-- Published: Monday, 16 June 2014 | Print | Disqus
| Close | Gain/Loss |
Gold | $1271.70 | -$5.20 |
Silver | $19.63 | -$0.07 |
XAU | 91.69 | -0.66% |
HUI | 220.83 | -0.70% |
GDM | 666.57 | -0.47% |
JSE Gold | 1387.50 | -21.06 |
USD | 80.45 | -0.17 |
Euro | 135.70 | +0.45 |
Yen | 98.21 | +0.14 |
Oil | $106.90 | -$0.01 |
10-Year | 2.597% | -0.007 |
Bond | 136.71875 | +0.125 |
Dow | 16781.01 | +0.03% |
Nasdaq | 4321.10 | +0.24% |
S&P | 1937.78 | +0.08% |
The Metals:
Gold climbed $8 to $1284.90 in Asia before it pared back to $1279.55 in London and then bounced back towards its earlier high at the open of trade in New York, but it then fell back off into the close and ended near its late session low of $1270.67 with a loss of 0.41%. Silver slipped to as low as $19.589 and ended with a loss of 0.36%.
Euro gold fell to about €937, platinum remained at $1428, and copper climbed a couple of cents to about $3.05.
Gold and silver equities waffled near unchanged and ended slightly lower.
The Economy:
Report | For | Reading | Expected | Previous |
Empire Manufacturing | June | 19.3 | 12.8 | 19.0 |
Net Long-Term TIC Flows | Apr | -$24.2B | - | $4.1B |
Industrial Production | May | 0.6% | 0.5% | -0.3% |
Capacity Utilization | May | 79.1% | 78.9% | 78.9% |
NAHB Housing Market Index | June | 49 | 46 | 45 |
IMF cuts U.S. growth outlook, says full employment years off Reuters
Tomorrow brings Housing Starts, Building Permits, and CPI.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil waffled near unchanged on continued conflict in Iraq.
The U.S. dollar index fell as the pound rose to a nearly 5-year high on expectations for the Bank of England to raise interest rates sooner than previously expected.
Treasuries saw slight gains as the Dow, Nasdaq, and S&P traded mixed on worries about Iraq.
Among the big names making news in the market today were Medtronic and Covidien, Level 3 and TW Telecom, Sandisk and Fusion, Alibaba, and Hillshire and Tyson Foods.
The Commentary:
“Weekend news out of Iraq added a fresh twist to that already volatile situation. Reports indicate that Iran is getting involved as one of its spiritual leaders issued a call to fellow Shias that it was their duty to fight against the Sunni terrorists.
That seemed to get enough people involved that the ISIS jaunt down the nation was halted for the time being.
The Kurds moved into areas in the north so for now, the situation, while far from being resolved, is at least not as serious as it seemed late last week. Do not mistake what I am saying here - no one believes that there is "stability" in the region but on a relative scale, things today seem to be a bit less "horrific" may be perhaps a better way of putting it.
Whatever - the point being that the Crude oil market, which was poised last week to shoot vertical with the trading community terrified that there was going to be an imminent downfall of Baghdad and all manner of crude oil supply disruptions, seems a bit more sanguine about the events this morning.
I have been tracking both the crude oil market and the gold market in conjunction with one another to try gauging the "fear" factor a bit better.
Take a look at the HOURLY chart of Crude oil compared to the Gold price. When the ISIS offensive began garnering headlines Crude oil began rising and gold right along with it. That pattern has been continuing since the events first came onto traders' radar screens. Now that crude is weakening a tad, gold is also having trouble maintaining its upward momentum as well. The two seem to be trading in fairly close lockstep with each other.
Overnight in Asian trade gold bulls were able to reach the buy stops just above the $1280 level in gold and they set those off but once that buying was finished, the bids seemed to fade, along with crude oil weakness, and gold fell back below $1280.
Bulls need to keep prices at a level above $1280 to generate enough upward momentum to keep setting off each layer of buy stops as well as attracting fresh geopolitically driven buying.
The weakness in the mining shares is also feeding into the lack of aggressive buying over at the Comex at this point in the session.
Grains are all weaker today as heavy rains fell over the weekend in key growing areas. New crop corn is trying to hold near $4.40 but still looks heavy. July beans are leading the downside move in beans as bull spreads continue to come off.
More later...”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Goodbye, markets: Having monetized bonds, central banks have bought trillions in stocks
'Bitcoin Jesus' calls rich to tax-free tropical paradise
Koos Jansen: Chinese gold demand fell in June's first week
Dubai aims to become price discovery center with spot gold contract
Sprott Money News interviews GATA secretary about London gold fix
Macleod on volatility's likely return, Ferguson on income inequality's cause
The Statistics:
Activity from: 6/13/2014
Gold Warehouse Stocks: | 8,290,178.135 | +9,673.59 |
Silver Warehouse Stocks: | 175,770,299.299 | -393,626.24 |
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 | 787.076 | 25,305,269 | US$32,276m |
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$5,662m |
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$457m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 41.68 | 1,339,954 | US$1,709m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 163.20: +0.73 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,321.72: No change from yesterday’s data.
The Miners:
Allied Nevada’s (ANV) crushing system, Nevsun’s (NSU) drill results, Rio Alto’s (RIOM) secured financing, Yamana’s (AUY) and Agnico Eagle’s (AEM) completed acquisition of Osisko, and Avino’s (ASM) reopening update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Panther | GPL +11.65% $1.15 |
2. Tanzanian Royalty | TRX +9.86% $2.34 |
3. DRDGOLD | DRD +5.92% $3.04 |
LOSERS
1. Alexco | AXU -8.93% $1.02 |
2. Pretivm | PVG -6.70% $7.10 |
3. NovaGold | NG -4.17% $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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-- Published: Monday, 16 June 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Lower
