• Gold: 1,268.56 1.26
  • Silver: 16.39 0.08
  • Euro: 1.165 0.004
  • USDX: 94.632 -0.211
  • Oil: 68.45 2.51

July 31: Gold and Silver End Mixed In Volatile Trade

Chris Mullen
|
Wednesday, July 31st
 

Close

Gain/Loss

Gold

$1322.80

-$3.50

Silver

$19.82

+$0.10

XAU

98.75

-0.43%

HUI

248.76

-0.53%

GDM

744.55

-0.39%

JSE Gold

1254.33

-11.28

USD

81.66

-0.18

Euro

133.06

+0.43

Yen

102.18

+0.18

Oil

$105.03

+$1.95

10-Year

2.593%

-0.010

T-Bond

134.25

+0.34375

Dow

15499.54

-0.14%

Nasdaq

3626.37

+0.27%

S&P

1685.73

-0.01%

 
 

 

The Metals:

 

Gold jumped to $1338.55 in early Asian trade before it fell to as low as $1306.20 at about 11AM EST and then bounced back higher after this afternoon’s fed statement, but it still ended with a loss of 0.26%. Silver slipped to as low as $19.39 at about noon EST, but it then rallied back higher in the next few hours of trade and ended with a gain of 0.51%.

 

Euro gold fell to about €994, platinum rose $2.75 to $1434.50, and copper climbed 8 cents to about $3.12.

 

Gold and silver equities fell over 2% by late morning before they rose to see almost 2% gains at about 3PM EST, but they then fell back off in the last hour of trade and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

July

200K

175K

198K

GDP

Q2

1.7%

1.1%

1.1%

Chain Deflator

Q2

0.7%

1.2%

1.3%

Employment Cost Index

Q2

0.5%

0.4%

0.5%

Chicago PMI

July

52.3

51.5

51.6

 

Fed offers no hint of stimulus pullback Reuters

Fed gives no hint on QE tapering timeline MarketWatch

Fed Keeps $85 Billion Bond Buying Pace, Sees Disinflation Risk Bloomberg

U.S. mortgage applications fall as rates remain unchanged: MBA Reuters

 

Tomorrow brings Initial Jobless Claims, the ISM Index, and Construction Spending.

 

The Markets:

 

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

 

Oil briefly pared early gains after the Energy Information Administration reported that crude inventories rose 400,000 barrels, gasoline inventories rose 800,000 barrels, and distillates rose 500,000 barrels.

 

Treasuries erased notable early losses and turned higher after today’s fed announcement sent the U.S. dollar index lower.

 

The Dow, Nasdaq, and S&P ended mixed and near unchanged on uncertainty about future fed action.

 

Among the big names making news in the market today were Comcast, BRE Properties, Fiat, Cubist, Facebook, and SodaStream.

 

The Commentary:

 

With all the chatter out there about shortages of gold, Comex warehouse stocks drawdowns, etc., the delivery process for August gold could be interesting.

I must say that given all the recent fanfare, to see Deutsche Bank being a large issuer on the first delivery day seems to take the steam out of this talk. They are delivering 1,103 contracts worth of gold at 100 ounces each.

JP Morgan was the largest stopper with 847 contracts picked up for the house and 200 for their clients.

Remember when we had all that talk that Deutsche was taking delivery of Comex gold in order to return it to Germany.... Well...

The truth is that the gold delivery process has always been and will remain opaque. Firms may stop in previous months only to show up as big sellers in subsequent months. We simply have no way of knowing why they are buying or selling because we are not insiders working within their firms.

That is why, while the process is always interesting to observe, drawing conclusions from it can be rather risky.

A better gauge of the demand for gold is merely watching the price action. That will tell you what you need to know and eliminate all the worry and fuss over trying to figure out who is doing what behind the scenes in the gold market. If elephants are walking through a plot of ground, they always leave big footprints that are difficult to not see! Remember that.- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/

 

GATA Posts:

 

 

Convulsed by smuggling to India, Pakistan forbids gold imports for a month

Bankers, bankers uber alles, uber alles in der welt

 

The Statistics:

As of close of business: 7/30/2013

Gold Warehouse Stocks:

6,991,429.931

+2,599.92

Silver Warehouse Stocks:

164,710,919.315

+1,200,206.799

 

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

927.355

29,815,390

US$39,176m

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$5,808m

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$470m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

42.66

1,371,440

US$1,824m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 178.85: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,419.04: No change from yesterday’s data.

 

The Miners:

 

Timberline’s (TLR) progress update, New Gold’s (NGD) second quarter results, and Richmont’s (RIC) completed bulk sample were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Eurasian

EMXX +5.88% $1.44

2. Turquoise

TRQ +2.54% $4.03

3. Randgold

GOLD +1.88% $74.27

 

LOSERS

1. Rubicon

RBY -8.33% $1.32

2. Rio Alto

RIOM -5.78% $2.12

3. Northern Dynasty

NAK -4.13% $2.32

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 2013

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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