• Gold: 1,246.32 -1.90
  • Silver: 17.37 -0.14
  • Euro: 1.269 -0.002
  • USDX: 85.503 0.12
  • Oil: 82.45 -0.09

Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Euro

|
December 19, 2011 - 5:23pm
 

Close

Gain/Loss

Gold

$1592.80

-$4.10

Silver

$28.72

-$0.91

XAU

179.04

-2.34%

HUI

495.66

-2.90%

GDM

1415.68

-2.73%

JSE Gold

2915.97

-31.99

USD

80.38

+0.20

Euro

129.95

-0.53

Yen

128.15

-0.46

Oil

$93.88

+$0.35

10-Year

1.813%

-0.041

T-Bond

146.3125

+0.75

Dow

11766.26

-0.84%

Nasdaq

2523.14

-1.26%

S&P

1205.35

-1.17%

 
 

 

The Metals:

 

Gold rose $11.65 to $1608.55 by a little after 8AM EST before it fell back below $1590 by late morning in New York and then popped back up to $1599.59 by a little after 1PM EST, but it then fell back off again into the close and ended with a loss of 0.26%.Silver Slipped to as low as $28.588 and ended with a loss of 3.07%.

 

Euro gold rose to about €1226, platinum lost $11 to $1402.70, and copper fell a couple of cents to about $3.30.

 

Gold and silver equities fell throughout most of trade and ended with about 2.5% losses.

 

The East Is Gold? MarketWatch

 

The Economy:

 

Report

For

Reading

Expected

Previous

NAHB Housing Market Index

Dec

21

19

19

 

Top Republican predicts House will kill 2-month tax Reuters

S&P Cut Proves Absurd as Investors Prefer U.S. Bloomberg

U.S. housing heals even as its damage widens Reuters

 

Tomorrow at 8:30AM EST brings Housing Starts for November expected at 627,000 and Building Permits expected at 633,000.

 

The Markets:

 

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

 

Oil ended slightly higher in mixed trade.

 

The U.S. dollar index and treasuries rose on continued worries about Europe’s debt crisis that sent the Dow, Nasdaq, and S&P about 1% lower.

 

“The euro fell on Monday after two days of gains as European Central Bank President Mario Draghi stressed the risks to euro zone growth arising from the debt crisis and dampened hopes for more aggressive bond purchases that have helped keep yields under control.”

 

Among the big names making news in the market Friday were Pimco, Twitter, and Facebook.

 

The Commentary:

The time to take counsel of your fears is before you make an important battle decision. That’s the time to listen to every fear you can imagine! When you have collected all the facts and fears and made your decision, turn off all your fears and go ahead!

George S. Patton

Back in the spring of 2003 with gold nudging above $300 an ounce, yours truly turned bullish on gold after a 3+ year hiatus. While I thankfully sidestepped the few serious corrections in what I’ve called the “Mother” of all gold bull markets, I remained an ardent bull throughout (funny how the gold haters call anybody who’s been bullish and correct for a long-time a gold bug as if that’s to suggest we’re just crazy and can’t think straight).

My last cautious note was this past September when for one of those very brief moments we witnessed the gold bull boat get overloaded and was starting to sink. Because I believe gold is hated by the vast majority of people in the financial arena and the media that follows it, I don’t get swayed by their anti-gold tactic when the inevitable corrections hit – as it is now.

Dennis Gartman may have been the lightning rod this time around but the crowd and its methods are basically the same. What’s special this time is the bearish mood is very widespread and has not only totally removed the euphoria that existed in September, but you can now cut the bearishness with a knife. Sentiment suggests much of the selling has already been done.

The current negative technical picture is what is helping drive the bearish calls and that won’t change overnight. At a bare minimum, it shall take weeks to repair the damage and its possible a further move lower of $100+ before a real intermediate to long-term bottom is in. But the key bullish fundamentals that I’ve constantly stated (and many of them are also noted in this article) remain firmly in place.

However, as George Patton suggested, I’ve collected all the facts and fears and made a decision – the “mother” of all gold bull markets won’t end until it’s at $2,000+”- Peter Grandich, Grandich Letter

GATA Posts:

 

 

Peter Brimelow: Even bullion bank UBS now hints that central banks torpedoed gold

Gene Arensberg on gold's testing its 200-day moving average again

Alasdair Macleod: Money supply explosion will lead to accelerating inflation

 

The Statistics:

Activity from: 12/16/2011

Gold Warehouse Stocks:

11,430,732

+41,208

Silver Warehouse Stocks:

113,124,298

+1,145,253

 

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

1279.975

41,152,484

US$65,745m

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$5,902m

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$6,471m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,104

US$729m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.00

1,318,316

US$2,252m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,944

US$8m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.37: -0.45 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,743.41: No change from yesterday’s data.

 

The Miners:

 

Eldorado’s (EGO) agreement to acquire European Goldfields (EGU.TO), South American Silver’s (SAC.TO) copper discovery, Extorre’s (XG) updated National Instrument 43-101 compliant mineral resource estimate, and MAG Silver’s (MVG) updated Mineral Resource estimate were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.Avino

ASM+2.25%$1.5235

2.Extorre

XG +1.07% $7.59

3.Loncor

LON +0.83% $1.21

 

 

LOSERS

1.Eldorado

EGO-13.62% $12.94

2.Alexco

AXU -10.40% $6.72

3.Mines MGMT

MGN -10.05% $1.97

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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