The Metals:

Gold climbed $10.43 to $1285.03 at about 4AM EST before it fell back to $1257.04 by late morning in New York and then bounced back higher in early afternoon trade, but it then edged back lower again into the close and ended with a loss of 1.05%.  Silver rose $0.536 to $17.736 in Asia before it fell back to $17.106, but it then bounced back higher in afternoon trade and ended with a gain of 0.47%.

Euro gold fell to about €1098, platinum gained $7 to $1231, and copper climbed 9 cents to about $2.59.

Gold and silver equities fell over 2% by midmorning before they climbed back to unchanged in early afternoon trade, but they then fell back off again into the close and ended near their lows of the day.

The Economy:

Tomorrow brings ADP Employment and ISM Services.

The Markets:

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

Oil rose another 7% and the U.S. dollar dropped markedly as the euro climbed higher on easing concerns surrounding Greece's debt load.

Treasuries fell as the Dow, Nasdaq, and S&P gained over 1% on relief over Europe and the oil market.

Among the big names making news in the market today were JPMorgan, Dunkin’ Donuts, UPS, and S&P.

The Commentary:

“U.S. Stock Market – Big up and down swings may be the new norm, but it also suggests that the long-term uptrend is coming to an end. 2015 screams caution on several fronts, including U.S. general equities.

U.S. Bonds – While I wouldn’t touch high-yield corporates (junk bonds) with a 10-foot pole, it’s getting to the point where the 10yr. and 30yr. Treasuries are becoming too irresistible not to short.

U.S. Dollar – While hoping the Euro would get to parity, the U.S. Dollar is severely overbought. I don’t trade foreign currencies but if I did, I would be looking to go short the dollar on several fronts, including against the Canadian dollar.

Gold – It did run into resistance at $1,300. The Daily chart shows it was overbought at that point and now going through the customary test of former resistance (seen here on the 200-Day M.A.). Providing that retest is successful and we get above $1,300, the next real area of long-term resistance can be seen on the weekly at $1,400. I do think $1,400 is a question of when not if, but I too thought Seattle was going to run and win the Super Bowl on their last play so seeing shall be believing on $1,400 gold.

Oil and Base Metals – Gold was the first to break, then oil and base metals. If the U.S. Dollar has indeed run its course, oil and base metals are likely to be in the earliest stage of base-building. As each day passes and a new low is not achieved, one can get closer to waving the “all-clear” flag. But past history says lets hold on to it for a little while longer.” - Peter Grandich, http://moneytalks.net/peters-content.html

GATA Posts:

Campaign to audit Federal Reserve gathers pace

The Statistics:

Activity from: 2/2/2015

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

Note: Change in Total Tonnes from yesterday’s data: SPDR added 8.363 tonnes.

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

Silver Trust (SLV) Total Tonnes in Trust: 9,967.53: +35.73 change from yesterday’s data.

The Miners:

Yamana’s (AUY) closed financing, Solitario’s (XPL) optioned project, Nevsun’s (NSU) updated mineral resource estimate, Randgold’s (GOLD) Tongon gold mine, and Timmins Gold’s (TGD) re-finance were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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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• http://www.goldseek.com
• http://www.silverseek.com
• http://www.goldreview.com 

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