March 26, 2013 at 09:31 AM EDT
Major bear market for gold mining stocks.
Tuesday, March 26, 9:25 a.m. If you think gold bullion has been in a funk, it’s only down 16% since its record high in mid-2011, and hasn’t made a new low since 2012 in spite of its continuing struggles. But take a look at the gold-mining stocks where the product is that same gold bullion. [...]

Tuesday, March 26, 9:25 a.m.

If you think gold bullion has been in a funk, it’s only down 16% since its record high in mid-2011, and hasn’t made a new low since 2012 in spite of its continuing struggles.

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But take a look at the gold-mining stocks where the product is that same gold bullion.

They have been in a serious bear market since early 2011, down 41%, and in a clear pattern of lower highs and lower lows. (41% is the equivalent of a 6,000 point plunge by the Dow).

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Which is out of synch with reality the bullion or the mining stocks?

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Yesterday in the U.S. Market.

A down day on relatively light volume of 0.7 billion shares traded on the NYSE, 1.6 billion on the Nasdaq.

The Dow closed down 64 points, or 0.4%. The S&P 500 closed down 0.3%. The NYSE Composite closed down 0.5%. The Nasdaq closed down 0.3%. The Nasdaq 100 closed down 0.4%. The Russell 2000 closed down 0.1%. The DJ Transportation Avg. closed down 0.7%. The DJ Utilities Avg closed down 0.1%.

Gold closed down $2 an ounce at $1,604.

Oil closed up $.82 a barrel at $94.53.

The U.S. dollar etf UUP closed up 0.7%.

The U.S. Treasury bond etf TLT closed down 0.1%.

Yesterday in European Markets.

European markets closed down yesterday in reaction to the bank crisis in Cypress. The overall Europe Dow closed down 1.4%. Among individual countries, the London FTSE closed down 0.2%. The German DAX closed down 0.5%. France’s CAC closed down 1.2%. Belgium closed down 0.9%. Italy closed down 2.5%. Portugal closed down 1.2%. Spain closed down 2.3%. Russia closed down 1.1%.

Asian Markets were mixed Sunday night and again last night.

The Asia Dow closed up 0.9% Sunday night and down 0.3% last night.

Among individual markets last night:

Australia closed down 0.7%. China closed down 1.2%. Hong Kong closed up 0.3%. India closed up 0.1%. Indonesia closed up 1.3%. Japan closed down 0.6%. Malaysia closed up 0.5%. S. Korea closed up 0.3%. Singapore closed up 0.6%. Taiwan closed unchanged. Thailand closed up 1.3%.

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Markets This Morning:

European markets are mixed this morning. The Europe Dow is down 0.1%. Among individual countries the London FTSE is up 0.2%. The German DAX is up 0.3%. France’s CAC is up 0.6%. Norway is up 0.1%. Portugal is down 1.3%. Spain is down 1.5%. Switzerland is up 0.2%. Italy is down 0.6%. Russia is down 0.1%.

Oil is up $.97 a barrel at $95.78.

Gold is down $8 an ounce at $1,596.

This Morning in the U.S. Market:

This week will be a holiday-shortened week in the U.S. with the stock market closed on Friday for the Good Friday holiday. But it will still see quite a number of potential market-moving economic reports, including Durable Goods Orders, New Home Sales, Consumer Confidence, another revision to 4th quarter GDP, etc. To see the full list click here, and look at the left side of the page it takes you to.

Yesterday’s report was that the Chicago Fed’s National Business Index swung sharply back into positive territory in February, jumping to +0.44 from –0.49 in January. But the three-month moving average, which smooths out the monthly volatility, slid to a reading of +0.09 from +0.28 in January. And the Dallas Fed Mfg Index rose solidly in March, rising to 9.9 from 6.2 in February. The percentage of manufacturers reporting a decrease in production fell to its lowest level in two years.

This morning’s reports are that Durable Goods Orders jumped 5.7% in February, but thanks to a big spike in volatile monthly commercial aircraft orders after a big plunge in January. Excluding transportation orders durable goods orders actually declined 0.5%. And the Case-Shiller Home Price Index showed home prices edged up only 0.2% in January, but that was enough to have the year-over-year gain at 8.1%, better than forecasts.

Still to come are New Home Sales, and Consumer Confidence, both of which will be released at 10 a.m.

Our pre-open indicators improved with the reports.

Our Pre-Open Indicators:

Our pre-open indicators are pointing to the Dow being up 75 points or so in the early going this morning.

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