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Gold Seeker Closing Report: Gold and Silver Gain With Stocks
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 18 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1224.90

+$3.30

Silver

$18.51

+$0.02

XAU

89.10

-1.42%

HUI

211.80

-1.32%

GDM

639.61

-1.60%

JSE Gold

1316.37

-21.05

USD

84.31

-0.29

Euro

129.19

+0.55

Yen

91.96

-0.35

Oil

$93.07

-$1.35

10-Year

2.629%

+0.029

Bond

137.25

-0.125

Dow

17265.99

+0.64%

Nasdaq

4593.42

+0.68%

S&P

2011.36

+0.49%

 
 

 

The Metals:

 

Gold edged up to $1225.52 in late Asian trade before it fell back to $1216.23 by a little after 8AM EST, but it then climbed back higher in New York and ended with a gain of 0.27%.  Silver rose to as high as $18.604 and ended with a gain of 0.11%.

 

Euro gold fell to about €948, platinum lost $3 to $1344, and copper fell 4 cents to about $3.09.

 

Gold and silver equities fell over 1% in the first half hour of trade and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

9/13

280K

305K

316K

Housing Starts

Aug

956K

1045K

1117K

Building Permits

Aug

998K

1054K

1057K

Philadelphia Fed

Sep

22.5

23.5

28.0

 

Fewest Americans Since October 2013 See U.S. Economy Improving  Bloomberg

U.S. Mortgage Rates Jump to the Highest Since Early May  Bloomberg

 

Tomorrow at 10AM EST brings Leading Economic Indicators for August expected at 0.4%.

 

The Markets:

 

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

 

Oil continued lower on yesterday’s surprisingly large stockpile build.

 

The U.S. dollar fell on worries about Scotland’s vote to stay united with the United Kingdom.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on better than expected jobs data.

 

Among the big names making news in the market today were GM, Amazon, Apple, Alibaba, Rite Aid, and Pier One.

 

The Commentary:

 

Some of the long time readers will know that I like to check the charts for gold, when priced in terms of the other major currencies, to get a sense of how the metal is doing when viewed from outside of this country. Since it is an internationally traded commodity, it makes sense to compare its performance to see whether there is a general global trend in the metal or whether it is diverging from such a trend depending on which currency it might be priced in. This helps us assess overall global sentiment.

With the big Scotland vote in the headlines, I thought it might behoove us to see how the metal was faring in terms of the British Pound. I understand that more than a few Scots fear for their life's savings and were pulling money out of banks just in case. One would think that gold would be a likely recipient for some of that cash.

However, in looking at the price chart, it is rather lackluster (and that is trying to be kind) as the metal has actually BEEN FALLING ahead of the vote. Not exactly a VOTE of confidence (sorry, I could not resist the pun) in the metal from what I can see on the chart at this point.

 

There is chart support near 740 and on down in increments of 10 pounds. If the metal were to lose 720, it would constitute a breach of a major support level.

Here's Euro Gold - a bit better looking chart but is mainly because the Euro has been so weak. That being said, it is range bound and moving lower towards the bottom of the range near 920. For Euro gold to have any chance of a sharply higher move, it will have to clear 990 with the 1000 mark more preferable to get any serious excitement underway.

 

Here is Yen Gold.

 

Again, the chart is much better than that of Dollar priced gold but this is a function of how poorly the Yen has been performing on the Forex markets against the Dollar. Remember, the weaker a currency is against the Dollar, the more expensive gold is in terms of that currency. The stronger a currency is against the Dollar, the less expensive gold is in terms of that currency.

That is the reason that gold remains ABOVE the 2013 ending price for all three currencies. All have been weak against the Dollar this year. The British Pound had actually been holding its own against the Dollar until just recently.

Gold bulls can gain some bit of comfort from the above. At least the metal has not been falling apart across the global currency front.

I would keep an eye on the gold shares to see if they sense anything as far as a possible bottom. I do wish to remind the reader however, a market may bottom without beginning a sharp reversal to the upside. All it may do is meander sideways within a lower range.

Gold in US Dollar priced terms is in a short term downtrend but remains mired within that broad trading range I have been noting for some time now. In other words, on the Daily Chart it is TRENDING LOWER but on the intermediate time frame, it is still trading sideways above $1180. If $1180 goes for any reason, this market is in serious trouble.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

“’Danger Will Robinson’ is a catchphrase from the 1960s’ American television “Lost in Space” utter by a robot who was acting as a surrogate guardian to young Will Robinson when the boy is unaware of an impending threat. In everyday use, the phrase warns someone that they are about to make a mistake or that they are overlooking something.


Based on the level of the U.S. stock market and the level of complacency among its participants, my 30+ years in and around Wall Street makes me want to scream this.


I could write a long dissertation on why such a warning is needed now. It could describe a growing list of fundamental factors. It could discuss why we’re truly on the threshold of economic, social and political upheaval never seen it America’s history. But given how most investors and professionals have bought in, lock, stock and barrel to the “Don’t Worry, Be Happy” crowd that roams Wall Street and much of the financial media that follows it (with CNBC-TV/TOUT-TV its home base), the levels and length of time before the Kool-Aid runs out and the harsh reality sets in, is likely to be longer and higher than most have assumed (me included).


But make no mistake about it, the vast majority shall once again be caught on the wrong side, only this time no amount of bail-outs and Federal Reserve magic wands shall save them. The growling bear to come is not dead no matter how much the “Happy” people on Wall Street would like you to think otherwise.


Just like most who thought the Titanic was unsinkable, so now do most think the U.S. stock market can only go higher and higher (while at the same time, a true life preserver like gold is so hated, scorned and viewed  only as going lower and lower).


Laugh now to those who think this, but know yours truly knows he who laughs last, laugh best… only no one will be laughing when the dream becomes a living nightmare - not even those of us who have chosen to be a live chicken versus a dead duck.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

China opens gold market to foreigners amid price ambition

Gold and silver end game is here, Embry tells USA Watchdog

Super-rich rush to buy 'Italian Job'-style gold bars

 

The Statistics:

Activity from: 9/17/2014

Gold Warehouse Stocks:

9,745,695.744

-4,212.228

Silver Warehouse Stocks:

180,935,665.980

-244,249.21

 

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$30,763m

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$5,446m

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$440m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.04

1,222,979

US$1,509m

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

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 10,589.15: +29.83 change from yesterday’s data.

 

The Miners:

 

AuRico’s (AUQ) board appointment and Santacruz Silver’s (SCZ.V) Pre-paid Silver Purchase Agreement were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Revett

RVM +5.66% $1.12

2.  Fortuna

FSM +3.90% $4.58

3.  Allied Nevada

ANV +3.26% $3.78

 

LOSERS

1.  Almaden

AAU -6.33% $1.48

2.  Agnico Eagle

AEM -4.06% $32.48

3.  Rio Alto

RIOM -4.04% $2.85

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

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