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Gold Seeker Closing Report: Gold and Silver Gain About 1%
By: Chris Mullen,

 -- Published: Wednesday, 14 May 2014 | Print  | Disqus 



















JSE Gold
































The Metals:


Gold climbed $15.53 to $1308.83 at about 8:25AM EST before it edged back lower in late morning New York trade, but it still ended with a gain of 0.99%.  Silver surged to as high as $19.987 and ended with a gain of 1.23%.


Euro gold rose to about €952, platinum jumped $30 to $1478, and copper climbed a few cents to about $3.16.


Gold and silver equities rose over 1% at the open and remained near that level for the rest of the day.


The Economy:












Core PPI






Tomorrow brings Initial Jobless Claims, CPI, Empire Manufacturing, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, the Philadelphia Fed, and the NAHB Housing Market Index.


The Markets:


Charts Courtesy of


Oil remained higher after the Energy Information Administration reported that crude inventories rose 900,000 barrels, gasoline inventories fell 800,000 barrels, and distillates fell 1.1 million barrels.


The U.S. dollar index fell and the yen rose as treasuries jumped higher on the outlook for more monetary accommodation in Europe.


The Dow, Nasdaq, and S&P fell ahead of tomorrow’s economic data.


Among the big names making news in the market today were Citigroup, Macy’s Boeing, and Deere.


The Commentary:


I am still trying to make sense out of what is happening in the interest rate markets this morning, given that strong PPI number. The yield on this key Treasury (and one of my favorite indicators) has plunged to the lowest level since October of last year!


From a technical analysis standpoint alone (I am not considering anything fundamental) the chart has experienced a downside breakout. There is one last level of chart support back at those October lows near 2.46 - 2.47%.

Did the Fed just start a new QE program and I missed it? Some of the Treasury buying in recent weeks has been attributable to safe haven flows related to events in Ukraine but that in and of itself is not sufficient to have produced the steady influx of buying in the Treasury market.

Why this is so noteworthy in my mind is that the Fed has provided forward guidance suggesting that while their tapering plans will proceed, no interest rate hikes are being considered until 2015-2016. Most of the big players split the difference and projected no hikes until mid-2015.

However, if the PPI, which is notoriously more volatile than the CPI, shows a trend towards higher wholesale prices, then that would bring into question any rate hike delay of that length of time. We really do need to see that CPI number tomorrow to get a sense of what is taking place.

As you can see, there are a lot of uncertainties right now. I can tell you one thing, mortgage company risk management departments must be spinning this morning. Imagine trying to initiate a hedging program in this environment. One day we are getting surging payrolls numbers and chatter of higher rates. The next day rates are plunging lower. No wonder we are getting the types of wild swings in prices in so many markets. Commercial hedging interests are also getting whipsawed and ripped to shreds let along hedge funds who are experiencing some sizeable losses.

Traders - be careful - watch the size of those positions you put on. Keep them manageable or you are going to end up with some big losses if you are not glued to your computer screen.- Dan Norcini, More at


GATA Posts:



London silver fix to end in August, with Deutsche Bank sticking around until then

Traders may have gained early word on Fed policy, study finds

New York Sun: The dwindling Fed

Chinese fund offers 46% premium for Laotian gold miner


The Statistics:

Activity from: 5/13/2014

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




 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: 10,320.26: No change from yesterday’s data.


The Miners:


B2Gold’s (BTG) first quarter results, Pan American’s (PAAS) awarded medal to its chairman, and Bear Creek’s (BCM.V) favorable judicial decision were among the big stories in the gold and silver mining industry making headlines today.



1.  Fortuna

FSM +5.65% $4.30

2.  MAG Silver

MVG +5.56% $7.40

3.  Yamana

AUY +5.45% $7.55



1.  Rio Alto

RIOM -2.02% $1.94

2.  Paramount

PZG -1.94% $1.01

3.  First Majestic

AG -1.90% $9.28

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 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. 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’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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