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Gold Seeker Closing Report: Gold and Silver Fall Again
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 11 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1242.10

-$7.90

Silver

$18.71

-$0.27

XAU

92.85

+0.81%

HUI

221.73

+0.81%

GDM

669.52

+0.54%

JSE Gold

1322.27

-14.64

USD

84.32

+0.10

Euro

129.19

+0.05

Yen

93.37

-0.23

Oil

$93.18

+$1.51

10-Year

2.531%

-0.003

Bond

138.375

-0.25

Dow

17049.00

-0.12%

Nasdaq

4591.80

+0.12%

S&P

1997.45

+0.09%

 
 

 

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:

 

Report

For

Reading

Expected

Previous

Initial Claims

9/06

315K

300K

304K

Treasury Budget

Aug

-$128.7B

-$129.0B

-$147.9B

 

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

Gold Warehouse Stocks:

9,671,562.668

-16,075.00

Silver Warehouse Stocks:

180,928,651.803

-83,600.56

 

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

788.716

25,358,005

US$31,456m

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$5,494m

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$446m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.04

1,223,154

US$1,550m

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

1.  Revett

RVM +11.54% $1.16

2.  Allied Nevada

ANV +7.85% $3.57

3.  Turquoise

TRQ +7.65% $3.80

 

LOSERS

1.  Richmont

RIC -5.68% $2.16

2.  Comstock

LODE -2.76% $1.41

3.  B2Gold

BTG -2.75% $2.12

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, 11 September 2014 | E-Mail  | Print  | Source: GoldSeek.com

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