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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 1% and 4% on the Week
By: Chris Mullen,

 -- Published: Friday, 19 September 2014 | Print  | Disqus 




On Week





















JSE Gold










































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:







Leading Indicators






All of this week’s other economic reports:


Philadelphia Fed - September

22.5 v. 28.0


Building Permits - August

998K v. 1057k


Housing Starts - August

956K v. 1117K


Initial Claims - 9/13

280K v. 316K


NAHB Housing Market Index - September

59 v. 55


Current Account Balance - Q2

-$98.5B v. -$111.2B


CPI - August

-0.2% v. 0.1%


Core CPI - August

0.0% v. 0.1%


Net Long-Term TIC Flows - July

-$18.6B v. $30.2B


PPI - August

0.0% v. 0.1%


Core PPI - August

0.1% v. 0.2%


Capacity Utilization - August

78.8% v. 79.1%


Industrial Production - August

-0.1% v. 0.2%


Empire Manufacturing - September

27.5 v. 14.7


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


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,


The Statistics:

Activity from: 9/18/2014

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




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.



1.  Solitario

XPL +6.15% $1.38


DRD +5.82% $3.13

3.  B2Gold

BTG +4.76% $2.19



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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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 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. 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’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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