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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 3% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 23 January 2015 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1293.70

-$10.00

+1.43%

Silver

$18.30

-$0.08

+3.45%

XAU

78.11

-3.44%

-1.60%

HUI

195.54

-3.57%

-2.65%

GDM

603.54

-2.97%

-1.62%

JSE Gold

1454.11

-45.62

-1.86%

USD

94.97

+0.62

+2.54%

Euro

112.19

-1.44

-2.99%

Yen

84.89

+0.47

-0.15%

Oil

$45.59

-$0.72

-6.37%

10-Year

1.817%

-0.079

+0.11%

Bond

150.125

+1.625

+0.57%

Dow

17672.60

-0.79%

+0.92%

Nasdaq

4757.87

+0.16%

+2.66%

S&P

2051.82

-0.55%

+1.60%

 
 

 

The Metals:

 

Gold dropped down to $1284.59 by a little after 10AM EST before it bounced back higher into the close, but it still ended with a loss of 0.77%.  Silver slipped to as low as $18.11 and ended with a loss of 0.44%.

 

Euro gold rose to about €1154, platinum lost $16 to $1264, and copper dropped 8 cents to about $2.50.

 

Gold and silver equities fell as much as 4% by midafternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Existing Home Sales

Dec

5.04M

5.10M

4.92M

Leading Indicators

Dec

0.5%

0.5%

0.4%

 

U.S. factory activity expands at lower rate, new orders weigh  Reuters

 

All of this week’s other economic reports:

 

FHFA Housing Price Index - November

0.8% v. 0.4%

 

Initial Claims - 1/17

307K v. 317K

 

Building Permits - December

1032K v. 1052K

 

Housing Starts - December

1089K v. 1043K

 

NAHB Housing Market Index - January

57 v. 58

 

Next week’s economic highlights include Durable Goods Orders, the Case-Shiller 20-city Index, Consumer Confidence, and New Home Sales on Tuesday, a FOMC Rate Decision on Wednesday, Initial Jobless Claims and Pending Home Sales on Thursday, and GDP, the Employment Cost Index, Chicago PMI, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil fell after Saudi Arabia’s successor said he will maintain his predecessor’s policies.

 

The U.S. dollar index rose as the euro dropped again on renewed concern about Greece.

 

Treasuries saw decent gains as the Dow, Nasdaq, and S&P traded mostly lower on mixed earnings reports and worries about Europe.

 

Among the big names making news in the market Friday were BNY Mellon, State Street, UPS, GE, McDonald’s, Haagen-Dazs, and DreamWorks.

 

The Commentary:

 

“In 30+ years in and around Wall Street, I’ve never seen so many economic, social and political factors (here and abroad) converging at one time! What we would have consider tremendous volatility through much of my 30 years, is now just a “normal” day. What scares me the most of this fact is, how many more people will be “sucked” in to thinking they can trade it and profit. Yours truly was foolish enough to think for far too many years he could beat the market. Scars, mental anguish and the wife keeping divorce attorney’s numbers handy, is pretty much what I’ve to show for it.

 

U.S. Stock Market – Accounting gimmicks are running wild in many of the big companies that make up the lion’s share of the market. We’ve already discussed the highly questionable monthly employment numbers. Despite Obama’s claim the economy has fully recovered, the “no it hasn’t list” greatly outweighs the “yes it has”.

 

There are now a boatload of negative technical divergences. It’s easier to justify “Inflategate” was just an accident then to make a sound fundamental argument for broad ownership of U.S. general equities going forward.

 

U.S. Bonds – While Treasuries and select municipals are the lesser of two evils, I continue to be “deathly” afraid of junk (so-called high-yield) bonds and have treated them like the plague since the second half of 2014. I continue to see in my financial planning business, far too many people who chased yield and are loaded up with junk bonds and bad annuities. This will be a major part of the next financial crisis.

 

U.S. Dollar – Uncle Sam has had a miracle recovery from its terminally ill status and appears it shall be the “loser” in the worldwide race to cheapen currencies. What seems like benefits from this now, shall come back to bite bigger than Seattle Seahawks came back versus the Green Bay Packers.

 

Gold – Not only has a new bull market been born, but (are you sitting down?) CNBC had a positive slant on it and yours truly was part of it (It’s a miracle!). $1,300 has been a Psychological resistance level as noted earlier this week. The gold cartel bandits are not gone (as evident from earlier this week when we sold off $20+ in just a few minutes on no news deserving of such a move).

 

Given gold’s ability to not collapse (as so many predicted in 2014 and at the start of this year), has allowed a great base to be built and a new bull market to be born. I think we work higher here but gradually is the best of all worlds while most stay focus elsewhere.

 

Oil – It’s groping for a bottom and tossing a coin (just don’t let Aaron Rodgers call heads or tail) on which way it goes shall have as much luck on calling the direction as any fundamental and/or technical argument has for now.” - Peter Grandich, http://moneytalks.net/peters-content.html

 

GATA Posts:

 

 

U.S. Treasury's Lew backs strong dollar, points to improved economy

Koos Jansen: Will gold be part of a new international monetary system?

Doug Pollitt: Vlad in the machine

Confederate gold treasure may be in Lake Michigan

Russia adds to world's fifth-biggest gold reserves for 9th month

Hugo Salinas Price: Folly triumphant

 

The Statistics:

Activity from: 1/22/2015

Gold Warehouse Stocks:

7,962,290.871

-964.50

Silver Warehouse Stocks:

176,738,377.324

+576,404.46

 

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

740.451

23,806,230

US$30,812m

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$5,729m

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$463m

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: 166.99: -0.63 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,931.80: +32.76 change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Comstock

LODE +0.92% $1.10

 

LOSERS

1.  Alamos

AGI -14.2% $6.04

2.  Eldorado

EGO -10.65% $5.67

3.  IAMGOLD

IAG -9.32% $2.82

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: Friday, 23 January 2015 | E-Mail  | Print  | Source: GoldSeek.com

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