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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 4% and 7% on the Week

By: Chris Mullen, Gold-Seeker.com



-- Posted 18 November, 2011 | |

 

Close

Gain/Loss

On Week

Gold

$1724.20

+$6.10

-3.53%

Silver

$32.27

+$0.73

-6.90%

XAU

196.04

-0.88%

-7.72%

HUI

553.80

-1.38%

-8.26%

GDM

1582.36

-1.31%

-8.42%

JSE Gold

3099.96

-104.53

-2.60%

USD

78.05

-0.23

+1.51%

Euro

135.10

+0.48

-1.75%

Yen

130.03

+0.10

+0.26%

Oil

$97.41

-$1.41

-1.60%

10-Year

2.012%

+0.054

-2.14%

Bond

142.78125

-0.5625

+1.04%

Dow

11796.16

+0.22%

-2.94%

Nasdaq

2572.50

-0.60%

-3.97%

S&P

1215.65

-0.04%

-3.81%

 
 

 

The Metals:

 

Gold rose $19.10 to $1737.20 by a little before 8AM EST before it chopped back down to $1712.70 by early afternoon in New York, but then rallied back higher in late trade and ended with a gain of 0.36%.  Silver climbed to as high as $32.473 in London before it also fell back off a bit in New York, but it then rose to a new session high of $32.585 at about 1:30PM EST and ended with a gain of 2.31%.

 

Euro gold remained at about €1276, platinum gained $7.50 to $1585.50, and copper gained 4 cents to about $3.40.

 

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

 

The Economy:

 

Report

For

Reading

Expected

Previous

Leading Indicators

Oct

0.9%

0.6%

0.1%

 

Tackling Income Inequality  Yahoo

New deficit deal proving elusive as deadline nears  Yahoo

Supercommittee Seeks Path Amid GOP Skepticism  Bloomberg

Birthrate Declines for Third Year as Economy Forces Choices on Family Size  Bloomberg

Automatic spending cuts a new threat to US economy  Yahoo

 

All of this week’s other economic reports:

 

Philadelphia Fed - November

3.6 v. 8.7

 

Housing Starts - October

628K v. 630K

 

Building Permits - October

653K v. 589K

 

Initial Claims - 11/12

388K v. 393K

 

NAHB Housing Market Index - November

20 v. 17

 

Capacity Utilization - October

77.8% v. 77.3%

 

Industrial Production - October

0.7% v. -0.1%

 

Net Long-Term TIC Flows - September

$68.6B v. $58.0B

 

CPI - October

-0.1% v. 0.3%

 

Core CPI - October

0.1% v. 0.1%

 

MBA Mortgage Index - 11/12

-10.0% v. 10.3%

 

Business Inventories - September

0.0% v. 0.4%

 

Empire Manufacturing - November

0.61 v. -8.48

 

Retail Sales - October

0.5% v. 1.1%

 

Retail Sales ex-auto - October

0.6% v. 0.5%

 

PPI - October

-0.3% v. 0.8%

 

Core PPI - October

0.0% v. 0.2%

 

Next week’s economic highlights include Existing Home Sales on Monday, GDP and FOMC Minutes on Tuesday, and Initial Jobless Claims, Personal Income and Spending, Core PCE Prices, Durable Goods Orders, and Michigan Sentiment on Wednesday.

 

The Markets:

 

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

 

Oil fell on worries about waning energy demand due to ongoing debt problems.

 

The U.S. dollar index pared some of its early losses but still ended lower as the euro rose on hopes that European officials will come up with a solid debt plan over the weekend.

 

Treasuries fell as the Dow, Nasdaq, and S&P traded mostly slightly higher on optimism about Europe, but both the Nasdaq and S&P ended with slight losses on the day.

 

Among the big names making news in the market Friday were UBS, United, AMR, Salesforce, and Hewlett-Packard.

 

GATA Posts:

 

Central bank gold purchases soar

Probe points to MF Global's misuse of segregated customer funds

 

The Statistics:

Activity from: 11/17/2011

Gold Warehouse Stocks:

11,235,064

-193

Silver Warehouse Stocks:

108,273,890

-16,258

 

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

1289.457

41,457,342

US$71,250m

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$6,395m

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$6,998m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,270

US$788m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.46

1,365,255

US$2,379m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,946

US$9m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 12.102 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 169.28: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,783.71: No change from yesterday’s data.

 

The Miners:

WINNERS

1.  Claude

CGR +6.67% $1.76

2.  Midway

MDW+4.98% $2.32

3.  Gold Reserve

GRZ +4.40% $2.85

 

LOSERS

1.  Nevsun

NSU-5.11% $5.38

2.  Paramount

PZG -5.10% $2.42

3.  Revett

RVM-4.89% $4.86

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

       

All of today's gold and silver stock news:

Rockbridge Announces Shares for Debt - More
- November 18, 2011 | Item | ShareThis


Southern Arc Announces Results of Annual General Meeting - More
- November 18, 2011 | Item | ShareThis


Regal Resources is Pleased to Provide Shareholders an Update With Regard to the Company's Ongoing Activities on Its Squaw Peak and Patagonia Properties - More
- November 18, 2011 | Item | ShareThis


Adroit Resources Inc.: $450,000 Private Placement Agreed - More
- November 18, 2011 | Item | ShareThis


Rio Alto Announces Option Grant - More
- November 18, 2011 | Item | ShareThis


Orex Announces New Director - More
- November 18, 2011 | Item | ShareThis


Guyana Frontier Announces Warrants Exercise - More
- November 18, 2011 | Item | ShareThis


Guyana Goldfields Receives the Mining License for the Aurora Gold Project from the Government of Guyana - More
- November 18, 2011 | Item | ShareThis


Tintina Mines Limited Announces Completion of 48 KM Access Road to Red Mountain and Provides Corporate Update - More
- November 18, 2011 | Item | ShareThis


Budget Announcement by Ghana's Ministry of Finance and Economic Planning - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) has noted this week's Budget announcement by Ghana's Ministry of Finance and Economic Planning, which includes proposed changes to the tax regime for the country's mining industry." More
- November 18, 2011 | Item | ShareThis


Avala Resources Announces Grant of Stock Options - More
- November 18, 2011 | Item | ShareThis


NV Gold Assays 4.049 gpt Gold Over 16.8 Meters at Afgan, Confirms Gold Resource Remains Open - More
- November 18, 2011 | Item | ShareThis


Sona Cuts 28.1g Au/t Over 1.46 Metres at the Elizabeth Gold Deposit Property - More
- November 18, 2011 | Item | ShareThis


Harmony Enters Into Letter of Intent to Acquire 14 Claims in Northwest Territories and Arranges Financing - More
- November 18, 2011 | Item | ShareThis


St Augustine Gold & Copper Ltd Announces Completion of $12.18 Million Private Placement - More
- November 18, 2011 | Item | ShareThis


Freeport Arranges Financing for Spanish Mt. Gold, Hutton & Q Projects - More
- November 18, 2011 | Item | ShareThis


Unigold Grants Stock Options - More
- November 18, 2011 | Item | ShareThis


Fire River Gold Corp. Announces Additional Revenue from the Nixon Fork Mine Project - More
- November 18, 2011 | Item | ShareThis


Brionor Announces Changes to Its Board of Directors - More
- November 18, 2011 | Item | ShareThis


Athena Silver Increases Land Position at Langtry Project - More
- November 18, 2011 | Item | ShareThis


Ranger Completes Drill Program on CX Property - More
- November 18, 2011 | Item | ShareThis


Megastar Development Corp.: Results of Annual General Meeting - More
- November 18, 2011 | Item | ShareThis


Huldra Silver Provides Initial Drill Results from the 2011 Exploration Program at Treasure Mountain - More
- November 18, 2011 | Item | ShareThis


Cayden Resources Raises CAD$7.85 Million Through a Brokered Private Placement - More
- November 18, 2011 | Item | ShareThis


Commerce Resources Corp. Completes 2011 Exploration Program at Upper Fir Tantalum and Niobium Deposit, Blue River, British Columbia - More
- November 18, 2011 | Item | ShareThis


Royal Standard Minerals, Inc. (RYSMF) Announces the Appointment of Mr. Philip Gross to the Board of Directors - More
- November 18, 2011 | Item | ShareThis


AurCrest Closes $1,063,500 Financing - More
- November 18, 2011 | Item | ShareThis


Sama Resources Announces Improved Metallurgical Results Using Heavy Media Separation Testing on Its Samapleu Nickel-Copper Project, Cote d'Ivoire, Africa - More
- November 18, 2011 | Item | ShareThis


Molycor Adds Experts to Board and Management - More
- November 18, 2011 | Item | ShareThis


Bid for Jaguar Shows Record Premium Cheap With Chinese: Real M&A - "Jaguar Mining Inc., which is exploring its options after receiving acquisition proposals, is proving that even a record takeover premium for a gold company can be a bargain.

Shandong Gold Group Co., owner of China’s second-largest gold producer, offered to buy Jaguar for $785 million in cash, two people familiar with the deal said Nov. 16. The $9.30-a- share bid is 77 percent more than Jaguar’s prior 20-day average, the highest premium in a cash takeover of a gold miner greater than $500 million, according to data compiled by Bloomberg. Jaguar closed yesterday at a 3.5 percent discount to its net asset value, cheaper than 94 percent of comparable gold miners." More
- November 18, 2011 | Item | ShareThis


AuRico Achieves Major Milestone at Young-Davidson - "AuRico Gold Inc. (TSX: AUQ.TO - News) (NYSE: AUQ.TO - News), ("AuRico", or the "Company") is pleased to report that open pit pre-production development has commenced at Young - Davidson with the Company successfully completing its first open pit blast on Thursday, November 17, 2011 . Commissioning of the Young - Davidson mine project remains on schedule with the first gold pour anticipated for the end of March 2012." More
- November 18, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2011

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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.

 


-- Posted 18 November, 2011 | |


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