-- Published: Tuesday, 5 August 2014 | Print | Disqus
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.
Tomorrow at 8:30AM EST brings the Trade Balance for June expected at -$45.2 billion.
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.
“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/
Hamstrung by dollar, Ecuador will create its own virtual currency
Koos Jansen: China's year-to-date gold offtake reaches 1,063 tonnes
Activity from: 8/04/2014
Gold Warehouse Stocks:
Silver Warehouse Stocks:
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
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
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)
Gold Bullion Securities
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam
ETFS Physical Gold
Australian Stock Exchange (ASX)
Gold Bullion Securities
Johannesburg Securities Exchange (JSE)
New Gold Debentures
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.
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.
RIC +13.56% $1.69
2. Allied Nevada
ANV +6.78% $3.15
3. Great Panther
GPL +6.56% $1.30
DRD -1.78% $2.76
PVG -1.32% $6.73
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, 5 August 2014 | E-Mail | Print | Source: GoldSeek.com