-- Published: Friday, 7 November 2014 | Print | Disqus
| Close | Gain/Loss | On Week |
Gold | $1175.30 | +$31.80 | +0.25% |
Silver | $15.74 | +$0.29 | -2.60% |
XAU | 69.03 | +7.42% | +6.41% |
HUI | 164.54 | +7.88% | +5.33% |
GDM | 511.74 | +7.38% | +5.93% |
JSE Gold | 1019.22 | +37.24 | +6.42% |
USD | 87.58 | -0.50 | +0.82% |
Euro | 124.55 | +0.78 | -0.62% |
Yen | 87.28 | +0.49 | -2.05% |
Oil | $78.44 | +$0.43 | -2.13% |
10-Year | 2.312% | -0.063 | -0.99% |
Bond | 141.8125 | +1.15625 | +0.53% |
Dow | 17573.93 | +0.11% | +1.05% |
Nasdaq | 4632.53 | -0.12% | +0.04% |
S&P | 2031.92 | +0.03% | +0.69% |
The Metals:
Gold fell almost 1% in Asia and held near unchanged in London, but it then climbed steadily higher for most of trade in New York and ended near its last minute high of $1177.33 with a gain of 2.78%. Silver slipped to $15.06 in Asia, but it then climbed to as high as $15.79 in New York and ended with a gain of 1.88%.
Euro gold rose to about €944, platinum gained $20 to $1213, and copper climbed 3 cents to about $3.04.
Gold and silver equities rose throughout most of trade and ended with about 7.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | 214K | 235K | 256K |
Unemployment Rate | Oct | 5.8% | 5.9% | 5.9% |
Hourly Earnings | Oct | 0.1% | 0.2% | 0.0% |
Average Workweek | Oct | 34.6 | 34.6 | 34.5 |
Consumer Credit | Sep | $15.9B | $16.0B | $13.5B |
The BLS net birth/death adjustment added 137,000 payrolls to October’s data. Private Payrolls rose 209,000.
All of this week’s other economic reports:
Next week’s economic highlights include Wholesale Inventories on Wednesday, Initial Jobless Claims and the Treasury Budget on Thursday, and Retail Sales, Export and Import Prices, Michigan Sentiment, and Business Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose, the U.S. dollar index fell, and treasuries climbed higher on disappointing jobs data that spurred speculation the Federal Reserve will keep interest rates low for longer.
The Dow, Nasdaq, and S&P waffled near unchanged and ended mixed.
Among the big names making news in the market Friday were Disney, Home Depot, Transocean, UCB, JPMorgan, BlackRock, and Sears.
The Commentary:
“In what will obviously make the Intercontinental Commodity Exchange crow to annoy the CME Group, the London Bullion Market Association announced that it has picked ICE to manage the Gold Fix.
The new electronic fix will commence in early 2015 with 11 firms intending to participate.
This will be interesting to watch as it ushers in a new age for the gold fix and brings it into the 21th century. One can only hope that is functions smoothly and efficiently and above all, with increased transparency.
At this hour, gold is showing excellent chart performance as shorts are getting pushed out. Here is a quick chart. We now have some solid technical support levels that have formed as well as resistance levels that will make analyzing this market a bit easier.
As you can see, it has pushed past the first zone of resistance noted on the chart. The market looks to be experiencing what I and some other long time traders refer to as a "melt up". It continues to work its way higher as one can see groups of shorts covering as the market refuses to give up much ground on the upside. That causes some who come in to sell into the rally to jump back out which then tends to feed the further upside progress.
I am still most interested in how this thing will close today. Mining stocks are having a nice rally as well with their upside performance bettering that of the actual metal. That is a good sign if one is bullish. Also, that HUI/Gold ratio is correctly somewhat today after striking all time record lows this week.
By the way, there are some reports circulating out of Ukraine that Russian tanks are moving. That is keeping some safe haven buying which can be seen in the upmove in the bonds and the unwillingness of the Yen to move lower.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
John Crudele: U.S. economic growth is all illusion
UK prepares forex fines for six big banks, sources tell Reuters
ICE to run replacement for century-old London gold fixing
Swiss Gold Initiative establishes new mechanism for donations
Koos Jansen: Europe and China are contemplating a new financial system
Politicians and 'financial platforms' are pushing oil prices down, Putin says
Chinese gold buying means price floor to Standard Chartered
If the London gold fix may have harmed you, contact Berger & Montague soon
Lassonde says he doesn't suspect BIS in gold market manipulation
The Statistics:
Activity from: 11/6/2014
Gold Warehouse Stocks: | 8,183,035.446 | +130,201.71 |
Silver Warehouse Stocks: | 179,876,360.338 | -371,056.725 |
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 | 732.831 | 23,561,237 | US$27,185m |
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$5,191m |
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 2.989 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 160.42: No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,682.51: No change from yesterday’s data.
The Miners:
Allied Nevada’s (ANV) filed technical report, Goldcorp’s (GG) withdrawn Environmental Impact Study, and Hecla’s (HL) upcoming presentation were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Allied Nevada | ANV +22.66% $1.05 |
2. Silver Standard | SSRI +20.83% $5.20 |
3. Tanzanian Royalty | TRX +18.45% $1.22 |
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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-- Published: Friday, 7 November 2014 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Rally Back Higher Friday to End Mixed on the Week
