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Gold Seeker Closing Report: Gold and Silver End Slightly Higher
By: Chris Mullen, Gold-Seeker.com

 -- Published: Monday, 15 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1233.90

+$3.20

Silver

$18.68

+$0.03

XAU

91.71

+0.03%

HUI

220.01

+0.12%

GDM

663.45

-0.08%

JSE Gold

1356.95

+16.78

USD

84.24

+0.01

Euro

129.37

-0.29

Yen

93.31

+0.14

Oil

$92.92

+$0.65

10-Year

2.591%

-0.023

Bond

137.59375

+0.3125

Dow

17031.14

+0.26%

Nasdaq

4518.90

-1.07%

S&P

1984.13

-0.07%

 
 

 

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:

 

Report

For

Reading

Expected

Previous

Empire Manufacturing

Sep

27.5

16.0

14.7

Industrial Production

Aug

-0.1%

0.3%

0.2%

Capacity Utilization

Aug

78.8%

79.3%

79.1%

 

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

Gold Warehouse Stocks:

9,781,963.652

+110,463.94

Silver Warehouse Stocks:

182,467,566.560

+620,763.507

 

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$31,277m

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$5,478m

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$443m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.04

1,223,019

US$1,506m

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

1.  DRDGOLD

DRD +21.01% $2.88

2.  Primero

PPP +7.86% $6.04

3.  Tanzanian Royalty

TRX +5.71% $2.22

 

LOSERS

1.  Solitario

XPL -3.73% $1.39

2.  Rubicon

RBY -3.65% $1.32

3.  Revett

RVM -3.39% $1.14

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: Monday, 15 September 2014 | E-Mail  | Print  | Source: GoldSeek.com

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