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Gold Seeker Closing Report: Gold and Silver Soar Over 3% and 4% Higher
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 19 June 2014 | Print  | Disqus 

Please Note: There will not be a Gold Seeker Report tomorrow.

 

 

Close

Gain/Loss

Gold

$1318.20

+$44.20

Silver

$20.76

+$0.92

XAU

98.98

+4.67%

HUI

237.37

+5.16%

GDM

716.36

+4.96%

JSE Gold

1447.80

+48.66

USD

80.33

-0.09

Euro

136.04

+0.14

Yen

98.08

-0.04

Oil

$106.43

+$0.46

10-Year

2.622%

+0.009

Bond

136.59375

-0.09375

Dow

16921.46

+0.09%

Nasdaq

4359.32

-0.08%

S&P

1959.48

+0.13%

 
 

 

The Metals:

 

Gold climbed steadily higher throughout most of world trade and ended near its late session high of $1319.48 with a gain of 3.47%.  Silver rose to as high as $20.893 and ended with a gain of 4.64%.

 

Euro gold rose to about €969, platinum gained $23.70 to $1468, and copper climbed a penny to about $3.07.

 

Gold and silver equities gained throughout most of trade and ended about 5% higher.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

6/14

312K

313K

318K

Philadelphia Fed

June

17.8

13.4

15.4

Leading Indicators

May

0.5%

0.5%

0.3%

 

There are no major economic reports due out tomorrow.

 

The Markets:

 

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

 

Oil rose on continued concern about Iraq.

 

The U.S. dollar index remained weak in further reaction to yesterday’s dovish fed statement.

 

Treasuries fell after today’s $7 billion 30-year TIPS auction sold at a yield of 1.116% with a bid to cover of 2.76.

 

The Dow, Nasdaq, and S&P waffled near unchanged in mixed trade.

 

Among the big names making news in the market today were GE, T-Mobile, BlackBerry, and American Apparel.

 

The Commentary:

 

Apparently Janet Yellen needs an on the job training program to properly school here in the art of choosing the correct words so that all sides hear exactly what they want to hear. Alan Greenspan was so good at it that market players invented a new word to define it: "FedSpeak".

Ben Bernanke took a while to get that down but by the time he left office, he seemed to have improved quite a bit in the fine art of saying things that within the same speech could be found contradicted by more things within that exact speech.

Yellen has yet to learn this - at least so far as the impact on the currency markets. She utterly decimated the US Dollar by her comments yesterday and just gave the green light to every big macro fund and index fund on the planet to pour money into the commodity complex. I find this nothing other than the mistake of a rookie who is oblivious to the fact that as the chief Central Banker, one does not have the luxury of airing their misgivings in front of the general public.

A couple of things to note here - the Gold Volatility Index just shot through the roof and the equity markets are now going to be even more jumpy than they have become, if such a thing was even possible. The LAST THING that this economy needed is RISING COMMODITY PRICES. As I wrote earlier today, the saving grace of this anemic "recovery" has been a lack of sharply rising prices in the commodity sector. That has kept the price of raw materials, food, etc., from embarking on a tear higher such as happened when QE1 and QE2 were unleashed.

It is one thing to have temporary spikes in key commodities such as crude oil that are related to geopolitical events. Such things come and go and tend to fizzle out with as much fanfare as they started. It is altogether another thing to have the chief Central Banker undercut your own currency, especially when it was looking like it was finally going to get some sustained upside strength to it. That would be bad enough but Yellen seems clueless about the impact of a falling Dollar on the rest of the commodity complex at large. One can argue that the talking down of the Dollar was either deliberate or a side affect of a novice Central Bank chief, but the fact is that if investors start thinking that the Fed wants to knock the Dollar lower, either by design or by accident, they are going to start with their "let's buy everything in sight" trading strategy in the commodity sector.

The result of this will be obvious and none of it is good. I personally had seen some real light at the end of the tunnel by looking at the structure of the commodity board and observing that traders had been looking for some significant declines in food prices later this year. That had kept me optimistic on the inflation front that the current spikes in food costs were going to be coming to an end rather soon. Now I am not sure based on what Yellen has unleashed in these commodity markets.

These hot money flows could care less what any fundamentals might or might not be in the markets into which they pour. The buying orgy, (and that is how to best describe these damned funds) obliterates all the bids in its way and destroys any trader who might get short based on their analysis of the fundamentals in the markets that they are trading. In other words, Janet Yellen just injected another round of more extreme volatility into a sector that had begun to show some semblance of becoming a bit more well behaved.

The reason I know that this is a round of hot money is through the action of the spreads in the markets that I primarily trade in. The spreads have been blown to kingdom come today.


I am including a chart of gold here to show the annihilation of the shorts thanks to Ms. Yellen's comments. When the bulls were able to regain $1280 this morning, many of them began getting out. When $1300 was tried on the first round, some selling emerged but the market barely retreated. That give some strong longs the signal to begin pushing and push they did. Out went more shorts as the market kicked through $1302 and then it was almost a vertical shot north to $1317 as wave after wave of shorts' buy stops were nailed.

You can see the next resistance zone noted on the chart -if the bulls best this, things are going to really heat up. Can they do it?- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Koos Jansen: Investment gold demand higher in Switzerland than in China?

Does gold outflow from Bank of England signify distrust among central banks?

Russia knows that the decisive war is the currency war

 

The Statistics:

Activity from: 6/18/2014

Gold Warehouse Stocks:

8,272,744.495

-227.43

Silver Warehouse Stocks:

175,330,900.979

-707,257.05

 

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

782.620

25,162,031

US$32,524m

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$5,769m

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$471m

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: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,261.98: No change from yesterday’s data.

 

The Miners:

 

Midway’s (MDW) results of its 2014 Annual General and Special Meeting of Shareholders, Timberline’s (TLR) permitting update, and Gold Fields’ (GFI) extended credit facilities were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Avino

ASM +16.51% $2.46

2.  Fortuna

FSM +15.64% $5.62

3.  Alexco

AXU +15.32% $1.28

 

LOSERS

1.  DRDGOLD

DRD -2.37% $3.29

2.  Freeport

FCX -0.52% $34.61

3.  Turquoise

TRQ -0.27% $3.70

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: Thursday, 19 June 2014 | E-Mail  | Print  | Source: GoldSeek.com

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