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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 1% and 6% on the Week But Miners Gain
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 30 January 2015 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1284.30

+$26.70

-0.73%

Silver

$17.26

+$0.31

-5.68%

XAU

79.53

+2.93%

+1.82%

HUI

201.82

+3.12%

+3.21%

GDM

616.48

+2.63%

+2.14%

JSE Gold

1513.34

+35.11

+4.07%

USD

94.77

+0.08

-0.21%

Euro

112.89

-0.32

+0.62%

Yen

85.12

+0.57

+0.27%

Oil

$48.24

+$3.71

+5.81%

10-Year

1.675%

-0.076

-7.82%

Bond

151.625

+1.21875

+1.00%

Dow

17164.95

-1.45%

-2.87%

Nasdaq

4635.24

-1.03%

-2.58%

S&P

1994.99

-1.30%

-2.77%

 
 

 

The Metals:

 

Gold saw slight gains in Asia and London before it spiked back down to $1256.30 just before the release of this morning’s GDP data, but it then rallied back higher for most of the rest of trade and ended near its last minute high of $1284.53 with a gain of 2.12%.  Silver slipped back to $16.814 before it also rallied back higher and ended near its late morning high of $17.313 with a gain of 1.83%.

 

Euro gold rose to about €1137, platinum gained $18 to $1235, and copper climbed 5 cents to about $2.50.

 

Gold and silver equities rose over 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q4

2.6%

3.2%

5.0%

Chain Deflator

Q4

0.0%

1.0%

1.4%

Employment Cost Index

Q4

0.6%

0.5%

0.7%

Chicago PMI

Jan

59.4

58.0

58.8

Michigan Sentiment

Jan

98.1

98.2

98.2

 

All of this week’s other economic reports:

 

Pending Home Sales - December

-3.7% v. 0.6%

 

Initial Claims - 1/24

265K v. 308K

 

New Home Sales - December

481K v. 431K

 

Consumer Confidence - January

102.9 v. 93.1

 

Case-Shiller 20-city Index - November

4.3% v. 4.5%

 

Durable Goods - December

-3.4% v. -2.1%

 

Durable Goods -ex trans. - December

-0.8% v. -1.35

 

Next week’s economic highlights include Personal Income and Spending, Core PCE Prices, the ISM Index, and Construction Spending on Monday, Factory Orders on Tuesday, ADP Employment and ISM Services on Wednesday, Initial Jobless Claims, the Trade Balance, Productivity, and Unit Labor Costs on Thursday, and January’s jobs data and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil jumped over 8% higher on worries about renewed violence in Iraq and news that “the number of rigs drilling for oil in the United States fell by 94 - or 7 percent - this week.”

 

The U.S. dollar index ended slightly higher as the euro fell on worries about Greece.

 

Treasuries found decent gains on worse than expected economic data that sent the Dow, Nasdaq, and S&P over 1% lower.

 

Among the big names making news in the market Friday were Chevron, Shake Shack, Visa, and MasterCard.

 

GATA Posts:

 

 

New Greek government opposes Canadian company's gold mine

Russia increases gold purchases by 123%

Russia buys record amounts of gold

 

The Statistics:

Activity from: 1/29/2015

Gold Warehouse Stocks:

7,967,816.401

-192.90

Silver Warehouse Stocks:

178,118,430.734

+500,393.56

 

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

758.372

24,382,415

US$30,714m

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$5,673m

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$460m

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 added 5.675 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 167.54: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,931.80: No change from yesterday’s data.

 

The Miners:

 

Goldcorp’s (GG) agreement with Wabauskang First Nation, New Gold’s (NGD) environmental approvals, and Vista Gold’s (VGZ) amended payment terms were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Timmins  

TGD +10.0% $1.10

2.  Avino

ASM +8.11% $1.59

3.  NovaGold

NG +7.98% $3.73

 

LOSERS

1.  Eldorado

EGO-14.36% $4.78

2.  Allied Nevada

ANV -2.83% $1.03

3.  SilverCrest

SVLC -0.75% $1.33

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

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