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Gold Seeker Closing Report: Gold and Silver Fall About 1% While Stocks Drop 2%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 31 July 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1282.10

-$14.60

Silver

$20.37

-$0.25

XAU

99.15

-2.03%

HUI

233.90

-2.17%

GDM

718.20

-1.99%

JSE Gold

1485.66

-26.58

USD

81.45

+0.03

Euro

133.89

-0.07

Yen

97.22

-0.05

Oil

$98.77

-$2.10

10-Year

2.556%

+0.002

Bond

137.21875

-0.28125

Dow

16563.30

-1.88%

Nasdaq

4369.77

-2.09%

S&P

1930.67

-2.00%

 
 

 

The Metals:

 

Gold saw only slight losses in Asia and London, but it then fell back off further for most of trade in New York and ended near its early afternoon low of $1281.36 with a loss of 1.13%.  Silver slipped to as low as $20.343 and ended with a loss of 1.21%.

 

Euro gold 1455

 

Gold and silver equities fell over 2% by early afternoon and remained near that level into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

7/26

302K

310K

279K

Employment Cost Index

Q2

0.7%

0.4%

0.3%

Chicago PMI

July

52.6

61.8

62.6

 

Tomorrow brings July’s jobs data, Personal Income and Spending, Core PCE Prices, Michigan Sentiment, the ISM Index, and Construction Spending.

 

The Markets:

 

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

 

Oil fell on reduced demand expectations after a refinery in Kansas announced it may shut down for as long as four weeks.

 

The U.S. dollar index found modest gains on better than expected jobs data.

 

Treasuries saw slight losses ahead of tomorrow’s monthly jobs report.

 

The Dow, Nasdaq, and S&P fell markedly on poor earnings reports, concerns about interest rates, and worries about credit markets “after Argentina defaulted and a Portuguese bank was ordered to raise capital.”

 

Among the big names making news in the market today were Iliad and T-Mobile, Amazon, Exxon, Open Text, Target, MasterCard, Suncor, and Time Warner Cable.

 

The Commentary:

 

Not only are equities being pummeled this morning, the commodity sector is also seeing heavy selling pressure. There are some individual markets within the sector that are managing to shrug off some of the selling pressure, (coffee for instance - that doesn't count anyway since that market was set up by aliens to trap earthlings prior to whisking them away into outer space)  but overall, the entire sector is dropping sharply lower.

The GSCI just notched a brand new 5 month low this morning, especially with the energy sector dropping as it has. Even the high flying cattle market has been unable thus far to resist the selling.

 

Once again, the safe havens are back on as the US Dollar and the Japanese Yen are higher with bonds pulling into plus territory after collapsing a full point earlier in the session.

End of month book squaring is further muddying the waters today.

The low reading for initial unemployment claims has spooked gold bulls who are worried that the upcoming payrolls numbers are going to come in stronger than expected. The thinking is that the Fed's hand is going to be forced to raise interest rates sooner rather than later. That remains to be seen but with the sharp drop in equities, that sort of talk is a bit premature. It does however underscore just how sensitive the gold market is to any talk of higher interest rates. Higher rates will act as a headwind to gold, which throws off no yield.

The US Dollar has not yet been able to convincingly push past 81.60 basis the USDX. If it does, look for more selling across the gold market especially with commodity prices heading lower, especially crude oil and its products.

It is going to be interesting to see whether or not the equities experience one of those famous last hour recoveries today.

Gold has fallen back below the 45 day moving average and looks to be setting up a test of the support zone noted on the chart near the $1280 level.

 

Crude oil lost its chart support this morning but thus far has managed to find a floor above the $98/barrel level. There looks to be some better defined support near 97.60 - 97.50. The ADX is rising but does not yet indicate a trending move. That suggests the market will find some support sooner rather than later. If the secondary support level does give way however, crude could retrace towards 96. That would put it at the lowest level since early February.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

Chinese gold jewellery demand sees first quarterly drop in 8 years

Doug Pollitt: Brain worms

 

The Statistics:

Activity from: 7/30/2014

Gold Warehouse Stocks:

8,716,978.698

+64,561.317

Silver Warehouse Stocks:

176,642,010.730

-116,017.24

 

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$33,118m

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$5,715m

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$460m

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:

 

New Gold’s (NGD) second quarter results, IAMGOLD’s (IAG) commercial Production declaration, Goldcorp’s (GG) second quarter results, Alamos Gold’s (AGI) second quarter results, Lake Shore’s (LSG) second quarter operating results, Seabridge Gold’s (SA) Environmental Assessment Certificate approval, and Hecla’s (HL) second quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Seabridge

SA +3.65% $9.37

2.   Yamana

AUY +2.28% $8.52

3.  Paramount

PZG +0.99% $1.02

 

LOSERS

1.  Agnico Eagle

AEM -8.76% $37.19

2.  Golden Minerals

AUMN-5.56% $1.19

3.  Alamos Gold

AGI -5.00% $8.93

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: Thursday, 31 July 2014 | E-Mail  | Print  | Source: GoldSeek.com

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