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Gold Seeker Closing Report: Gold Dips and Silver Slips
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 5 August 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1288.10

-$0.40

Silver

$19.81

-$0.38

XAU

98.53

+0.78%

HUI

236.11

+0.74%

GDM

721.95

+0.44%

JSE Gold

1487.61

-4.74

USD

81.52

+0.21

Euro

133.74

-0.58

Yen

97.50

-0.02

Oil

$97.38

-$0.91

10-Year

2.483%

-0.008

Bond

138.375

+0.28125

Dow

16429.47

-0.84%

Nasdaq

4352.83

-0.71%

S&P

1920.21

-0.97%

 
 

 

The Metals:

 

Gold climbed $4.88 to $1293.38 at about 4:20AM EST before it fell back to $1282.69 in the next six hours of trade and then shot back higher in early afternoon New York trade, but it still ended with a loss of 0.03%.  Silver edged up to $20.269 before it dropped back to $19.802 by late morning in New York and then also bounced back higher, but it still ended with a loss of 1.88%.

 

Euro gold rose to about €963, platinum lost $9 to $1450, and copper fell four cents to about $3.21.

 

Gold and silver equities fell over 1% by early afternoon, but they then rallied back higher in the last few hours of trade and ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Factory Orders

June

1.1%

0.5%

-0.6%

ISM Services

July

58.7

56.5

56.0

 

Tomorrow at 8:30AM EST brings the Trade Balance for June expected at -$45.2 billion.

 

The Markets:

 

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

 

Oil fell ahead of tomorrow’s supply report.

 

The U.S. dollar index rose on better than expected economic data that put some pressure on treasuries, but that pressure was offset by poor earnings reports and geopolitical worries that sent the Dow, Nasdaq, and S&P almost 1% lower.

 

Among the big names making news in the market today were Toyota, Pimco, Target, McDonald’s, GM, and MGM Resorts.

 

The Commentary:

 

One look at the chart says it all:

A fresh 6 + month low was made in the commodity sector earlier this AM.

 

Some might recall a while back I mentioned that the forward curve in the commodity markets was suggesting LOWER prices ahead, not higher prices, as the backwardation that existed in some of the major futures markets was dissolving with the structure moving more towards the typical contango structure. That was especially true between the old crop (2013) / new crop grains spreads.

With the US Dollar attempting to gain some further upside traction and with the commodity indices plunging, as well as the idea that interest rate hikes are coming to the US sooner rather than later, the headwinds against gold are gathering.

Gold bulls had best be thanking their lucky stars for all the geopolitical risk in place right now. Were it not for that, it is unlikely gold would be maintaining itself above key support near $1280.

I noticed that we finally got an updated number for the gold holdings in GLD yesterday. The number had not changed for nearly a week. The new number is a DECREASE of some 1.8 tons. Interestingly enough, the newly reported 800.05 tons is about the same amount that gold holdings have increased since the last business day of 2013 when the ETF reported holdings of 798.22 tons. Another way of saying this is that over the last 7 months, there has been an increase in gold holdings of a paltry 1.8 tons. Clearly Western-oriented investor demand for gold is comatose at the current time. Perhaps that will change as we move forward into Q3 of this year but that remains yet to be seen. With Chinese demand falling off and with Western investment demand on the wane, gold bulls need something to spark this market. It is very sad but that essentially means that they are either going to have to wish for, and even pray for, bad news for someone.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Hamstrung by dollar, Ecuador will create its own virtual currency

Koos Jansen: China's year-to-date gold offtake reaches 1,063 tonnes

 

The Statistics:

Activity from: 8/04/2014

Gold Warehouse Stocks:

9,091,764.018

+368,051.187

Silver Warehouse Stocks:

175,735,574.247

-71,389.29

 

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

800.048

25,722,348

US$33,029m

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$5,706m

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$464m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.89

1,346,780

US$1,744m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.796 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.93: -0.04 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,010.25: -4.38 change from yesterday’s data.

 

The Miners:

 

Richmont’s (RIC) second quarter results and consolidated ownership of the Island Gold Mine and Fresnillo’s (FRES.L) first half results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Richmont

RIC +13.56% $1.69

2.  Allied Nevada

ANV +6.78% $3.15

3.  Great Panther

GPL +6.56% $1.30

 

LOSERS

1.  DRDGOLD

DRD -1.78% $2.76

2.  Pretivm

PVG -1.32% $6.73

3.  Tahoe

TAHO-1.12% $26.47

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, 5 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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