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Gold Seeker Closing Report: Gold and Silver Fall Over 1% After Fed
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 17 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1221.60

-$13.90

Silver

$18.49

-$0.22

XAU

92.12

-2.13%

HUI

215.13

-2.45%

GDM

650.49

-2.00%

JSE Gold

1337.42

-15.87

USD

84.60

+0.53

Euro

128.73

-0.89

Yen

92.34

-1.01

Oil

$94.42

-$0.46

10-Year

2.600%

+0.011

Bond

137.0625

-0.40625

Dow

17156.85

+0.15%

Nasdaq

4562.18

+0.21%

S&P

2001.57

+0.13%

 
 

 

The Metals:

 

Gold edged up to $1238.99 in Asia before it fell back to $1230.34 after the release of today’s fed statement and then bounced back higher, but it then fell back off again into the close and ended with a loss of 1.13%.  Silver slipped to as low as $18.49 and ended with a loss of 1.18%.

 

Euro gold fell to about €949, platinum lost $15 to $1347, and copper fell a few cents to about $3.13.

 

Gold and silver equities fell in the last hour of trade and ended with over 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

CPI

Aug

-0.2%

0.0%

0.1%

Core CPI

Aug

0.0%

0.2%

0.1%

Current Account Balance

Q2

-$98.5B

-$114.5B

-$111.2B

NAHB Housing Market Index

Sep

59

56

55

 

“The U.S. Federal Reserve on Wednesday renewed a pledge to keep interest rates near zero for a "considerable time" but it issued projections that suggested it may raise borrowing costs a bit quicker than it had been thinking a few months ago.”

 

U.S. mortgage applications rise in latest week: MBA  Reuters

 

Tomorrow brings Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed.

 

The Markets:

 

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

 

Oil fell after the Energy Information Administration reported that crude inventories rose 3.7 million barrels, gasoline inventories fell 1.6 million barrels, and distillates rose 300,000 barrels.

 

The U.S. dollar rose on the possibility that the fed might raise interest rates sooner than previously expected.

 

Treasuries turned modestly lower after the fed’s statement.

 

The Dow, Nasdaq, and S&P saw slight gains both before and after the fed’s statement.

 

Among the big names making news in the market today were General Mills, DuPont, FedEx, U.S. Steel, Microsoft, Endo and Auxilium, and Lennar.

 

GATA Posts:

 

 

China advances gold exchange launch; Singapore delays contract

 

The Statistics:

Activity from: 9/16/2014

Gold Warehouse Stocks:

9,749,907.972

-

Silver Warehouse Stocks:

181,179,914.690

-1,855,990.9

 

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

784.217

25,213,353

US$31,154m

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$5,485m

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

1,222,979

US$1,509m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 4.187 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.72: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,559.32: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Solitario

XPL +2.34% $1.31

2.  Primero

PPP +1.07% $5.91

3.  Midway

MDW +0.99% $1.02

 

LOSERS

1.  Allied Nevada

ANV -5.88% $3.68

2.  Rubicon

RBY -5.84% $1.29

3.  Endeavour Silver

EXK -5.27% $5.03

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: Wednesday, 17 September 2014 | E-Mail  | Print  | Source: GoldSeek.com

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