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

 -- Published: Wednesday, 26 March 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1301.00

-$10.80

Silver

$19.75

-$0.25

XAU

90.81

-3.93%

HUI

219.52

-3.73%

GDM

654.31

-3.64%

JSE Gold

1476.95

-45.35

USD

79.97

+0.03

Euro

137.92

-0.33

Yen

98.16

+0.27

Oil

$100.26

+$1.07

10-Year

2.701%

-0.034

Bond

133.625

+0.5625

Dow

16286.99

-0.60%

Nasdaq

4173.57

-1.43%

S&P

1852.56

-0.70%

 
 

 

The Metals:

 

Gold edged up to $1316.29 at about 7:30AM EST, but it then fell to as low as $1298.89 in New York and ended with a loss of 0.82%.  Silver slipped to as low as $19.684 and ended with a loss of 1.25%.

 

Euro gold fell to about €943, platinum lost $7.80 to $1408.20, and copper fell a few cents to about $2.97.

 

Gold and silver equities fell throughout most of trade and ended with almost 4% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Durable Goods

Feb

2.2%

1.0%

-1.3%

Durable Goods -ex trans.

Feb

0.2%

0.3%

0.9%

 

U.S. mortgage applications fell last week: MBA Reuters

 

Tomorrow brings Initial Jobless Claims, GDP, and Pending Home Sales.

 

The Markets:

 

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

 

Oil climbed back above $100 a barrel after the Energy Information Administration reported that crude stockpiles rose 6.6 million barrels, gasoline inventories fell 5.1 million barrels, and distillates rose 1.6 million barrels.

 

The U.S. dollar index saw slight gains as the euro fell on talk of more stimulus from the ECB.

 

Treasuries added to early gains after today’s $35 billion 5-year note auction sold at a yield of 1.715% with a bid to cover of 2.99.

 

The Dow, Nasdaq, and S&P erased early gains and ended notably lower on renewed worries about Ukraine.

 

Among the big names making news in the market today were Nissan, Boeing, GM, Facebook, and King.

 

The Commentary:

 

The chatter in the Forex markets today centered around the comments of Bundesbank President Weidman who seemed to be concerned about the low level of inflation in the Euro Zone. Throw in the comments of some other major European Central Bankers and that hit the Euro as talk grew that the ECB was moving in the direction of its own version of Quantitative Easing.

Over here in the US Fed Governor Charles Plosser (head of the Phillie Fed) commented that the hurdle to change course on the Fed's plan to taper was "pretty high". By the way, he was concerned that inflation was currently a little low and that he would actually like to see it creep up a bit! How's that for some candid talk?

This sort of stuff, coming from Central Bankers in the West, along with further weakness in the mining shares, was enough to pull the rug out from underneath those buying gold out of any Dollar weakness concerns. If rates in Europe are not going up anytime soon and if the Fed is continuing its current tapering plans, then Gold has those headwinds to contend with.

If that were not enough, copper prices continued to fall lower today out of worries over the health of the Chinese economy. What really has the market roiled however is that persistent weakness in the Yuan. That makes copper more expensive to purchase for Chinese buyers. In a market already experiencing demand issues, that is not helpful.

There is a bit of chatter however that the economy over there is weakening to the point where the Chinese authorities may soon try to do something to generate some growth. Who knows exactly what that might be but it was enough, at this point, to prevent copper from falling any lower. Copper is holding about last week's spike low near 2.87 for now. I would be concerned if it broke down below there as the odds would increase that silver is not going to hold support down near $19 if that were the case. Silver has become a teenager once again.

Here is the chart of gold. As you can see, the bears have regained control of the market on the short term chart. Notice how the price consolidated the last couple of days near the 38.2% Fibonacci retracement level indicated. Then today, it fell below that and as of now, has not yet recovered.

 

It did manage to hold above psychological chart support at the $1300 level. Bulls would not want to lose that as it would further shift the sentiment in the market in favor of the bears. If $1300 goes, then look for a test of the 50% retracement level near $1287. Bulls need to recapture $1340 to gain any sort of traction right now. They certainly need some help from the miners which are down over 2% as I type these comments ( basis HUI).

The US Dollar Index needs to clear 80.50 to run out some of the recent shorts. If it does, gold will more than likely be unable to hold support on the downside. We will have to monitor developments in the currency markets to get a sense of whether or not that is going to be the case.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

European Central Bank now considering even negative interest rates

Gold market manipulation update, March 2014

Americans can't retire as Bill Gross sees 'financial repression'

Bundesbank seen softening on bond monetization in Europe

 

The Statistics:

Activity from: 3/25/2014

Gold Warehouse Stocks:

7,506,421.262

+71,338.429

Silver Warehouse Stocks:

181,604,771.116

-131,963.628

 

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

818.770

26,324,271

US$34,314m

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$5,781m

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$467m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.03

1,286,952

US$1,690m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.697 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:

 

Goldcorp’s (GG) completed sale of Primero shares, Freeport’s (FCX) dividend, Turquoise Hill’s (TRQ) 2013 results, Ivanhoe’s (IVN) PEA, Lake Shore’s (LSG) drill results, and Newmont’s (NEM) output in Indonesia were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Solitario

XPL +3.15% $1.31

2.  Tanzanian Royalty

TRX +2.82% $2.19

3.  Timmins

TGD +1.59% $1.28

 

LOSERS

1.  Alexco

AXU -11.99% $1.54

2.  Allied Nevada

ANV -10.63% $4.54

3.  Mines Management

MGN-10.33% $1.085

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: Wednesday, 26 March 2014 | E-Mail  | Print  | Source: GoldSeek.com

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