• 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

May 1: Gold and Silver End Slightly Lower

Chris Mullen
|
Tuesday, May 1st
 

Close

Gain/Loss

Gold

$1661.70

-$4.40

Silver

$30.97

-$0.05

XAU

165.34

+0.27%

HUI

445.30

+0.46%

GDM

1287.12

+0.33%

JSE Gold

2240.61

-46.65

USD

78.83

+0.05

Euro

132.36

-0.05

Yen

124.81

-0.53

Oil

$106.16

+$1.29

10-Year

1.956%

+0.041

T-Bond

142.09375

-0.78125

Dow

13279.32

+0.50%

Nasdaq

3050.44

+0.13%

S&P

1405.82

+0.57%

 
 

 

The Metals:

 

Gold fell $6.91 to $1659.19 in London before it rebounded to $1671.40 in early New York trade and then dropped back to $1657.30 after the release of this morning’s economic data, but it then bounced back higher into the close and ended with a loss of just 0.26%. Silver slipped to $30.643 in London before it rebounded to $31.321 in early New York trade, but it then fell back off into the close and ended with a loss of 0.16%.

 

Euro gold fell to about €1255, platinum gained $5 to $1570, and copper remained at about $3.84.

 

Gold and silver equities traded mostly slightly higher and ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ISM Index

Apr

54.8

53.0

53.4

Construction Spending

Mar

0.1%

0.5%

-1.4%

 

Tomorrow at 8:15 brings ADP Employment for April expected at 170,000 and at 10AM is the Factory Orders report for March expected at -1.8%.

 

The Markets:

 

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

 

Oil rose along with the U.S. dollar index on better than expected manufacturing data that raised energy demand and interest rate expectations.

 

Treasuries fell on better than expected economic data that sent the Dow, Nasdaq, and S&P higher.

 

“Manufacturing grew in April at the strongest rate in 10 months, easing concerns the economy had lost momentum at the start of the second quarter.

 

The Institute for Supply Management said on Tuesday its index of national factory activity rose to 54.8 from 53.4 in March. The figure topped expectations for the reading to decline to 53.0 and was also above the top end of forecasts in a Reuters poll.”

 

Among the big names making news in the market today were Thomson Reuters, BP, Chesapeake, ADM, Sears, Groupon, and Kia.

 

The Commentary:

 

Isn't it amazing that some are so ready to call for an end to the bull market in gold. From a monthly chart perspective, there is nothing to indicate such an occurrence.

In 2008, the CLOSING MONTHLY GOLD PRICE dropped 26.5% from its best to worst level before it renewed its uptrend.

More recently, gold has dropped a mere 14.4% from it bests closing monthly level to its worst level reached with a handle of "15" in front of the gold price.

Keep in mind that purely from a long term technical chart perspective, the metal remains in a solid uptrend.

As a side note - for those of you would never seem to grow tired of castigating me for using the phony government CPI data in calculating my inflation adjusted gold price chart, please make an attempt to restrain yourself. You are always welcome to create one of your own and send it to us for publication which I will gladly to do.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

If U.S. had 'Yamashita's gold,' they'd put it in Cracker Jack boxes

Russia Today's 'Capital Account' interviews GATA's Bill Murphy

'Fat finger,' Wall Street Journal? No, government's heavy hand on gold

 

The Statistics:

 

As of close of business: 4/30/2012

Gold Warehouse Stocks:

10,998,638.831

+103,462.312

Silver Warehouse Stocks:

142,125,271.336

+562,135.000

 

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:

 

Lake Shore’s (LSG) drill results, Paramount’s (PZG) drill results, and AuRico’s (AUQ) firs gold pour at the Young-Davidson mine were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Lake Shore

LSG +7.61% $1.06

2. Entree

EGI +6.42% $1.16

3. Exeter

XRA+6.25% $2.55

 

LOSERS

1. Golden Minerals

AUMN -6.69% $6.97

2. Midway

MDW -4.86% $1.37

3. Pretivm

PVG -4.73% $16.10

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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