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Gold Seeker Closing Report: Gold and Silver End Slightly Lower Again
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 29 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1300.60

-$4.50

Silver

$20.60

-$0.02

XAU

102.20

-0.32%

HUI

241.86

-0.61%

GDM

741.69

-0.55%

JSE Gold

1529.42

-5.63

USD

81.21

+0.18

Euro

134.09

-0.30

Yen

97.95

-0.24

Oil

$100.97

-$0.70

10-Year

2.462%

-0.029

Bond

138.875

+0.59375

Dow

16912.11

-0.42%

Nasdaq

4442.69

-0.05%

S&P

1969.95

-0.45%

 
 

 

The Metals:

 

Gold climbed $6.93 to $1312.03 at about 4AM EST before it dropped down to $1296.34 in the next 8 hours of trade, but it then rallied back higher in the last four hours of the day and ended with a loss of just 0.34%.  Silver slipped to as low as $20.472 and ended with a loss of 0.1%.

 

Euro gold fell to about €970, platinum lost $10 to $1475, and copper fell a couple of cents to about $3.22.

 

Gold and silver equities waffled near unchanged and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Case-Shiller 20-city Index

May

9.3%

10.0%

10.8%

Consumer Confidence

July

90.9

85.6

86.4

 

U.S. homeownership rate falls to 19-year low in second quarter  Reuters

 

Tomorrow brings ADP Employment, GDP, and a FOMC Rate Decision.

 

The Markets:

 

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

 

Oil fell on the outlook for ample supplies while the U.S. dollar index jumped higher on better than expected Consumer Confidence data.

 

Treasuries found decent gains on worries about Europe and Russia.

 

The Dow, Nasdaq, and S&P traded mixed and ended lower as decent earnings reports were offset by geopolitical concerns.

 

Among the big names making news in the market today were Darden, Herbalife, Apple, UPS, Merck, Reynolds American, Windstream, and Corning.

 

The Commentary:

 

Since November of last year, the US Dollar has been thwarted from beginning any sort of upward trending move by the region near 81.50 on the USDX. It is once again moving towards a showdown with this critical chart region. Can the Greenback blast through and start a stronger trending move or will it merely bounce off and move lower once more? Stay tuned.

 

Seeing that the Euro comprises over half of the USDX, we are keeping a close eye on the currency. Ever since Draghi began his campaign of talking it down when it was near 1.40, the Euro has struggled to maintain any sort of bullish momentum for long. The reason has to do with interest rates - traders are convinced that the next move by the Fed in raising rates will be well ahead of any move by the ECB to raise rates in the Eurozone.  Simply put, while the Fed is talking about curbing monetary liquidity measures over here in the US, the conversation in the Euro zone has been whether to become more aggressive over monetary liquidity measures over there. Such sentiment favors the Dollar over the Euro.

 

The currency is approaching a psychological round number support zone near 1.340. Failing to hold here would set it up for a further drop down towards 1.330.

The ADX is above the key 30 level and is continuing to rise indicating the presence of a strong trending move lower at this time.

One has to wonder if gold would be able to hold $1280 should the Euro fall accelerate. In my view the only thing currently holding gold higher is geopolitical tension. Were it not for those events (and who knows how all this is going to end) gold would be lower, especially with the Dollar strength we are witnessing. Those events should continue to bring some safe haven buying into the yellow metal for the time being which will work to mitigate any sharp drops in price that could occur.

Meanwhile, the commodity sector (overall) continues to display weakness. Falling crude oil prices (it has been unable to break out above former resistance near $105), falling grain prices (for today), and weakness in some of the softs and hogs, are pulling it lower. Silver is bucking the lower trend in commodities today for some reason. Frankly, I do not know why nor do I care. That metal tends to live it in its own little world. There might be some copper/silver spreads being unwound which is benefitting it today at the expense of copper.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

The Statistics:

Activity from: 7/28/2014

Gold Warehouse Stocks:

8,652,610.281

+99.66

Silver Warehouse Stocks:

175,561,119.150

+600,256.53

 

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$33,616m

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$5,771m

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$466m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.89

1,346,780

US$1,744m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.66: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,014.63: No change from yesterday’s data.

 

The Miners:

 

Pretivm’s (PVG) closed offering, SEMAFO’s (SMF.TO) drill results, and Timmins Gold’s (TGD) second quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Seabridge

SA +4.97% $8.87

2.  Revett

RVM +4.87% $1.23

3.  Paramount

PZG +4.12% $1.01

 

LOSERS

1.  Rubicon

RBY -3.95% $1.46

2.  Rio Alto

RIOM -2.82% $2.41

3.  Sandstorm

SAND -2.15% $6.84

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: Tuesday, 29 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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