-- 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:
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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-- Published: Friday, 15 August 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall on the Week but Miners Gain
