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Gold Seeker Closing Report: Gold and Silver Gain While Stocks Drop Over 1%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 1 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1214.60

+$5.60

Silver

$17.18

+$0.13

XAU

81.01

-0.11%

HUI

196.30

+0.37%

GDM

592.04

+0.02%

JSE Gold

1245.79

-19.73

USD

85.90

-0.02

Euro

126.19

-0.11

Yen

91.80

+0.59

Oil

$90.73

-$0.43

10-Year

2.403%

-0.105

Bond

139.78125

+1.875

Dow

16804.71

-1.40%

Nasdaq

4422.08

-1.59%

S&P

1946.16

-1.32%

 
 

 

The Metals:

 

Gold climbed $10.33 to $1219.33 by midday in New York before it edged back lower in early afternoon trade, but it still ended with a gain of 0.46%.  Silver surged to as high as $17.44 and ended with a gain of 0.76%.

 

Euro gold rose to about €963, platinum lost $16 to $1281, and copper climbed a couple of cents to about $3.03.

 

Gold and silver equities traded mostly slightly higher and ended mixed.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Sep

213K

202K

202K

ISM Index

Sep

56.6

58.5

59.0

Construction Spending

Aug

-0.8%

0.4%

1.2%

 

Tomorrow brings Initial Jobless Claims and Factory Orders.

 

The Markets:

 

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

 

Oil erased early gains and ended modestly lower despite a surprise drop of 1.4 million barrels in crude inventories.

 

The U.S. dollar held near unchanged on worse than expected economic data that sent treasuries measurably higher and the Dow, Nasdaq, and S&P markedly lower.  Worries about Ebola and broken technical levels in the charts also had traders talking.

 

Dallas Ebola Patient Let Go After Telling of Africa Trip  Bloomberg

 

Among the big names making news in the market today were Pershing Square, Goldman Sachs, Blackstone, Chrysler, Nissan, Ford, Fannie Mae, Freddie Mac, Coca-Cola, Cisco, and American Realty.

 

The Commentary:

 

Stocks continue to waver with some investors fretting about overall slowing global economic growth. The September Manufacturing PMI numbers were released this morning by the Institute for Supply Management showing a fall to 56.6 from August's 59.0 reading. The reading remains above 50 showing continued expansion but the pace slowed and that is feeding into those concerns noted above.

The one number that I found noteworthy was the New Orders index. That fell to 60.0 from August's 66.7, which was a multi-year high according to Dow Jones. Again, nothing strongly negative but it does reflect a slowing trend and that is spooking equity bulls somewhat.

That is bringing some strong buying into the bond market which notched a three week high today.

The flip side to this were numbers out of China. It's version of the manufacturing PMI came in at a 51.1 reading for September. That was steady with the August reading.

Investors/traders are looking at this and seeing the glass half full this morning (especially in the copper and silver markets). The thinking is, "Yes, we knew China was slowing down but at least it seems to have stabilized". One month does not a trend make but for today, copper is breathing a sigh of relief and has thus managed to hold above $3.00. Silver seems to be taking its cues from the red metal and has clawed back above $17 on the number.

The weakness in the stock markets has sent some safe haven buying into gold this morning (note the Yen is also higher confirming the safe haven bid seen in the gold and bond markets) and that is keeping the metal afloat above psychological and round number support at $1200. Even the HUI is bouncing today.

Something also I am watching this morning is the further melt-up in the feeder cattle market. In going over the COT data for this very small and thinly traded futures market, I noted that the small specs or general public, have been holding the bulk of the short position in there and they are being mercilessly brutalized by the hedge funds who are squeezing them to kingdom come. Again, this market is currently experiencing a parabolic blow off run which I want to hasten to add makes it EXTREMELY DANGEROUS for all by the most experienced and nimble trader. Be careful with it unless you have some very deep pockets.


Every now and then a mania comes along in the futures world and this market is one of them. When the panic buying out at the auction barns in the country is going to come to an end is anyone's guess but with replacement feeders fetching such nose-bleed prices, my view is that once the panic ends, the fall will be quite dramatic. Oh would I have loved being a cattle guy at this time in the industry with calves to sell! It was not that long ago when you could not GIVE them away.- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Banks pull out of dozens of benchmarks after rate-rigging scandals

Join Sprott, Rule, and Embry on Oct. 7 to discuss the prospects for the monetary metals

Mike Kosares: Why China thinks gold is the buy of the century

BIS is main mechanism for manipulating the gold market, Rickards says

 

The Statistics:

Activity from: 9/30/2014

Gold Warehouse Stocks:

9,147,375.442

+20,093.75

Silver Warehouse Stocks:

181,550,861.391

-643,236.14

 

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

769.860

24,751,772

US$30,097m

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$5,410m

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$436m

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 2.393 tonnes.

 

The Miners:

 

Goldcorp’s (GG) output in Mexico, Revett’s (RVM) resumed crushing operations, and Hecla’s (HL) increased interest in Canamex were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Avino

ASM +7.30% $1.47

2.  Midway

MDW +3.85% $1.08

3.  Solitario

XPL +3.33% $1.24

 

LOSERS

1.  Rubicon

RBY -8.76% $1.41

2.  Comstock

LODE -3.31% $1.17

3.  NovaGold

NG -2.97% $2.94

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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© 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: Wednesday, 1 October 2014 | E-Mail  | Print  | Source: GoldSeek.com

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