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Gold Seeker Weekly Wrap-Up: Gold Ends Slightly Higher on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 29 August 2014 | Print  | Disqus 

Please Note: US Markets are closed on Monday for Labor Day.

 

 

Close

Gain/Loss

On Week

Gold

$1287.30

-$2.00

+0.54%

Silver

$19.48

-$0.05

UNCH

XAU

102.25

+1.22%

+2.81%

HUI

245.51

+1.27%

+2.86%

GDM

738.53

+1.09%

+2.20%

JSE Gold

1534.96

+19.03

+3.16%

USD

82.70

+0.23

+0.45%

Euro

131.38

-0.46

-0.77%

Yen

96.11

-0.30

-0.11%

Oil

$95.96

+$1.41

+2.52%

10-Year

2.343%

+0.009

-2.50%

Bond

141.46875

-0.25

+0.69%

Dow

17098.38

+0.11%

+0.57%

Nasdaq

4580.27

+0.50%

+0.92%

S&P

2003.36

+0.33%

+0.75%

 
 

 

The Metals:

 

Gold waffled near unchanged for most of trade in Asia before it spiked down to $1283.65 at about 4:45AM EST and then jumped back to $1291.34 by midmorning in New York, but it then drifted back lower into the close and ended with a loss of 0.16%.  Silver slipped to as low as $19.452 and ended with a loss of 0.26%.

 

Euro gold rose to almost €980, platinum lost $2 to $1419, and copper climbed a penny to about $3.15.

 

Gold and silver equities rose over 1% by midmorning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

July

0.2%

0.3%

0.5%

Personal Spending

July

-0.1%

0.1%

0.4%

PCE Prices - Core

July

0.1%

0.1%

0.1%

Chicago PMI

Aug

64.3

54.8

52.6

Michigan Sentiment

Aug

82.5

80.0

79.2

 

All of this week’s other economic reports:

 

Pending Home Sales - July

3.3% v. -1.3%

 

GDP - Q2

4.2% v. 4.0%

 

GDP Deflator - Q2

2.1% v. 2.0%

 

Initial Claims - 8/23

298K v. 299K

 

Consumer Confidence - August

92.4 v. 90.9

 

FHFA Housing Price Index - June

0.4% v. 0.2%

 

Case-Shiller 20-city Index - June

8.1% v. 9.4%

 

Durable Goods - July

22.6% v. 2.7%

 

Durable Goods -ex trans. - July

-0.8% v. 3.0%

 

New Home Sales - July

412K v. 422K

 

Next week’s economic highlights include the ISM Index and Construction Spending on Tuesday, Factory Orders and the fed’s Beige Book on Wednesday, ADP Employment, Initial Jobless Claims, the Trade Balance, Productivity, Unit Labor Costs, and ISM Services on Thursday, and August’s jobs data on Friday.

 

The Markets:

 

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

 

Oil rose on increased geopolitical tensions and better than expected economic data that sent the U.S. dollar index higher.

 

Treasuries saw slight losses as the Dow, Nasdaq, and S&P largely ignored increased terror threats from around the world.

 

U.K. Terror Threat Raised to ‘Severe’ on New Intelligence From Syria and Iraq  Bloomberg

Judicial Watch: Feds' Bulletin Describes Threat of Imminent Terrorist Attack on Southern Border  National Review Online

 

Among the big names making news in the market Friday were Tesco, McDonald’s, Apple, Google and Amazon, and Tesla.

 

GATA Posts:

 

 

Alasdair Macleod: The wages-fuel-demand fallacy

Koos Jansen: Precious metals markets -- China vs. U.S.

GoldCore: Referendum on Swiss gold would repatriate it from UK, Canada

 

The Statistics:

Activity from: 8/28/2014

Gold Warehouse Stocks:

9,927,334.781

-32.15

Silver Warehouse Stocks:

179,291,566.613

-2,383.041

 

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$32,873m

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$5,717m

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$462m

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: 165.45: -0.41 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,311.68: +38.79 change from yesterday’s data.

 

The Miners:

 

Rubicon’s (RBY) progress in Ontario and Avino’s (ASM) second quarter results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Richmont

RIC +8.08% $2.78

2.  Golden Minerals

AUMN +5.71% $1.11

3.  Gold Fields

GFI +4.54% $4.84

 

LOSERS

1.  Comstock

LODE -1.96% $1.52

2.  Great Panther

GPL -1.64% $1.20

3.  Turquoise

TRQ -1.46% $3.38

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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

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