Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page 

 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 2% on the Week
By: Chris Mullen, Gold Seeker Report

Ira Epstein's Metals Video 11 17 2017
By: Ira Epstein

Next-Generation Crazy: The Fed Plans For The Coming Recession
By: John Rubino

COT Gold, Silver and US Dollar Index Report - November 17, 2017
By: GoldSeek.com

Gold Miners’ Q3’17 Fundamentals
By: Adam Hamilton, CPA

Bonfire of the Absurdities
By: John Mauldin

The Social Security Inflation Lag Calendar - Partial Indexing Part 1
By: Daniel R. Amerman, CFA

Rob From The Middle Class Economics
By: Gary Christenson

GoldSeek Radio Nugget: John Williams and Chris Waltzek
By: radio.GoldSeek.com

The Metals Market Is A Mess And Will Likely Continue To Frustrate You
By: Avi Gilburt

 
Search

GoldSeek Web

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

 -- Published: Tuesday, 6 May 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1307.80

-$2.70

Silver

$19.56

-$0.05

XAU

92.01

-0.79%

HUI

225.75

-0.69%

GDM

673.12

-0.28%

JSE Gold

1556.45

-18.74

USD

79.11

-0.39

Euro

139.31

+0.56

Yen

98.41

+0.49

Oil

$99.50

+$0.02

10-Year

2.595%

-0.016

Bond

136.09375

+0.375

Dow

16401.02

-0.78%

Nasdaq

4080.75

-1.38%

S&P

1867.72

-0.90%

 
 

 

The Metals:

 

Gold traded between $1308.12 and $1314.01 in Asia before it fell back to $1305.20 by a little after 10AM EST, but it then bounced back higher midday and ended with a loss of just 0.21%.  Silver rose to $19.705 in London, but it then fell back off in late trade and ended with a loss of 0.25%.

 

Euro gold fell to under €939, platinum gained $3 to $1448, and copper remained at about $3.05.

 

Gold and silver equities traded mostly slightly lower and ended with about 0.5% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

Mar

-$40.4B

-$40.6B

-$41.9B

 

U.S. economy to see faster growth after winter freeze: OECD Reuters

 

Tomorrow brings Productivity, Unit Labor Costs, and Consumer Credit.

 

The Markets:

 

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

 

Oil ended slightly higher in mixed trade.

 

The U.S. dollar index fell as the euro rose on strong service sector data.

 

Treasuries saw slight gains as the Dow, Nasdaq, and S&P dropped on poor earnings reports.

 

Among the big names making news in the market today were Barclays, Office Depot, Merck and Bayer, DirecTV, GM, AIG, Coca-Cola, and GE and Alstom.

 

The Commentary:

 

What seemed the set the tone in the Forex markets today was the various European PMI numbers that were released very early in the morning our time. The composite PMI (both services and manufacturing) came in at 54 but it was the individual countries which sparked the Euro. Spain registered a 56.5, up from 54.0 in March. Italy showed a 51.1 reading compared to 49.5 in March. UK services scored a 58.7 compared to 57.6 in March.

Once those numbers hit the wires, the Euro shot through 1.39, a technical resistance level which has been containing the upside for the Euro for some time now.

If that wasn't bad enough for the US Dollar, the Canadian Dollar jumped when Canada's trade data was released. Even the Yen was higher today. The problem that the Dollar is currently having is that the Fed, while continuing to taper and reduce the amount of bond buying, has laid out its forward guidance in a manner that suggests that there are not going to be any interest rate hikes for perhaps a full year out. When traders look at that, and they see general economic improvement elsewhere, they are bypassing the Dollar. It does not seem to be a case of aggressive Dollar selling but rather one in which it is being passed over - in other words, more an absence of strong and eager buyers. Markets follow the path of least resistance and without any dedicated buyers, that means down for the Dollar, for now.

There is a lot of guessing taking place as to what the ECB is going to do there because complaints about the strength in the Euro are increasing among some European manufacturing interests. That, and the fact that Eurozone inflation remains very subdued, too subdued in the minds of some. They of course are blaming that on the strong currency.

If the ECB were to surprise the market (which currently is not expecting them to do so) by an early rate cut, instead of waiting until June as the market broadly expects, that could be expected to weaken the currency but for now, traders are chasing it higher as the technical chart breakout is bringing in momentum buying.

When one looks at the events in Ukraine, and realizes that Europe is the special region where the impact from any serious escalation of events over there would impact, watching the Euro move higher like this is rather interesting to say the least. Traders are obviously putting that on the back burner today and focusing on the PMI numbers.

One thing that the stronger Euro is succeeding in doing is to drive the price of gold in Euros down at a faster clip than gold priced in US Dollars today.

 

Euro gold is stuck in a range trade just like its Dollar-priced counterpart. The ADX shows a trendless market but one in which bearish forces are currently dominating. You can see both the resistance zone and the support zone I have noted. For the potential to trend to occur, one of these zones will need to be convincingly taken out.

This is the same problem that gold has been encountering for some time now. With economic data improving, and with gold throwing off no yield, it is taking geopolitical issues to keep it supported. Otherwise, traders/investors are opting for higher-yielding assets. That is keeping the market trapped within a range.

The one plus for this is that silver is actually a bit higher as a result of the strong European economic data. Even copper managed to firm.

Hard Red Winter Wheat is leading the grain complex today as beans succumb to talk of increasing imports from S. America. Drought and heat are hurting yield in key growing regions for the KC wheat and traders are pushing prices higher. Also aiding the move higher is that unrest in Ukraine, a key wheat growing region.

I will try to get more up a bit later... wanted to give a short update as to why the Dollar was moving lower today.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

In report on gold manipulation lawsuits, NYTimes cites GATA as 'offbeat activists'

 

The Statistics:

Activity from: 5/05/2014

Gold Warehouse Stocks:

8,027,213.498

+31,905.30

Silver Warehouse Stocks:

174,826,322.183

+1,018,086.86

 

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

782.852

25,169,479

US$32,861m

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$5,806m

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$469m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.85

1,313,469

US$1,709m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.02: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,380.03: +70.36 change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) dividend, SEMAFO’s (SMF.TO) first quarter results, and Exeter’s (XRA) Preliminary Economic Assessment were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  SilverCrest

SVLC +2.96% $1.87

2.  Alexco

AXU +2.19% $1.40

3.  Franco-Nevada

FNV +1.78% $49.64

 

LOSERS

1.  Allied Nevada

ANV -5.76% $3.28

2.  Harmony

HMY -4.79% $3.18

3.  Gold Resource

GORO-4.16% $3.92

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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.

 


| Digg This Article
 -- Published: Tuesday, 6 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2017



GoldSeek.com Supports Kiva.org

© GoldSeek.com, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.