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Gold Seeker Closing Report: Gold Gains While Stocks Fall
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 23 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1222.90

+$7.60

Silver

$17.80

-$0.01

XAU

86.39

+1.69%

HUI

206.96

+2.02%

GDM

623.22

+1.86%

JSE Gold

1283.94

-6.90

USD

84.66

-0.02

Euro

128.58

+0.10

Yen

91.87

-0.02

Oil

$91.55

+$0.68

10-Year

2.535%

-0.031

Bond

137.90625

+0.75

Dow

17055.87

-0.68%

Nasdaq

4508.69

-0.42%

S&P

1982.77

-0.58%

 
 

 

The Metals:

 

Gold climbed $18.36 to $1233.66 at about 7AM EST before it fell back off in New York, but it still ended with a gain of 0.63%.  Silver surged to as high as $17.975 at one point, but it then fell back off and ended with a loss of 0.06%.

 

Euro gold rose to about €961, platinum gained $5 to $1328, and copper remained at about $3.04.

 

Gold and silver equities rose almost 2% at the open before they fell back towards unchanged by midmorning, but they then climbed to new highs in afternoon trade and ended with nearly 2% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

FHFA Housing Price Index

July

0.1%

-

0.3%

 

U.S. manufacturing growth continues apace in September: Markit  Reuters

 

Tomorrow at 10AM EST brings New Home Sales for August expected at 435,000.

 

The Markets:

 

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

 

Oil rose on increased geopolitical worries that sent treasuries higher and the Dow, Nasdaq, and S&P lower.  The U.S. dollar ended slightly lower in mixed trade.

 

U.S. and Arab allies launch first strikes on fighters in Syria  Reuters

Israel Shoots Down Syrian Warplane After Flight Over Golan  Bloomberg

 

Among the big names making news in the market today were AstraZeneca, Shire, Herbalife, and Barclays.

 

The Commentary:

 

Looks like the news of air attacks in portions of ISIS-controlled Syria has been enough to spook some of the shorts in gold. After a ferocious wave of short-covering, gold has given back most of its gains for now.

After a near relentless decline, it was perhaps to be expected that any sort of news which might generate some safe-haven buying would run some shorts out of the market.

However, in watching the price action at this point, it does seem that any rallies are going to be viewed as selling opportunities.

Geopolitical events are always good (generally speaking) for bounces in gold but tend to flame out as quickly as they begin. We'll watch for now but even the Dollar is barely moving lower. Traders (except those with the most shortest time frame ) are looking past the current geopolitical concerns and focused almost exclusively on the strong Dollar and interest rate differential advantage it possesses.

More Later.....- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

China will take control of gold pricing, Sprott's Charles Oliver says

Arbitration awards $740 million to Gold Reserve for expropriation by Venezuela

 

The Statistics:

Activity from: 9/22/2014

Gold Warehouse Stocks:

9,418,564.142

-162,968.35

Silver Warehouse Stocks:

184,347,741.650

+1,203,226.35

 

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

774.645

24,905,623

US$30,423m

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$5,433m

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$439m

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 1.795 tonnes.

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 10,663.72: +74.57 change from yesterday’s data.

 

The Miners:

 

Newcrest’s (NCM.AX) delisting from the Toronto Stock Exchange, Nevsun (NSU) drill results, Eurasian’s (EMXX) updates, and Gold Reserve’s (GRZ.V) award by ICSID for the Expropriation of the Brisas Project by Venezuela were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Richmont

RIC +8.90% $2.08

2.  Great Panther

GPL +8.82% $1.11

3.  Lake Shore

LSG +7.29% $1.03

 

LOSERS

1.  Turquoise

TRQ -2.95% $3.62

2.  Revett

RVM -1.85% $1.06

3.  Sandstorm

SAND -0.70% $4.24

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: Tuesday, 23 September 2014 | E-Mail  | Print  | Source: GoldSeek.com

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