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Gold Seeker Closing Report: Gold and Silver End Slightly Higher
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 27 February 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1330.50

+$1.50

Silver

$21.28

+$0.04

XAU

100.08

-0.16%

HUI

238.96

-0.43%

GDM

721.19

-0.27%

JSE Gold

1472.57

-1.09

USD

80.29

-0.11

Euro

137.10

+0.24

Yen

97.97

+0.27

Oil

$102.40

-$0.19

10-Year

2.642%

-0.031

Bond

134.625

+0.53125

Dow

16272.65

+0.46%

Nasdaq

4318.93

+0.63%

S&P

1854.29

+0.49%

 
 

 

The Metals:

 

Gold dropped $5.05 to $1323.95 in late Asian trade before it rebounded to $1335.36 at about 10:30AM EST and then drifted back to $1326.99 in the next four hours of trade, but it then rallied back higher in late trade and ended with a gain of 0.11%.  Silver slipped to $21.002 in Asia before it bounced back to $21.485 in London and then chopped back lower in New York, but it still ended with a gain of 0.19%.

 

Euro gold fell towards €970, platinum jumped $23 to $1449, and copper fell slightly to about $3.20.

 

Gold and silver equities rose over 1% in the first hour of trade, but they then fell back off in early afternoon trade and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

2/22

348K

335K

334K

Durable Goods

Jan

-1.0%

-1.1%

-5.3%

Durable Goods -ex trans.

Jan

1.1%

-0.3%

-1.9%

 

Yellen Repeats Fed Likely to Continue Trimming Asset Purchases Bloomberg

 

Tomorrow brings GDP, Chicago PMI, Michigan Sentiment, and Pending Home Sales.

 

The Markets:

 

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

 

Oil edged lower on worries that unrest in Ukraine will slow economic growth in Europe.

 

The U.S. dollar index fell as the yen rose on safe haven buying.

 

Treasuries remained higher after today’s $29 billion 7-year note auction sold at a yield of 2.105% with a bid to cover of 2.72.

 

The Dow, Nasdaq, and S&P traded mostly higher on positive company reports.

 

Among the big names making news in the market today were Sears, Freddie Mac, Best Buy, Lego, IBM, and J.C. Penney.

 

The Commentary:

 

Yes indeed, the Dove of Doves is living up to her reputation as far as the gold market is concerned:

"Low inflation gives Fed room to pursue full employment".

What further, besides personally buying gold futures, could she have done to spook gold bears?

The spin being put on this is that the Fed will hold off on the tapering as they wait to see if the recent poor economic data is an anomaly due to the harsh, frigid winter weather or if it is becoming a trend.

Gold bulls are betting it is the latter.

For that matter, Dollar bears are too because back down the Dollar is going this morning and back up are going commodities in general. You could not have asked for a statement that would better clip yesterday's Dollar rally than that which Yellen supplied this morning. I sometimes get the idea that the Fed would love to see the Dollar even weaker - after all - they are not getting the inflation that they want to produce.

I have said it many times, the markets no longer are interested in fundamentals - they are interested in what the Fed may or may not do. I guess this is what free-market capitalism has degenerated into. Then again, with the rest of the decline in this nation, we should not be surprised to see this sort of thing.

America is rotting internally. Any observer from outside of the nation ( and those within who are attuned to these things ) can observe its rising degeneracy and ignorance. We are fast becoming a nation given totally over to hedonism at the expense of discipline, ethics, virtue and morality. Our national character is deteriorating and with that, so too are our various institutions. We are short-term oriented; the longer term consequences be damned.

The Fed's answer to any economic hiccup or slowdown, especially under Yellen, has been and always will be to pump liquidity into the system and artificially suppress interest rates in the hopes of spurring increased borrowing and further indebtedness. They have to because ours is a debt-based economy.

In the process of so doing however, they have created more misallocation of capital than all of the bone-headed decisions of hedge fund managers combined throughout our modern financial era. Big specs cannot be blamed for going with the Fed - after all they exist to make money from speculating. But if the Fed, particularly this Yellen-led Fed, is not careful, they are going to end up ruining the Dollar with this idiocy. Only the Dollar's reserve status has allowed the US to continue with its reckless spending and incessant borrowing. The more those authorities who are charged with maintaining its "value" undermine that value, the greater the possibility that the financial quality of life for the average US citizen comes under attack.

We are talking about the future of our children. Those who foolishly squander their birthright for a bowl of stew to satisfy the immediate lusts of Wall Street, are doing no service to the next generation.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Biggest gold ETF has first monthly inflow in over a year

Gold fix rigging may finance banker bonuses, Sprott says

 

The Statistics:

Activity from: 2/26/2014

Gold Warehouse Stocks:

7,178,557.726

+22,226.57

Silver Warehouse Stocks:

182,424,868.289

-411,667.06

 

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

803.704

25,839,887

US$34,413m

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$5,920m

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$477m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.25

1,326,273

US$1,676m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.24: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,204.36: +44.87 change from yesterday’s data.

 

The Miners:

 

Eurasian’s (EMXX) Advance Notice Policy, Exeter’s (XRA) corporate update, Primero’s (PPP) approved acquisition of Brigus Gold (BRD), and Silver Bear’s (SBR.TO) updated Preliminary Economic Analysis were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Mines Management

MGN +27.83% $1.47

2.  Allied Nevada

ANV +7.07% $5.30

3.  Avino

ASM +5.91% $2.15

 

LOSERS

1.  McEwen

MUX -3.69% $2.87

2.  AuRico

AUQ -2.76% $4.93

3.  Nevsun

NSU -2.57% $3.79

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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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2014

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.

 


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 -- Published: Thursday, 27 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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