• 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 30: Gold and Silver End Mixed

Chris Mullen
|
Monday, April 30th
 

Close

Gain/Loss

Gold

$1666.10

+$3.80

Silver

$31.02

-$0.26

XAU

164.89

-0.55%

HUI

443.28

-1.38%

GDM

1282.93

-0.96%

JSE Gold

2240.61

-46.65

USD

78.78

-0.01

Euro

132.37

-0.16

Yen

125.27

+0.57

Oil

$104.87

-$0.06

10-Year

1.915%

-0.018

T-Bond

142.875

+0.15625

Dow

13213.63

-0.11%

Nasdaq

3046.36

-0.74%

S&P

1397.91

-0.39%

 
 

 

The Metals:

 

Gold edged up to $1665.80 in Asia before it fell back to $1646.42 in early New York trade, but it then climbed to a new session high of $1666.20 at about 3PM EST and ended with a gain of 0.23%. Silver slipped to as low as $30.574 before it also bounced back higher, but it still ended with a loss of 0.83%.

 

Euro gold climbed to about €1259, platinum lost $0.80 to $1565.00, and copper rose slightly to about $3.84.

 

Gold and silver equities traded about 2% lower for most of the morning, but they then rallied back higher midday and ended with only about 1% losses.

 

A 'Gold' Finger Behind Bullion's Morning Tumble? WSJ

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Mar

0.4%

0.2%

0.3%

Personal Spending

Mar

0.3%

0.5%

0.9%

PCE Prices - Core

Mar

0.2%

0.2%

0.1%

Chicago PMI

Apr

56.2

60.0

62.2

 

A Real Failure Friday: Five Banks Fail in Worst Week Since April 2011 Yahoo

 

Tomorrow at 10AM EST brings the ISM Index for April expected at 53.0 and Construction Spending for March expected at 0.5%.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries remained firm on renewed worries about Europe that sent the Dow, Nasdaq, and S&P lower.

 

Stubborn inflation, weak lending weigh on eurozone Yahoo

Spain in recession as austerity bites deep Reuters

 

Among the big names making news in the market today were Sunoco, and Barnes & Noble and Microsoft.

 

The Commentary:

 

Take a look at the following 5 minute chart and note especially the volume readings posted below each individual price bar. Look just past the 5:00 AM Pacific time hour and you will see the enormous volume spike accompanying the sharp downdraft that occurred in the gold price dropping it $15 in the course of minutes. Analysts are still grasping for an explanation.

The most common is that it was another one of those "fat fingered trades". Have you ever noticed how many fat fingered human beings apparently camp out in the trading community. Last time I checked a skinny finger could hit an "enter" key just as easily as a fat finger could.

My view on this is that gold's psychology changed late last week as it begin seeing some seriously interested buyers whose entrance back on the long side was able to take it up through a minor chart resistance level near $1650 and set it on a course to test overhead resistance at $1680, a key chart level. That is a no-no in the world of the Western Central Banks who cannot tolerate this rebellious upstart of a metal telegraphing to the entire world the failure of their attempts to paper over the problems ailing both Western Europe as the US.

That called forth reinforcements to take the price lower to try to corral the unruly upstart and put it back into the box. As you can see, the selling was met with more buying that completely erased the losses and then added some more gains for good measure.

We are right back to being in position to try to tackle $1680 again. Weakness in the mining shares however is working once again to dampening excitement in the actual metal.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Dutch central banker's memoirs confirm gold price suppression

The Moneychanger interviews GATA secretary about gold and silver suppression

Join GATA at the Vancouver conference in June

Mining CEO McEwen cites GATA's work on Bloomberg TV

Eric Sprott and David Baker: When fundamentals no longer apply, review the fundamentals

Big commercials don't see metals going lower, Arensberg reports

 

The Statistics:

As of close of business: 4/27/2012

Gold Warehouse Stocks:

10,895,176.519

-104,803.826

Silver Warehouse Stocks:

141,563,136.336

-306,196.17

 

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:

 

Rubicon’s (RBY) new COO, Gold Resource’s (GORO) increased dividend, New Gold’s (NGD) and Goldcorp’s (GG) suspended permit, Randgold’s (GOLD) dividend, Pretivm’s (PVG) drill results, and Revett’s (RVM) first quarter 2012 production results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Mines MGMT

MGN+12.74% $1.77

2. Pretivm

PVG +8.68% $16.90

3. Fortuna

FSM +6.63% $4.18

 

LOSERS

1. New Gold

NGD-9.18% $9.10

2. Jaguar

JAG -6.23% $2.71

3. Entree

EGI -4.39% $1.09

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.

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