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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain About 3% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 10 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1223.70

UNCH

+2.68%

Silver

$17.35

UNCH

+3.21%

XAU

77.26

-2.15%

-1.47%

HUI

188.98

-2.44%

-0.42%

GDM

574.78

-2.23%

+0.22%

JSE Gold

1162.75

-46.99

-3.79%

USD

85.90

+0.35

-0.88%

Euro

126.14

-0.77

+0.81%

Yen

92.84

+0.09

+1.89%

Oil

$85.82

+$0.05

-4.34%

10-Year

2.307%

-0.020

-5.72%

Bond

141.34375

+0.53125

+1.50%

Dow

16544.10

-0.69%

-2.74%

Nasdaq

4276.23

-2.33%

-4.46%

S&P

1906.13

-1.15%

-3.14%

 
 

 

The Metals:

 

Gold dropped $5.99 to $1217.71 by a little after 4AM EST before it bounced back to $1224.79 in the next four hours of trade and then edged down to $1219.04 by midmorning in New York, but it then bounced back higher into the close and ended unchanged on the day.  Silver slipped to $17.216 before it rebounded to $17.396 and then fell back off, but it also ended at unchanged on the day.

 

Euro gold rose to about €970, platinum lost $13 to $1258, and copper remained at about $3.03.

 

Gold and silver equities fell over 2% in the first hour of trade before they rose to see over 1% gains by midday, but they then fell back off again into the close and ended near their morning lows.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Export Prices

Sep

-0.2%

-

-0.5%

Export Prices ex-ag.

Sep

-0.2%

-

-0.2%

Import Prices

Sep

-0.5%

-

-0.6%

Import Prices ex-oil

Sep

-0.1%

-

0.0%

 

All of this week’s other economic reports:

 

Wholesale Inventories - August

0.7% v. 0.3%

 

Initial Claims - 10/04

287K v. 288K

 

Consumer Credit - August

$13.5B v. $21.6B

 

Next week’s economic highlights include Retail Sales, PPI, Empire Manufacturing, Business Inventories, and the Fed's Beige Book on Wednesday, Initial Jobless Claims, Industrial Production, Capacity Utilization, the Philadelphia Fed, the NAHB Housing Market Index, and Net Long-Term TIC Flows on Thursday, and Housing Starts, Building Permits, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil ended slightly higher in mixed trade.

 

Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower on persistent worries about the economy.

 

The U.S. dollar index rose as the euro fell on the view that Europe is worse off than the US.

 

Among the big names making news in the market Friday were Tesla, Symantec, Progressive, and Juniper.

 

GATA Posts:

 

 

Goldcorp CEO visits Australia and predicts 'peak gold' next year

 

The Statistics:

Activity from: 10/9/2014

Gold Warehouse Stocks:

8,982,862.408

-108,861.511

Silver Warehouse Stocks:

183,605,021.870

+300,251.18

 

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

762.085

24,501,786

US$30,041m

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$5,426m

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$438m

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: 161.07: -0.60 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,812.62: -44.73 change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Fortuna Silver

FSM +6.19% $4.46

2.  Buenaventura

BVN +5.94% $11.59

3.  Richmont

RIC +4.29% $2.18

 

LOSERS

1.  Allied Nevada

ANV -6.69% $2.51

2.  Harmony

HMY -6.10% $2.00

3.  SilverCrest

SVLC -6.04% $1.40

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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: Friday, 10 October 2014 | E-Mail  | Print  | Source: GoldSeek.com

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