• Gold: 1,503.17 16.25
  • Silver: 17.93 0.49
  • Euro: 1.101 -0.007
  • USDX: 98.582 0.325
  • Oil: 61.16 6.34

Gold Seeker Closing Report: Gold and Silver End Mixed

|
December 15, 2011 - 5:28pm
 

Close

Gain/Loss

Gold

$1566.20

-$6.10

Silver

$28.94

+$0.13

XAU

180.56

-1.11%

HUI

501.39

-1.47%

GDM

1429.74

-1.49%

JSE Gold

2947.96

-4.86

USD

80.30

-0.24

Euro

130.13

+0.26

Yen

128.38

+0.27

Oil

$93.87

-$1.08

10-Year

1.913%

+0.012

T-Bond

144.46875

-0.28125

Dow

11868.81

+0.38%

Nasdaq

2541.01

+0.07%

S&P

1215.75

+0.32%

 
 
 
 

 

The Metals:

 

Gold rose over $20 to $1593.87 by a little before 8AM EST before it fell back to $1560.75 by late morning in New York and then bounced back higher in the last few hours of trade, but it still ended with a loss of 0.39%.Silver dropped to as low as $28.097 in Asia, but it then climbed to as high as $29.279 in New York and ended with a gain of 0.45%.

 

Euro gold fell to about €1203, platinum lost $14 to $1400.50, and copper remained at about $3.27.

 

Gold and silver equities fell about 1% by midmorning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

12/10

366K

390K

385K

PPI

Nov

0.3%

0.1%

-0.3%

Core PPI

Nov

0.1%

0.1%

0.0%

Empire Manufacturing

Dec

9.53

3.0

0.61

Current Account Balance

Q3

-$110.3B

-$110.0B

-$118.0B

Net Long-Term TIC Flows

Oct

$4.8B

-

$68.3B

Industrial Production

Nov

-0.2%

0.2%

0.7%

Capacity Utilization

Nov

77.8%

77.8%

78.0%

Philadelphia Fed

Dec

10.3

4.5

3.6

 

Jobless claims at 3.5 year low, factories mixed Reuters

Fewer foreclosed homes in November, but outlook isn't bright Yahoo

Fixed mortgage rates drop again to record lows Yahoo

 

Tomorrow at 8:30AM EST brings CPI for November expected at 0.1%.Core CPI is also expected at 0.1%.

 

The Markets:

 

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

 

Oil fell on worries about falling energy demand due to Europe’s ongoing debt crisis.

 

The U.S. dollar index and treasuries fell as the Dow, Nasdaq, and S&P rose on better than expected economic data.

 

Among the big names making news in the market Friday were Morgan Stanley, Honeywell, FedEx, First Solar, Victoria’s Secret, Discover, and Lam Research.

 

The Commentary:

 

Gold continued falling lower today (Wednesday) plummeting over 4% as it failed to hold support near $1650. Once that gave way, it did not take long before it ran the downside stops gathered there which fueled further selling. That selling gathered additional momentum once $1620 could not hold and really ramped up after $1600 collapsed.

There has been severe technical damage done to the charts with today's breach of 3 chart support levels. The last line of defense for the bulls to prevent a drop all the way to $1500 is in a band near $1560 - $1535.

One point of slight comfort for the bulls is that the HUI has thus far held support down near the 500 level. If the Dollar continues heading higher however, it might not be able to keep from succumbing to selling pressures.

Bonds are rallying strongly today suggesting a flight out of the Euro and by consequence risk trades and back into Treasuries and the US Dollar.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Class-action lawsuit to seek recovery for MF Global customers

Jeff Nielson: The bankers' new gold

Peter Grandich: A million reasons why I love gold

 

The Statistics:

Activity from: 12/14/2011

Gold Warehouse Stocks:

11,335,920

+39,671

Silver Warehouse Stocks:

111,149,469

-1,897

 

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

1294.796

41,628,978

US$65,510m

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$5,837m

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$6,392m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,125

US$718m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 172.82: +0.76 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,769.12: No change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRX) Special Mining License, Royal Gold’s (RGLD) royalty acquisition, Newmont’s (NEM) completion of its previously announced reorganization, Richmont’s (RIC) updated resource base calculation, Brigus Gold’s (BRD) independent mineral resource estimate, Silver Bull’s (SVBL) metallurgical program, Great Panther’s (GPL) concentrate inventories and production estimates, and Hecla’s (HL) mine update were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.First Majestic

AG +9.71% $16.05

2.Allied Nevada

ANV +5.99% $31.52

3.Banro

BAA +4.51$ $3.01

 

 

LOSERS

1.Nevsun

NSU -11.76% $4.95

2.Tanzanian Royalty

TRX -10.04% $2.42

3.Loncor

LON -9.29% $1.27

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 2011

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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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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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