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Gold Seeker Weekly Wrap-Up: Gold and Silver End Slightly Lower on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 2 May 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1298.30

+$13.40

-0.34%

Silver

$19.45

+$0.39

-1.32%

XAU

92.79

+2.21%

-0.56%

HUI

226.34

+1.92%

-0.06%

GDM

673.20

+1.83%

+0.37%

JSE Gold

1545.78

-5.92

-1.19%

USD

79.51

-0.02

-0.31%

Euro

138.71

+0.03

+0.27%

Yen

97.83

+0.08

-0.07%

Oil

$99.76

+$0.34

-2.75%

10-Year

2.591%

-0.015

-2.81%

Bond

136.25

+0.5625

+1.02%

Dow

16512.89

-0.28%

+0.93%

Nasdaq

4123.89

-0.09%

+1.19%

S&P

1881.14

-0.13%

+0.95%

 
 

 

The Metals:

 

Gold edged up to $1287.72 in London before it plummeted to as low as $1273.94 just after the release of this morning’s jobs report, but it then shot to a new session high of $1304.31 by late morning in New York and ended with a gain of 1.04%.  Silver slipped to as low as $18.964 in Asia, but it then climbed to as high as $19.662 in New York and ended with a gain of 2.05%.

 

Euro gold rose to about €936, platinum gained $13 to $1434, and copper climbed a few cents to about $3.06.

 

Gold and silver equities rose about 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Apr

288K

210K

203K

Unemployment Rate

Apr

6.3%

6.6%

6.7%

Hourly Earnings

Apr

0.0%

0.2%

0.1%

Average Workweek

Apr

34.5

34.5

34.5

Factory Orders

Mar

1.1%

1.6%

1.5%

 

The BLS net birth/death adjustment added 234,000 payrolls to April’s data. Private Payrolls rose 273,000.

 

Fed seen hiking rates in June 2015 as U.S. job creation surges Reuters

 

All of this week’s other economic reports:

 

Construction Spending - March

0.2% v. -0.2%

 

ISM Index - April

54.9 v. 53.7

 

Personal Income - March

0.5% v. 0.4%

 

Personal Spending - March

0.9% v. 0.5%

 

PCE Prices - Core - March

0.2% v. 0.1%

 

Initial Claims - 4/26

344K v. 330K

 

Chicago PMI - April

63.0 v. 55.9

 

GDP - Q1

0.1% v. 2.6%

 

Chain Deflator - Q1

1.3% v. 1.6%

 

Employment Cost Index - Q1

0.3% v. 0.5%

 

ADP Employment - April

220K v. 209K

 

Consumer Confidence - April

82.3 v. 83.9

 

Case-Shiller 20-city Index - February

12.9% v. 13.2%

 

Pending Home Sales - March

3.4% v. -0.5%

 

Next week’s economic highlights include ISM Services on Monday, the Trade Balance on Tuesday, Productivity, Unit Labor Costs, and Consumer Credit on Wednesday, Initial Jobless Claims on Thursday, and Wholesale Inventories and JOLTS Job Openings data on Friday.

 

The Markets:

 

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

 

Oil saw slight gains on worries about Ukraine that sent treasuries higher and the Dow, Nasdaq, and S&P lower.  The U.S. dollar index ended slightly lower in mixed trade.

 

Among the big names making news in the market Friday were Chevron, AstraZeneca, News Corp, Berkshire Hathaway, CVS, and Citigroup.

 

The Commentary:

 

Look at the following charts:

First the Japanese Yen - I will never understand how the Yen of all currencies, could be considered a "safe haven" by any standard of measurement but apparently it is.

 

Here is that one minute bar chart I promised you on the gold market and its goofy ride this morning.

 

Here is the bond market.

 

Do you see the pattern on all three charts? It is the same isn't it? At nearly the same time or very close to the same time, all three markets reversed course after moving lower on the payrolls number as the market's attention shifted almost immediately to the wire reports of the Ukraine conflict and that downed helicopter.

 

Never a dull moment when we are dealing with geopolitical events. This is why making predictions about market movements, is so foolish. No one knows from day to day what we are going to get when these crises occur. Some days the tensions ease; other days the tensions flare. Just try picking the flower petals off of a daisy - "She loves me; she loves me not" and you have about as good odds as guessing what is coming next.

 

Traders out there - if you are unsure about a market - you do not need to be in it trading it. Sometimes just sitting on the sidelines watching is the best place to be until you can get a sense of things. There is no sense in risking your capital on something tied to unfolding events, which can go either way.

 

Exercise extreme caution right now in trading gold and do not get caught with too large of a position. There are times when one needs to have more concern over how much you might lose rather than how much you might make. Remember that!- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Peter Schiff: The gold price is fixed -- so what?

 

The Statistics:

Activity from: 5/01/2014

Gold Warehouse Stocks:

7,885,384.18

-

Silver Warehouse Stocks:

173,095,773.818

-1,213,770.13

 

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

785.548

25,256,163

US$32,344m

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$5,778m

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

40.85

1,313,498

US$1,688m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.397 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.05: -0.36 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,309.67: +131.50 change from yesterday’s data.

 

The Miners:

 

Vista Gold’s (VGZ) first quarter results, Randgold’s (GOLD) official opening of its gold mine in the Democratic Republic of Congo, and Sandstorm’s (SAND) first quarter results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Agnico Eagle

AEM +9.14% $32.31

2.  Sandstorm

SAND +8.44% $5.91

3.  McEwen

MUX +7.73% $2.37

 

LOSERS

1.  Solitario

XPL -5.23% $1.08

2.  Mines Management

MGN -2.21% $1.33

3.  Turquoise

TRQ -1.51% $3.91

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, 2 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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