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

 -- Published: Wednesday, 21 May 2014 | Print  | Disqus 

Please Note: There were not be any Gold Seeker reports until Monday, June 2.

 

 

Close

Gain/Loss

Gold

$1291.50

-$3.20

Silver

$19.40

-$0.02

XAU

88.50

+0.01%

HUI

217.20

+0.08%

GDM

649.92

+0.31%

JSE Gold

1472.51

-6.37

USD

80.06

+0.03

Euro

136.86

-0.13

Yen

98.62

-0.10

Oil

$104.07

+$1.74

10-Year

2.537%

+0.028

Bond

136.6875

-0.5625

Dow

16533.06

+0.97%

Nasdaq

4131.53

+0.85%

S&P

1888.03

+0.81%

 
 

 

The Metals:

 

Gold dropped $9.85 to $1284.85 just after today’s release of FOMC Minutes, but it then bounced back higher into the close and ended with a loss of just 0.25%.  Silver slipped to as low as $19.285 and ended with a loss of 0.1%.

 

Euro gold fell to about €944, platinum gained $4 to $1469, and copper fell slightly to about $3.13.

 

Gold and silver equities fell about 1% in the first half hour of trade, but they then bounced back higher in afternoon trade and ended with slight gains.

 

The Economy:

 

Minutes from the fed’s April 30th meeting showed that “Federal Reserve policy makers said continued stimulus to push unemployment lower doesn’t risk sparking an undesirable jump in the inflation rate.”

 

U.S. mortgage applications rose last week-MBA Reuters

INSIGHT-US mortgage collectors gag homeowners in loan deals Reuters

Conviction for U.S. inflation rise strengthens: Reuters poll Reuters

 

Tomorrow brings Initial Jobless Claims, Existing Home Sales, and Leading Economic Indicators.

 

The Markets:

 

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

 

Oil extended higher after the Energy Information Administration reported that crude inventories fell 7.2 million barrels, gasoline inventories rose 1.0 million barrels, and distillates rose 3.4 million barrels.

 

The U.S. dollar index found slight gains as the yen fell after the Bank of Japan made no change to monetary policy.  The British Pound also rose “after minutes from the Bank of England’s latest meeting suggested some bank officials are becoming more comfortable with the prospect of raising interest rates.”

 

Treasuries fell as the Dow, Nasdaq, and S&P traded as much as 1% higher on decent earnings reports and tame fed commentary

 

Among the big names making news in the market today were EBay, Netflix, GM, Target, BNP, American Realty, Tiffany, and Lowe’s.

 

GATA Posts:

 

 

Interviews with Eric Sprott and USAGold's three market analysts

Peter Schiff: The Belgian connection

Is wine next target of price suppression by central banks?

 

The Statistics:

Activity from: 5/20/2014

Gold Warehouse Stocks:

8,096,647.726

+24,202.469

Silver Warehouse Stocks:

175,803,283.498

+96,698.07

 

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

780.188

25,083,818

US$32,485m

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$5,728m

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$463m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.68

1,340,057

US$1,736m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.797 tonnes.

 

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:

 

Newcrest’s (NCM.AX) mine opening, Osisko’s (OSK.TO) daily gold production record, Rio Alto’s (RIOM) acquisition of Sulliden (SUE.TO), and Impact silver’s (IPT.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Alexco

AXU +4.62% $1.36

2.  Fortuna

FSM +3.73% $4.17

3.  SilverCrest

SVLC +3.68% $1.69

 

LOSERS

1.  Rio Alto

RIOM -7.65% $1.81

2.  AuRico

AUQ -2.95% $3.62

3.  Silver Standard

SSRI -2.72% $7.52

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: Wednesday, 21 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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