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Gold Seeker Closing Report: Gold and Silver Gain While Dow Drops 1%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 15 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1237.80

+$4.40

Silver

$17.43

+$0.03

XAU

79.22

-0.06%

HUI

194.31

-0.19%

GDM

592.04

+0.14%

JSE Gold

1163.81

-21.71

USD

84.97

-0.84

Euro

128.05

+1.47

Yen

94.33

+0.96

Oil

$81.78

-$0.06

10-Year

2.090%

-0.116

Bond

143.75

+1.0625

Dow

16141.74

-1.06%

Nasdaq

4215.31

-0.28%

S&P

1862.49

-0.81%

 
 

 

The Metals:

 

Gold dropped $11.44 to $1221.96 at about 6AM EST before it spiked up to $1249.58 in the next four hours of trade and then chopped back lower at times, but it still ended with a gain of 0.36%.  Silver rose to as high as $17.809 and ended with a gain of 0.17%.

 

Euro gold fell to about €967, platinum lost $9 to $1256, and copper dropped 8 cents to about $3.00.

 

Gold and silver equities saw about 1% gains for most of the morning before they fell back off in early afternoon trade, but they then bounced back higher in the last 45 minutes of trade and ended near unchanged on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Retail Sales

Sep

-0.3%

-0.2%

0.6%

Retail Sales ex-auto

Sep

-0.2%

0.3%

0.3%

PPI

Sep

-0.1%

0.1%

0.0%

Core PPI

Sep

0.0%

0.1%

0.1%

Empire Manufacturing

Oct

6.2

20.4

27.5

Business Inventories

Aug

0.2%

0.4%

0.4%

Treasury Budget

Sep

$105.8B

$106.0B

$75.1B

 

Businesses not worried about stronger dollar: Fed Beige Book  MarketWatch

Yellen Said to Voice Confidence in U.S. Economic Expansion  Bloomberg

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

 

Tomorrow brings Initial Jobless Claims, Industrial Production, Capacity Utilization, the Philadelphia Fed, the NAHB Housing Market Index, and Net Long-Term TIC Flows.

 

The Markets:

 

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

 

Oil fell along with the U.S. dollar on weaker than expected economic data that sent treasuries higher and the Dow, Nasdaq, and S&P about 1% lower.

 

Among the big names making news in the market today were BlackRock, Wal-Mart, Chiquita, Qualcomm, Alipay, HP, AbbVie, Bank of America, and JPMorgan.

 

The Commentary:

 

Even the sharp fall in the US Dollar today has not been enough to keep copper from falling sharply. It is currently down over $.08 as I type these comments, some 2.65% on the day.

The fall in the red metal has completely erased the gains made on Monday and Tuesday of this week as well as those made late last week when it bounced away from the psychological $3.00 mark.

It is threatening to sink below that once more. The meddle of the bulls is going to be severely tested here. If copper falls below the lows made last week and CLOSES below $3.00, I think we all had better pay attention as that would be a horrendous signal that the fall in stocks could become even more serious than it already is.

Dr. Copper would be signaling a sharper contraction in the overall global economy and would bring into serious challenge the idea of "buy the dip" in stocks which has been the featured sentiment for longer than I can remember now. If the equity market sentiment shifts towards one of "sell the rally", look out!

 

Speaking of equities, let me post up a quick chart of the Russell 2000 index. That is about as broad a basket of stocks as you can get. Two things to note. First - the highs near 1213 are now confirmed as a Double Top on the chart. The reason? Because support zone down near 1080-1075 has failed to hold. Bulls still have a chance to end the week back above that level in the last two trading days but the current negative sentiment seems quite strong for now.

 

Secondly - the market has officially entered "CORRECTION" territory - which is defined as a move of 10% + off the peak high. Notice however that for the market to be declared officially a "BEAR", it would have to fall to near the 975 level and collapse through that level, preferably on strong volume.

 

Thus, even though the selloff is incredibly violent at the moment, the market is undergoing a correction and has not yet, from a technical analysis standpoint, entered become a Bear. In other words, the Bull is wounded but not dead yet.

 

Take a look at the S&P 500. It is quite different from the Russell. The index is flirting ever so dangerously with entering "CORRECTION" territory in today's session.

 

Note how far down below the current price level it would have to drop to turn the BULL into a Bear. Stay tuned... as usual, time will make things clear for us but for now, the Bears have the upper hand but the Market is moving to levels that might shake the bulls out of their stupor.

 

What is also rather interesting on a day like this is that while the Dollar has been getting shellacked, on the chart, it is still just bouncing up and down like a ping pong ball going nowhere. It is still stuck in a range between 87 on the top and 85 on the bottom. It did violate the bottom of the range early in the session but has rebounded and moved back within the "box".

 

Cattle are all over the place today. First they sold off quite sharply across the Board. Then the two front months began to move up and turned positive. Then the sellers came back in again and back down they went. The big fund long contingent in this market is fighting for dear life NOT to be flushed. Right now it looks as if they are losing the battle but the close is about 20 minutes off so anything is possible. It is amazing watching the amount of money some players will spend in an attempt to defend a position.  

 

Gold thus far has been able to shrug off the selling pressure coming in from those selling it to cover losses in stocks but is having some difficulty getting through the $1250 level. Silver is being drug lower by copper but getting some buying related to gold's good showing. I fear that if copper cracks $3.00 decisively, silver is going to fall.

 

With the current equity weakness, unless we get some dose of economic data that is surprisingly strong (say a jobs number) instead of the surprisingly weak data we have been getting, gold is drawing support from ideas that any notion of the Fed raising interest rates soon is effectively DOA for the time being.

 

What a day... I am already ready for Friday afternoon and it is only Wednesday!- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Miner Fresnillo looks to hedge some gold output

Gold imports by India seen rising more than fourfold last month

Gold stubs Swiss National Bank's toe, and the Financial Times says 'ouch!'

 

The Statistics:

Activity from: 10/14/2014

Gold Warehouse Stocks:

9,009,208.258

+19,933.00

Silver Warehouse Stocks:

182,537,868.270

-1,564.962.79

 

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

761.234

24,474,432

US$30,278m

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$5,528m

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$445m

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: 161.40: +0.33 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,717.20: No change from yesterday’s data.

 

The Miners:

 

Banro’s (BAA) financing, Midway’s (MDW) new CEO, Comstock’s (LODE) minted medallion, Paramount’s (PZG) discovery, Bear Creek’s (BCM.V) corporate update, Silver Standard’s (SSRI) analyst tour, and SilverCrest’s (SVLC) third quarter silver and gold production results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Resource

GORO +8.60% $5.18

2.  SilverCrest

SVLC +5.71% $1.48

3.  NovaGold

NG +5.56% $2.95

 

LOSERS

1.  AngloGold

AU -6.52% $10.19

2.  Turquoise Hill

TRQ -4.57% $3.29

3.  Tanzanian Royalty

TRX -3.41% $1.85

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

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