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Gold Seeker Closing Report: Gold and Silver End Mixed While Dollar Drops
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 3 February 2015 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1261.20

-$13.40

Silver

$17.28

+$0.08

XAU

78.89

-1.83%

HUI

200.35

-2.46%

GDM

612.09

-2.35%

JSE Gold

1581.27

+22.66

USD

93.61

-0.99

Euro

114.82

+1.42

Yen

85.10

+0.05

Oil

$53.05

+$3.48

10-Year

1.780%

+0.107

Bond

149.34375

-1.50

Dow

17666.40

+1.76%

Nasdaq

4727.73

+1.09%

S&P

2050.03

+1.44%

 
 

 

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:

 

Report

For

Reading

Expected

Previous

Factory Orders

Dec

-3.4%

-2.0%

-0.7%

 

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

Gold Warehouse Stocks:

7,999,966.401

+16,075.00

Silver Warehouse Stocks:

178,045,272.474

-7,560.10

 

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

766.735

24,651,284

US$31,151m

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$5,600m

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$453m

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 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

1.  Freeport

FCX +8.60% $18.98

2.  Turquoise

TRQ +6.25% $3.23

3.  SilverCrest

SVLC +3.73% $1.39

 

LOSERS

1.  Primero

PPP -8.06% $3.65

2.  Rio Alto

RIOM -7.42% $2.62

3.  AuRico

AUQ -6.57% $3.70

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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: Tuesday, 3 February 2015 | E-Mail  | Print  | Source: GoldSeek.com

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