• Gold: 1,245.05 7.23
  • Silver: 17.39 0.11
  • Euro: 1.280 0.004
  • USDX: 84.991 -0.206
  • Oil: 82.09 -0.76

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 7% and 8% on the Week

|
December 16, 2011 - 5:26pm
 

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

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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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