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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 3% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 14 March 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1381.00

+$9.40

+3.12%

Silver

$21.41

+$0.24

+2.49%

XAU

106.20

+0.85%

+5.54%

HUI

258.27

+0.52%

+6.53%

GDM

767.07

+0.40%

+5.39%

JSE Gold

1653.13

+47.28

+8.41%

USD

79.43

-0.17

-0.36%

Euro

139.08

+0.38

+0.26%

Yen

98.73

+0.48

+2.00%

Oil

$98.89

+$0.69

-3.60%

10-Year

2.645%

-0.008

-5.20%

Bond

135.0625

+0.21875

+1.81%

Dow

16065.67

-0.27%

-2.35%

Nasdaq

4245.39

-0.35%

-2.09%

S&P

1841.13

-0.28%

-1.97%

 
 

 

The Metals:

 

Gold waffled near unchanged in Asia before it jumped to as high as $1387.88 at about 9:30AM EST and then fell back to $1373.51 in the next two and a half hours of trade, but it then rallied back higher into the close and ended with a gain of 0.68%.  Silver rose to as high as $21.771 and ended with a gain of 1.13%.

 

Euro gold rose to about €993, platinum lost $10.50 to $1463, and copper climbed 4 cents to about $2.96.

 

Gold and silver equities traded about 1% higher for most of the morning before they fell back to unchanged at about midday, but they then edged back higher in afternoon trade and ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

PPI

Feb

-0.1%

0.2%

0.2%

Core PPI

Feb

-0.2%

0.1%

0.2%

Michigan Sentiment

Mar

79.9

82.0

81.6

 

All of this week’s other economic reports:

 

Treasury Budget - February

-$193.5B v. -$203.5B

 

Import Prices - February

0.9% v. 0.4%

 

Import Prices ex-oil - February

-0.2% v. 0.3%

 

Export Prices - February

0.6% v. 0.2%

 

Export Prices ex-ag. - February

0.6% v. 0.2%

 

Retail Sales - February

0.3% v. -0.6%

 

Retail Sales ex-auto - February

0.3% v. -0.3%

 

Initial Claims - 3/08

315K v. 324K

 

JOLTS - Job Openings - January

3.974M v. 3.914M

 

Wholesale Inventories - January

0.6% v. 0.4%

 

Next week’s economic highlights include Empire Manufacturing, Net Long-Term TIC Flows, Capacity Utilization, Industrial Production, and the NAHB Housing Market Index on Monday, Housing Starts, Building Permits, and CPI on Tuesday, the Current Account Balance and a FOMC Rate Decision on Wednesday, and Initial Jobless Claims, Existing Home Sales, the Philadelphia Fed, and Leading Economic Indicators on Thursday.

 

The Markets:

 

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

 

Oil rose on an increased demand estimate from the IEA.

 

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

 

Treasuries found modest gains as the Dow, Nasdaq, and S&P traded mostly lower on worries about Ukraine.

 

Among the big names making news in the market Friday were BofA, Citigroup, Credit Suisse, Aeropostale, General Mills, Sony, AIG, Xapo, BP, and Facebook.

 

The Commentary:

 

“I have made no secret of the fact that I am most concerned about a wave of credit/debt issues coming to China sooner rather than later. As a matter of fact, Dr. Copper has been accurately forecasting this for longer than many of the so-called expert analysts.

 

While I view this development as a deflationary force globally, which should pressure certain key commodity markets, it also seems to be one of the factors bringing some safe haven buying into the gold market at the current time.

 

My own view is that if there were another deflationary wave that might threaten to engulf the world economy again, gold would struggle in such an environment. This view is based off of what happened to the metal during the outbreak of the credit crisis here in the US in the summer of 2008.

 

However, back then the Dollar was the recipient of strong safe haven flows. Thus far we are not seeing that and that is why gold continues to remain resilient in the face of these deflationary news. For now, gold is benefitting from nervous equity investors seeking a safe haven from unsettling winds that are buffeting the global economy.

 

Here is the headline from the article I suggest you read:

 

China's Li Keqiang warns investors to prepare for wave of bankruptcies- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Bundesbank's president says it aims to hasten gold repatriation

 

The Statistics:

Activity from: 3/13/2014

Gold Warehouse Stocks:

7,104,660.431

-34,879.71

Silver Warehouse Stocks:

182,837,463.770

-432,578.92

 

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

813.296

26,148,277

US$36,197m

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$6,111m

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$494m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.63

1,306,427

US$1,756m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.098 tonnes.

 

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:

 

Royal Gold’s (RGLD) Board election, Golden Star’s (GSS) filed technical report, B2Gold’s (BTG) fourth quarter results, and Great Panther’s (GPL) regained possession of its administration building and plant facility were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  NovaGold

NG +5.30% $4.57

2.  Alexco

AXU +5.21% $2.02

3.  Tanzanian Royalty

TRX +4.14% $2.77

 

LOSERS

1.  Almaden

AAU -6.13% $1.53

2.  Mines Management

MGN -5.84% $1.29

3.  B2Gold

BTG -3.43% $3.10

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

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