XAU registered its lowest close since April 16th, 2002 to close at XAU 70.27...down 6.6%... after 1 day rally fizzles...
charts-d.quote.com:443/1025670738660?User=demo&Pswd=demo&DataType=GIF&Symbol=INDEX:XAU.X&Interval=60&Permission=314515&Ht=400&Wd=600&Display=0&Study=&Param1=&Param2=&Param3=&FontSize=10
NYSE Spot Gold down another $1 to $312.90 after a recent shellacking.
kitco.com
Why?
The winds of change are upon us.
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Gold stocks falter, silver tempers gain
By Deborah Adamson, CBS.MarketWatch.com
NEW YORK (CBS.MW) -- Gold stocks couldn't get any traction on Tuesday while silver stocks tempered their earlier gains, reflecting the bifurcated performance of the underlying commodities.
The Philadelphia Gold & Silver Index ($XAU: news, chart, profile) slipped by 6.6 percent to 70.27. The CBOE Gold Index ($GOX: news, chart, profile) gave up 6 percent to a reading of 56.26 and the Amex Gold Bugs Index (HUI: news, chart, profile) was down by 5 percent to 125.54.
Gold for August delivery was down $1.20 to $313.20 an ounce. Comex gold inventories stood at 1.59 million ounces, unchanged.
September silver was up 6.2 cents, or 1.3 percent, to $4.95 an ounce. Comex silver inventories were down 628,324 ounces to 106 million ounces.
Silver, which had risen to as high as $5.005 an ounce earlier in the day, had rallied due to active fund buying, said David Meger, a metals trader at Alaron.
Silver is also bouncing back from recent lows after a sell-off at the end of last week, he said.
Meanwhile, gold inched up into positive territory in the morning but ceded ground later in the session as the dollar gained strength against the euro and the yen.
Not surprisingly, shares of gold producers lost ground while those of silver producers ended on a mixed note. Earlier in the session, silver stocks were up across-the-board.
Anglogold (AU: news, chart, profile) slipped $2.12 to $25.47. Agnico-Eagle Mines (AEM: news, chart, profile) lost $1.18 to $14.12. Barrick Gold (ABX: news, chart, profile) was down 74 cents to $18.44.
Freeport McMoRan Copper & Gold (FCX: news, chart, profile) gave up $1.17 to $17.05. Newmont Mining (NEM: news, chart, profile) was down $1.67 to $25.50. Placer Dome (PDG: news, chart, profile) slipped 79 cents to $10.86.
Goldcorp (GG: news, chart, profile) was down 95 cents to $9.90. Meridian Gold (MDG: news, chart, profile) gave up 98 cents to $16.37. Harmony Gold (HGMCY: news, chart, profile) slipped $1.01 to $13.76.
ASA Limited (ASA: news, chart, profile) dipped by 85 cents to $32.35. Gold Fields (GFI: news, chart, profile) gave up $1.34 to $11.66. Glamis Gold (GLG: news, chart, profile) was down 23 cents to $8.52.
Hecla Mining (HL: news, chart, profile) declined by 6 cents to $4.44. Coeur d'Alene Mines (CDE: news, chart, profile) was up 16 cents to $1.90. Apex Silver (SIL: news, chart, profile) dipped by 14 cents to $15.01.
Pan American Silver (PAAS: news, chart, profile) slid 21 cents to $7.86. Silver Standard (SSRI: news, chart, profile) was up by 11 cents to $6.20.
In other metals: September copper was down 1.2 cents to 76.25 cents a pound. Comex copper stocks added 410 short tons to 355,683.
October platinum slid by $1.50 to $524.10 an ounce while September palladium was down $1 to settle at $319.
Deborah Adamson is a reporter for CBS.MarketWatch.com in Los Angeles
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Gold should be alot higher and so should the XAU and the fact that it is not supports the theory of the impending rally.
Best Regards, J.T. |
