The Metals:

Gold waffled between $1237.04 and $1232.24 in Asia before it jumped up to $1238.17 in London and then dropped back to $1231.29 by late morning in New York, but it then bounced back higher in afternoon trade and ended with a gain of 0.06%.  Silver climbed up to $17.563 before it dropped back to $17.335 and then also edged back higher, but it still ended with a loss of 0.29%.

Euro gold rose to about €975, platinum gained $5 to $1265, and copper climbed 5 cents to about $3.08.

Gold and silver equities rose over 3% at about 11AM EST before they chopped back lower into midday, but they still ended with over 1% gains.

The Economy:

Fund managers most bearish on growth, stocks for two years: survey  Reuters

U.S. small business confidence declines in September: NFIB  Reuters

No Happy Ending for Investors in Central Bank Fairy Tale  Bloomberg

Tomorrow brings Retail Sales, PPI, Empire Manufacturing, Business Inventories, and the Fed's Beige Book.

The Markets:

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

Oil fell after the IEA cut its demand forecast by 250,000 barrels per day for this year and by 90,000 bpd for 2015.

The U.S. dollar rose as the euro dropped on poor economic data in Germany, the U.K., and Sweden.

Treasuries found decent gains on worries about a weakening global economy.

The Dow, Nasdaq, and S&P mostly bounced back from yesterday’s notable losses.

Among the big names making news in the market today were Luxottica, Domino’s, Chrysler, JPMorgan, Citigroup, Johnson &Johnson, Wells Fargo, and J.C. Penney.

The Commentary:

“Having a few malcontents is a way of life in the age of cyberspace. But when normal people begin to whine and complain, you just know you’re at an extreme and the dam is about to bust. That’s how money manager Michael Pento found himself a week ago last Friday.

I’m honored to serve on Michael’s “Investment Policy Committee” and that late Friday afternoon, I found my good friend reflecting on how clients had written and called about his strategy up until then and that they concluded he was wrong and they were saying adios. I said to Michael “I’ve no doubt now that we’re right and we’ll be shown to be before too long.” Little did I know in just a week or so, much of what we had forecasted would unfold (I will be recording our next meeting of the “Investment Policy Committee” and have it up here in a few days).

U.S. Stock Market – Make no mistake about it, much of the technical and fundamental bearish factors I’ve spoken about showed themselves to all in recent days. Columbus Day is normally very quiet but the last half-hour yesterday led to major technical damage. But that type of sell-off is usually followed by a sharp and quick counter-trend rally so it would come as no surprise we see such an event in the hours and days ahead.

But having felt after avoiding being outright bearish from the very bottom in 2009 to the start of this year, the fact that all of 2014’s gains have been wiped out makes my belief to be a seller as 2014 unfolded the right choice as of now. Knowing the “Don’t Worry, Be Happy” crowd doesn’t just close up shop and go home, and it’s in the government’s best interest not to see a market crash, I think we shall work our way significantly lower into 2015 and beyond versus just plunge straight down. But either way it comes, going lower is the path in yours truly eyes.

Gold – The triple bottom is starting to be formed and while its “Psychologically good to see us heading higher versus lower, we’re not out of the woods yet. Getting above the 50-Day M.A will be comforting and of course above the 200-Day M.A should be the all-clear. Today should be a good indicator if the rally is real as the U.S. Dollar is sharply higher and the stock market likely to see strength early on. If gold just closes off a little or actually up on the day, it should be yet another sign the overwhelming number of gold bears and former bulls are about to get a big shock to their plans.

Oil – Short term the decline helps the economy but longer term it’s a net negative. I think we can see $75 and between now and year-end, oil related equities may come into vogue in my book (but not now).” - Peter Grandich, http://moneytalks.net/peters-content.html

GATA Posts:

South Africa's gold CEOs ready for mergers as prices decline

JPMorgan sets aside $1 billion for forex-rigging penalty

The Statistics:

Activity from: 10/13/2014

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 1.794 tonnes.

COMEX Gold Trust (IAU) Total Tonnes in Trust: 161.07: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,717.20: -35.78 change from yesterday’s data.

The Miners:

Royal Gold’s (RGLD) update on Mt. Milligan stream deliveries, SEMAFO’s (SMF.TO) third quarter production results, AuRico’s (AUQ) ninth consecutive quarter of record company-wide gold production, Avino’s (ASM) third quarter production results, First Majestic’s (AG) third quarter production results and postponed inventory sale, and Excellon’s (EXN.TO) third quarter production results 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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