The Metals:

Gold climbed up to $1238.25 by a little before 8AM EST before it drifted back lower in early New York trade, but it still ended with a gain of 0.26%.  Silver rose to as high as $18.70 and ended with a gain of 0.16%.

Euro gold climbed back over €953, platinum lost $6 to $1359, and copper fell slightly to about $3.09.

Gold and silver equities waffled near unchanged and ended mixed.

The Economy:

Tomorrow brings PPI and Net Long-Term TIC Flows.

The Markets:

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

Oil turned to end decently higher as the U.S. dollar pared early gains after a surprise drop in Industrial Production.

Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower on economic concerns.

Among the big names making news in the market today were Morgan Stanley, Heineken and SABMiller, Apple, Microsoft and Minecraft, Danaher and Nobel, RadioShack, and Nucor.

The Commentary:

“More pressure on the copper price this morning is coming as a result of news out of China that its industrial production for August showed the slowest rise since December 2008. Industrial output did rise 6.9% from the previous year's August but that was down from a 9% increase in July.

If that were not disconcerting enough to traders, China's retail sales rose 11.9% in August which is a good number, but it too was down from a 12.2% gain in July.

While at face value, these are good numbers, ( and wouldn't we love to see them here in the US!), the problem is that they feed into ideas that overall growth in China is continuing to slow. The general consensus is that China will experience an annual growth rate this year of 7.5%. This recent data throws some cold water on that expectation.

Copper, which is already seeing selling as a result of lower economic growth forecasts ( see my recent post on hedge fund positioning on the short side of the market ), has moved down to retest last week's low in price near the $3.06 level. If bears can succeed in breaching that, I frankly do not see much in the way of chart support until one nears the $3.02 - $3.01 level.  

As a side note, silver is also being pressured as is platinum which is continuing the theme of selling across the industrial metals. Palladium is a bit higher as I type these comments but its recent trend has also been lower. Clearly, investors are fretting about global economic growth rates.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

GATA Posts:

Share price divergence is what results when central banks buy only index futures

At last some European gold that isn't on its way to China

CME Group facilitates futures market manipulation, Steer tells Sprott Money News

The Statistics:

Activity from: 9/12/2014

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.72: -0.51 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,559.32: +104.42 change from yesterday’s data.

The Miners:

AngloGold’s (AU) abandoned spinoff plans, Barrick’s (ABX) inclusion in the Dow Jones Sustainability World Index, Turquoise Hill’s (TRQ) tax decision in Mongolia, Richmont’s (RIC) exploration drilling program, Midway’s (MDW) construction update, Primero’s (PPP) operational and exploration update, Golden Star’s (GSS) Preliminary Economic Assessment, and Kirkland’s (KGI.TO) proposed board changes 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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• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

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