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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 2% and 1% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 22 August 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1280.40

+$3.10

-1.82%

Silver

$19.48

+$0.01

-0.71%

XAU

99.46

-0.20%

-2.45%

HUI

238.69

-0.30%

-2.78%

GDM

722.60

-0.16%

-2.84%

JSE Gold

1487.93

-1.48

-0.25%

USD

82.33

+0.17

+1.12%

Euro

132.40

-0.42

-1.18%

Yen

96.22

-0.10

-1.55%

Oil

$93.60

-$0.36

-3.85%

10-Year

2.403%

-0.004

+2.47%

Bond

140.50

+0.4375

-0.35%

Dow

17001.22

-0.22%

+2.03%

Nasdaq

4538.55

+0.14%

+1.65%

S&P

1988.41

-0.20%

+1.71%

 
 

 

The Metals:

 

Gold edged up to $1282.88 in London before it dropped back to $1274.60 in late morning New York trade, but it then jumped back higher midday and ended with a gain of 0.24%.  Silver climbed up to $19.58 before it dropped back to $19.322 and then also rebounded, but it ended with a gain of just 0.05%.

 

Euro gold rose to about €967, platinum gained $2 to $1418, and copper climbed a couple of cents to about $3.20.

 

Gold and silver equities waffled near unchanged and ended with slight losses.

 

The Economy:

 

“The economy has made considerable progress in recovering from the largest and most sustained loss of employment” since the Great Depression, Yellen said today in a speech at the Kansas City Fed’s annual economics conference in Jackson Hole, Wyoming. Even so, she underscored the Federal Open Market Committee statement last month that “underutilization of labor resources still remains significant.”

 

All of this week’s economic reports:

 

Leading Indicators - July

0.9% v. 0.6%

 

Philadelphia Fed - August

28.0 v. 23.9

 

Existing Home Sales - July

5.15M v. 5.03M

 

Initial Claims - 8/16

298K v. 312K

 

Building Permits - July

1052K v. 973K

 

Housing Starts - July

1093K v. 945K

 

CPI - July

0.1% v. 0.3%

 

Core CPI - July

0.1% v. 0.1%

 

NAHB Housing Market Index - August

55 v. 53

 

Next week’s economic highlights include New Home Sales on Monday, Durable Goods Orders, the Case-Shiller 20-city Index, the FHFA Housing Price Index, and Consumer Confidence on Tuesday, Initial Jobless Claims, GDP, and Pending Home Sales on Thursday, and Personal Income and Spending, Core PCE Prices, Chicago PMI, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil fell on the outlook for ample supplies while the U.S. dollar index rose on remarks from Yellen that were not as dovish as many expected.

 

Treasuries saw slight gains as the Dow, Nasdaq, and S&P waffled near unchanged on uncertain commentary out of Jackson Hole.

 

Among the big names making news in the market Friday were Salesforce, Gap, T-Mobile and Sprint, and GameStop.

 

GATA Posts:

 

 

New Orleans conference will debate gold market manipulation

New York Sun: Krugman's kryptonite

China gold exchange gains traction as yuan reforms stir interest

U.S. Mint platinum coins bypassed in rush for gold

 

The Statistics:

Activity from: 8/21/2014

Gold Warehouse Stocks:

9,859,842.909

+51,102.48

Silver Warehouse Stocks:

178,193,777.404

+1,114,387.58

 

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

800.085

25,723,530

US$32,843m

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$5,686m

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$459m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.52

1,334,858

US$1,729m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 166.41: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,272.89: No change from yesterday’s data.

 

The Miners:

 

First Majestic’s (AG) plans to list on the Mexican stock exchange and Hecla’s (HL) preferred dividend were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Great Panther

GPL +3.48% $1.19

2.  Gold Fields

GFI +2.16% $4.25

3.  Almaden

AAU +2.14% $1.43

 

LOSERS

1.  Golden Minerals

AUMN-4.35% $1.10

2.  Revett

RVM -3.17% $1.22

3.  Midway

MDW -2.43% $1.00

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

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