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

By: Chris Mullen, Gold-Seeker.com



-- Posted 2 December, 2011 | |

 

Close

Gain/Loss

On Week

Gold

$1746.00

+$2.10

+3.92%

Silver

$32.54

-$0.18

+4.56%

XAU

202.28

-2.61%

+7.84%

HUI

565.35

-3.30%

+6.99%

GDM

1616.52

-3.15%

+6.51%

JSE Gold

3200.85

-47.20

+4.53%

USD

78.61

+0.31

-1.29%

Euro

134.00

-0.64

+1.32%

Yen

128.23

-0.45

-0.35%

Oil

$100.96

+$0.76

+4.33%

10-Year

2.042%

-0.075

+3.81%

Bond

142.0625

+1.40625

-1.24%

Dow

12019.42

-0.01%

+7.01%

Nasdaq

2626.93

+0.03%

+7.59%

S&P

1244.28

-0.02%

+7.39%

 
 

 

The Metals:

 

Gold climbed $18.41 to as high as $1762.31 by about 8:30AM EST before it fell all the way back to $1741.60 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a gain of 0.12%.  Silver rose to as high as $33.655 in early New York trade, but it then fell back off for most of the rest of the day and ended with a loss of 0.55%.

 

Euro gold rose to over €1302, platinum lost $14.34 to $1542.00, and copper gained 7 cents to about $3.59.

 

Gold and silver equities fell about 3% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Nov

120K

123K

100K

Unemployment Rate

Nov

8.6%

9.0%

9.0%

Hourly Earnings

Nov

-0.1%

0.2%

0.2%

Average Workweek

Nov

34.3

34.3

34.3

 

The BLS net birth/death adjustment subtracted 29,000 payrolls from November’s data.  Private Payrolls rose 140,000.

 

Fed hawks say central banks can't solve fiscal woes  Reuters

Gross Says Fed to Keep Rates Low for Longer  Bloomberg

Fiscal deficits hurt Fed's efforts on economy: Fisher  Yahoo

Fed’s Fisher Says U.S. Risks ‘Social Unrest’ Amid Rising Federal Deficits  Bloomberg

 

All of this week’s other economic reports:

 

Construction Spending - October

0.8% v. 0.2%

 

ISM Index - November

52.7 v. 50.8

 

Initial Claims - 11/26

402K v. 396K

 

Pending Home Sales - September

10.4% v. -4.6%

 

Chicago PMI - November

62.6 v. 58.4

 

Productivity - Q3

2.3% v. 3.1%

 

Unit Labor Costs - Q3

-2.5% v. -2.4%

 

ADP Employment - November

206K v. 130K

 

Challenger Job Cuts - November

-12.8% v. 12.6%

 

MBA Mortgage Index - 11/26

-11.7% v. -1.2%

 

FHFA Housing Price Index - September

0.9% v. 00.1%

 

Consumer Confidence - November

56.0 v. 40.9

 

Case-Shiller 20-city Index - September

-3.6% v. -3.8%

 

New Home Sales - October

307K v. 303K

 

Next week’s economic highlights include Factory Orders and ISM Services on Monday, Consumer Credit on Wednesday, Initial Jobless Claims and Wholesale Inventories on Thursday, and the Trade Balance and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil rose on increased geopolitical tensions after an Iranian cleric spoke out about the storming of a British embassy in Tehran earlier this week.

 

The U.S. dollar index rose as the euro fell on increased apprehension over Europe’s debt problems that sent treasuries higher.

 

“British Prime Minister David Cameron threatened on Friday to obstruct a Franco-German drive for swift change to the European Union's treaty intended to help save the euro.

 

After talks with French President Nicolas Sarkozy, Cameron said he was not convinced treaty change was needed to reinforce the single currency zone, which Britain has refused to join. If the 27-nation bloc's charter were reopened at a crunch summit next week, he would have his own agenda.

 

The British leader said euro zone institutions such as the European Central Bank needed to "get behind the currency" to convince markets that it had the required firepower, and member states had to make their economies more competitive.”

 

The Dow, Nasdaq, and S&P rose at the open on today’s unexpected drop in the Unemployment Rate, but worries about Europe cut into those gains late in the day and all three indices ended near unchanged.

 

Among the big names making news in the market Friday were Mercedes, RIM, MF Global, Zynga, Verizon, Toyota, and New York Times.

 

The Commentary:

 

Dow Jones is reporting that the Bank of Korea has announced that it has increased the amount of gold in its reserves for the second time this year.

The report states that they purchased 15 tons in several batches last month. The last purchase was back in June for a total of 25 tons.

It now has 54.4 tons in reserve. Even with the purchases this year, it still has only 1% of its total foreign exchange reserves in gold. The former amount was a mere 0.7%.

We do not know the actual price at which these purchases were made but there is no doubt in my mind that they occurred on forays down into the zone near the $1600 level. This level has seen strong buying by assorted Central Banks for some time now and I see nothing that would cause this to change anytime soon.

The fact is that many of the banks that have been accumulating gold are doing so to both diversify their reserves and to provide confidence to investors worldwide.

As traders/investors this is valuable information for us as it points to very strong downside support in gold with sizeable accumulation occurring among a group of market participants who are not buying the metal only to try to flip it for some sort of short term gain. They are buying because they see value in the metal at these prices.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

South Korea hastens central bank gold-buying spree

 

The Statistics:

Activity from: 12/01/2011

Gold Warehouse Stocks:

11,298,879

-

Silver Warehouse Stocks:

108,170,808

-

 

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

1297.929

41,729,700

US$72,876m

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$6,465m

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$7,076m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,195

US$797m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$2,310m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,945

US$9m

Note: Change in Total Tonnes from yesterday’s data. SPDR subtracted 0.605 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 171.54: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,706.54: No change from yesterday’s data.

 

The Miners:

 

Rubicon’s (RBY) Production Closure Plan, Silver Bull’s (SVBL) stock offering, and Excellon’s (EXN.TO) exploration update were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Loncor

LON+14.07% $1.54

2.  Kimber

KBX+9.19% $1.212

3.  Rubicon

RBY +8.49% $3.96

 

LOSERS

1.  Endeavour

EXK-6.18% $11.09

2.  IAMGOLD

IAG -5.24% $19.34

3.  Ivanhoe

IVN -5.12% $20.18

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:

Rubicon Announces that the Ministry of Northern Development and Mines has Accepted its Production Closure Plan As Filed - "Rubicon Minerals Corporation (RMX:TSX) (RBY:NYSE-AMEX) ("Rubicon") is pleased to announce that the Ontario Ministry of Northern Development and Mines ("MNDM") has accepted (approved) its Production Closure Plan as filed for its 100% owned Phoenix Gold Project in Red Lake, Ontario at 3:15 pm Toronto time today. This approval allows Rubicon to continue its development and further construction of the mining facilities for the Phoenix Gold Project." More
- December 02, 2011 | Item | ShareThis


Silver Sun Now Trading on the OTCBB - More
- December 02, 2011 | Item | ShareThis


Geo Minerals Ltd. Provides Update to Information Circular - More
- December 02, 2011 | Item | ShareThis


Regal Accepts Resignation and Appoints New Officer - More
- December 02, 2011 | Item | ShareThis


TAC Accepts Resignation and Appoints New Officer - More
- December 02, 2011 | Item | ShareThis


Cameco Approves Dividend - More
- December 02, 2011 | Item | ShareThis


Petaquilla Minerals Ltd.: Results of Annual General Meeting of Shareholders - More
- December 02, 2011 | Item | ShareThis


Cangold Extends December 21, 2009 Warrants - More
- December 02, 2011 | Item | ShareThis


Eagle Star Strengthens Its Technical and Management Team - More
- December 02, 2011 | Item | ShareThis


Geologix Completes 1,151 Line Kilometre Airborne Survey and Property-Wide Sampling and Mapping Programs at Tepal - More
- December 02, 2011 | Item | ShareThis


ECR Minerals plc: Argentina Project Update - More
- December 02, 2011 | Item | ShareThis


Mustang Acquires Additional Geothermal Concessions in Peru - More
- December 02, 2011 | Item | ShareThis


Legal Proceeding Adjourned - More
- December 02, 2011 | Item | ShareThis


Southern Hemisphere on Track to Deliver Maiden JORC Resource for Llahuin Porphyry Copper Project in Q1 2012 Following Further Strong Drilling Results - More
- December 02, 2011 | Item | ShareThis


Oremex Gold is Attending Mines & Money Show in London December 6th & 7th, 2011 - More
- December 02, 2011 | Item | ShareThis


Oremex Silver is Attending Mines & Money Show in London December 6th & 7th, 2011 - More
- December 02, 2011 | Item | ShareThis


Excelsior Appoints New Chief Financial Officer - More
- December 02, 2011 | Item | ShareThis


Crosshair Appoints New Chief Financial Officer - More
- December 02, 2011 | Item | ShareThis


Continental Nickel Commences Diamond Drilling at the St. Stephen Nickel-Copper Sulphide Project in New Brunswick - More
- December 02, 2011 | Item | ShareThis


Cayden Resources Commences Drilling at Quartz Mountain Silver-Gold Project and Provides Morelos Sur Gold Project Update - More
- December 02, 2011 | Item | ShareThis


Mariana Resources Presentation to the Swiss Resources Conference - More
- December 02, 2011 | Item | ShareThis


Corvus Gold Regains 100% Control of LMS and West Pogo Projects in Alaska - More
- December 02, 2011 | Item | ShareThis


Colossus Minerals to Present at Clarus Securities Inc. "Top of the Rocks" Investment Conference - More
- December 02, 2011 | Item | ShareThis


Malaga Announces Appointment of Pierre Monet as President and Chief Executive Officer - More
- December 02, 2011 | Item | ShareThis


Guerrero Now Listed and Trading on the Frankfurt Stock Exchange Trading Under the Symbol 2GU.F - More
- December 02, 2011 | Item | ShareThis


Silver Bull Announces $US 7.5 Million Non-Brokered Common Stock Offering With a $US 5 Million Lead Order by Coeur d'Alene Mines - "Silver Bull Resources, Inc. (AMEX: SVBL, TSX: SVB) ("Silver Bull") today announced that it has received commitments from various investors for the sale of 15,050,000 shares of common stock at a price of $US 0.50 per share, resulting in gross proceeds of $US 7,525,000 including the sale of 10,000,000 shares for gross proceeds of $US 5,000,000 to Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) ("Coeur d'Alene") and 1,055,000 shares to Silver Bull management and directors for gross proceeds of $US 527,500." More
- December 02, 2011 | Item | ShareThis


Excellon Provides Mexican Exploration Update and Exceeds November Production Targets at Platosa - "Excellon Resources Inc. (TSX: EXN.TO - News) ("Excellon" or "the Company") is pleased to report assay results for five new drill holes located near to but outside of the known massive sulphide mantos being exploited at Platosa and is also pleased to announce that it has significantly exceeded November's production targets." More
- December 02, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2011

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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.

 


-- Posted 2 December, 2011 | |


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