The Metals:

Gold dropped $10.06 to $1207.14 by a little after 3AM EST, but it then rose to as high as $1224.40 in New York and ended with a gain of 0.31%.  Silver slipped to as low as $17.393 before it also rallied back higher at times, but it still ended with a loss of 1.07%.

Euro gold rose to about €958, platinum lost $5 to $1309, and copper dropped a couple of cents to about $3.04.

Gold and silver equities fell over 1% at the open, but they soon rallied back to about unchanged and ended mixed on the day.

The Economy:

Tomorrow brings GDP and Michigan Sentiment.

The Markets:

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

Oil fell and the U.S. dollar rose as the euro dropped on the view for weaker monetary policy from the ECB than the fed.

Treasuries found decent gains as the Dow, Nasdaq, and S&P dropped markedly on worries about Apple and a broader stock market correction.

Among the big names making news in the market today were Olive Garden, MannKind, Magnum Hunter, Rosneft, and Apple.

The Commentary:

“One look at the Japanese Yen is all that one needs to know that the safe haven trade was being plied today. As the stock market moved lower ( surrendering its gains from yesterday), the Yen moved higher. Bonds moved up a full point and up came gold from the grave.

This is why trading the Yen in the current environment can cause one to invest heavily in a supply of Tums or Rolaids. The infernal currency has somehow over the years morphed into a safe haven. In effect, one ends up trading risk or no risk when trading the yen.

It looked as if gold was about to run down and test $1200 as it traded below Monday's low but that safe haven buying popped it back up.

The bulls are certainly putting in a good faith effort to prevent it from breaking down and changing handles.

Very quickly on the grains... so much for the wheat rally from yesterday. Strength in the Dollar is proving to be a big lead weight for wheat.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

“The Alibaba stock market top? It would be ironic if that the day the biggest IPO ever opened, it would coincide with the ultimate top in the U.S. stock market.  In the folk tale Alibaba, Ali Baba is a poor woodcutter who discovers the secret of a thieves' den, entered with the phrase “Open Sesame”. The thieves learn this, and try to kill Ali Baba.

Alibaba the stock was brought public by the world’s biggest den of thieves and the public heard their command to “open sesame” their wallets so that the insiders could take away billions in profits from the sale of their shares in a company whose corporate structure shouldn’t be touched with a ten foot pole.

I saw signs around the opening day of trading I haven’t seen since the height of the Internet craze. I was among many seniors at a luncheon and all many of the men and women could only talk about was their attempt as they spoke to buy shares and how high the stock was going to go. I asked one have they looked how the company is structured and he said he didn’t have to, the stock can’t miss doubling.

At the top of bull markets, many believe they have become Shazam. Sadly, it’s not long before the Shazam’s turn into this.

Another sign of a major top is big days of up and down moves after a long run in one direction. In this case, it’s the last of the bulls against the early bears. This market has several of the characteristics seen in the 2007 top.

Meanwhile gold is heading for a major washout bottom. Every day now there’s a story with a headline that says things like “gold is tarnish forever” or “gold can only go lower and lower”. You’ve a better chance to find a needle in a haystack than a chest-beating bull. Even perennial bulls have sought shelter and/or have suffered temporary amnesia. It may need to get uglier for a few more days or weeks, but I believe out of the ashes shall be the bottom that begins the march back ultimately to new, all-time highs before the Presidential Elections.

A few more points of interest:

• Long ago America was the world’s biggest creditor nation. Now our thirst for more and more debt has led us not to the point of "if" we pay a severe price for taking on so much debt, "but when"?

• America continues to seriously underestimate how weak this economic rebound has been and how the middle-class is paying a hefty price for it.

• Obama’s speech to the U.N. sent chills through any red, white and blue American.

• Last but certainly not least, I’ve written for months about the excellent work one of the few financial journalists who has real balls and is not a suck-up to the financial services industry, Mr. John Crudele of the NY Post and his exposing of what has gone out with the taking of the monthly employment reports. Please read his latest column on this here and take the time to make the calls he asked for. I did!” - Peter Grandich, http://moneytalks.net/peters-content.html

GATA Posts:

Gold price seen near tipping point for mine cuts and closures

Weak gold price has Dubai consumers clamoring for more

UK moves to extend Libor rigging laws to oil, gold, and currency markets

TF Metals Report: Silver market rigging expose is being suppressed

Rickards tells Anglo Far-East the methods, objectives, and perps of gold market rigging

The Statistics:

Activity from: 9/24/2014

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.18: -0.54 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,738.29: +74.57 change from yesterday’s data.

The Miners:

Timberline’s (TLR) permitting progress, Richmont’s (RIC) Vice-President of Finance appointment, Rubicon’s (RBY) drill results, Lake Shore’s (LSG) drill results, Gold Resource’s (GORO) dividend, and Northern Dynasty’s (NAK) regulatory process were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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:

• http://www.capitalupdates.com
• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

© Gold Seeker 2014

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