Gold jumped $15.80 to as high as $1308.20 in the last minutes of trade and ended with a gain of 1.16%.Silver surged to as high as $20.727 and ended with a gain of 1.82%.
Euro gold rose to about €973, platinum gained $8 to $1472, and copper fell a few cents to about $3.24.
Gold and silver equities rose throughout most of trade and ended with about 3% gains.
Next week’s economic highlights include Pending Home Sales on Monday, the Case-Shiller 20-city Index on Tuesday, Consumer Confidence, ADP Employment, GDP, and a FOMC rate decision on Wednesday, Initial Jobless Claims and Chicago PMI on Thursday, and July’s jobs data, Personal Income and Spending, Construction Spending, and Michigan Sentiment on Friday.
Oil saw slight losses as the U.S. dollar index edged higher on decent economic data.
Treasuries rose as the Dow, Nasdaq, and S&P dropped on poor earnings reports and geopolitical worries.
Among the big names making news in the market Friday were GM, Xerox, AbbVie, Citigroup, Moody’s, Visa, and Amazon.
The Commentary:
“• Despite a lot of noise, the topping formation I spoke about going into the July 4th weekend (and then noted it seemed it could run a few more weeks before putting in a major top) seems to be playing out. As I’ve warned, the longer it stayed out of whack, the worse the downside will be. • I find it ironic that the king of ultimate bubble makers is the ultimate winner of calling the kettle black. Hey Allen, Ben and Janet aren’t much better but they’ve been only picking up where you left off – shame on you. History will get you right no matter how late in your life you wish to change the past. • With gold and silver options set to expire on the opening of the CRIMEX (Comex) Monday, you can be sure the “boys” wanted to see gold below $1,300. There were an abnormal # of puts and calls still open this week and what do you know, most look like they shall expire worthless. I continue to like the base-building in gold and silver and the outperformance of the shares versus the metals. This is classic in a new bull leg up. • For those of us who felt the CFTC was a toothless Regulator, I rest our case on this story. Yeah Doug Casey, we’re all tin-foil hat wearers ( but still have a much better performance record than a man who hasn’t changed his tune in 30 years, but has cried all the way to the bank while so wrong for so long). • Thanks to two good friends who were both very high up in national law enforcement (one is fully retired while the other has become Chief of Police in a small SC town), I’ve stated the internal belief among many terrorist experts was not a plane attack but a cyberspace 911 style attack. This article is a must read and why I’ve finally gotten around to prepare for a serious impact to our daily lives for more than a day or two. • I really appreciated all the good wishes for my taking the month of August off. But don’t be concern that I will leave you hanging. If there’s very significant events that warrant commentary, I will post them no matter where I’m at (unless the fish are really biting then it will be a few hours later).” - Peter Grandich, http://moneytalks.net/peters-content.html
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
801.844
25,780,078
US$33,365m
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$5,766m
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$468m
Johannesburg Securities Exchange (JSE)
New Gold Debentures
41.89
1,346,809
US$1,762m
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 3.591 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.06: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,014.63: +25.37 change from yesterday’s data.
Freeport’s (FCX) resumption of exports, Minco Gold’s (MGH) project sale, AngloGold’s (AU) loan facility, and African Barrick’s (AGB.LN) first half results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1.DRDGOLD
DRD +10.16% $2.82
2.McEwen
MUX +7.92% $2.86
3.Primero
PPP +5.26% $7.96
LOSERS
1.Gold Resource
GORO -1.26% $5.32
2.Tahoe
TAHO-0.44% $26.90
3.Turquoise
TRQ -0.22% $3.51
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
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Gold Seeker Weekly Wrap-Up: Gold and Silver Spike Back Friday But End Slightly Lower on the Week
