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:

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 18^th 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

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

LOSERS

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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• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

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