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Gold Seeker Closing Report: Gold and Silver Fall About 1%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 29 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1211.20

-$17.40

Silver

$17.07

-$0.14

XAU

72.89

-3.86%

HUI

177.65

-4.07%

GDM

545.05

-3.77%

JSE Gold

1046.91

-8.85

USD

86.01

+0.62

Euro

126.40

-0.93

Yen

91.87

-0.57

Oil

$82.20

+$0.78

10-Year

2.323%

+0.039

Bond

141.25

-0.28125

Dow

16974.31

-0.18%

Nasdaq

4549.23

-0.33%

S&P

1982.30

-0.14%

 
 

 

The Metals:

 

Gold edged above $1230 in Asia before it dropped back to $1221.28 by a little before 9AM EST and then bounced back towards unchanged in the next hour of trade, but it then fell to a new session low of  $1209.08 after today’s fed statement and ended with a loss of 1.42%.  Silver slipped to as low as $17.053 and ended with a loss of 0.81%.

 

Euro gold fell to about €958, platinum lost $5 to $1258, and copper remained at about $3.08.

 

Gold and silver equities fell about 2% by late morning before they rallied back towards unchanged just before today’s fed statement, but they then fell to new lows in the last couple of hours of trade and ended with about 4% losses.

 

The Economy:

 

The fed ended its monthly bond purchase program as expected.

 

Fed Ends QE While Keeping ‘Considerable Time’ Low-Rate Pledge  Bloomberg

Fed ends bond buying, exhibits confidence in U.S. recovery  Reuters

Greenspan Sees Turmoil as QE Boost to Markets Unwinds  Bloomberg

U.S. loan applications to buy homes lowest since February: MBA  Reuters

 

Tomorrow brings Initial Jobless Claims and GDP.

 

The Markets:

 

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

 

Oil popped higher after the Energy Information Administration reported that crude inventories rose a smaller than expected 2.06 million barrels.  Gasoline inventories fell 1.24 million barrels and distillates fell 5.29 million barrels.

 

The U.S. dollar jumped higher after today’s fed statement was seen as hawkish.

 

Treasuries remained lower after today’s 5-year note auction sold at a yield of 1.567% with a bid to cover of 2.36.

 

The Dow, Nasdaq, and S&P remained lower after the fed did not surprise the market with an extension of its bond purchase program.

 

Among the big names making news in the market today were Orbital, Chrysler, Carlyle, Twitter, and Facebook.

 

GATA Posts:

 

 

Debt must be inflated away or repudiated, Steer tells Sprott Money News

Russia buys most gold for reserves since financial crisis of 1998

MineWeb's Lawrence Williams: Large supply deficit in gold is likely ahead

 

The Statistics:

Activity from: 10/28/2014

Gold Warehouse Stocks:

8,447,434.787

-66,678.892

Silver Warehouse Stocks:

180,931,710.402

-591,331.77

 

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

743.593

23,907,253

US$29,237m

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$5,433m

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$439m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.40

1,234,459

US$1,506m

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 161.69.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,681.42.

 

The Miners:

 

Newmont’s (NEM) dividend, Barrick’s (ABX) dividend, and Endeavour Silver’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNER

1.  Almaden

AAU +2.40% $1.28

 

LOSERS

1.  Allied Nevada

ANV -22.02% $1.65

2.  DRDGOLD

DRD -9.29% $2.93

3.  McEwen

MUX -9.09% $1.41

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

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