-- 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:
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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-- Published: Friday, 23 January 2015 | E-Mail | Print | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 1% and 3% on the Week
