus of the vigilantes via US dollar and long bonds.

 

There is enough knowledgeable money sources that know if any resolution is coming will begin to prepare for it. That preparation may be why at in this din of gold bearishness gold still may well be resolving the accordion chop.

 

So far on the unique studies done only by my dearest friend Kenny Adams and shared only with me, scream a clear refusal to confirm serious long term top indications.

 

If anyone will see the point of gold’s terminal overvaluation, it will be Kenny Adams and myself. That simply does not exist now nor is there full confirmation of the intermediate down with the depth so many are putting in their headlines.

 

Gold investors stand tall and stay committed. It is time for a glass of cold water and a long walk. Traders will be guided well now by the Angels.

 

Up to $1764 the Angel has and will continue to herald the market. After that and the gold price move goes in the 2000s things will be somewhat more difficult, if you can imagine more difficult.

 

Email or call me if you need me.

 

Respectfully,”- Jim Sinclair, JSMineset.com

 

GATA Posts:

 

 

Gold market manipulation losing force, Grandich tells Resource Clips

Naylor-Leyland tells CNBC Europe that gold is 'a rigged market'

Gene Arensberg: Why we remain bullish on small mining shares

Gold bottoming around $1,600, $2,100 likely early in 2012, Hinde report says

Missing MF Global customer money ended up with JPMorgan, NYTimes says

 

The Statistics:

Activity from: 12/21/2011

Gold Warehouse Stocks:

11,226,765

-32

Silver Warehouse Stocks:

113,934,196

+1,086,712

 

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

1267.878

40,763,532

US$65,530m

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$5,953m

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$6,515m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,088

US$733m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.00

1,318,186

US$2,075m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,944

US$8m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 12.097 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.52: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,698.04: No change from yesterday’s data.

 

The Miners:

 

Kinross Gold’s (KGC) loan was the only big story in the gold and silver mining industry making headlines today.

 

WINNERS

1.Ivanhoe

IVN+8.13% $18.22

2.Entree

EGI +5.22% $1.21

3.Loncor

LON +3.89% $1.31

 

LOSERS

1.Midway

MDW-10.2% $2.20

2.Aurizon

AZK -8.70%$4.83

3.Timmins

TGD -8.21% $1.80

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 2011

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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