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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, 7 March 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1339.20

-$11.10

+1.10%

Silver

$20.89

-$0.58

-1.32%

XAU

100.63

-2.44%

+1.08%

HUI

242.43

-1.66%

+1.96%

GDM

727.81

-1.94%

+1.42%

JSE Gold

1524.95

+17.69

+2.93%

USD

79.72

+0.04

-0.09%

Euro

138.72

+0.10

138.72%

Yen

96.79

-0.18

-1.48%

Oil

$102.58

+$1.02

-0.01%

10-Year

2.790%

+0.053

+4.97%

Bond

132.65625

-0.625

-1.39%

Dow

16452.72

+0.19%

+0.80%

Nasdaq

4336.22

-0.37%

+0.65%

S&P

1878.04

+0.05%

+1.00%

 
 

 

The Metals:

 

Gold edged down to $1346.45 in Asia before it rebounded to $1352.69 at about 8:20AM EST and then dropped back to as low as $1329.28 after this morning’s jobs report was released, but it then rallied back higher in the last four and a half hours of trade and ended with a loss of just 0.82%.  Silver slumped to as low $20.769 before it also rallied back higher, but is still ended with a loss of 2.7%.

 

Euro gold fell to under €966, platinum lost $2 to $1479, and copper fell 13 cents to about $3.08.

 

Gold and silver equities fell over 2% in the first half hour of trade before they bounced back higher at times, but they still ended with about 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Feb

175K

163K

129K

Unemployment Rate

Feb

6.7%

6.6%

6.6%

Hourly Earnings

Feb

0.4%

0.2%

0.2%

Average Workweek

Feb

34.2

34.4

34.3

Trade Balance

Jan

-$39.1B

-$37.3B

-$39.0B

Consumer Credit

Jan

$13.7B

$11.8B

$18.8B

 

The BLS net birth/death adjustment added 124,000 payrolls to February’s data. Private Payrolls rose 162,000.

 

All of this week’s other economic reports:

 

Factory Orders - January

-0.7% v. -2.0%

 

Productivity - Q4

1.8% v. 3.2%

 

Unit Labor Costs - Q4

-0.1% v. -2.0%

 

Initial Claims - 3/01

323K v. 349K

 

ISM Services - February

51.6 v. 54.0

 

ADP Employment - February

139K v. 127K

 

Construction Spending - January

0.1% v. 1.5%

 

ISM Index - February

53.2 v. 51.3

 

Personal Income - January

0.3% v. 0.0%

 

Personal Spending - January

0.4% v. 0.1%

 

PCE Prices - Core - January

0.1% v. 0.1%

 

Next week’s economic highlights include Wholesale Inventories and JOLTS job openings data on Tuesday, the Treasury Budget on Wednesday, Initial Jobless Claims, Retail Sales, Export and Import Prices, and Business Inventories on Thursday, and PPI and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil rose along with the U.S. dollar index on decent jobs data that sent treasuries lower.

 

The Dow, Nasdaq, and S&P ended near unchanged in mixed trade.

 

Among the big names making news in the market Friday were Safeway, Ford, and Twitter.

 

The Commentary:

 

Yes, the dreaded curse has struck the yellow metal once again on a payrolls Friday. These volatile numbers are big market movers and today they did so again as the number came in better than expected. Keep in mind that gold has drawn strong buying support from the PREVIOUS TWO reports which their much worse than expected job hirings. Those reports gave rise to the thinking that the Fed, which by its own admission is going to be heavily relying on economic data to determine its approach to the tapering plans, was going to either slow the rate of tapering or cut it altogether.

I mentioned at that time that the weather was having a big impact on the data. The cold was a RECORD and that cannot be ignored as it makes sense that it was going to have at least some impact on those affected by it. Thus, there was a great deal of uncertainty surrounding these numbers. To draw too dogmatic of a conclusion from them was therefore unwise and premature. Even after today's numbers, I still want to see the next month's numbers to see if we are going to get a trend or these reports are just anomalies.

But for RIGHT NOW, those who were leaning heavily on the idea that the payrolls situation was quickly deteriorating and that the Fed was on hold were caught leaning way too hard to one side and got blindsided. The result - a plethora of sell orders from panicked longs.

This is what I meant when I said to be extremely careful if you cannot stop yourself from trading the metal on the Comex right now. It is just so volatile because no one knows for sure exactly what the Fed may or may not do. Everyone is guessing based on their take on the various economic reports. If they get it right - they are heroes; if they get it wrong - they are zeroes.

The mechanics of this are really quite simple - interest rates went back on the Ten Year - that brought some support ( buying support which has been missing of late) into the US Dollar and this derailed the metals.

I am also noting that once again Dr. Copper is getting hammered lower due to credit-related fears out of China. I have been beating that dead horse for some time now but copper has not been confirming the move higher across a large segment of the commodity markets. It is down nearly 4% today alone crashing through chart support in the process. Unless is can stage a quick recovery prior to the close of trading today, it is on course to put in the lowest weekly close since July of last year...

Keep this in mind particularly when you read the silver perma bulls talking about price manipulation. Silver is both a precious metal and an industrial metal and I have rarely seen it moving higher when copper is sinking lower.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

After 20 years, gold salvage operations to resume at wreck of SS Central America

RT's 'Boom/Bust' interviews GoldMoney's James Turk

If only the Bank of England could get interested in beer price suppression

New CFTC chief supports commodity speculation limits

London gold fix could use some transparency, Scotia CEO says

The Economist finally has to note complaints of gold price rigging

If you're sore about the London gold fixing, contact Berger & Montague

 

The Statistics:

Activity from: 3/06/2014

Gold Warehouse Stocks:

7,136,559.822

+3,118.55

Silver Warehouse Stocks:

182,327,006.559

-912,355.84

 

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$34,487m

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$5,949m

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

40.64

1,306,485

US$1,758m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.14: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,164.74: No change from yesterday’s data.

 

The Miners:

 

Timmins Gold’s (TGD) 2013 results and Coeur’s (CDE) offering of senior notes were the only big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  AuRico

AUQ +0.41% $4.88

2.  Harmony

HMY +0.30% $3.33

3.  AngloGold

AU +0.16% $18.62

 

LOSERS

1.  NovaGold

NG -6.50% $4.03

2.  Golden Minerals

AUMN-6.48% $1.01

3.  Freeport

FCX -4.85% $32.19

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: Friday, 7 March 2014 | E-Mail  | Print  | Source: GoldSeek.com

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