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

 -- Published: Tuesday, 8 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1319.70

+$0.10

Silver

$21.04

+$0.02

XAU

100.94

+1.17%

HUI

238.85

+1.49%

GDM

730.42

+1.22%

JSE Gold

1480.71

-3.53

USD

80.17

-0.05

Euro

136.12

+0.07

Yen

98.48

+0.31

Oil

$103.40

-$0.13

10-Year

2.565%

-0.052

Bond

136.65625

+0.96875

Dow

16906.62

-0.69%

Nasdaq

4391.46

-1.35%

S&P

1963.71

-0.70%

 
 

 

The Metals:

 

Gold waffled between $1320.05 and $1316.48 in Asia and saw slight gains in London before it climbed to as high as $1324.79 in midmorning New York trade and then fell to as low as $1314.01 by midday, but it then bounced back higher in afternoon trade and ended with a gain of 0.01%.  Silver rose to as high as $21.193 and ended with a gain of 0.1%.

 

Euro gold fell to about €969, platinum remained at $1491, and copper fell slightly to about $3.25.

 

Gold and silver equities saw over 1% gains at the open before they fell to see slight losses by late morning, but they then rallied back higher into the close and ended near their early highs.

 

The Economy:

 

Report

For

Reading

Expected

Previous

JOLTS - Job Openings

May

4.635M

-

4.464M

Consumer Credit

May

$19.6B

$16.3B

$26.1B

 

Lacker says inflation moving toward Fed's target Reuters

U.S. small business confidence edges lower, still near six-year high Reuters

 

Tomorrow brings FOMC Minutes from the fed’s June 18th meeting.

 

The Markets:

 

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

 

Oil held above $103 a barrel on worries about escalating conflict in the Middle East.

 

The U.S. dollar index fell on economic concerns that sent treasuries higher and the Dow, Nasdaq, and S&P lower.  Today’s $27 billion 3-year note auction sold at a yield of 0.992% with a bid to cover of 3.38

 

Among the big names making news in the market today were American Apparel, Ford, Samsung, Tesla, AbbVie and Shire, Commerzbank, Intel, and GM.

 

The Commentary:

 

Russell 2000 continues to Flash Negative Divergences: Not that it has made the least bit of difference to the continuing price rise over the last year, but each new weekly high in this very risk sensitive index, has come with a lower reading in the RSI. Note that I have smoothed the indicator a bit to weed out a bit of the "roughness". That being said, the RSI reading has not once in the last year, surpassed its high reading made in March 2013 and again in August 2013. Upside momentum is waning but it does not yet seem to matter. The index has relentlessly powered higher.

I do not believe one can call a definitive top in this market until, at the very least, the support level near 1080 might give way on a weekly closing basis. One should however note these negative or bearish divergences and at least exercise some caution.

Traders who are long with large open profits might want to get a bit of downside protection in the form of puts or covered calls on a portion of their positions just in case this index were to finally confirm any of these divergences.

 

The problem for the bears has been the ultra low interest rate environment. It has essentially made stocks the only game in town as far as obtaining a decent rate of return on invested money. Until that changes, bulls will more than likely continue with their heretofore successful practice of buying dips. Eventually the music will stop but timing that over the last year has been a fool's errand. All a trader/investor can do is to go with the money flow until something changes technically to indicate that the party is over. For now, in spite of the divergence warnings, the good times continue to roll for the bulls.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Andrew Critchlow: Don't waste time fixing gold fix -- it's obsolete

Gold industry resistant to price benchmark replacement, hearing finds

Using CPI to price gold: Garbage in, garbage out

New York Sun: Krugman's last hurrah?

 

The Statistics:

Activity from: 7/7/2014

Gold Warehouse Stocks:

8,333,721.071

+32,092.70

Silver Warehouse Stocks:

175,563,256.288

-1,147,559.278

 

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

798.188

25,662,551

US$33,678m

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$5,838m

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$472m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.90

1,347,046

US$1,769m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.796 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.28: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,038.52: No change from yesterday’s data.

 

The Miners:

 

Barrick Gold’s (ABX) fine appeal in Chile, Rio Alto’s (RIOM) second quarter production, and Paramount’s (PZG) new resource estimate were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  DRDGOLD

DRD +7.93% $3.13

2.  Great Panther

GPL +7.44% $1.30

3.  Gold Fields

GFI +6.35% $3.85

 

LOSERS

1.  Coeur

CDE -2.05% $8.61

2.  Mines Management

MGN -1.82% $1.08

3.  Pretivm

PVG -1.81% $8.14

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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, 8 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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