Gold fell $24.10 to $1704.70 by a little before 8:30AM EST before it rallied back higher in New York, but it still ended with a loss of 0.53%.Silver slipped to as low as $33.165 before it also rallied back higher in New York, but it still ended with a loss of 1.09%.
Euro gold rose to about €1306, platinum lost $1.50 to $1651.50, and copper fell 12 cents to about $3.85.
Gold and silver equities fell about 2% at the open and remained near that level for the rest of the day.
Next week’s economic highlights include Export and Import Prices, Retail Sales, and Business Inventories on Tuesday, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and FOMC Minutes on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, PPI, and the Philadelphia Fed survey on Thursday, and CPI and Leading Economic Indicators on Friday.
Oil fell as the U.S. dollar index and treasuries rose on worries over Greece that sent the Dow, Nasdaq, and S&P almost 1% lower.
“Striking Greek workers denounced a new wave of austerity on Friday as an imposition too far by Europe and the IMF. Finance Minister Evangelos Venizelos told the nation it faced a stark choice between sacrifices inside the euro area and bigger sacrifices outside.
Police fired teargas at black-masked protesters who threw petrol bombs, stones and bottles in central Athens at the start of a 48-hour general strike against planned pay and job cuts. But street protests were relatively small and mostly peaceful.”
“Greece's future in the euro grew increasingly precarious Friday as violence erupted on the streets of Athens during a general strike and five politicians resigned from the government after European leaders demanded deeper spending cuts.
Hours after Greece claimed it had reached an agreement among its squabbling party leaders on new cutbacks, European officials dashed any hopes that the country was close to getting its bailout. Finance ministers said more austerity needs to be agreed and set a deadline for the middle of next week.”
Among the big names making news in the market Friday were Pimco, P&G, and LinkedIn.
The Commentary:
“Gold has now spiked through the $1750 level several times since the end of last month but has not been able to CLOSE THROUGH this level. Until it does, the market will not be able to start a new leg higher in the uptrend.
Generally speaking, markets tend to pause at resistance levels until they can gather enough of a spark to take them strongly through those or they retreat and consolidate leading to some basing action. During the latter, some of the shorter term oriented bulls will liquidate longs out of frustration or out of a desire to cash in some profits and bank them. That selling then paves the way for some opportunistic short selling to emerge.
We had a combination of both today leading to a pullback in price. Support on the downside remains near $1725 - $1720 with stronger support down closer to $1710 - $1705.
Silver needs to get above $34 and stay there to allow it a chance to test major resistance near $35.00 - $35.25.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
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
1278.344
41,100,042
US$70,309m
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$6,384m
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$6,985m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
472,821
US$785m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
40.37
1,298,036
US$2,251m
Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.209 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.44: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,700.53: +36.27 change from yesterday’s data.
Claude’s (CGR) production forecast, Richmont’s (RIC) drill results, Timberline’s (TLR) first quarter financial results, and Excellon’s (EXN.TO) production results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.DRDGOLD
DRD +7.75% $7.23
2.Comstock
LODE+4.28% $1.95
3.Solitario
XPL +3.49% $1.68
LOSERS
1.Golden Minerals
AUMN -5.29% $8.96
2.Eurasian
EMXX -4.49% $2.55
3.Entree
EGI -4.48% $1.28
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
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.
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/
-0.47%
0.27%
0.65%
-0.99%
Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Lower on the Week
Close
Gain/Loss
On Week
Gold
$1719.60
-$9.20
-0.34%
Silver
$33.47
-$0.37
-0.45%
XAU
194.71
-1.82%
-2.81%
HUI
523.92
-1.72%
-3.24%
GDM
1513.72
-1.57%
-3.29%
JSE Gold
2925.45
-7.88
+1.83%
USD
79.12
+0.52
+0.20%
Euro
131.71
-1.14
+0.23%
Yen
128.82
+0.08
-1.39%
Oil
$98.67
-$1.17
+0.85%
10-Year
1.969%
-0.078
+1.03%
Bond
142.78125
+1.25
+0.26%
Dow
12801.23
-0.69%
-0.47%
Nasdaq
2903.88
-0.80%
-0.06%
S&P
1342.64
-0.69%
-0.17%
The Metals:
Gold fell $24.10 to $1704.70 by a little before 8:30AM EST before it rallied back higher in New York, but it still ended with a loss of 0.53%. Silver slipped to as low as $33.165 before it also rallied back higher in New York, but it still ended with a loss of 1.09%.
Euro gold rose to about €1306, platinum lost $1.50 to $1651.50, and copper fell 12 cents to about $3.85.
Gold and silver equities fell about 2% at the open and remained near that level for the rest of the day.
The Economy:
Report
For
Reading
Expected
Previous
Trade Balance
Dec
-$48.8B
-$48.2B
-$47.1B
Michigan Sentiment
Feb
72.5
74.0
75.0
Treasury Budget
Jan
-$27.4B
-$40.0B
-$49.8B
Bernanke: Housing Holds Back Fed Efforts Bloomberg
Foreclosures to Climb Before Bank Deal Helps U.S. Housing Market Bloomberg
Economists see Q4 jobless rate at 8.1 percent Reuters
All of this week’s other economic reports:
Wholesale Inventories - December
1.0% v. 0.0%
Initial Claims - 2/04
358K v. 373K
Consumer Credit - December
$19.3B v. $20.4B
Next week’s economic highlights include Export and Import Prices, Retail Sales, and Business Inventories on Tuesday, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, and FOMC Minutes on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, PPI, and the Philadelphia Fed survey on Thursday, and CPI and Leading Economic Indicators on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index and treasuries rose on worries over Greece that sent the Dow, Nasdaq, and S&P almost 1% lower.
“Striking Greek workers denounced a new wave of austerity on Friday as an imposition too far by Europe and the IMF. Finance Minister Evangelos Venizelos told the nation it faced a stark choice between sacrifices inside the euro area and bigger sacrifices outside.
Police fired teargas at black-masked protesters who threw petrol bombs, stones and bottles in central Athens at the start of a 48-hour general strike against planned pay and job cuts. But street protests were relatively small and mostly peaceful.”
“Greece's future in the euro grew increasingly precarious Friday as violence erupted on the streets of Athens during a general strike and five politicians resigned from the government after European leaders demanded deeper spending cuts.
Hours after Greece claimed it had reached an agreement among its squabbling party leaders on new cutbacks, European officials dashed any hopes that the country was close to getting its bailout. Finance ministers said more austerity needs to be agreed and set a deadline for the middle of next week.”
Among the big names making news in the market Friday were Pimco, P&G, and LinkedIn.
The Commentary:
“Gold has now spiked through the $1750 level several times since the end of last month but has not been able to CLOSE THROUGH this level. Until it does, the market will not be able to start a new leg higher in the uptrend.
Generally speaking, markets tend to pause at resistance levels until they can gather enough of a spark to take them strongly through those or they retreat and consolidate leading to some basing action. During the latter, some of the shorter term oriented bulls will liquidate longs out of frustration or out of a desire to cash in some profits and bank them. That selling then paves the way for some opportunistic short selling to emerge.
We had a combination of both today leading to a pullback in price. Support on the downside remains near $1725 - $1720 with stronger support down closer to $1710 - $1705.
Silver needs to get above $34 and stay there to allow it a chance to test major resistance near $35.00 - $35.25.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
A 'controlled retreat' by central banks in the gold market isn't nearly enough
Ted Butler: Enough is enough
Traders say Iran paying for wheat with gold and oil
The Statistics:
Activity from: 2/09/2012
Gold Warehouse Stocks:
11,430,144
-1
Silver Warehouse Stocks:
129,117,399
-151,070
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
1278.344
41,100,042
US$70,309m
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$6,384m
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$6,985m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
472,821
US$785m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
40.37
1,298,036
US$2,251m
Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.209 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.44: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,700.53: +36.27 change from yesterday’s data.
The Miners:
Claude’s (CGR) production forecast, Richmont’s (RIC) drill results, Timberline’s (TLR) first quarter financial results, and Excellon’s (EXN.TO) production results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. DRDGOLD
DRD +7.75% $7.23
2. Comstock
LODE+4.28% $1.95
3. Solitario
XPL +3.49% $1.68
LOSERS
1. Golden Minerals
AUMN -5.29% $8.96
2. Eurasian
EMXX -4.49% $2.55
3. Entree
EGI -4.48% $1.28
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.
About Chris Mullen