• Gold: 1,616.26 -5.46
  • Silver: 14.34 -0.06
  • Euro: 1.079 -0.002
  • USDX: 100.682 0.578
  • Oil: 28.94 4.09

April 24: Gold and Silver End Near Unchanged

Chris Mullen
|
Tuesday, April 24th

 

 

 

Close

Gain/Loss

Gold

$1641.20

+$3.00

Silver

$30.81

-$0.04

XAU

161.07

+0.02%

HUI

431.35

-0.00%

GDM

1247.95

+0.04%

JSE Gold

2176.07

-2.11

USD

79.23

-0.14

Euro

131.86

+0.31

Yen

122.98

-0.21

Oil

$103.55

+$0.44

10-Year

1.961%

+0.028

T-Bond

142.28125

-0.4375

Dow

13001.56

+0.58%

Nasdaq

2961.60

-0.30%

S&P

1371.97

+0.37%

 
 

 

The Metals:

 

Gold climbed up to $1649.07 by a little after 10AM EST before it fell back off into the close, but it still ended with a gain of 0.18%. Silver rose to as high as $31.127 before it also fell back off midday and ended with a loss of 0.13%.

 

Euro gold remained at about €1245, platinum lost $15 to $1542, and copper gained 4 cents to about $3.67.

 

Gold and silver equities waffled near unchanged and ended mixed.

 

Twelve countries increase their gold reserves in March - some significantly Mineweb

Akshaya Tritiya gold sales 32% higher at noon vs 2011 BusinessStandard

 

The Economy:

 

Report

For

Reading

Expected

Previous

Case-Shiller 20-city Index

Feb

-3.5%

-3.4%

-3.9%

Consumer Confidence

Apr

69.2

69.5

69.5

New Home Sales

Mar

328K

318K

353K

FHFA Housing Price Index

Feb

0.3%

-

-0.5%

 

Tomorrow at 8:30AM EST brings Durable Goods Orders for March expected at -1.7%. Excluding transportation, orders are expected at 0.5%. At 12:30 is a FOMC Rate Decision.

 

The Markets:

 

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

 

Oil rose as the U.S. dollar index fell on worse than expected economic data.

 

Treasuries remained lower after today’s $35 billion 2 year note auction sold at a high yield of 0.27% with a bid to cover of 3.76.

 

The Dow and S&P rose on strong earnings reports from AT&T and 3M while the Nasdaq fell on expectations for a poor report from Apple after the close.

 

Among the big names making news in the market today were AT&T, Facebook, 3M, Netflix, IBM, T. Rowe Price, Ford, Symantec, and Wal-Mart.

 

The Commentary:

 

Gold remains in a sideways trade above strong support emerging below $1630 and continuing down towards $1620 and below.

As suspected from the price action and the inability of the paper shorts to break through this support, we learned that several foreign Central Banks have been very active buyers of the metals on these breaks in price. I see nothing on the horizon that would lead me to believe that anything has changed in regards to these Central Banks and their desire to acquire gold during these periodic bouts of weakness. I repeat for the sake of emphasis - Central Banks do not CHASE GOLD PRICES HIGHER - they buy when prices drop and only when prices are moving lower. It is only the brain dead hedge fund managers who are servants to their gods, the computer algorithm, who sell gold as it moves lower hoping to profit from momentum based moves.

In many markets this strategy works relatively well for them; however, gold is not just another market. It is the currency of last resort with no liabilities attached to it and certainly no connection to the Western Powers which are presiding over their own financial downfall by their insistence on papering over their structural problems.

To force some of these newer paper shorts out, we are still going to need to see gold climb ABOVE $1680 and stay there on any dips lower. That will be the signal that there are now buyers who do not mind paying up for gold.

 

The gold shares, as exemplified by the HUI continue getting more and more undervalued in relation to gold itself. At some point, these shares are going to be the trade of the decade. You now have to move as far back as early 2002, a FULL DECADE AGO, to find the shares at this level of valuation against an ounce of gold. Heaven help the shorts in these shares when the tide reverses - there will be no one left to sell to as they try to cover.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

Dear CIGAs,

 

The implications of China paying for Iranian oil in gold is the most important event in the modern history of gold.

 

1. It is reasonable to assume that China has been threatened with total or at least selective exclusion from the SWIFT system if it pays in any currency for Iranian oil.

 

2. Gold has been decided by China as the means of making payment for massive international purchases free of the SWIFT system.

 

3. Other Asian and Middle Eastern nations will now see the gold they hold as money free of Western economic interference.

 

4. Gold now is not only money free of liability, but also free from interference regarding settlement by the long arm of Western influence.

 

5. The SWIFT system is becoming ever more a weapon of Western international political will.

 

6. In case of war anywhere, it is now demonstrated for all to see that only gold will buy the materials required. Paper currencies are under the SWIFT system’s control in settlement.

 

7. Far from being a barbaric relic, gold is now clearly the money of state survival in every sense.

 

8. It is reasonable and possible for the supply of physical gold to fall far behind the size of the massive short positions now common to algorithm and hedge fund paper shorts. That will make an effective cover at a reasonable price as compared to a certain day’s close impossible the following day on an exogenous event.

 

9. It may not be possible to use TA of any nature to determine a price of overvaluation for gold. Should the USA decide to take on China in full out economic war with the physical market totally illiquid, such as through isolation from the SWIFT system, consider the gold price that might result.”- Jim Sinclair, JSMineset.com

 

GATA Posts:

 

 

Jim Sinclair: New European treaty guarantees QE to infinity

Jim Sinclair: Western economic sanctions inadvertently remonetize gold

Are markets arranging a de-facto return to the gold standard?

 

The Statistics:

As of close of business: 4/23/2012

Gold Warehouse Stocks:

10,993,142.202

+100.01

Silver Warehouse Stocks:

140,622,228.816

+35,007.12

 

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

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.17: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,552.14: No change from yesterday’s data.

 

The Miners:

 

Aurizon’s (AZK) preliminary metallurgical testing results and Brigus Gold’s (BRD) overview were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Mines MGMT

MGN +6.04% $1.58

2. Golden Minerals

AUMN+3.45% $6.30

3. Paramount

PZG +3.40% $2.43

 

LOSERS

1. Tanzanian Royalty

TRX -7.34% $4.29

2. Nevsun

NSU -4.50% $3.18

3. Seabridge

SA -4.42% $17.31

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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.

No votes yet

Sponsored Links

Join the Free Weekly Silver Review!
SilverSeek.com week in review delivered direct to your inbox!

Live SilverSeek Map