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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall on the Week but Miners Gain
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 15 August 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1304.10

-$8.90

-0.56%

Silver

$19.62

-$0.30

-1.75%

XAU

101.96

-0.61%

+0.69%

HUI

245.52

-0.91%

+1.26%

GDM

743.74

-0.88%

+0.46%

JSE Gold

1491.62

-26.48

-3.23%

USD

81.42

-0.15

+0.04%

Euro

133.98

+0.31

-0.11%

Yen

97.73

+0.13

-0.26%

Oil

$97.35

+$1.77

-0.22%

10-Year

2.345%

-0.055

-2.90%

Bond

141.00

+0.9375

+1.17%

Dow

16662.91

-0.30%

+0.66%

Nasdaq

4464.92

+0.27%

+2.15%

S&P

1955.06

-0.01%

+1.22%

 
 

 

The Metals:

 

Gold edged up to $1315.09 at about 5:30AM EST before it dropped down to $1292.87 in the next four hours of trade and then bounced back higher in late morning trade, but it still ended with a loss of 0.68%.  Silver slipped to as low as $19.519 and ended with a loss of 1.51%.

 

Euro gold fell to about €973, platinum lost $10 to $1452, and copper climbed a penny to about $3.12.

 

Gold and silver equities fell almost 2% at the open before they rallied back higher in late morning trade, but they still ended with modest losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

PPI

July

0.1%

0.2%

0.4%

Core PPI

July

0.2%

0.2%

0.2%

Empire Manufacturing

Aug

14.7

15.5

25.6

Net Long-Term TIC Flows

June

-$18.7B

-

$18.6B

Industrial Production

July

0.4%

0.3%

0.4%

Capacity Utilization

July

79.2%

79.2%

79.1%

Michigan Sentiment

Aug

79.2

81.7

81.8

 

All of this week’s other economic reports:

 

Import Prices - July

-0.2% v. 0.1%

 

Import Prices ex-oil - July

0.0% v. -0.1%

 

Export Prices - July

0.0% v. -0.4%

 

Export Prices ex-ag. - July

0.3% v. -0.3%

 

Initial Claims - 8/09

311K v. 290K

 

Business Inventories - June

0.4% v. 0.5%

 

Retail Sales - July

0.0% v. 0.2%

 

Retail Sales ex-auto - July

0.1% v. 0.4%

 

Treasury Budget - July

-$94.6B v. -$97.6B

 

JOLTS - Job Openings - June

4.671M v. 4.577M

 

Next week’s economic highlights include the NAHB Housing Market Index on Monday, CPI, Housing Starts, and Building Permits on Tuesday, FOMC Minutes on Wednesday, and Initial Jobless Claims, Existing Home Sales, the Philadelphia Fed, and Leading Economic Indicators on Thursday.

 

The Markets:

 

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

 

Oil jumped higher after reports of a Ukrainian attack on an armed Russian convoy.

 

The U.S. dollar index fell on mixed economic data and rising geopolitical tensions that sent treasuries higher and the Dow and S&P lower.

 

Among the big names making news in the market Friday were BHP Billiton, Supervalu, Wal-Mart, GM, Coca-Cola, and Pershing Square.

 

The Commentary:

 

Geopolitical events have a way of roiling markets and giving credence to the reason why so many traders/investors will not touch commodities. We were reminded of this by the wild price action occurring in the gold market, and, to the surprise of some (but not grain traders) the wheat markets.

Gold had been pressured earlier in the session on De-escalation of tensions over in Ukraine. Yesterday it was fears that a Russian humanitarian relief column was a Trojan horse which would foment war. Earlier today when it became clear that there were no weapons, troops, etc., in the convey, gold promptly sold off. Then around mid-morning, up went the yellow metal, recapturing the $1300 level as reports filtered into the market that Russian forces had crossed the Ukrainian border and been engaged by their troops.

Wheat, which had also been under pressure earlier in the session, immediately shot higher as panicked bears began running for cover. Ukraine is a major wheat producer and traders are nervous over any impact that military tensions might produce as far as wheat exports from that country go. Last I saw, Ukrainian wheat (which is shipped from Black Sea ports) is priced below US wheat.

Now the market has to sort through the news and see what has actually taken place.  Suffice it to say for now, safe havens which were ignominiously thrown out and discarded early in the session, are suddenly now all the rage once again. Who knows by the end of the session they could all be jettisoned...

Never a dull moment....- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

GoldCore: New LBMA silver price still not transparent

Alasdair Macleod: No escape from the dollar as the currency standard

China's fourth gold ETF raises about $50 million

 

The Statistics:

Activity from: 7/14/2014

Gold Warehouse Stocks:

9,830,341.383

+30,086.93

Silver Warehouse Stocks:

176,194,904.214

+471,898.79

 

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

795.597

25,579,227

US$33,141m

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$5,801m

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$468m

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: 165.93: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,132.62: +31.33 change from yesterday’s data.

 

The Miners:

 

Pretivm’s (PVG) closed over-allotment option, Eurasian’s (EMXX) second quarter results, and Silvercorp’s (SVM) dividend were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Lake Shore

LSG +4.35% $1.20

2.  Revett

RVM +3.48% $1.19

3.  Rubicon

RBY +2.96% $1.38

 

LOSERS

1.  Solitario

XPL -3.31% $1.46

2.  Almaden

AAU -2.61% $1.49

3.  Harmony

HMY -2.56% $3.04

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: Friday, 15 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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