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

 -- Published: Tuesday, 24 June 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1319.00

+$1.50

Silver

$20.92

+$0.04

XAU

97.36

-2.86%

HUI

235.71

-2.99%

GDM

715.56

-2.56%

JSE Gold

1478.16

+1.72

USD

80.32

+0.05

Euro

136.04

+0.01

Yen

98.12

UNCH

Oil

$106.03

-$0.14

10-Year

2.586%

-0.037

Bond

136.09375

+0.71875

Dow

16818.13

-0.70%

Nasdaq

4350.35

-0.42%

S&P

1949.98

-0.64%

 
 

 

The Metals:

 

Gold climbed $8.48 to $1325.98 in London before it drifted back lower in early New York trade and saw a slight loss just before noon EST, but it then chopped back higher in afternoon trade and ended with a gain of 0.11%.  Silver rose to as high as $21.157 and ended with a gain of 0.19%.

 

Euro gold rose above €969, platinum gained $12 to $1464, and copper remained at about $3.14.

 

Gold and silver equities fell throughout most of trade and ended with almost 3% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Case-Shiller 20-city Index

April

10.8%

11.6%

12.4%

FHFA Housing Price Index

April

0.0%

-

0.7%

New Home Sales

May

504K

440K

425K

Consumer Confidence

June

85.2

84.0

82.2

 

Tomorrow brings Durable Goods Orders and GDP.

 

Fed’s Plosser Sees Growth Exceeding 2.4% Amid More Job Gains Bloomberg

 

The Markets:

 

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

 

Oil fell on speculation that recent violence in Iraq will not disrupt any production.

 

The U.S. dollar index found slight gains on better than expected housing data.

 

Treasuries remained higher after today’s $30 billion 2-year note auction sold at a yield of 0.511% with a bid to cover of 3.23.

 

The Dow, Nasdaq, and S&P turned down midday and ended notably lower on worries about a possible escalation of violence in Iraq.

 

Among the big names making news in the market today were Vertex, Walgreen, and Elizabeth Arden.

 

The Commentary:

 

Wow! What is it about these Western Central Bankers all of a sudden? First it was Trichet of the ECB; then it was Yellen over at the Fed, and now it is Mark Carney over the Bank of England! They all sound as if they are using the same notes and passing them around for each other to read.

Commenting today about Britain's economy, Carney remarked that wage growth remains subdued allowing spare capacity to remain and that needs to be taken up before a tighter stance in monetary policy would be appropriate. Translation - higher interest rates are not in the immediate future. Does that not sound eerily familiar to what Janet Yellen said last week? And of course, lest you have forgotten, Trichet and company actually went the "other way" on rates, namely down!

The British Pound, which recently had set a 5 year high against the US Dollar, moved lower on the news and gold moved higher.

This is really getting interesting to say the least. We are back, it would seem, to which Central Banker can undermine his or her own currency the fastest! No wonder gold is moving higher!

It really is becoming a rather tragic state of affairs when consumers are trapped in a box of stagnant wages at the same time Central Bankers are talking down their own currencies and pushing the price of basic needs higher! I really wonder if any of these people have the least bit of realization what they are doing to the average Joe? That of course was completely a tongue-in-cheek comment as they do not care about Joe and Jane - they care about the monied class and rising stock markets.

At least with deflation pressures dominating, the stagnant wage thing was not as big of a deal (not that it is any good at all) because the cost of food and energy was sinking lower. What these constantly meddling monetary lords and ladies are doing however is ensuring that the consumer continues getting squeezed as they set about their quixotic task of "reaching a 2% inflation rate".

I sometimes wonder which is more dangerous to consumers - a foreign invading army or a host of Western Central Bankers.

A saving feature, at least for now, is that benign weather is creating excellent growing conditions for this year's major grain crops and prices in that sector are falling. The meats keep rising however meaning that while the cost of our favorite box of cereal might go down ( I am not holding my breath waiting for the makers to pass along the lower costs) my bar-b-q brisket and ribs are continuing to rise. Hey, if you ever were thinking of going Vegan, now is the time to do it ( at least until later this year)!

Beans decided to forget about "Chinese demand" because of a manufacturing purchasing managers index print yesterday and focused on the Crop Conditions report which shows over 70% of the crop in good/excellent condition. I mentioned yesterday how goofy I thought the idea of manufacturing = soybean demand was to me. Corn and Wheat are also moving lower.

I want to take yet another opportunity to remind hog producers to continue any scale in hedging program that they might have instituted for late Q4 and Q1 2015 expected production. We have a major Quarterly Report out for the hogs this Friday. With the Board at high levels, corn prices sinking and incredible profit potential for you as a producer, make sure you lock in some before Mr. Market decides to take them away from you. Again, you don't have to lock up 100% of expected production, but get SOME coverage. It is always better to be able to shrug your shoulders and think, " I could have made a bit more if I had gambled" instead of kicking yourself and thinking, " I cannot believe I left all that potential profit disappear". Don't take risky chances with your farm's income - lock in some profits and leave the risky chance taking to we wild-eyed speculative types.

Shifting back to gold - I am watching the tape and noticing that it is meeting up with some pretty good selling here near the $1320 level. That is a key chart area and it is showing by the price action. Dip buying is very evident as well however.

 

You can see the selling on the chart. I am closely watching how gold performs right at this level. The indicator below the price graph is well up into the previous regions that foretold a move lower. The ADX is showing the bulls in control but the market has not yet entered into a trending phase. One usually wants to see a breach of a horizontal resistance level alongside of an ADX above 30. It is currently at 22.81 with the resistance level yet unbroken. The price however is not setting back very much which is indicative of that strong dip buying that is still taking place.

There is some light technical downside support coming in near the $1300 level followed by much stronger support back at our old friend $1280.

I should note that there still remains a great deal of skepticism as to this current move in gold among some of the larger banks. The general thinking is that the Fed can easily get control of any inflation ramp up. That may or may not be true but based on that TIPS spread chart I have been maintaining and following, it sure seems as if they are getting well behind the curve when it comes to managing the expectations game. That being said, some of the bigger boys are still looking at the current move higher in gold as a selling opportunity. We definitely have a battle on now.

By the way, here is a freshly updated TIPS spread versus the gold price chart for you. Check out the big spike! Our monetary masters want inflation - they sure as hell are beginning to get it, at least insofar as the market expectations are concerned.

 

Silver is working closer to resistance near the $21.50 - $21.65 level. Above that lies $22. That would be a big deal technically if it breached $22 and held its gains.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Singapore to launch gold contract as Asia eyes price alternatives

Stoferle report finds gold spectacularly undervalued, manipulated, but being remonetized

Grant Williams: The slip 'n' fail mutts

 

The Statistics:

Activity from: 6/23/2014

Gold Warehouse Stocks:

8,268,871.965

-4,807.26

Silver Warehouse Stocks:

176,310,977.758

+841,145.30

 

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

785.016

25,239,040

US$33,266m

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$5,851m

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$473m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.68

1,339,954

US$1,709m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.396 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 163.20: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,181.34: No change from yesterday’s data.

 

The Miners:

 

Timmins Gold’s (TGD) filed management information circular, Exeter’s (XRA) water test, Kirkland’s (KGI.TO) operations update, and Endeavour Silver’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Alexco

AXU +6.06% $1.40

2.  Mines Management

MGN +5.50% $1.15

3.  AngloGold

AU +1.69% $16.68

 

LOSERS

1.  Rio Alto

RIOM -11.25% $2.13

2.  DRDGOLD

DRD -8.47% $2.81

3.  Tanzanian Royalty

TRX -7.83% $2.12

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: Tuesday, 24 June 2014 | E-Mail  | Print  | Source: GoldSeek.com

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