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Gold Seeker Closing Report: Gold and Silver Gain Almost 2%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 17 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1319.60

+$21.10

Silver

$21.14

+$0.39

XAU

102.17

+2.54%

HUI

244.02

+2.47%

GDM

744.96

+2.31%

JSE Gold

1512.80

-9.85

USD

80.51

-0.04

Euro

135.25

+0.01

Yen

98.78

+0.43

Oil

$103.19

+$1.99

10-Year

2.475%

-0.063

Bond

138.4375

+1.28125

Dow

16976.81

-0.94%

Nasdaq

4363.44

-1.41%

S&P

1958.12

-1.18%

 
 

 

The Metals:

 

Gold gained almost $10 to $1308.21 in Asia before it fell back to $1299.65 in London, but it then jumped to as high as $1323.23 in New York and ended with a gain of 1.62%.  Silver surged to as high as $21.18 and ended with a gain of 1.88%.

 

Euro gold rose to about €975, platinum gained $19 to $1497, a copper climbed a penny to about $3.22.

 

Gold and silver equities rose over 2% by late morning and ended with about 2.5% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

7/12

302K

311K

305K

Housing Starts

June

893K

1020K

985K

Building Permits

June

963K

1037K

991K

Philadelphia Fed

July

23.9

12.5

17.8

 

Tomorrow brings Michigan Sentiment and Leading Economic Indicators.

 

The Markets:

 

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

 

Oil climbed higher on geopolitical concerns over Russia, Ukraine, Libya, and Iraq.

 

The U.S. dollar index ended slightly lower as the yen rose on safe haven buying.

 

Treasuries saw significant gains on reports that a Malaysian Airlines jet crashed in Ukraine.

 

The Dow, Nasdaq, and S&P fell on worries about Ukraine and Israel.

 

Israel's Netanyahu says he's ordered ground offensive in Gaza  MarketWatch

Gaza fighting surges with no firm sign ceasefire near  Reuters

Malaysian passenger plane crashes in Ukraine near Russian border: Ifax Reuters

 

Among the big names making news in the market today were GM, EBay, Alibaba, Microsoft, Morgan Stanley, and Nissan.

 

The Commentary:

 

US Treasury Releases International Capital Flows Data for May 2014

This data, which is released once a month from the US Treasury Department, gives a fairly good sense of the appetite for Dollar denominated assets among Foreign investors and Foreign Central Banks.

It is dated however and one must remember that. Today's data is for the month of May so you can see it is not especially timely. However, it still has value in my opinion.

I am still eagerly waiting for the June data during which Treasury usually makes the adjustment from the country in which the Treasury transaction was completed to the country of origin.

In looking over the Major Foreign Holders of Treasuries data ( broken down by country), a couple of things stand out. First, China and Japan, the two largest holders of our debt, both INCREASED their holdings during the month of May.

China bought $7.7 billion worth while Japan bought $10.4 billion. Chinese holdings are down $26.4 billion from the same month last year. Japanese holdings on the other hand are up a staggering $116.4 billion from May 2013.

Belgium, the center of the so-called "conspiracy" (among the gold perma bulls) for surreptitious buying of US Treasuries unloaded $4 billion of the things. I guess someone forgot to tell them this month that they are supposed to be buying the Treasuries that the US Federal Reserve has stopped buying for its QE program. Remember, the theory is that the tapering has not actually stopped even though the Fed has announced that it has begun tapering and is slowing its purchases of US Treasuries. You see, the Treasury buying is really still going on. It is just being done through back channels using Belgium as the epicenter.

Sigh! It never does end does it with some of those folks.

Overall, there was a pretty healthy increase among all of the buyers for May. They increased their holdings of Treasuries to $5.976 trillion, up from $5.960 trillion in April. That is a $15.1 billion increase.

Compared to the same period last year (May 2013), Treasury holdings are up $318 billion ($5.976 to $5.658).  So much for the demise of the US Dollar.

Keep in mind that this particular data set is the "Holdings" data.

As far as the NET PURCHASES DATA goes, Total NET Foreign Purchases for May increased by $25 billion. That is a big improvement from the previous month (April) when the number was a negative $13.589 billion. A negative number means foreign investors, official institutions, etc. were selling (there was a net OUTFLOW of capital instead of a NET INFLOW).

NET PURCHASES of US equities showed another increase for May ($10.78 billion). That comes on the heels of a net increase for April of nearly the same amount ($10.19 billion). Foreign appetite for US stocks remains strong.

NET PURCHASES of US government agency debt jumped to $4.169 billion after falling the previous month by $2.082 billion.

The loser this month, among foreign investors, was US corporate debt. There were NET OUTFLOWS of $5.385 billion for May. That follows net outflows of $8.509 billion in April. This category is especially volatile however.

All in all, demand for US dollar denominated assets among foreign investors/institutions/official sector was strong in May.

One last thing for this set of comments - gold is moving higher today on news that the US has introduced a new set of sanctions against Russia over the Ukraine situation. Russia is not happy about it. Also, the escalation in tensions and the conflict over in Israel and the Gaza region with Hamas has fueled nervousness in stock markets and is bringing selling into equities, buying into bonds, and buying into gold. Gold is being driven of late by headlines.

 

It looks as if it might want to run up into the former resistance zone ($1330- $1340). Geopolitical tensions have put a "13" handle in front of it and is offering psychological support.

You can look at the ADX and see the muddled mess on the chart. There is no clearly defined trend at the moment.

As I have been writing this, news has come out that a passenger plane has been downed over the Ukraine. That is really fueling the safe haven bids...We'll have to get the details on this as they come out.- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

Amity Shlaes: You can take a vacation but inflation doesn't

New York Sun: The Fed in danger

Roberts and Kranzler: Insider trading and financial terrorism on Comex

U.S. gold dealer launches first digital currency backed by bullion

Bron Suchecki: How Eastern gold demand is transforming the gold market

Koos Jansen: Huge increases in silver imports by India

 

The Statistics:

Activity from: 7/16/2014

Gold Warehouse Stocks:

8,383,487.021

+5,000.00

Silver Warehouse Stocks:

175,360,015.940

-611,613.31

 

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

806.034

25,914,801

US$33,744m

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 subtracted 2.694 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.06: No change from yesterday’s data.

 

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

 

The Miners:

 

B2Gold’s (BTG) second quarter production results, McEwen’s (MUX) second quarter production results, Eurasian’s (EMXX) exploration results, Aurcana’s (AUN.V) new board member, SilverCrest’s (SVLC) second quarter production results, and Santacruz Silver’s (SCZ.V) second quarter production results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Timmins

TGD +12.79% $1.94

2.  SilverCrest

SVLC +10.77% $2.17

3.  Silver Standard

SSRI +9.17% $9.68

 

LOSERS

1.  DRDGOLD

DRD -1.40% $2.81

2.  Freeport

FCX -0.65% $38.50

3.  Nevsun

NSU -0.80% $3.74

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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