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Gold Seeker Weekly Wrap-Up: Gold and Silver End Mixed on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 28 February 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1324.60

-$5.90

+0.08%

Silver

$21.17

-$0.11

-2.93%

XAU

99.55

-0.53%

-3.24%

HUI

237.77

-0.49%

-3.20%

GDM

717.61

-0.49%

-2.60%

JSE Gold

1481.56

+8.99

-3.44%

USD

79.79

-0.50

-0.60%

Euro

138.00

+0.91

+0.44%

Yen

98.24

+0.36

+0.73%

Oil

$102.59

+$0.19

+0.38%

10-Year

2.658%

+0.016

-2.78%

Bond

134.53125

-0.125

+1.03%

Dow

16321.71

+0.30%

+1.36%

Nasdaq

4308.11

-0.25%

+1.05%

S&P

1859.45

+0.28%

+1.26%

 
 

 

The Metals:

 

Gold dropped $4.68 to $1325.82 in Asia before it rebounded to $1332.92 in London and then fell to as low as $1320.02 in New York, but it then rallied back higher in the last couple of hours of trade and ended with a loss of just 0.44%.  Silver slipped to $21.145 in Asia before it rebounded to $21.408 and then also fell back off, but it ended with a loss of just 0.52%.

 

Euro gold fell to about €960, platinum lost $7 to $1442.00, and copper fell slightly to about $3.19.

 

Gold and silver equities waffled near unchanged and ended slightly lower.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q4

2.4%

2.6%

3.2%

GDP Deflator

Q4

1.6%

1.3%

1.3%

Chicago PMI

Feb

59.8

56.0

59.6

Michigan Sentiment

Feb

81.6

81.5

81.2

Pending Home Sales

Jan

0.1%

0.8%

-5.8%

 

All of this week’s other economic reports:

 

Initial Claims - 2/22

348K v. 334K

 

Durable Goods - January

-1.0% v. -5.3%

 

Durable Goods -ex trans. - January

1.1% v. -1.9%

 

New Home Sales - January

468K v. 427K

 

Consumer Confidence - February

78.1 v. 79.4

 

FHFA Housing Price Index - December

0.8% v. -0.1%

 

Case-Shiller 20-city Index - December

13.4% v. 13.7%

 

Next week’s economic highlights include Personal Income and Spending, Core PCE Prices, the ISM Index, and Construction Spending on Monday, ADP Employment, ISM Services, and the fed’s Beige Book on Wednesday, Initial Jobless Claims, Productivity, Unit Labor Costs, and Factory Orders on Thursday, and February’s jobs data, the Trade Balance, and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil turned higher midday and ended with a modest gain on rumors of a shutdown at the Bakken oilfield.

 

The U.S. dollar index fell as the euro rose on higher than expected inflation in Europe that reduced expectations for more monetary stimulus from the ECB next week.

 

Treasuries fell as the Dow, Nasdaq, and S&P saw decent gains for most of the day on mixed economic data that points to decent growth along with continued fed stimulus, but stocks then fell back off in late trade and ended mixed on worries about Russia’s intervention in Ukraine.

 

Armed men take control of two airports in Ukraine The Irish Times

 

Among the big names making news in the market Friday were Mattel, Riverbed, Apple, PepsiCo, and Jos. A. Bank.

 

GATA Posts:

 

 

Mt. Gox files for bankruptcy, blames hackers for losses

London gold fix study shows signs of decade of manipulation by bullion banks

Koos Jansen: China's gold trade numbers broke all records in 2013

Free Lauri Love! Free Lauri Love!

 

The Statistics:

Activity from: 2/27/2014

Gold Warehouse Stocks:

7,177,093.566

-1,464.16

Silver Warehouse Stocks:

182,830,729.909

+405,861.62

 

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$34,264m

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$5,887m

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$474m

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: No change from yesterday’s data.

 

The Miners:

 

Banro’s (BAA) closed financing and Buenaventura’s (BVN) 2013 results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Primero

PPP +6.58% $6.48

2.  Solitario

XPL +5.41% $1.56

3.  Brigus

BRD +4.72% $1.11

 

LOSERS

1.  Northern Dynasty

NAK-32.89% $1.00

2.  Mines Management

MGN -7.48% $1.36

3.  Golden Minerals

AUMN-4.50% $1.06

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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: Friday, 28 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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