The Metals:

Gold fell $14.86 to $1235.16 at about 10:20AM EST before it rallied back higher into the close, but it still ended with a loss of 0.63%.  Silver slipped to as low as $18.586 and ended with a loss of 1.42%.

Euro gold fell to about €961, platinum lost $11 to $1368, and copper dropped a couple of cents to about $3.09.

Gold and silver equities fell about 1% by midmorning, but they then rallied back higher in the last couple of hours of trade and ended with almost 1% gains.

The Economy:

Tomorrow brings Retail Sales, Export and Import Prices, Michigan Sentiment, and Business Inventories.

The Markets:

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

Oil climbed back higher in late trade and ended with a decent gain on renewed worries about Russia and Syria.

The U.S. dollar fell on worse than expected jobs data that sent treasuries higher and the Dow, Nasdaq, and S&P lower for most of trade, but all of those moves moderated back to roughly unchanged by the close.

Among the big names making news in the market today were Fiat, T-Mobile, Lululemon, and RadioShack.

The Commentary:

“U.S. Stock Market – A broad and major top is being put in. While a little higher than the target I had a couple years ago, it has many of the characteristics of a bubble top. They include:
* Weakening volume and breath on each new high
* Former bears throwing in towel while former sharp bulls turn bearish
* Stepped up selling by insiders
* Outrageous valuations for the current “hot” stocks and ample reasons why this time It’s different.

It may not be the case anymore thanks to computer driven programs, but the stock market is still dependent on the economy and despite trillions of “funny money” created out of thin air, much of the economy is not doing well. When a former Chairman of the FED gives reasons not be bullish, one should sit up and take notice (especially since he’s bang on with his reasons).

I also continue to hear from small to mid-size business owners across the country tell me they continue to ‘wish” they see what the “Don’t Worry, Be Happy” crowd on Wall Street sees.

Being a live chicken versus a dead duck is the only path going forward.

U.S. Bonds – While rates have fallen on the long end, the short end has seen a significant rise. This flattening yield curve screams recession and with corporate bonds (junk) a screaming sell, having chicken feathers here too seems appropriate.

Gold – A major cycle low is due now so a move back to the low end of a trading range that has been in force for over a year comes as no surprise. I do think the fact that so many bears are now pounding their chests that both gold and silver are a Contrarian’s delight at this point. Risk appears to be down to $1,180 while reward is $1,400+

U.S. Dollar – Uncle Sam may seem like the best of a worse lot (Euro, Yen. Etc.) but it has far worse long-term fundamentals and they shall be expose when the U.S. stock market has clearly topped out and a whole host of poor U.S. fundamentals are exposed while geopolitical concerns take center stage.

Oil – If we can get down to $85 or so, I would look to add energy stocks. They and gold stocks would be the only individual plays for me, along with selective short plays.” - Peter Grandich, http://moneytalks.net/peters-content.html

GATA Posts:

TF Metals Report: Watching the flows

The Statistics:

Activity from: 9/10/2014

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.991 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.23: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,408.66: No change from yesterday’s data.

The Miners:

AngloGold’s (AU) share sale plan, New Gold’s (NGD) exploration update, and Santacruz Silver’s (SCZ.V) PEA results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2014

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