• Gold: 1,502.20 -12.04
  • Silver: 16.98 -0.13
  • Euro: 1.110 0.000
  • USDX: 98.248 0.106
  • Oil: 55.53 0.62

May 12: Gold Gains and Silver Surges

Chris Mullen
|
Monday, May 12th
 

Close

Gain/Loss

Gold

$1296.70

+$8.00

Silver

$19.55

+$0.40

XAU

90.55

+1.39%

HUI

221.90

+1.23%

GDM

662.12

+0.76%

JSE Gold

1488.20

+2.87

USD

79.89

+0.02

Euro

137.58

-0.12

Yen

97.91

-0.26

Oil

$100.59

+$0.60

10-Year

2.656%

+0.033

Bond

135.375

-0.375

Dow

16695.47

+0.68%

Nasdaq

4143.85

+1.77%

S&P

1896.65

+0.97%

 
 

The Metals:

Gold dropped $8.73 to $1279.97 at the open of trade last night, but it then jumped to as high as $1302.77 at about 8:30AM EST today and ended with a gain of 0.62%. Silver surged to as high as $19.647 and ended with a gain of 2.09%.

 

Euro gold rose to about €942, platinum gained $6.70 to $1432.70, and copper jumped 7 cents to about $3.15.

 

Gold and silver equities rose about 1% at the open and remained near that level for the rest of the day.

The Economy:

 

Report

For

Reading

Expected

Previous

Treasury Budget

Apr

$106.9B

$114.0B

$112.9B

 

Tomorrow brings Retail Sales, Export and Import Prices, and Business Inventories.

 

The Markets:

 

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

 

Oil found modest gains on the outlook for another supply decline in this week’s inventory report.

 

The U.S. dollar index ended slightly higher in mixed trade as the euro edged lower on more commentary suggesting the European Central Bank may ease monetary policy at its meeting next month.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on continued deal making news.

 

Among the big names making news in the market today were Allergan and Valeant, Weibo, Chrysler, and AstraZeneca and Pfizer.

 

The Commentary:

 

A quick update for those interested in observing the price chart... the metal bounced from support near $1280 on continued Ukrainian unrest. That continues to reinforce the significance of the level. If it goes (on a closing basis) watch for a significant round of speculative long side liquidation.

 

One thing I am noticing is the series of LOWER HIGHS being made in this market. Each time it manages a pop from Ukraine events, the high is made at a lower level. That tells me that the events there are losing significance in the mind of many traders and that it is going to take a much more severe flare up in tensions to enable the bulls to push past chart resistance levels. The region near $1320 should hold any bounce to keep the picture bearish. A push through that level, particularly if it can breach $1330 or so, would spook a lot more bears. If not, they will use the rallies to sell.

I am watching to see if gold can manage to sustain any sort of closing price above the $1300 level.

The HUI is stronger today holding above support between 218-215 but remains well off any resistance levels.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Help GATA -- Buy a DVD, T-shirt, or poster of our prophetic ad in the Wall Street Journal

Dan Ameduri of Future Money Trends interviews GATA Chairman Bill Murphy

 

The Statistics:

Activity from: 5/09/2014

Gold Warehouse Stocks:

8,060,802.292

+156,217.544

Silver Warehouse Stocks:

175,752,707.306

+852,243.123

 

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

782.852

25,169,479

US$32,670m

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$5,766m

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$465m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.85

1,313,469

US$1,709m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.02: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,320.26: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1. Pretivm

PVG +14.16% $7.35

2. Great Panther

GPL +6.00% $1.06

3. Fortuna

FSM +5.58% $4.16

LOSERS

1. Silver Standard

SSRI -6.53% $7.87

2. Comstock

LODE -3.43% $1.69

3. Gold Resource

GORO-1.40% $3.52

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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© Gold Seeker 2014

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