• Gold: 1,223.96 0.73
  • Silver: 14.42 0.00
  • Euro: 1.145 0.000
  • USDX: 96.178 -0.287
  • Oil: 57.39 0.31

December 3: Gold and Silver End Near Unchanged

Chris Mullen
|
Tuesday, December 3rd
 

Close

Gain/Loss

Gold

$1222.70

+$3.70

Silver

$19.12

-$0.03

XAU

80.87

-1.23%

HUI

193.85

-1.55%

GDM

568.91

-1.71%

JSE Gold

1099.26

-48.08

USD

80.63

-0.36

Euro

135.92

+0.50

Yen

97.68

+0.51

Oil

$96.04

+$2.22

10-Year

2.775%

-0.026

T-Bond

131.53125

+0.28125

Dow

15914.62

-0.59%

Nasdaq

4037.19

-0.20%

S&P

1795.15

-0.32%

 
 

The Metals:

 

Gold gained $6.18 to $1225.18 in Asia before it fell back to $1215.86 by a little after 10AM EST and then climbed back to $1225.23 in the next hour of trade, but it then drifted back lower into the close and ended with a gain of just 0.3%. Silver edged up to $19.314 in Asia before it fell back to $18.997 and then also bounced back higher, but it still ended with a loss of 0.16%.

 

Euro gold remained at about €900, platinum gained $17.30 to $1354, and copper fell a few cents to about $3.19.

 

Gold and silver equities fell over 1% in the first half hour of trade and remained near that level for the rest of the day.

The Economy:

 

There were no major economic reports today. Tomorrow brings the Trade Balance, New Home Sales, ISM Services, and the fed’s Beige Book.

 

The Markets:

 

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

 

Oil jumped higher after TransCanada Corp. said it will begin operating the southern leg of its Keystone XL pipeline to the Gulf Coast in January.

 

The U.S. dollar index fell ahead of this week’s major economic data and fed commentary.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell on continued concern about possible fed tapering.

 

Among the big names making news in the market today were Nintendo, Chrysler, Amazon, EBay, and Apple.

 

The Commentary:

 

One of my favorite Sentiment Indicators has been and continues to be the Volatility Index or VIX. I prefer to call it the Complacency Index. Low readings, such as we have been recording for some time now, indicate the absence of investor fear or concern. High readings reflect worry or uneasiness. Sky high readings indicate PANIC.

I am not sure what is going on but the VIX has scored a five week high today for some reason. I tend to watch this indicator in conjunction with the action in the equities as a way to gauge any potential shift in overall confidence.

 

In my view, the only thing that can bring a firm bid into gold and reverse the current bear market in the metal is a heightening of fear/unrest/unease or better, a growing lack of confidence.

Yesterday we had a move higher in the Dollar. Today that has been erased. With the Dollar weakening gold is getting a bit of a bid today. Also aiding the metal is the sharp, and I do mean 'sharp' rise in crude oil. It touched $96 ( basis WTI ) in today's trade and is currently up over $2.00 barrel as I type these comments.

Let's continue to monitor the progress of the VIX and especially monitor the price action in the S&P 500. Upside momentum continues to wane in the latter market but then again it has been for some time now. I keep picking up one negative divergence after another but the market keeps shrugging those off with dip buyers continuing to come in. If the stock market does finally actually respond to one of these negative chart signals, I expect the VIX to jump even more. At that point we will watch gold closely to see if it can gather some better buying interest.

Stay tuned...- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

The silence of the blockheads -- maybe soon to be dead silence

Regulators may enact Volcker Rule next week -- and delay its implementation

 

The Statistics:

As of close of business: 12/02/2013

Gold Warehouse Stocks:

7,248,234.596

+313.99

Silver Warehouse Stocks:

169,342,593.740

-642,141.191

 

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) AND Mexico Stock Exchange (BMV)

SPDR® Gold Shares

843.206

27,109,924

US$32,985m

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

Gold Bullion Securities

138.13

4,441,056

US$5,429m

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

ETFS Physical Gold

152.66

4,908,200

US$8,004m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$439m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.88

1,346,506

US$1,674m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 169.16: -0.81 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,309.02: No change from yesterday’s data.

 

The Miners:

 

Barrick’s (ABX) tender offer, Seabridge’s (SA) NPI sale, and Great Panther’s (GPL) updated mineral resource estimates were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Turquoise

TRQ +6.31% $4.38

2. Silver Standard

SSRI +3.44% $5.87

3. Allied Nevada

ANV +0.98% $3.08

LOSERS

1. Timmins

TGD -9.65% $1.03

2. DRDGOLD

DRD -7.93% $3.60

3. Fortuna

FSM -7.69% $2.88

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 2013

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