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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 3% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 12 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1230.70

-$11.40

-3.00%

Silver

$18.65

-$0.06

-2.86%

XAU

91.66

-1.44%

-3.82%

HUI

218.98

-1.38%

-3.97%

GDM

661.62

-1.31%

-4.20%

JSE Gold

1340.17

+17.90

-6.10%

USD

84.23

-0.09

+0.56%

Euro

129.54

+0.32

+0.04%

Yen

93.14

-0.27

-2.12%

Oil

$92.27

-$0.56

-1.09%

10-Year

2.614%

+0.083

+6.22%

Bond

137.3125

-1.40625

-1.50%

Dow

16987.51

-0.36%

-0.87%

Nasdaq

4567.59

-0.53%

-0.33%

S&P

1985.54

-0.60%

-1.10%

 
 

 

The Metals:

 

Gold waffled between $1232.25 and $1239.92 in Asia before it fell to as low as $1227.69 by early afternoon in New York, but it then bounced back higher in afternoon trade and ended with a loss of just 0.92%.  Silver slipped to as low as $18.468 and ended with a loss of 0.32%.

 

Euro gold fell to about €950, platinum lost $3 to $1365, and coper climbed a penny to about $3.10.

 

Gold and silver equities fell over 1% at the open before they rallied back higher at times, but they still ended with over 1% losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Retail Sales

Aug

0.6%

0.6%

0.3%

Retail Sales ex-auto

Aug

0.3%

0.3%

0.3%

Export Prices

Aug

-0.5%

-

0.1%

Export Prices ex-ag.

Aug

-0.3%

-

0.3%

Import Prices

Aug

-0.9%

-

-0.3%

Import Prices ex-oil

Aug

0.1%

-

0.0%

Michigan Sentiment

Sep

84.6

83.5

82.5

Business Inventories

July

0.4%

0.4%

0.4%

 

All of this week’s other economic reports:

 

Treasury Budget - August

-$128.7B v. -$147.9B

 

Initial Claims - 9/06

315K v. 304K

 

Wholesale Inventories - July

0.1% v. 0.2%

 

Consumer Credit - July

$26.0B v. $17.3B

 

Next week’s economic highlights include Empire Manufacturing, Industrial Production, Capacity Utilization on Monday, PPI and Net Long-Term TIC Flows on Tuesday, CPI, the Current Account Balance, the NAHB Housing Market Index, and a FOMC Rate Decision on Wednesday, Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed on Thursday, and Leading Economic Indicators on Friday.

 

The Markets:

 

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

 

Oil remained weak on a poor demand outlook.

 

The U.S. dollar index saw slight losses on steady economic data that sent treasuries lower.

 

The Dow, Nasdaq, and S&P fell on worries about possibly rising interest rates.

 

Among the big names making news in the market Friday were Bitcoin, AT&T and DirecTV, EBay, Yahoo, and Alibaba.

 

GATA Posts:

 

 

No risk in fixed deposits? Tell it to Cyprus!

U.S. to sanction Sberbank, tighten limits on other Russian banks, sources tell Reuters

The Bank of England has already issued a dozen certificates for this gold

 

The Statistics:

Activity from: 9/11/2014

Gold Warehouse Stocks:

9,671,498.368

-64.3

Silver Warehouse Stocks:

181,846,803.053

+918,151.25

 

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

788.404

25,347,990

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$5,470m

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$442m

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 subtracted 0.312 tonnes.

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 10,454.90: +46.24 change from yesterday’s data.

 

The Miners:

 

AngloGold’s (AU) share sale plan and Newmont’s (NEM) sale agreement with Fresnillo plc (FRES.L) were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Almaden

AAU +5.33% $1.58

2.  Turquoise

TRQ +3.95% $3.95

3.  AngloGold

AU +2.75% $13.45

 

LOSERS

1.  Tanzanian Royalty

TRX -6.67% $2.10

2.  Solitario

XPL -4.96% $1.34

3.  Great Panther

GPL -4.55% $1.05

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

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