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Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 22 April 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1285.00

-$5.00

Silver

$19.45

+$0.03

XAU

90.62

+0.80%

HUI

221.35

+0.94%

GDM

656.57

+0.76%

JSE Gold

1488.69

-10.03

USD

79.90

-0.05

Euro

138.05

+0.12

Yen

97.442

-0.02

Oil

$102.13

-$2.24

10-Year

2.726%

+0.005

Bond

134.0625

+0.34375

Dow

16514.37

+0.40%

Nasdaq

4161.45

+0.97%

S&P

1879.55

+0.41%

 
 

 

The Metals:

 

Gold edged up to $1292.44 at about 8:30AM EST before it dropped down to $1278.91 in the next few hours of trade, but it then bounced back higher in afternoon trade and ended with a loss of just 0.39%.  Silver rose to $19.541 in London before it also fell back off in early New York trade, but it then rallied back higher into the close and ended with a gain of 0.15%.

 

Euro gold fell to about €930, platinum gained $0.15 to $1397.00, and copper climbed a couple of cents to about $3.06.

 

Gold and silver equities waffled near unchanged for most of the morning, but they then climbed steadily higher for most of the afternoon and ended with almost 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

FHFA Housing Price Index

Feb

0.6%

-

0.4%

Existing Home Sales

Mar

4.59M

4.60M

4.60M

 

Tomorrow brings New Home Sales for March expected at 455,000.

 

The Markets:

 

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

 

Oil fell over 2% on expectations for supply builds in tomorrow’s inventory reports.

 

The U.S. dollar index traded mostly slightly lower as the euro found slight gains ahead of tomorrow’s Euro-zone PMI data.

 

Treasuries traded mixed while the Dow, Nasdaq, and S&P rose on mostly positive earnings reports.

 

Among the big names making news in the market today were Netflix, Novartis and GSK, Valeant and Allergan, Travelers, Eli Lilly, Comcast, and McDonald’s.

 

The Commentary:

 

Goldman Sachs Saves Gold from Falling Apart

 

“Yes, you read that headline correctly, much to the chagrin of the GIAMATT crowd. What am I referring to? Answer - this morning, two analysts from that firm upgraded their recommendation on the precious metals mining sector to "Neutral" from "Sell". They cited " a more responsible use of shareholder wealth". I found that rather interesting to say the least.

What was even more interesting was the headline that the story came down the Dow Jones wire under: " Gold Miners Now Less Likely to Torch Your Money". While it is a serious matter to those who have been so hurt by investing in this sector, I had to chuckle at the caption that the reporter chose. I think it pretty much summed up the sentiment of many toward these miserable things.

It was this upgrade of the miners which kept gold from utterly collapsing below critical chart support centered around the $1280 level. Hedge fund selling leaned on the market early in the session with a couple of approaches to $1280 on decent volume. Price rebounded away from that support but could not manage to make much upward progress. A big push finally took it down through $1280 but with the gold miners refusing to follow, short covering took the price back up again.

Obviously, there is a fierce battle occurring over this chart level. Whichever side blinks first, is going to lose it. As mentioned in recent posts, speculators are becoming more interested in playing gold from the short side, although, I wish to reiterate, they remain net long still. They are selling while bullion banks are buying to cover shorts. Ignore any talk about this being a plot of the bullion banks to take gold lower therefore.

Hedge funds are already net short copper, very close, if not already there now, net short silver, and are reducing their net long exposure to gold. If the gold price cannot find its feet right here, right now, watch for increasing long side liquidation and a new wave of fresh shorting.

Here is a look at the gold chart.

 

Notice how it is flirting dangerously with that red line that has held it going back to early this month. If it cannot recover quickly, price should move to test $1260, and then $1240 if that were to fail. Again, were it not for that Goldman recommendation on the mining shares, we would not be talking about $1280 at this point but rather whether or not $1260 is going to hold. Those who keep with this non-stop gold is being manipulated lower by Goldman Sachs and JP Morgan talk would do well to thank them at this point for saving their investment account from even worse harm.

There is nothing gold for the bulls as far as any sort of upside potential unless gold were to push past $1320 for starters. We'll have to see how Asia responds to the move lower this evening. Last night was not exactly a stellar endorsement. Maybe picking up the metal another $7 - $10 lower will make a difference.

Incidentally, those Newmont Mining/Barrick merger rumors are continuing today.

It sure did not help gold any today watching crude oil get whacked lower. It is still trading above the $100/barrel level so it is not exactly falling apart but it does appear that the $105 ceiling is still very much intact.

In yesterday's post, I mentioned the planting progress or more properly, the lack thereof, in regards to corn. The "corn is never going to ever get planted this year" guys pounced all over that driving it back up above the $5.00 mark. That pressured beans as traders are concerned more farmers will have to shift to beans instead of corn. You will have to watch the weather forecasts to figure out which way these things will go from here on out.

Welcome to the start of grain trading season!

By the way, for those who enjoy inflicting pain upon themselves, try trading coffee if you are bored. After imploding early last week, it went flying upward on Thursday last week just about erasing the losses from the two previous trading sessions. It then fell yesterday but decided to rally over 7.5% today. In the process it managed to score a 9 week high. To put that in a bit of perspective - that is an over $4,200 move in a single contract in one day! Maybe tomorrow or Thursday it will give it all back up again. Seriously, unless you really know this particular market, leave it alone. I know a couple of guys who traded that stuff and ended up having it cost them their commodity trading career.

I mention it only as an example of just how wild and unpredictable these commodity futures markets have become on account of the computer generated buying and selling. It is the norm, not the exception. Remember that whenever you are tempted to swallow that "flash crash" nonsense that constantly surfaces whenever gold has a sharp move lower. These sorts of insane price swings are everywhere, in every market anymore.

Let's see how gold fares the rest of today. Perhaps I will post a more updated chart later this evening depending on how things go. Bulls are piggybacking on Goldman's recommendation to keep the price supported for now.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

The Statistics:

Activity from: 4/21/2014

Gold Warehouse Stocks:

7,991,301.135

+89,248.64

Silver Warehouse Stocks:

176,661,897.883

-27,003.57

 

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

792.139

25,468,060

US$32,759m

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$5,688m

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$460m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.38

1,298,180

US$1,686m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.996 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.41: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,282.78: +53.81 change from yesterday’s data.

 

The Miners:

 

Gold Resource’s (GORO) drill results and Polymetal’s (POLY.L) retained listing in London were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour Silver

EXK +5.93% $4.30

2.  Seabridge

SA +5.31% $7.92

3.  B2Gold

BTG +5.22% $2.82

 

LOSERS

1.  Sandstorm

SAND-3.49% $5.26

2.  Paramount

PZG -2.63% $1.13

3.  Richmont

RIC -2.20% $1.243

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, 22 April 2014 | E-Mail  | Print  | Source: GoldSeek.com

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