Gold rose over 2% to $1600.90 by a little before 8AM EST before it fell back to $1583.05 by midmorning in New York, but it then rallied back higher into the close and ended with a gain of 1.96%.Silver rose to as high as $29.92 before it slipped back to $29.285, but it still ended with a gain of 2.38%.
Euro gold rose to about €1225, platinum gained $13.20 to $1413.70, and copper rose 7 cents to about $3.34.
Gold and silver equities rose nearly 3% in the first half hour of trade before they fell back off a bit midday, but they still ended with almost 2% gains.
Next week’s economic highlights include the NAHB Housing Market Index on Monday, Housing Starts and Building Permits on Tuesday, Existing Home Sales on Wednesday, Initial Jobless Claims, GDP, Michigan Sentiment, Leading Economic Indicators, and the FHFA Housing Price Index on Thursday, and Durable Goods Orders, Personal Income and Spending, Core PCE Prices, and New Home Sales on Friday.
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$65,583m
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$5,890m
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$6,445m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,120
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: Change in Total Tonnes from yesterday’s data: SPDR subtracted 14.821 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.82: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,743.41: -25.71 change from yesterday’s data.
Goldcorp’s (GG) construction permit, Great Basin’s (GBG) operational update, Timberline’s (TLR) fourth quarter and year end results, Jaguar’s (JAG) update on its strategic review process, Fortuna’s (FSM) addition to the S&P/TSX Composite Index, and Hecla’s (HL) rock burst were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.Timmins
TGD+13.22% $1.97
2.Alexco
AXU +11.77% $7.50
3.Rubicon
RBY +11.38% $3.62
LOSERS
1.Tanzanian Royalty
TRX -5.79% $2.28
2.Loncor
LON -5.51% $1.20
3.Taseko
TGB -4.85% $2.55
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
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/
0.22%
-0.02%
-0.13%
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 7% and 8% on the Week
Close
Gain/Loss
On Week
Gold
$1596.90
+$30.70
-6.68%
Silver
$29.63
+$0.69
-7.90%
XAU
183.33
+1.53%
-8.63%
HUI
510.44
+1.80%
-9.10%
GDM
1455.41
+1.79%
-9.06%
JSE Gold
2947.96
-4.86
-5.04%
USD
80.18
-0.12
+1.98%
Euro
130.34
+0.21
-2.54%
Yen
128.56
+0.13
+1.02%
Oil
$93.53
-$0.34
-5.91%
10-Year
1.854%
-0.059
-9.65%
Bond
145.5625
+1.09375
+2.87%
Dow
11866.39
-0.02%
-2.61%
Nasdaq
2555.33
+0.56%
-3.46%
S&P
1219.66
+0.32%
-2.83%
The Metals:
Gold rose over 2% to $1600.90 by a little before 8AM EST before it fell back to $1583.05 by midmorning in New York, but it then rallied back higher into the close and ended with a gain of 1.96%.Silver rose to as high as $29.92 before it slipped back to $29.285, but it still ended with a gain of 2.38%.
Euro gold rose to about €1225, platinum gained $13.20 to $1413.70, and copper rose 7 cents to about $3.34.
Gold and silver equities rose nearly 3% in the first half hour of trade before they fell back off a bit midday, but they still ended with almost 2% gains.
Gold Rout Means Traders Least Bullish Bloomberg
Gold sinks as money managers shed Nymex positions, open interest data show MarketWatch
The Economy:
Report
For
Reading
Expected
Previous
CPI
Nov
0.0%
0.1%
-0.1%
Core CPI
Nov
0.2%
0.1%
0.1%
All of this week’s other economic reports:
Philadelphia Fed - December
10.3 v. 3.6
Capacity Utilization - November
77.8% v. 78.0%
Industrial Production - November
-0.2% v. 0.7%
Net Long-Term TIC Flows - October
$4.8B v. $68.3B
Current Account Balance - Q3
-$110.3B v. -$118.0B
Empire Manufacturing - December
9.53 v. 0.61
PPI - November
0.3% v. -0.3%
Core PPI - November
0.1% v. 0.0%
Initial Claims - 12/10
366K v. 385K
Export Prices - Nov
0.1% v. -2.1%
Export Prices ex-ag. - Nov
-0.1% v. -1.5%
Import Prices - Nov
0.7% v. -0.5%
Import Prices ex-oil - Nov
-0.2% v. -0.2%
MBA Mortgage Index - 12/10
4.1% v. 12.8%
Business Inventories - October
0.8% v. 0.0%
Retail Sales -November
0.2% v. 0.6%
Retail Sales ex-auto -November
0.2% v. 0.6%
Treasury Budget - November
-$137.3B v. -$150.4B
Next week’s economic highlights include the NAHB Housing Market Index on Monday, Housing Starts and Building Permits on Tuesday, Existing Home Sales on Wednesday, Initial Jobless Claims, GDP, Michigan Sentiment, Leading Economic Indicators, and the FHFA Housing Price Index on Thursday, and Durable Goods Orders, Personal Income and Spending, Core PCE Prices, and New Home Sales on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower on persistent worries about Europe.
The U.S. dollar index ended slightly lower in mixed trade as traders debated possible credit downgrades in Europe.
Treasuries rose as the Dow, Nasdaq, and S&P held near unchanged on worries about Europe.
Among the big names making news in the market Friday were Olympus, United Rentals, Adobe, and RIM.
GATA Posts:
Central banks are steadily losing their cover in the gold market
Macleod, Sinclair, Sprott, and Gold Standard Institute's letter
No takers for Grandich's million-dollar gold price challenge
The Statistics:
Activity from: 12/15/2011
Gold Warehouse Stocks:
11,389,524
+53,064
Silver Warehouse Stocks:
111,979,045
+829,576
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$65,583m
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$5,890m
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$6,445m
Australian Stock Exchange (ASX)
Gold Bullion Securities
14.21
473,120
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: Change in Total Tonnes from yesterday’s data: SPDR subtracted 14.821 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.82: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,743.41: -25.71 change from yesterday’s data.
The Miners:
Goldcorp’s (GG) construction permit, Great Basin’s (GBG) operational update, Timberline’s (TLR) fourth quarter and year end results, Jaguar’s (JAG) update on its strategic review process, Fortuna’s (FSM) addition to the S&P/TSX Composite Index, and Hecla’s (HL) rock burst were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.Timmins
TGD+13.22% $1.97
2.Alexco
AXU +11.77% $7.50
3.Rubicon
RBY +11.38% $3.62
LOSERS
1.Tanzanian Royalty
TRX -5.79% $2.28
2.Loncor
LON -5.51% $1.20
3.Taseko
TGB -4.85% $2.55
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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©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
About Chris Mullen