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Gold Seeker Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold-Seeker.com

 -- Published: Monday, 28 April 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1296.60

-$6.10

Silver

$19.59

-$0.12

XAU

91.65

-2.08%

HUI

223.84

-2.23%

GDM

664.51

-1.69%

JSE Gold

1564.43

+15.48

USD

79.71

-0.05

Euro

138.50

+0.15

Yen

97.57

-0.31

Oil

$100.84

+$0.24

10-Year

2.677%

+0.011

Bond

134.4375

-0.50

Dow

16448.74

+0.53%

Nasdaq

4074.40

-0.03%

S&P

1869.43

+0.32%

 
 

 

The Metals:

 

Gold saw slight gains in Asia before it edged down to $1299.39 at about 8AM EST and then rebounded to $1303.70 in the next hour of trade, but it then fell to a new session low of $1292.51 by late morning in New York and ended with a loss of 0.47%.  Silver slipped to as low as $19.498 and ended with a loss of 0.61%.

 

Euro gold fell to about €936, platinum lost $1.75 to $1415, and copper remained at about $3.10.

 

Gold and silver equities fell about 2% in the first hour of trade and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Pending Home Sales

Mar

3.4%

1.0%

-0.5%

 

Tomorrow brings the Case-Shiller 20-city Index and Consumer Confidence.

 

The Markets:

 

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

 

Oil held above $100 a barrel and the U.S. dollar index remained lower after a new round of U.S. sanctions on Russia for its actions in Ukraine.

 

Treasuries fell on better than expected housing data.

 

The Dow, Nasdaq, and S&P rose at the open on deal making news and positive company reports, but stocks then fell back off midday and ended mixed on worries about future developments in Ukraine.

 

Among the big names making news in the market today were Pfizer and AstraZeneca, Comcast, Energy Transfer Partners, BofA, and Forest Labs.

 

The Commentary:

 

Speak Loudly and Carry a Wet Noodle

 

That pretty much sums up the market's reaction to the announcement of a new set of "sanctions" unveiled by the current administration against Russian President Vladimir Putin and Russia over events in Ukraine.

Sellers in gold wasted no time in declaring their view of the "strong message" (note sarcasm here) being sent to Russia proceeding to knock it back down below the $1300 level.

Further aiding the move lower was the heavy selling in Newmont and more weakness in Barrick over the announcement that any merger between the two was off the table for now.

The Yen also moved lower signaling the absence of any safe haven play as bonds also moved lower. Equities are moving in and out of positive territory as I type these comments. Safe havens are on hold, at least for today. There remains a great deal of volatility with short term technical factors dominating trading today.

I mentioned last Friday that I do not believe gold has much upside here because at this time I do not see events in Ukraine spreading outside of that region. If the market felt like those events could be a harbinger of more to come, gold would be much stronger. That it is not, is evidence enough that while the situation remains tense, most do not see it spreading beyond that region. Rallies in gold are therefore attracting selling even as dips lower are attracting buying from some due to the ongoing geopolitical developments. As stated so many, many times here now, buying gold due to geopolitical events is extremely risky. You have no idea what might or might not happen and thus it is entirely a crapshoot. That is not trading; it is not investing either for that matter; it is gambling. If you want to gamble, head to Las Vegas or Reno - at least they have some great looking showgirls while you are losing your money.

Corn continues to attract buying as traders are concerned over the slow start to planting this year. Also, the cool, wet conditions have raised concerns about poor germination of those crops which have been seeded. Soil temps are not warm enough and the market wants to see more sunshine.

This past Friday's Cattle on Feed report was considered friendly to the market as it caught some by surprise who were expecting to see larger numbers moving ahead. Feeder cattle continue to make all time highs as most small specs are caught on the short side and are getting squeezed out in a brutal fashion. How some of these guys paying the kinds of prices that they are for feeders are going to be able to make any money on them is a big mystery to me but that does not seem to be impacting things at the moment. Hogs are bleeding out of some the premium in there as traders take a "show me" attitude towards the slaughter numbers and the impact from the PED virus.

Crude oil continues weak in today's session further retreating from the double top near the $105 level.

Silver has once again attracted selling as it neared $20. It remains stuck in a narrow range between that level and $19 on the bottom.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Barrick Gold says Newmont terminates takeover talks

Lars Schall interviews Bill Kaye about gold suppression and the aftermath

U.S. Justice Department raises stakes in forex probe

TF Metal Report: Whistling past the graveyard

 

The Statistics:

Activity from: 4/25/2014

Gold Warehouse Stocks:

8,023,365.045

+32,063.91

Silver Warehouse Stocks:

175,146,307.071

-946,701.466

 

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$33,069m

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$5,749m

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$465m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.85

1,313,498

US$1,688m

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

 

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: No change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) terminated merger discussions with Barrick (ABX), Eurasian’s (EMXX) Stock Option Plan, Randgold’s (GOLD) mining code in Cote d'Ivoire and mine progress in the Ivory Coast, and Kirkland’s (KGI.TO) gold reserve and resource estimates were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Mines Management

MGN +4.07% $1.28

2.  Nevsun

NSU +3.32% $3.59

3.  Buenaventura

BVN +0.94% $12.86

 

LOSERS

1.  Newmont

NEM-6.77% $24.67

2.  Alexco

AXU -6.11% $1.23

3.  NovaGold

NG -5.19% $3.47

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

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