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Gold Seeker Closing Report: Gold and Silver End Mixed Before Jobs Day
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 4 December 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1206.30

-$4.20

Silver

$16.46

+$0.04

XAU

71.46

-2.19%

HUI

170.45

-2.48%

GDM

532.93

-1.97%

JSE Gold

1091.94

-0.16

USD

88.62

-0.33

Euro

123.84

+0.75

Yen

83.50

+0.02

Oil

$66.81

-$0.57

10-Year

2.257%

-0.030

Bond

143.5625

+0.84375

Dow

17900.10

-0.07%

Nasdaq

4769.43

-0.11%

S&P

2071.92

-0.12%

 
 

 

The Metals:

 

Gold dropped $8.61 to $1201.89 in London before it ran up to $1213.28 at about 9AM EST and then chopped back lower in New York, but it ended with a loss of just 0.35%.  Silver slipped to $16.378 before it bumped up to $16.647 and then also fell back off, but it still ended with a gain of 0.24%.

 

Euro gold fell to about €974, platinum gained $11 to $1234, and copper climbed 4 cents to about $2.92.

 

Gold and silver equities waffled near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with about 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

11/29

297K

295K

314K

 

Mortgage Rates in U.S. Decline to Lowest Since May 2013  Bloomberg

 

Tomorrow brings November’s jobs data, the Trade Balance, Factory Orders, and Consumer Credit.

 

The Markets:

 

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

 

Oil fell “after Saudi Arabia announced deep discounts for the crude it sells to Asian and U.S. buyers.”

 

The U.S. dollar fell as the euro rose after the ECB delayed the addition of further stimulus measures until at least next quarter.

 

Treasuries found decent gains as the Dow, Nasdaq, and S&P traded mostly lower ahead of tomorrow’s jobs data.

 

Among the big names making news in the market today were Ford, Barnes & Noble, Honda, Dollar General, Dell, and Kroger.

 

The Commentary:

 

Expectations were high heading into today's ECB meeting that the Central Bank would issue some news detailing the start of another round of stimulus for the lagging Eurozone economy.

'Twas not to be.

Draghi TALKED doing more stimulus at some point as he went through the same litany of things that he has been saying seemingly forever at this point:
 
"Economic risks remain to the downside"
"our projections suggest lower inflation"
"we now see GDP growth at 1.0% versus 1.6% in September"

BLAH, BLAH, and more BLAH. The problem is, as far as the market is concerned, they did NOTHING! Just talk.

That is NOT what the market wanted to hear so guess what? Time to cover all those short Euro positions were loaded in this week in anticipation that they would do SOMETHING. Up went the Euro, now over 100 points and once again, the currency markets are roiled by another yapping Central Banker.

 

Ah yes, another moment in the "CALMING" affect of Central Bankers on the financial markets. Thank heaven for these people - without them, chaos, instability and turmoil would be the norm in our lives!

Note the words dripping with sarcasm.

This is an example of how these monetary lords mislead markets. Draghi has been sounding like the uber dove for quite some time now and hinting about further measures, then - This - a big, fat egg.
It was amusing to see his excuse for the ECB's inaction - OIL PRICE CHANGES!  Personally I think the ECB is scared to death to follow in the footsteps of the US Fed and the Bank of Japan/ Abe government and get aggressive on the QE type front. I wonder what the Eurozone exporting related industries are going to think of their latest "plan" seeing that the Euro is going the other way than from what they were hoping?

Perhaps, some time during his current press conference, Mr. Draghi will look at this cell phone to check and see how the Euro is responding to all this, and then make some statement promising more definitive action next time around. Who knows?

I wonder what it must be like to have financial markets responding to every syllable that proceeds forth from one's mouth?

By the way, while this circus show was going on, Saudi Arabia cut all January oil prices to the US and to Asia! Crude oil went "thump" as a result.- Dan Norcini
, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Paul Mylchreest: Long Nikkei / short gold -- profitable, dangerous, and missed by everybody?

China said to consider scaling back restrictions on gold imports

New York Sun: Beyond Bernard von NotHaus

 

The Statistics:

Activity from: 12/3/2014

Gold Warehouse Stocks:

7,861,120.103

-57,640.584

Silver Warehouse Stocks:

177,321,762.997

+558,458.53

 

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

720.018

23,149,288

US$27,973m

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$5,368m

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$433m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.40

1,234,459

US$1,506m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 162.79: +1.02 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,737.66: -68.54 change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Kinross

KGC +0.97% $3.13

2.  Hecla

HL +0.79% $2.56

3.  MAG Silver

MVG +0.15% $6.85

 

LOSERS

1.  Allied Nevada

ANV -8.77% $1.56

2.  McEwen

MUX -8.57% $1.28

3.  Endeavour Silver

EXK -5.82% $2.57

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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: Thursday, 4 December 2014 | E-Mail  | Print  | Source: GoldSeek.com

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