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Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Dollar
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 14 January 2015 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1228.00

-$2.40

Silver

$16.83

-$0.18

XAU

72.44

-2.70%

HUI

177.71

-1.74%

GDM

554.11

-1.76%

JSE Gold

1390.17

-53.35

USD

92.06

-0.20

Euro

117.89

+0.14

Yen

85.26

+0.42

Oil

$48.48

+$2.59

10-Year

1.837%

-0.053

Bond

149.09375

+0.46875

Dow

17427.09

-1.06%

Nasdaq

4639.32

-0.48%

S&P

2011.27

-0.58%

 
 

 

The Metals:

 

Gold dipped down to $1225.39 at about 5AM EST before it popped up to $1244.15 in the next four hours of trade, but it then drifted back lower into the close and ended with a loss of 0.2%.   Silver slipped to $16.551 before it rebounded to $17.074, but it then chopped back lower in afternoon trade and ended with a loss of 1.06%.

 

Euro gold fell to about €1043, platinum lost $5 to $1229, and copper fell another 6 cents to about $2.55.

 

Gold and silver equities fell about 3% by early afternoon before they rallied back higher in the last hour of trade, but they still ended with about 2% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Import Prices

Dec

-2.5%

-

-1.8%

Import Prices ex-oil

Dec

-0.1%

-

-0.3%

Export Prices

Dec

-1.2%

-

-0.8%

Export Prices ex-ag.

Dec

-1.2%

-

-1.0%

Retail Sales

Dec

-0.9%

0.1%

0.1%

Retail Sales ex-auto

Dec

-1.0%

0.1%

0.1%

Business Inventories

Nov

0.2%

0.3%

0.2%

 

U.S. mortgage applications surge; 30-year rate below 4 percent: MBA  Reuters

Fed Funds Rate Increase Path Expectations Tumble in Money Market  Bloomberg

U.S. Holiday Sales Rose 4%, Just Shy of Projections, NRF Says  Bloomberg

 

Tomorrow brings Initial Jobless Claims, PPI, Empire Manufacturing, and the Philadelphia Fed.

 

The Markets:

 

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

 

Oil turned notably higher in late trade despite the fact that the Energy Information Administration reported that crude inventories rose 5.4 million barrels, gasoline inventories rose 3.2 million barrels, and distillates rose 2.9 million barrels.

 

The U.S. dollar fell and treasuries rose on worse than expected economic data that sent the Dow, Nasdaq, and S&P about 1% lower.

 

Among the big names making news in the market today were Wells Fargo, JPMorgan, Tesla, Toyota, and GM.

 

The Commentary:

 

“First it was gold, then oil, and now the last shoe is finally dropping – copper.

 

The final nail in the coffin for all those mega bull commodity predictions was struck last night in Asia. Copper plunged to below $2.50 a pound.

 

Wouldn’t it be ironic that one of the best times to begin positioning one’s self in these commodities, would be while the many “Peak Oil” books are now in the “Bargain” counter at your local bookstore?

 

IMHO, gold has already turned, but oil and copper will need a significant period of base-building before a new bull market can be born out of the ashes of all the people burnt to a crisp by the great “failed” commodities boom that came and went with a “ton” of our capital.

 

While I’m out of the “prediction” game (If I wasn’t, the prediction I would end up in divorce would be very accurate), I do believe oil and copper are within 10% and/or 10 weeks of their ultimate bottom.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

GATA reception follows Vancouver conference Jan. 19

Does gold production by marginal mines compare to 'production' by central banks?

 

The Statistics:

Activity from: 1/13/2015

Gold Warehouse Stocks:

7,948,562.831

-

Silver Warehouse Stocks:

173,928,559.094

+565,243.77

 

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

707.821

22,757,138

US$28,088m

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$5,496m

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$444m

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: 162.62: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,201.29: No change from yesterday’s data.

 

The Miners:

 

AuRico Gold’s (AUQ) preliminary fourth quarter production results and received payment, Solitario’s (XPL) Reclamation Permits, Timberline’s (TLR) drill results, and Hecla’s (HL) preliminary production results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Almaden

AAU +9.09% $1.15

2.  Randgold

GOLD +1.56% $75.18

3.  Rio Alto

RIOM +1.54% $2.64

 

LOSERS

1.  Paramount

PZG -11.50% $1.08

2.  Freeport

FCX-10.93%$18.74

3.  Allied Nevada

ANV -10.00% $1.09

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 2015

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, 14 January 2015 | E-Mail  | Print  | Source: GoldSeek.com

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