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Gold Seeker Weekly Wrap-Up: Gold and Silver Spike Back Friday But End Slightly Lower on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 25 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1307.40

+$15.00

-0.24%

Silver

$20.74

+$0.37

-0.53%

XAU

100.73

+3.07%

-0.59%

HUI

239.95

+2.68%

-1.23%

GDM

735.61

+2.45%

-1.12%

JSE Gold

1504.64

-1.44

-1.94%

USD

81.03

+0.17

+0.61%

Euro

134.30

-0.34

-0.70%

Yen

98.21

-0.01

-0.47%

Oil

$102.09

-$0.61

-1.01%

10-Year

2.469%

-0.040

-0.60%

Bond

138.65625

+0.78125

+0.41%

Dow

16960.57

-0.72%

-0.82%

Nasdaq

4449.56

-0.50%

+0.39%

S&P

1978.34

-0.48%

+0.01%

 
 

 

The Metals:

 

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.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Durable Goods

June

0.7%

0.3%

-1.0%

Durable Goods -ex trans.

June

0.8%

0.7%

-0.1%

 

All of this week’s other economic reports:

 

New Home Sales - June

406K v. 442K

 

Initial Claims - 7/19

284K v. 303K

 

Existing Home Sales - June

5.04M v. 4.91M

 

FHFA Housing Price Index - May

0.4% v. 0.1%

 

CPI - June

0.3% v. 0.4%

 

Core CPI - June

0.1% v. 0.3%

 

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.

 

The Markets:

 

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

 

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

 

GATA Posts:

 

India's gold import restrictions turn into political patronage for trading houses

Indian gold imports fell 25% over year -- not counting smuggling, of course

Gold price suppression elicits more notice

The strange case of Germany's gold -- an interview with Peter Boehringer

Lawsuit charges that half of Chicago futures are illegal 'wash' trades

 

The Statistics:

Activity from: 7/24/2014

Gold Warehouse Stocks:

8,556,463.891

+2,417.464

Silver Warehouse Stocks:

175,564,025.290

+571,161.04

 

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

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.

 

The Miners:

 

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.

       

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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 -- Published: Friday, 25 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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