September 22: Gold and Silver End Slightly Lower

Chris Mullen
Monday, September 22nd


















JSE Gold































The Metals:


Gold dropped $7.77 to $1209.83 in early Asian trade before it bounced back to $1217.10 in London and then fell back to $1212.34 by a little after 11AM EST, but it then jumped to a new session high of $1219.42 by early afternoon in New York and ended with a loss of just 0.19%. Silver slipped to $17.354 in early Asian trade before it climbed back to $17.863 in New York, but it still ended with a loss of 0.5%.


Euro gold fell to about €946, platinum lost $11 to $1323, and copper fell 5 cents to about $3.04.


Gold and silver equities fell almost 3% by late morning before they edged back higher in early afternoon trade, but they then fell back off again into the close and ended near their late morning lows.

The Economy:







Existing Home Sales






Tomorrow at 9AM EST brings the FHFA Housing Price Index for July.


The Markets:


Charts Courtesy of


Oil fell on concerns about slowing growth in China.


The U.S. dollar ended slightly lower in mixed trade.


Treasuries rose as the Dow, Nasdaq, and S&P fell on worries about China and worse than expected housing data.


China's growth is under pressure, finance minister warns Macleans


Among the big names making news in the market today were Tesco, Chrysler, Merck, Siemens, Apple, and RadioShack.


The Commentary:


“The weather on the Jersey Shore this summer was near perfect. Not too hot and few rainy days. It certainly allowed recovery from Super Storm Sandy to continue.
At Wall & Broad, the “Don’t Worry, Be Happy” crowd says summer shall continue indefinitely and put away your winter jackets as there’s no chance of a freeze for a long time. This self-assurance was evident recently on TOUT-TV, where a “wet-behind-the ears” reporter (and a couple cronies from the “Happy” crowd”) went to town on a man I give my money to invest in a heartbeat versus these attackers. It’s this pompous attitude that has taken place before on “TOUT-TV” at previous bubble tops, that just adds to the growing list of yellow and red flags for U.S. stocks.

I’ve said for years that those of us who look into a crystal ball end up experts on eating broken glass. Because of this, I don’t bother to predict many things, including (but not limited to):
• The end of the world. Many see “End Times” from a biblical prospective, but since it says in Mark 13:32 “But about that day or hour no one knows, not even the angels in heaven, nor the Son, but only the Father”, I feel if even Jesus doesn’t know when it’s waste of time for me or anyone to speculate when it’s to end.
• When a market will exactly hit a top or bottom.

However, 30+ years in and around Wall Street does provide a “sixth sense” and mine is screaming to be a live chicken versus dead duck. Among the many, many factors causing me to shed feathers:
The IMF sounds the alarm
• The Bank for International Settlements (BIS) says FED is creating the next recession
American households are at the second highest level of stock investment ever, behind only the most speculative stock blow-off in U.S. history.
Breath of the market is actually weakening despite all the excitement and that’s a classic red flag.
• The CAPE factor screams red flag if you look past the next hour or days’ worth of trading.

They say death and taxes are the only guarantees. I’m here to say another is we will yet again see the vast majority end up on the wrong side. An economic, social and political crisis not seen in America’s history (including the Great Depression) shall engulf us and few shall be prepared to deal with it. An "I told you so" won’t be worth much but shall be good for the soul.

In my 30+ years in and around the investment world, I‘ve never witnessed such a wide spread between the complacency among U.S. stock investors and the near total disenchantment towards gold. Even at the peak of the stock market in 2000, while gold headed below $300, the spread wasn't as wide.

While it’s important to understand that gold will never be liked by 99% of the financial service industry (and much of the financial media that makes a living following them) because ownership of it usually flies in the face of what they sell – financial assets, the gloom hanging over gold screams buy to any sound-minded contrarian. Even the most ardent gold bugs (who never in their lives uttered sell gold) have either gone underground or turned bearish.

Whether we need to break below $1,200, then key support of $1180 in order to get a complete washout or not, gold’s outlook for me is $50 -$100 lower and $500 - $1,000 higher.

I’ve no gold or mining shares to sell. I don’t advocate stocking up on ammo, dry food or building a survival home deep in the woods. I just know after 30+ years the investment world is like a pendulum and it’s currently swung nearly 180 degrees in favor of financial assets and the upside going forward is not the few degrees left in the swing, but the inevitable big swing back over time away from financial assets.” - Peter Grandich,


GATA Posts:



Koos Jansen: Chinese gold demand rises 5 percent as international exchange opens

What are your questions for former Fed Chairman Alan Greenspan in New Orleans?

Julian Phillips: Of course gold is manipulated -- the London Gold Pool, 1961-68


The Statistics:

Activity from: 9/19/2014

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 7.777 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.72: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,589.15: No change from yesterday’s data.


The Miners:


Almaden’s (AAU) new Vice President of Corporate Development, Turquoise Hill’s (TRQ) Feasibility Study and review of the tax ruling in Mongolia, Primero’s (PPP) new Chief Financial Officer, Newmont’s (NEM) export permit, and Banro’s (BAA) comments on market activity were among the big stories in the gold and silver mining industry making headlines today.



DRD +2.24% $3.20

2. Revett

RVM +0.93% $1.08


1. Avino

ASM-12.64% $1.59

2. NovaGold

NG -9.86% $3.12

3. Richmont

RIC -8.61% $1.91

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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© Gold Seeker 2014

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