-- Published: Friday, 19 September 2014 | Print | Disqus
| Close | Gain/Loss | On Week |
Gold | $1217.60 | -$7.30 | -1.06% |
Silver | $17.90 | -$0.61 | -4.02% |
XAU | 86.86 | -2.48% | -5.24% |
HUI | 208.48 | -1.69% | -4.79% |
GDM | 625.77 | -2.32% | -5.42% |
JSE Gold | 1314.35 | -2.02 | -1.93% |
USD | 84.73 | +0.42 | +0.59% |
Euro | 128.36 | -0.82 | -0.91% |
Yen | 91.82 | -0.20 | -1.42% |
Oil | $92.49 | -$0.58 | +0.24% |
10-Year | 2.587% | -0.042 | -1.03% |
Bond | 137.90625 | +0.75 | +0.43% |
Dow | 17279.74 | +0.08% | +1.72% |
Nasdaq | 4579.78 | -0.30% | +0.27% |
S&P | 2010.40 | -0.05% | +1.25% |
The Metals:
Gold dropped $11 to $1213.90 by a little before 2PM EST before it bounced back higher in the last couple of hours of trade, but it still ended with a loss of 0.6%. Silver slipped to as low as $17.795 and ended with a loss of 3.3%.
Euro gold remained at about €948, platinum lost $10 to $1334, and copper remained at about $3.09.
Gold and silver equities fell about 2% by late morning and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Leading Indicators | Aug | 0.2% | 0.4% | 1.1% |
All of this week’s other economic reports:
NAHB Housing Market Index - September | 59 v. 55 |
Next week’s economic highlights include Existing Home Sales on Monday, the FHFA Housing Price Index on Tuesday, New Home Sales on Wednesday, Initial Jobless Claims and Durable Goods Orders on Thursday, and GDP and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the U.S. dollar index rose on relief over Scotland’s vote to remain in the U.K.
Treasuries climbed higher as the Dow, Nasdaq, and S&P struggled to find gains despite the success of today’s Alibaba IPO.
Among the big names making news in the market Friday were GSK, Alibaba, Apple, Yahoo, and SAP and Concur.
The Commentary:
“My Dear Extended Family,
Today is a day that should be memorized. Alibaba is the star with a huge market debut making this company worth more than some of the banks that brought it to market.
Long term equity cycles have turned down as the equity market races to new highs almost daily. The US dollar is trading into decades old overhead resistance with long term dollar cycles due to turn down in the fourth quarter of this year.
Gold, whose long term cycles have turned up, is plumbing previous lows and trading into major support. This is a classic example of "Popular Delusions, and the Madness of the Crowd."
This is a period of time when major market changes have a high probability of happening. This is a time to control yourself, returning to fundamentals and gaining what guidance can be given by history. This is a time not to listen to your emotions. This is a time when geopolitical developments have the ability to impact markets significantly, certainly in the dollar/euro cross rate.
Cycles are probabilities, but not absolutes. Only when price direction confirms the direction of cycles can long term trends be considered to have turned.
That point in time is the next major event more important than Alibaba. There is another $10 billion dollars in new deals coming next week. That is a bubble if there ever was one.
I am fully committed to gold, and remain so.
Sincerely,”- Jim Sinclair, JSMineset.com
The Statistics:
Activity from: 9/18/2014
Gold Warehouse Stocks: | 9,584,940.392 | -160,755.352 |
Silver Warehouse Stocks: | 180,653,374.250 | -282,291.73 |
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$30,744m |
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$5,413m |
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$436m |
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: No change from yesterday’s data.
The Miners:
Primero’s (PP) mine fatality, AngloGold’s (AU) rating by Moody’s, and Huldra Silver’s (HDA.V) update on its CCAA proceedings were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Solitario | XPL +6.15% $1.38 |
2. DRDGOLD | DRD +5.82% $3.13 |
3. B2Gold | BTG +4.76% $2.19 |
LOSERS
1. Great Panther | GPL -10.08% $1.07 |
2. Primero | PPP -9.67% $5.39 |
3. McEwen | MUX -9.66% $2.10 |
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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-- Published: Friday, 19 September 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 1% and 4% on the Week
