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Gold Seeker Closing Report: Gold and Silver Fall About 1% More
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 15 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1294.10

-$12.60

Silver

$20.71

-$0.21

XAU

98.30

-3.02%

HUI

233.84

-2.98%

GDM

715.57

-2.83%

JSE Gold

1534.66

-14.09

USD

80.39

+0.21

Euro

135.69

-0.51

Yen

98.35

-0.14

Oil

$99.96

-$0.95

10-Year

2.549%

UNCH

Bond

136.875

-0.03125

Dow

17060.68

+0.03%

Nasdaq

4416.38

-0.54%

S&P

1973.28

-0.19%

 
 

 

The Metals:

 

Gold climbed $6.97 to $1313.67 by a little after 5AM EST before it plunged down to $1292.203 shortly after 11AM EST and then bounced back higher at times, but it still ended with a loss of 0.96%.  Silver edged up to $21.051 before it fell to $20.719 and then also rallied back higher, but it still ended with a loss of 1.00%.

 

Euro gold fell to about €954, platinum lost $7 to $1478, and copper remained at about $3.25.

 

Gold and silver equities fell over 2% by midday and ended with about 3% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Retail Sales

June

0.2%

0.7%

0.5%

Retail Sales ex-auto

June

0.4%

0.6%

0.4%

Empire Manufacturing

July

25.6

13.2

19.3

Export Prices

June

-0.4%

-

0.1%

Export Prices ex-ag.

June

-0.3%

-

0.1%

Import Prices

June

0.1%

-

0.3%

Import Prices ex-oil

June

-0.1%

-

0.0%

Business Inventories

May

0.5%

0.6%

0.6%

 

Yellen Says Continued Easing Needed Amid Job-Market Slack Bloomberg

 

Tomorrow brings more testimony from fed chair Yellen, PPI, Net Long-Term TIC Flows, Industrial Production, Capacity Utilization, the NAHB Housing Market Index, and the fed’s Beige Book.

 

The Markets:

 

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

 

Oil fell on signs of a supply glut while the U.S. dollar index climbed higher after Yellen’s optimistic outlook for the economy.

 

Treasuries traded mixed as the Dow, Nasdaq, and S&P reversed early gains and turned lower after Yellen expressed some concerns about valuations.

 

Among the big names making news in the market today were Johnson & Johnson, Albemarle and Rockwood, Goldman Sachs, and JPMorgan.

 

The Commentary:

 

“Believe it or not, yesterday’s action in the stock and gold market spoke volumes of where we really are at.

 

After six straight up weeks, gold was on the verge of getting above the first of two key resistance areas ($1,340 then $1,400). Accomplishing such a feat would/will cause all sorts of big-time money flows into the long side. So with that in mind, someone/group shows up selling close to $1.4 billion dollars’ worth of gold right at the Crimex (Comex) opening. Trust me, that sale was making a statement, not someone who wanted out and would never bang at the opening if they wanted to get the best price.

 

Gold then traded in a very narrow range because the locals knew someone sent a message and that in itself becomes a self-for-filling prophecy. Now they and others wait to see if the slash and burn was a one and done. We shall wait with them but note the overbought RSI on the daily did come off quite a bit but is not yet ready to rocket back up.

 

Silver has also seen a much overbought condition on its daily RSI come off but it too needs some more consolidation before heading back towards key resistance around $22.

 

With the gold smash achieving its intention, stock futures catch a big-time bid on no news. Hmmm… They open sharply and pretty much stay well bid with the market like gold trading in a narrow range for the rest of the trading day.

 

With its four-star general speaking today in Congress, rest assured the “Don’t Worry, Be Happy” crowd on Wall Street (and much of the financial journalist world who sheepishly follow them) will be full out to keep equity prices high despite actual economic results leaving much to be desired.

 

Some other thoughts and a special favor I need from every reader:

 

• Back in the last financial crisis, we learned that bad mortgage-related products were being sold while the very people selling them were actually betting against the very people they were selling the bad products to (and we learn were badmouthing their very own products).

 

I remind you this was like auto companies selling cars they knew were going to crash and bought life insurance on the drivers so they could collect when the died from the crash. Poor Rick Santelli was ripped a new one yesterday when he dared to go up against key members of the “happy’ crowd who scoff when people like Rick warned last time to mostly deaf ears.

 

• Another point Rick Santelli was trying to make when laughed at yet again is what I’ve been pointing out – that Congress has failed to make any good fiscal policies for years and the FED self-appointing itself as the guardian on the American economy is going to end up a terrible mistake.

 

• It’s ironic that some of the loudest voices back in 2008 supporting a belief that Obama would bring change, are now his biggest critics. Like I said then and say now, he will bring change only if it’s what's left in your pockets was the “change” he targeted.

 

Big favor needed from you.

 

In a world where most financial journalist are sheep to the financial industry who pays their salaries via advertising dollars, one journalist has been fighting for investors for decades. John Crudele has been wagering a battle for us and needs our help.

 

In this column of his, he asks us to drop a dime and make a call on his behalf. Please join me in doing so today!!! I ask all those who find my work worthy to do so ASAP!!!” - Peter Grandich, http://moneytalks.net/peters-content.html

 

Dear CIGAs,

 

Gold found a bottom a year ago at $1180 on June 30 at precisely 10:00 AM EST, the final London fix of the quarter. This price was tested again on the last day of 2013, clearly being driven by predatory speculators.

 

Since then, the gold market has changed markedly. During the two-and-a-half year decline, price tended to fall during Western hours, as speculators sold and shorted, and to rise in Eastern hours as Asia exploited soft prices to buy physical metal. That pattern has reversed, with gold tending to be strong in the West, as speculators re-enter the market, and soft in the East, as credit troubles in China and elsewhere slow purchases.

 

Bank analysts, such as at Societe Generale, have seized on weak physical markets – meaning the flow of gold to Asia has slowed marginally – to repeat bearish prognostications. But the story is once again Western speculators and the fact that the massive transfers of gold to the East over the past two years have left a lot less gold in the West to speculate on.

 

Western speculators have re-entered the market in part because, as argued in the attached report, there has been a shift in perception such that inflation has become the primary risk to the debt markets, not deflation.

 

Myrmikan’s investment thesis (Click here to view the report…) is based on the premise that interest rates have been artificially low, debt levels too high, and that gold is the antithesis of debt. Debt bubbles burst either through inflation or deflation, and either way benefits gold as against all other financial assets – investing in gold and unlevered gold mining stocks permits agnosticism as to the method of debt default.

 

Looking back some time hence, it may well be that the shift from a deflationary to inflationary mindset helped cause gold’s huge correction. But, whereas gold does well in real terms in a deflationary debt default, it really flies in nominal terms during inflationary defaults. This is the prospect before us.

 

Regarding yesterday’s $30 decline in gold prices, it is worthy of note that 10% of yesterday’s volume occurred in the span of just 11 trading minutes. As the chart here shows, it produced little damage to the chart of the gold miners.

 

CIGA Bill Holter

For www.MilesFranklin.com

 

My Dear Extended Family,

 

Manipulation such as the sale of $1.3 billion dollars worth of paper gold at an illiquid time period today[yesterday] is not to protect the dollar or bull the general equity market. It is to make money for the manipulators that want here to cover their shorts and initiate to expand their long positions. That sale was a pure construct as there was no news to sustain the sell or to initiate it in the time span of its occurrence.

 

Long term cycles in gold are in the process of turning long term positive. That is fact. There is a strong possibility that this is the last take down before gold trades at new highs. I feel this is the situation.

 

The economic dislocation internationally in banking exposure to its risk profile is at levels greater than 2007-2008, and is the subject basis of the letter attached here from the "Sovereign Man" as an example of what success can be expected from the certain program of Bail-In for the entire Western financial system.

 

Clearly we are witnessing the popular delusions and madness of the crowd in general markets and today in the reverse in the gold price. This will make new highs after the failure of this clearly false price construct of this morning’s illiquid time period.

Sincerely,”- Jim Sinclair, JSMineset.com

 

GATA Posts:

 

 

Koos Jansen: Demand on Shanghai Gold Exchange remains steady

 

The Statistics:

Activity from: 7/14/2014

Gold Warehouse Stocks:

8,374,808.521

-

Silver Warehouse Stocks:

174,922,355.060

+1,781,762.90

 

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

808.728

26,001,414

US$34,052m

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$5,773m

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$465m

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 8.681 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.06: +0.78 change from yesterday’s data.

 

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

 

The Miners:

 

WINNERS

1.  Richmont

RIC +6.02% $1.41

2.  Lake Shore

LSG +1.35% $1.13

 

LOSERS

1.  Great Panther

GPL -8.70% $1.26

2.  Timmins

TGD -7.14% $1.69

3.  McEwen

MUX -6.83% $2.73

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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