• Gold: 1,418.30 -6.49
  • Silver: 16.41 0.01
  • Euro: 1.118 -0.003
  • USDX: 97.561 0.304
  • Oil: 56.21 -0.02

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 3% on the Week

|
January 6, 2012 - 5:23pm
 

Close

Gain/Loss

On Week

Gold

$1616.30

-$5.80

+3.40%

Silver

$28.69

-$0.59

+3.72%

XAU

187.17

-0.98%

+3.61%

HUI

517.66

-0.95%

+3.80%

GDM

1481.16

-0.90%

+3.65%

JSE Gold

2966.25

+62.72

+4.18%

USD

81.24

+0.33

+1.25%

Euro

127.20

-0.67

-1.72%

Yen

129.90

+0.21

-0.06%

Oil

$101.56

-$0.25

+2.76%

10-Year

1.961%

-0.032

+4.81%

Bond

143.03125

+0.75

-1.23%

Dow

12359.92

-0.45%

+1.17%

Nasdaq

2674.22

+0.16%

+2.65%

S&P

1277.81

-0.25%

+1.61%

 
 

 

The Metals:

 

Gold popped up to $1630.90 by about 9:30AM EST before it fell back to $1608.70 in the next hour of trade, but it then bounced back higher into the close and ended with a loss of just 0.36%.Silver slumped to $28.598 before it also bounced back higher in late morning New York trade, but it still ended with a loss of 2.02%.

 

Euro gold fell to about €1268, platinum lost $14.90 to $1397.30, and copper rose slightly to about $3.43.

 

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

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Dec

200K

150K

100K

Unemployment Rate

Dec

8.5%

8.7%

8.7%

Hourly Earnings

Dec

0.2%

0.2%

0.0%

Average Workweek

Dec

34.4

34.3

34.3

 

The BLS net birth/death adjustment subtracted 11,000 payrolls from December’s data. Private Payrolls rose 212,000.

 

All of this week’s other economic reports:

 

ISM Services - December

52.6 v. 52.0

 

Initial Claims - 12/31

372K v. 387K

 

ADP Employment - December

325K v. 204K

 

Factory Orders - November

1.8% v. -0.2%

 

ISM Index - December

53.9 v. 52.7

 

Construction Spending - November

1.2% v. -0.2%

 

Next week’s economic highlights include Consumer Credit on Monday, Wholesale Inventories on Tuesday, the Fed's Beige Book on Wednesday, Initial Jobless Claims, Retail Sales, Business Inventories, and the Treasury Budget on Thursday, and Export and Import Prices, the Trade Balance, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil ended slightly lower as the U.S. dollar index and treasuries rose on continued concerns about debt in Europe that held the Dow, Nasdaq, and S&P near unchanged.

 

Among the big names making news in the market Friday were Best Buy and Apple.

 

The Commentary:

 

Considering the very strong rally in the US Dollar today (Thursday), a generally weak or lackluster showing in the equities, a sinking Euro and a rather comatose bond market, one would expect the selling malaise that has gripped many of the commodity markets in today's session to be making an impact on the gold market. Instead, the yellow metal is showing signs that investors/traders are looking at it as a safe haven that got undervalued and is now a good place into which to store some wealth while trying to get a handle on the mess called the Global economic situation.

The incompetent bunglers (aka hedge funds), which came out buying everything in sight to start off the New Year have been mostly in the process of throwing all of that stuff away over the last two days proving that the advent of the New Year has not seen an improvement in the intelligence of that pack of pathetic traders. Seriously, this current crop of hedge funds contains some of the most ignorant and unskilled traders that I have ever personally witnessed over my entire two decades+ trading career. They seem to know little if anything about nibbling on markets or being cautious and scaling back in size. It is either, "All in" or "All out". Massive amounts of money are slingshotted into everything and then promptly jettisoned out. It seems to me that the only people making money in that environment are the brokers, who must love the commissions and the exchanges which are reveling in the huge fees that this constant churning is creating.

That brings us to gold, which has been able to hold very firmly above the $1,600 level. The longer it does, the more confident traders are becoming that the bottom is in and that the next trending move will be to the upside.

You will notice on the chart that the market has run right back up into the initial resistance level detailed near and just above the $1,620 level. Forays in price the last two trading days have seen any dips below $1,600 immediately attract buying which has taken price promptly back above that level. The result is that some shorts are getting nervous and are beginning to cover. If the bulls can now mount a close above today's session high, it seems we are going to get a move towards psychological resistance at $1,650 with the potential to charge towards the second resistance line drawn in near $1670. That is where the real battle will shape up to see whether or not the stronger-handed bulls can contain it there or watch it run to $1,700.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Peter Grandich: The big crime isn't being wrong but staying wrong

 

The Statistics:

Activity from: 1/05/2012

Gold Warehouse Stocks:

11,492,972

-773

Silver Warehouse Stocks:

122,302,690

+1,177,175

 

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

1254.570

40,335,691

US$65,173m

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$5,993m

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$6,559m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,008

US$738m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.99

1,317,882

US$2,107m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.00: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,516.75: -30.24 change from yesterday’s data.

 

The Miners:

 

AngloGold’s (AU) robbery attempt and Claude’s (CGR) drill results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.Solitario

XPL +14.49% $1.58

2.Lake Shore

LSG +7.46% $1.44

3.Loncor

LON +3.23% $1.60

 

 

LOSERS

1.Midway

MDW-5.50% $2.06

2.Alexco

AXU -3.94% $6.59

3.Richmont

RIC -3.57% $11.06

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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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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