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Gold Seeker Weekly Wrap-Up: Gold and Silver Rally Back Higher Friday to End Mixed on the Week
By: Chris Mullen, Gold-Seeker.com

 -- 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:

 

Productivity - Q3

2.0% v. 2.9%

 

Unit Labor Costs - Q3

0.3% v. -0.5%

 

Initial Claims - 11/01

278K v. 288K

 

ADP Employment - October

230K v. 225K

 

Factory Orders - September

-0.6% v. -10.0%

 

Trade Balance - September

-$43.0B v. -$40.0B

 

Construction Spending - September

-0.4% v. -0.5%

 

ISM Index - October

59.0 v. 56.6

 

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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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, 7 November 2014 | E-Mail  | Print  | Source: GoldSeek.com

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