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Gold Seeker Closing Report: Gold and Silver Fall Over 1.5%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Monday, 24 March 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1309.50

-$23.40

Silver

$19.98

-$0.31

XAU

93.91

-4.66%

HUI

226.53

-3.99%

GDM

677.38

-3.99%

JSE Gold

1508.95

-65.05

USD

79.91

-0.18

Euro

138.39

+0.46

Yen

97.87

+0.06

Oil

$99.60

+$0.14

10-Year

2.733%

-0.017

Bond

133.5625

+0.0625

Dow

16276.69

-0.16%

Nasdaq

4226.38

-1.18%

S&P

1857.44

-0.49%

 
 

 

The Metals:

 

Gold dropped $24.27 to $1308.00 by midafternoon in New York before it bounced back higher in the last hour of trade, but it still ended with a loss of 1.76%.  Silver slipped to as low as $19.927 and ended with a loss of 1.53%.

 

Euro gold fell to about €946, platinum lost $12 to $1420.00, and copper remained at about $2.95.

 

Gold and silver equities fell over 4% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

U.S. March factory activity growth slows slightly: Markit Reuters

 

Tomorrow brings the Case-Shiller 20-city Index, the FHFA Housing Price Index, Consumer Confidence, and New Home Sales.

 

The Markets:

 

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

 

Oil ended slightly higher on supply concerns after a collision between two vessels caused a spill into the Houston Ship Channel.

 

The U.S. dollar index reversed early gains and ended lower as the euro climbed higher in late trade on optimism that the situation in Ukraine will not escalate any further.

 

Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower on a poor reading from Markit’s manufacturing index.

 

Among the big names making news in the market today were Cisco, JPMorgan, Apple and Comcast, Alibaba, Herbalife, and Nu Skin.

 

The Commentary:

 

Last Friday's COT report showed a fairly large build in new longs among the hedge fund community. Unfortunately for them, those new longs BOUGHT HIGH and ended up SELLING LOW; not a particular good way to impress their clients.

Nearly all of those new longs were immediately under water as soon as the FOMC issued its statement last week. That and the fact that WWIII did not break out, as many of the perma gold bugs were predicting, was enough to turn the momentum back and that did it for the momentum-based funds. They are now selling.

In looking at the Daily Chart, it has now turned negative once again with the loss of downside support near $1320. Gold has currently encountered a bit of buying support at the 38.2% Fibonacci retracement level from the $1180 low to the recent high shy of $1400. Failure to hold here, and a test of PSYCHOLOGICAL support (there is nothing as far as Technical chart support about this level ) at the $1300 will be shortly in order.

If that is not enough to bring in dip buyers, then the next logical chart level that I can see is closer to $1287.

The ADX turned down last week suggesting a halt in the recent uptrend. That has certainly been confirmed with the crossover by the Directional Movement Lines. The Bears have now seized control of the market once again. We will have to see whether or not the Bulls can seize it back again but they are going to have to resurface very, very soon and at a bare minimum recapture $1340 - $1345 to run out some of the new shorts.

 

If you notice, the short-term uptrend line has also been broken.

Silver is actually holding up better than gold today as it thus far seems reluctant to move below $20 for any length of time. It might be drawing some stability from the fairly steady copper market.

Mining shares are of no help whatsoever to the entire metals complex at this point. There is a zone of congestion on the HUI chart between 210 - 220. That index looks like it is headed there. So far the miners are down nearly 4% today.

By the way, bonds are getting some money flows into them today. Interest rates have dropped a wee bit on the Ten Year to 2.737 as I type these comments.

Not much else to say except the week has started off poorly for gold bulls. Maybe it will end better.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

“My Dear Friends,

 

Chair Yellen has placed herself between the rock of recession and the hard place of playing the hawk. A global recession cannot produce an isolated USA, but rather underscore the heart of the recent US economic figures as a reflection of an insular American economy following the world back into recession, not entirely extremely cold weather related. You might note that China has not had as much of a weather problem yet and is experiencing degrees of contraction in the spectacular rate of growth previously present.

 

The idea that stimulation, even if only in form but not reality, can be withdrawn without draconian economic results is simply false. Chair Yellen is truly dedicated to full employment and is going to go into shock over the next few short months at the divergence between her economic modeling, the behavioral economic projections and the degree of economic contraction in the US. She will revert to her long standing dovish viewpoint of the mandate of the Federal Reserve and move this hyper stimulation (4 trillion) into a higher gear than before.

 

Both the stock market and the gold market will reflect this in substantively higher prices. One should never forget that the wheels of the equity markets and gold is liquidity, which represents debt presently and nothing more.

 

I am presently 13 hours ahead of you in Hong Kong looking out of my window in contemplation of mainland China where nothing has changed. China may look like a free enterprise exercise, but it is far from it. This is a Maoist country that will handle a contraction of its economic activity in a much different way than the hoards of Ivy League analysts populating Wall Street, the City and the Bahnhofstrasse believe. There will be a unified pulling together of the economic function to prevent the dire circumstances the uninformed love to paint China with and have been for the better part of a generation now.

 

The only asset to survive and appreciate in the period of the great leveling now in progress in the West is Gold. That is understood at a level of POLICY here in the East. Gold is not being bought here in the physical market as an investment decision but rather as a policy decision. It is clearly understood that gold is for saving and not for speculation as the eventual failure of the paper gold market will prove.

 

As we move out of the Great Leveling 2016 into the Great Reset of 2020 gold will have preserved the buying power of those courageous enough to hold and when possible add to their positions. Companies holding gold free of the tentacles of the West will prosper accordingly.

 

The developments in Crimea are a well timed stratagem to prevent the adoption of the TITT Treaty that no one wants which has the ability to turn Euroland into a dollar dependent trading area. The Baroness and Mr. O’Sullivan have more to do with ongoing events in the Crimea than the organized and false demonstrations are blamed for.

 

The US dollar knows this and can be seen to have lost its snap back mojo from below the .80 level of the USDX to the mid .80s. It is even struggling today as the stratagem to bring down the Euro has been trumped by the ongoing move of Putin.

 

Stay the course in gold and you will benefit mightily.

 

Sincerely,”- Jim Sinclair, JSMineset.com

 

GATA Posts:

 

 

Rickards: China slammed gold down, Bundesbank wants suppression, not repatriation

GATA Chairman Murphy interviewed by The Daily Bell

Gene Arensberg's Got Gold Report: Hedge funds getting longer in gold

John Browne: Gold's fundamentals may be starting to overcome market manipulation

Zero Hedge: How China imported all that gold without exploding the price

Clamor for devaluation to boost industry in Britain

Top 10 nations stockpiling gold

 

The Statistics:

Activity from: 3/21/2014

Gold Warehouse Stocks:

7,488,299.822

+192,732.691

Silver Warehouse Stocks:

182,571,443.810

+25,941.78

 

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

816.972

26,266,456

US$35,081m

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$5,824m

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$470m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.03

1,287,107

US$1,783m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.196 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.14: No change from yesterday’s data.

 

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

 

The Miners:

 

Centamin’s (CEE.TO) year end results and SilverCrest’s (SVLC) year end results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNER

1.  Tanzanian Royalty

TRX +0.47% $2.13

 

LOSERS

1.  Alexco

AXU -15.81% $1.81

2.  SilverCrest

SVLC-12.25%$1.79

3.  Great Panther

GPL -11.21% $1.03

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: Monday, 24 March 2014 | E-Mail  | Print  | Source: GoldSeek.com

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