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Gold Seeker Closing Report: Gold and Silver Gain While Stocks Fall
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 28 August 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1289.30

+$7.30

Silver

$19.53

+$0.09

XAU

101.13

+0.97%

HUI

242.96

+1.13%

GDM

731.92

+1.02%

JSE Gold

1515.92

+8.23

USD

82.47

+0.02

Euro

131.82

-0.11

Yen

96.45

+0.16

Oil

$94.55

+$0.67

10-Year

2.334%

+0.027

Bond

141.65625

+0.50

Dow

17079.57

-0.25%

Nasdaq

4557.69

-0.26%

S&P

1996.74

-0.17%

 
 

 

The Metals:

 

Gold rose $14.33 to $1296.33 at about 8:30AM EST before it pared back to $1287.37 in the next couple of hours of trade, but it then bounced back higher in afternoon trade and ended with a gain of 0.57%.  Silver surged to as high as $19.851 and ended with a gain of 0.46%.

 

Euro gold climbed to about €978, platinum gained $6 to $1421, and coper fell 4 cents to about $3.14.

 

Gold and silver equities rose over 1% at the open before they fell back towards unchanged by midmorning, but they then climbed back towards their opening highs by early afternoon and remained near that level into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

8/23

298K

302K

299K

GDP

Q2

4.2%

4.0%

4.0%

GDP Deflator

Q2

2.1%

2.0%

2.0%

Pending Home Sales

July

3.3%

0.5%

-1.3%

 

Tomorrow brings Personal Income and Spending, Core PCE Prices, Chicago PMI, and Michigan Sentiment.

 

The Markets:

 

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

 

Oil rose on renewed worries about Ukraine that sent treasuries higher and the Dow, Nasdaq, and S&P lower.  Today’s $29 billion 7-year note auction sold at yield of 2.045% with a bid to cover of 2.57.  The U.S. dollar ended slightly higher in mixed trade.

 

Among the big names making news in the market today were JPMorgan, Google, Alibaba, Paramount, and Dollar General and Family Dollar.

 

GATA Posts:

 

 

Gold Switzerland interview: Alasdair Macleod on the reasons for owning gold

 

The Statistics:

Activity from: 8/27/2014

Gold Warehouse Stocks:

9,927,362.431

+289.35

Silver Warehouse Stocks:

179,293,949.654

+599,879.30

 

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

25,579,239

US$33,034m

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$5,730m

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$463m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

41.04

1,319,359

US$1,705m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.96: No change from yesterday’s data.

 

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

 

The Miners:

 

Newmont’s (NEM) dealings in Indonesia and Avino’s (ASM) restarted mining operations were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Avino

ASM +6.09% $2.09

2.  Buenaventura

BVN +5.07% $14.44

3.  McEwen

MUX +4.89% $2.79

 

LOSERS

1.  Golden Minerals

AUMN-4.55% $1.05

2.  MAG Silver

MVG -2.47% $8.30

3.  Nevsun

NSU -1.46% $4.06

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: Thursday, 28 August 2014 | E-Mail  | Print  | Source: GoldSeek.com

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