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Gold Seeker Closing Report: Gold and Silver Gain About 1% While Miners Surge 7%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 8 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1222.50

+$11.90

Silver

$17.40

+$0.21

XAU

82.10

+6.96%

HUI

200.82

+7.56%

GDM

605.02

+6.76%

JSE Gold

1152.77

-46.06

USD

85.24

-0.43

Euro

127.39

+0.74

Yen

92.49

+0.03

Oil

$87.31

-$1.54

10-Year

2.330%

-0.020

Bond

140.875

+0.28125

Dow

16994.22

+1.64%

Nasdaq

4468.59

+1.90%

S&P

1968.89

+1.75%

 
 

 

The Metals:

 

Gold climbed $9.82 to $1220.42 at about 5:30AM EST before it fell back to $1205.12 by early afternoon in New York, but it then shot back higher after the release of today’s fed minutes and ended with a gain of 0.98%.  Silver rose to $17.471 before it slipped back to $17.062, but it then bounced back higher in the last couple of hours of trade and ended with a gain of 1.22%.

 

Euro gold rose to about €959, platinum gained $22 to $1278, and copper fell slightly to about $3.03.

 

Gold and silver equities fell over 1% by midday, but they then stormed back higher in afternoon trade and ended with about 7% gains.

 

The Economy:

 

U.S. mortgage applications rise in latest week: MBA  Reuters

U.S. fiscal 2014 budget deficit falls to $486 billion, CBO says  Reuters

 

Minutes from the fed’s September 17th meeting “said a global slowdown and a stronger dollar posed potential risks to the outlook for the U.S. economy.”

 

Fed debate on changing interest rate guidance heats up: minutes  Reuters

 

Tomorrow brings Initial Jobless Claims and Wholesale Inventories.

 

The Markets:

 

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

 

Oil fell on worries about the world economy that sent the U.S. dollar lower and treasuries higher.

 

The Dow, Nasdaq, and S&P turned markedly higher after today’s fed minutes indicated that they won’t be raising interest rates until the economy improves.

 

Among the big names making news in the market today were Actavis and Allergan, Monsanto, and Costco.

 

The Commentary:

 

Silver Showing Some Signs of Bottoming?

 

I want to stress that the grey metal has NOT YET confirmed this however. It is showing some stability here just above $16.50 as it oscillates around the $17 level.

I have noted two resistance levels that have formed on the chart. The first comes in near $17.50; the latter, and the more formidable, shows up at $18. If the bulls can push the price up past both levels, we will some significant short covering.

The reason for the comments is that Monday's bizarre trading day in which the US Dollar completely erased all of its strong gains from last Friday's jobs report, sent the entire commodity complex soaring higher. That wild day impacted the price charts of many individual commodities (remember that 30 cent rally in the beans?) and painted some chart patterns that have the pure technically-oriented traders perking up.

Remember, our markets are run by computers and these computers are "pure technicians" in the sense that they do not care, nor do they consult, fundamentals. As such one cannot ignore technical developments in markets.

With the Goldman Sachs Commodity Index continuing to swoon (it is threatening to take out a 27 month low today!) it is difficult for me to envision silver mounting any kind of sustained rally, especially with copper having trouble near the $3.00 mark. Still, bears will need to be alert to any violations of those upside resistance levels.

I should note that Australia's Perth Mint reported some very strong sales of its silver coin (757,000 ounces in September and 819,000 in August). According to Dow Jones that was double what it had been selling at the few previous months.

While that is good news it is not enough to shift the sentiment towards the metal overall at this point. Silver needs a STRONG Economy with lots of industrial demand (think cell phones, tablets, electronics, etc.) and growth to spur it strongly higher. I know I shall incur the wrath of the silver perma-bulls with this next comment but frankly I do not view silver as a safe haven. It is too bulky and too hard to transport in size. For a store of value in inflationary times however, it can be quite good.

 

For now, perhaps the market has found a level above which it is comfortable trading with prices having fallen far enough for the time being. Given its 23% plunge in price in three months time, it is not unreasonable to see some consolidative type trade.

With the FOMC on tap, there is no telling what we will get. The market could make another fresh leg lower or it could take out resistance and move higher. I simply do not know.

One quick comment and chart - Unleaded Gasoline scored a 46 month low in price today! I for one am quite happy to see this and I am sure a whole lotta other consumers are as well.

 

As I said above, this underscores the deflationary type environment we are seeing in the commodity complex which is why I am a skeptic when it comes to silver. I will say this - if silver does fall below that low from Monday this week and especially below last Friday's low near $16.64, I would not rule out a further fall to near $15.00.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

“• Despite all the pom-pom waving and chest-beating by the “Don’t Worry, Be Happy” crowd on Wall Street, the U.S. stock market overall was going no where’s fast in 2014. I suggested this was a broad major top forming and the recent big swings in up and down days was the final piece of the puzzle to the numerous bearish technical and fundamental factors that were piling up. Look for rallies now to be sold into but TOUT-TV will remain home base for the “Happy Days Are Here Again” crowd. The "Alibaba" top appears in.


• I remain “honored” to serve on Money Manager Michael Pento’s Investment Policy Committee. It’s been our belief that the “happy” people’s “fantasy” that the FED would tighten and all would be well would never become reality. It’s been our belief the FED would end up not tightening and instead be forced to begin QE4, 5, forever….  Stay tuned as those hate emails and calls should be prepared to send apologies before too long.


You can receive Michael’s free weekly podcast by simply providing your email here


• We need to get above the 50-Day M.A. in gold before we can say a triple bottom has been put in place (presently around $1,260). The extreme pessimism towards gold certainly qualified as an extreme but we need to see the significant technical damage repaired before coming out of the foxhole.


• Excellent commentary from Dave Stockman


• I continue to warn about the coming auto loan crisis.


• NY Post’s John Crudele is a maverick among the sheepish financial journalist. Keep digging John!


• We knew this not long after his arrival.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

Dan Popescu: The calm before the storm in the gold market

Watch Sprott, Rule, and Embry discuss prospects for monetary metals

London gold fix price manipulation confirmed by Australian researchers

Financial Times: Banks plan to write off derivatives when a counterparty fails

China is maneuvering to get its currency included in IMF's super-currency

Gold initiative would hamper policy, Swiss government says

China wants say in 'price discovery' in everything

Russia, South Africa in talks to support platinum price

 

The Statistics:

Activity from: 10/7/2014

Gold Warehouse Stocks:

9,184,358.719

+37,468.98

Silver Warehouse Stocks:

183,102,257.610

-379,039.51

 

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

767.468

24,674,849

US$30,013m

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$5,360m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 161.67: -0.73 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,857.35: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Tanzanian Royalty

TRX +15.25% $2.04

2.  B2Gold

BTG +13.92% $2.22

3.  Alamos Gold

AGI +13.60% $8.77

 

LOSERS

1.  Solitario

XPL -2.10% $1.17

2.  Revett

RVM -1.87% $1.05

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: Wednesday, 8 October 2014 | E-Mail  | Print  | Source: GoldSeek.com

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