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Gold Seeker Closing Report: Gold and Silver Fall About 1%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 4 March 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1335.10

-$16.30

Silver

$21.19

-$0.24

XAU

100.49

-0.50%

HUI

239.88

-0.81%

GDM

724.89

-0.79%

JSE Gold

1468.65

-63.73

USD

80.15

+0.07

Euro

137.38

+0.04

Yen

97.80

-0.80

Oil

$103.33

-$1.59

10-Year

2.691%

+0.084

Bond

133.84375

-1.34375

Dow

16395.88

+1.41%

Nasdaq

4351.97

+1.75%

S&P

1873.91

+1.53%

 
 

 

The Metals:

 

Gold fell almost $20 to $1331.79 at about 8AM EST before it bounced back higher in New York, but it still ended with a loss of 1.21%.  Silver slipped to as low as $21.045 and ended with a loss of 1.12%.

 

Euro gold fell under €972, platinum gained $3 to $1458, and copper climbed 4 cents to about $3.21.

 

Gold and silver equities traded mostly slightly lower and ended with modest losses.

 

The Economy:

 

Obama budget sets up election-year clash with Republicans Reuters

 

There were no major economic reports today.  Tomorrow brings ADP Employment, ISM Services, and the fed’s Beige Book.

 

The Markets:

 

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

 

Oil fell on easing worries about Russia and Ukraine that sent treasuries lower and the Dow, Nasdaq, and S&P higher.  The U.S. dollar index edged higher as the yen fell on increased risk appetite.

 

Among the big names making news in the market today were Dish, Apple, RadioShack, and Qualcomm.

 

The Commentary:

 

Apologies for the lack of commentary yesterday - a bit busy and worn out from trying to navigate the Ukranian-based volatility.

Watching the price action in gold last evening was an exercise in the difficulties in trading gold, or for that matter, any commodity futures markets, based on geopolitical events. They can be so volatile, so unpredictable, so fluid that those who overload their account with related positions run the very real, and unfortunately, all too frequent risk of having those positions turn against them without the least bit of warning.

The yellow metal dropped rather rudely last evening here in the US ( daytime in Ukraine). Moments later the news showed up on the wire services that Putin had seemed to dismiss the use of military force ( for the moment) in dealing with the situation on the ground in the Crimea region. That sent gold bulls packing faster than one can say: "Oligopoly". Dip buyers did show up later in the session however as the situation is quite fluid.

AS a side note - buying PHYSICAL gold because one has been told that a nuclear WWIII is just around the corner as some are now claiming ( personally I dismiss this altogether) might make sense to some but for goodness sake, do not go piling into the highly leveraged Gold futures market at the Comex based on those sorts of wild claims. You will inevitably ending up buying at the highs while the market then drops off leaving you stranded and with deep losses.

I have already gone on record in the comments section here but might as well go on record on the "front page" as stating that my suggestion is that the West should stop meddling in Russia's back yard and get behind a national referendum there in Ukraine to split the region into two parts with the Eastern half being given the option to remain under Russia's umbrella while the Western half can drift into the sphere of European influence. My guess is that such a vote would pass. Russia would retain its warm water port on the Black Sea and the Western half could then get bailed out by Germany, who would more than likely be sorry that they adopted it as Ukraine is an economic basket-case. The US itself has NO strategic interest, especially in the Crimea region.

While chart technical levels are important to watch in trading, geopolitical events tend to make buying solely on chart patterns very tricky for the reasons stated above. Let me leave it at that for now. Traders, if you are going to stick your neck out and trade this yellow metal right now, do yourself a favor and stick your mouse hand in a bowl of icy water until it goes numb and you cannot move it. There are better opportunities without the risk of staying awake for endless hours out there.

This is one time when the physical gold buyers can sleep much better. If things happen to escalate and tensions get higher, they have their metal in hand. If things calm down, they still have their metal in hand. Traders on the other hand, can easily end up battered and bruised as no one knows how these events will unfold, contrary to the many confident and reckless predictions that now abound.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Shilling discovery could rewrite Canadian history

Gold coin hoard found in California may have been from theft at SF Mint in 1900

Koos Jansen: India's silver imports up 189% even as smuggled gold is abundant

Russia threatens default to U.S. banks, dumping of U.S. bonds

 

The Statistics:

Activity from: 3/03/2014

Gold Warehouse Stocks:

7,134,020.058

-

Silver Warehouse Stocks:

182,763,118.299

+704,130.26

 

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$34,857m

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$5,942m

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$480m

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: 164.57: +0.33 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,168.47: -35.89 change from yesterday’s data.

 

The Miners:

 

Claude’s (CGR) closed project sale and Fresnillo’s (FRES.L) 2013 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Turquoise

TRQ +5.79% $3.84

2.  Rio Alto

RIOM +5.31% $2.28

3.  Gold Resource

GORO +4.04% $5.41

 

LOSERS

1.  AuRico

AUQ -4.62% $4.75

2.  Gold Fields

GFI -3.74% $3.60

3.  MAG Silver

MVG -3.32% $8.15

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: Tuesday, 4 March 2014 | E-Mail  | Print  | Source: GoldSeek.com

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