-- 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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-- Published: Tuesday, 29 July 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver End Slightly Lower Again
