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

 -- Published: Monday, 29 September 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1216.50

-$1.00

Silver

$17.49

-$0.14

XAU

83.28

-1.28%

HUI

199.74

-1.06%

GDM

602.78

-1.11%

JSE Gold

1271.15

-1.60

USD

85.61

-0.02

Euro

126.90

-0.03

Yen

91.37

-0.17

Oil

$94.42

+$0.88

10-Year

2.491%

-0.044

Bond

138.34375

+0.71875

Dow

17071.22

-0.25%

Nasdaq

4505.85

-0.14%

S&P

1977.80

-0.25%

 
 

 

The Metals:

 

Gold edged down to $1215.43 in Asia before it bounced back to $1223.27 in London and then fell back off again in New York, but it ended with a loss of just 0.08%.  Silver slipped to as low as $17.449 and ended with a loss of 0.79%.

 

Euro gold fell to about €958, platinum gained $8 to $1306, and copper climbed a penny to about $3.05.

 

Gold and silver equities fell about 1% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Aug

0.3%

0.3%

0.2%

Personal Spending

Aug

0.5%

0.4%

0.0%

PCE Prices - Core

Aug

0.1%

0.0%

0.1%

Pending Home Sales

Aug

-1.0%

-0.2%

3.2%

 

Tomorrow brings the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence.

 

The Markets:

 

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

 

Oil rose as the U.S. dollar fell on worries about protests in Hong Kong that sent treasuries higher and the Dow, Nasdaq, and S&P lower.

 

Among the big names making news in the market today were Macy’s, Encana, Tibco, American Apparel, Commerzbank, Wal-Mart, and MasterCard.

 

The Commentary:

 

“• As noted last week, huge up and down swings in the U.S. stock market is yet another classic sign of major top being formed. Being a live chicken versus dead duck is best path for most.
• Just about everybody and their mother dislikes gold now. While very oversold and due for a technical rebound, you can see how determine the bears are to sell into any pop and get a break below $1,180. I think it’s best to stand aside and if there is a dramatic washout to the downside, step in when the overwhelming number of bearish articles run the inevitable headline, “last one out, turn the lights off in the gold market.”
• While the “Don’t Worry, Be Happy” crowd on Wall Street and TOUT-TV would like you to think all is well in the world, dark economic, social and political clouds can be seen all over world maps.
• Maybe we should just buy Goldman Sachs stock as they apparently run the world.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

Rates on short-term Treasuries go negative

Lloyds fires eight over rate manipulation claims

Financial writer talks about hangup in publication of report on silver market rigging

Singapore bourse to start kilobar gold trading to lure investors

ECB president's strategy for reviving Europe looks like euro devaluation

Koos Jansen: Chinese gold demand 'extremely strong,' even 'astonishing'

For one New Jersey candidate, the issue is gold

New York Sun: Audit the New York Fed

Putin adviser suggests Russia knows all about West's gold price suppression

 

The Statistics:

Activity from: 9/26/2014

Gold Warehouse Stocks:

9,286,584.942

-32.15

Silver Warehouse Stocks:

182,687,581.581

-692,827.85

 

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

772.253

24,828,695

US$30,265m

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$5,407m

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 1.196 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 163.55: -0.63 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,762.15: +23.86 change from yesterday’s data.

 

The Miners:

 

Seabridge’s (SA) permits and Rio Alto’s (RIOM) completed drilling program were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  SilverCrest

SVLC +2.63% $1.56

2.  Tahoe

TAHO +1.80% $20.87

3.  Comstock

LODE +1.64% $1.24

 

LOSERS

1.  McEwen

MUX -4.29% $2.01

2.  Buenaventura

BVN-3.79% $11.94

3.  NovaGold

NG -3.72% $3.11

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

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