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

 -- Published: Monday, 22 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1215.30

-$2.30

Silver

$17.81

-$0.09

XAU

85.05

-2.86%

HUI

202.50

-2.89%

GDM

609.91

-2.58%

JSE Gold

1290.84

-23.51

USD

84.68

-0.05

Euro

128.46

+0.30

Yen

91.92

+0.21

Oil

$91.52

-$0.89

10-Year

2.566%

-0.021

Bond

137.90625

+0.75

Dow

17172.68

-0.62%

Nasdaq

4527.68

-1.14%

S&P

1994.29

-0.80%

 
 

 

The Metals:

 

Gold dropped $7.77 to $1209.83 in early Asian trade before it bounced back to $1217.10 in London and then fell back to $1212.34 by a little after 11AM EST, but it then jumped to a new session high of $1219.42 by early afternoon in New York and ended with a loss of just 0.19%.  Silver slipped to $17.354 in early Asian trade before it climbed back to $17.863 in New York, but it still ended with a loss of 0.5%.

 

Euro gold fell to about €946, platinum lost $11 to $1323, and copper fell 5 cents to about $3.04.

 

Gold and silver equities fell almost 3% by late morning before they edged back higher in early afternoon trade, but they then fell back off again into the close and ended near their late morning lows.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Existing Home Sales

Aug

5.05M

5.2M

5.14M

 

Tomorrow at 9AM EST brings the FHFA Housing Price Index for July.

 

The Markets:

 

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

 

Oil fell on concerns about slowing growth in China.

 

The U.S. dollar ended slightly lower in mixed trade.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell on worries about China and worse than expected housing data.

 

China's growth is under pressure, finance minister warns  Macleans

 

Among the big names making news in the market today were Tesco, Chrysler, Merck, Siemens, Apple, and RadioShack.

 

The Commentary:

 

“The weather on the Jersey Shore this summer was near perfect. Not too hot and few rainy days. It certainly allowed recovery from Super Storm Sandy to continue.
At Wall & Broad, the “Don’t Worry, Be Happy” crowd says summer shall continue indefinitely and put away your winter jackets as there’s no chance of a freeze for a long time. This self-assurance was evident recently on TOUT-TV, where a “wet-behind-the ears” reporter (and a couple cronies from the “Happy” crowd”) went to town on a man I give my money to invest in a heartbeat versus these attackers. It’s this pompous attitude that has taken place before on “TOUT-TV” at previous bubble tops, that just adds to the growing list of yellow and red flags for U.S. stocks.


I’ve said for years that those of us who look into a crystal ball end up experts on eating broken glass. Because of this, I don’t bother to predict many things, including (but not limited to):
• The end of the world. Many see “End Times” from a biblical prospective, but since it says in Mark 13:32 “But about that day or hour no one knows, not even the angels in heaven, nor the Son, but only the Father”, I feel if even Jesus doesn’t know when it’s waste of time for me or anyone to speculate when it’s to end.
• When a market will exactly hit a top or bottom.


However, 30+ years in and around Wall Street does provide a “sixth sense” and mine is screaming to be a live chicken versus dead duck. Among the many, many factors causing me to shed feathers:
• The IMF sounds the alarm
• The Bank for International Settlements (BIS) says FED is creating the next recession
• American households are at the second highest level of stock investment ever, behind only the most speculative stock blow-off in U.S. history.
• Breath of the market is actually weakening despite all the excitement and that’s a classic red flag.
• The CAPE factor screams red flag if you look past the next hour or days’ worth of trading.


They say death and taxes are the only guarantees. I’m here to say another is we will yet again see the vast majority end up on the wrong side. An economic, social and political crisis not seen in America’s history (including the Great Depression) shall engulf us and few shall be prepared to deal with it. An "I told you so" won’t be worth much but shall be good for the soul.


In my 30+ years in and around the investment world, I‘ve never witnessed such a wide spread between the complacency among U.S. stock investors and the near total disenchantment towards gold. Even at the peak of the stock market in 2000, while gold headed below $300, the spread wasn't as wide.


While it’s important to understand that gold will never be liked by 99% of the financial service industry (and much of the financial media that makes a living following them) because ownership of it usually flies in the face of what they sell – financial assets, the gloom hanging over gold screams buy to any sound-minded contrarian. Even the most ardent gold bugs (who never in their lives uttered sell gold) have either gone underground or turned bearish.


Whether we need to break below $1,200, then key support of $1180 in order to get a complete washout or not, gold’s outlook for me is $50 -$100 lower and $500 - $1,000 higher.


I’ve no gold or mining shares to sell. I don’t advocate stocking up on ammo, dry food or building a survival home deep in the woods. I just know after 30+ years the investment world is like a pendulum and it’s currently swung nearly 180 degrees in favor of financial assets and the upside going forward is not the few degrees left in the swing, but the inevitable big swing back over time away from financial assets.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

Koos Jansen: Chinese gold demand rises 5 percent as international exchange opens

What are your questions for former Fed Chairman Alan Greenspan in New Orleans?

Julian Phillips: Of course gold is manipulated -- the London Gold Pool, 1961-68

 

The Statistics:

Activity from: 9/19/2014

Gold Warehouse Stocks:

9,581,532.492

-3,407.90

Silver Warehouse Stocks:

183,144,515.300

+2,491,141.05

 

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

776.440

24,963,321

US$30,282m

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$5,406m

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$437m

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 7.777 tonnes.

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 10,589.15: No change from yesterday’s data.

 

The Miners:

 

Almaden’s (AAU) new Vice President of Corporate Development, Turquoise Hill’s (TRQ) Feasibility Study and review of the tax ruling in Mongolia, Primero’s (PPP) new Chief Financial Officer, Newmont’s (NEM) export permit, and Banro’s (BAA) comments on market activity were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

1.  DRDGOLD

DRD +2.24% $3.20

2.  Revett

RVM +0.93% $1.08

 

LOSERS

1.  Avino

ASM-12.64% $1.59

2.  NovaGold

NG -9.86% $3.12

3.  Richmont

RIC -8.61% $1.91

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: Monday, 22 September 2014 | E-Mail  | Print  | Source: GoldSeek.com

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