• Gold: 1,570.86 -0.86
  • Silver: 18.07 -0.03
  • Euro: 1.102 -0.001
  • USDX: 97.884 0.197
  • Oil: 54.35 -1.3

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 4% and 5% on the Week

|
January 27, 2012 - 4:20pm
 

Close

Gain/Loss

On Week

Gold

$1737.90

+$18.10

+4.32%

Silver

$33.88

+$0.51

+5.61%

XAU

202.68

+1.38%

+8.37%

HUI

548.71

+2.41%

+9.40%

GDM

1584.00

+2.30%

+9.31%

JSE Gold

2958.44

+18.78

+4.55%

USD

78.80

-0.61

-1.70%

Euro

132.25

+1.20

+2.23%

Yen

130.42

+1.25

+0.38%

Oil

$99.56

-$0.14

+1.12%

10-Year

1.898%

-0.033

-6.41%

Bond

143.4375

+0.59375

+1.10%

Dow

12660.46

-0.58%

-0.47%

Nasdaq

2816.55

+0.40%

+1.07%

S&P

1316.32

-0.16%

+0.07%

 
 

 

The Metals:

 

Gold fell $3.45 to $1716.35 in Asia, but it then rallied back higher for most of the rest of trade and ended near its late session high of $1737.96 with a gain of 1.05%.Silver slipped down to $33.29 at about 9AM EST, but it then rose to as high as $33.94 in late morning New York trade and ended with a gain of 1.53%.

 

Euro gold rose to about €1313, platinum gained $13.60 to $1616.60, and copper fell a couple of cents to about $3.88.

 

Gold and silver equities rose roughly 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q4

2.8%

3.2%

1.8%

Chain Deflator

Q4

0.4%

1.5%

2.6%

Michigan Sentiment

Jan

75.0

74.2

74.0

 

All of this week’s other economic reports:

 

Leading Indicators - December

0.4% v. 0.2%

 

New Home Sales - December

307K v. 314K

 

Durable Orders - December

3.0% v. 4.3%

 

Durable Orders -ex Auto - December

2.1% v. 0.5%

 

Initial Claims - 1/21

377K v. 356K

 

Pending Home Sales - December

-3.5% v. 7.3%

 

Next week’s economic highlights include Core PCE Prices and Personal Income and Spending on Monday, the Employment Cost Index, the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence on Tuesday, ADP Employment, the ISM Index, and Construction Spending on Wednesday, Initial Jobless Claims, Productivity, and Unit Labor Costs on Thursday, and January’s jobs data, Factory Orders, and ISM Services on Friday.

 

The Markets:

 

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

 

Oil ended slightly lower in mixed trade.

 

The U.S. dollar index fell rather markedly “after a top European Union official said Greece and private creditors are near an agreement on voluntary write-downs on Greek-government debt.”

 

Treasuries rose on disappointing economic data that sent the Dow and S&P lower, but the Nasdaq managed to find slight gains on decent earnings reports.

 

Among the big names making news in the market Friday were Facebook, Eastman Chemical and Solutia, Chevron, Ford, Apple, and P&G.

 

The Commentary:

 

Take a look at the following chart of gold priced in Euros, or "Euro-Gold" as I prefer to term it. I have mentioned here and on some of my KWN Weekly Metals Wrap that this chart is one that all gold traders must continue to reference if they are to get a proper handle on the technical aspects of this market. The reason for this is that the issue most shaking the gold market during the "risk off" trades was the mess in the sovereign debt situation of many countries in the Euro-Zone.

Fears over that factor were seeing European-based buying of gold as doubts over the integrity of the Euro surfaced and still are haunting the minds of many traders and investors from that region. After all, put yourself in their place - when you see nations such as Greece, Italy, Spain and Portugal (that is today's concern) having to pay record or near record yields on their government issued debt to attract sufficient buying to absorb it; when you see France along with some other nations there downgraded, would you not want to follow prudence and at least move a portion of your Euro-denominated assets into gold for protection? I know I sure would.

Either way, that process has kept Euro gold very well bid, even when we were seeing some decent selling showing up on the Dollar priced gold chart.

As long as this chart stays strong, and it is currently very strong with price threatening to take out the resistance level noted and make a run at the former all time high, any dips in Dollar priced gold are not going to last long.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Central bank policy is obscuring market values, Warsh tells Stanford audience

 

The Statistics:

Activity from: 1/26/2012

Gold Warehouse Stocks:

11,524,948

+31,710

Silver Warehouse Stocks:

128,238,313

+1,244,747

 

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

1261.112

40,546,014

US$69,960m

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$6,427m

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$7,033m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,895

US$792m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.98

1,317,578

US$2,275m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.512 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 174.03: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,510.70: No change from yesterday’s data.

 

The Miners:

 

Tanzanian Royalty’s (TRX) COO election to Chair the Tanzania Chamber of Minerals, Ivanhoe’s (IVN) Board of Directors, Freeport’s (FCX) new chief executive at its Indonesian unit, and Scorpio’s (SPM.TO) 2011 production results and 2012 guidance were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.Exeter

XRA +9.17% $3.69

2.Golden Star

GSS+7.32% $2.20

3.Hecla

HL +7.26% $5.32

 

 

LOSERS

1.Kimber

KBX -4.03% $1.19

2.Avino

ASM -2.69% $1.81

3.Ivanhoe

IVN-1.04% $17.08

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

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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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