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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 4% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 31 October 2014 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1172.40

-$26.30

-4.78%

Silver

$16.16

-$0.33

-5.99%

XAU

64.87

-4.56%

-14.57%

HUI

156.22

-5.05%

-15.28%

GDM

483.07

-4.65%

-14.69%

JSE Gold

957.73

-41.77

-9.91%

USD

86.87

+0.71

+1.35%

Euro

125.33

-0.81

-1.07%

Yen

89.11

-2.45

-3.68%

Oil

$80.15

-$0.97

-1.29%

10-Year

2.335%

+0.030

+2.73%

Bond

141.0625

-0.50

-0.51%

Dow

17390.52

+1.13%

+3.48%

Nasdaq

4630.74

+1.41%

+3.28%

S&P

2018.05

+1.17%

+2.72%

 
 

 

The Metals:

 

Gold dropped $37.02 to $1161.68 by late morning in New York before it edged back higher in afternoon trade, but it still ended with a loss of 2.19%.  Silver slipped to as low as $15.805 and ended with a loss of 2%.

 

Euro gold fell to about €936, platinum lost $8 to $1232, and copper fell slightly to about $3.05.

 

Gold and silver equities plummeted about 7% at the open before they bounced back higher at times, but they still ended with about 5% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Sep

0.2%

0.3%

0.3%

Personal Spending

Sep

-0.2%

0.3%

0.3%

PCE Prices - Core

Sep

0.1%

0.1%

0.1%

Employment Cost Index

Q3

0.7%

0.5%

0.7%

Chicago PMI

Oct

66.2

60.0

60.5

Michigan Sentiment

Oct

86.9

86.4

86.4

 

Next week’s economic highlights include the ISM Index and Construction Spending on Monday, the Trade Balance and Factory Orders on Tuesday, ADP Employment and ISM Services on Wednesday, Initial Jobless Claims, Productivity, and Unit Labor Costs on Thursday, and October’s jobs data and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil fell and the U.S. dollar index jumped higher again as the yen dropped markedly after the Bank of Japan unexpectedly ramped up its stimulus program.

 

Treasuries fell as the Dow, Nasdaq, and S&P rose over 1% on strong earnings reports and optimism about the global economy.

 

Among the big names making news in the market Friday were GoPro, LinkedIn, Wal-Mart, JPMorgan, Chevron, AbbVie, Exxon, and Citigroup.

 

The Commentary:

 

The greenback, as illustrated by the USDX, has managed to poke through the chart resistance level at 87 in today's session. The overnight, surprise action by the Bank of Japan, has given currency traders a strong reason to hammer the Yen lower and they are doing exactly that.

The Euro is holding a bit better and is only down some .7% compared to the 2.5+% beating that the yen is taking, but both majors are down against the Dollar and that has enabled the greenback to finally better that tough chart level noted.

 

Essentially what we have is a currency, that was trading in a very broad range for the last two years that broke out of that range to the upside in September. The reason for the breakout was simple - investors and traders are convinced that is any of the Western industrialized nations (and I am including Japan in this group) was going to move higher on the interest rate front, it would be the US.

This is in spite of the clear statements by the Fed that they intend to keep interest rates low for a "considerable time".

The issue however is very clear - the ECB and the Bank of Japan were NOT going to move higher on rates. Neither was Canada or Australia, not with the price of commodities moving lower. In effect, the Dollar wins by default when it comes to the currency of choice for investors and traders in such an environment.

After the upside breakout on the chart, the Dollar has spent the last month consolidating its gains building a base from which to launch the next move higher. That appears to have finally taken place today with the BOJ move the catalyst.

At this point, a weekly CLOSE above 87, sets up a likely run at 89.  As long as the Dollar is exhibiting such strength, gold has little chance of halting its slide lower.

I can add another comment to this... grain traders who are oblivious to these movements in the critical currency markets and are happily chasing grain and bean prices higher, are going to experience a lesson in global markets very soon that they will not forget.

With crusher margins at levels not seen in two months, and at levels which by any historical standard of comparison, are incredibly profitable, they will crush as many beans as they can get their hands upon and do it as fast as they possibly can. At some point, the supposed meal shortage is going to become a meal glut.- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Bank of Japan takes over for Fed in pumping markets up

Here's what the World Gold Council is doing today amid the war against gold

 

The Statistics:

Activity from: 10/30/2014

Gold Warehouse Stocks:

8,422,441.639

+71,489.002

Silver Warehouse Stocks:

180,505,347.712

-419,317.29

 

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

741.201

23,830,355

US$27,731m

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$5,189m

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$420m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.40

1,234,459

US$1,506m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.196 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 161.33: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,681.42: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Turquoise

TRQ +6.69% $3.35

2.  Nevsun

NSU +2.42% $3.39

3.  Freeport

FCX +1.21% $28.50

 

LOSERS

1.  Tanzanian Royalty

TRX -16.67% $1.25

2.  Kinross

KGC -13.65 $2.15

3.  Timmins

TGD -12.04% $1.00

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: Friday, 31 October 2014 | E-Mail  | Print  | Source: GoldSeek.com

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