Gold Seeker Closing Report: Gold and Silver Erase Significant Early Losses to End Mixed
| Close | Gain/Loss |
Gold | $1315.30 | -$2.30 |
Silver | $16.49 | +$0.10 |
XAU | 78.93 | +0.85% |
HUI | 173.26 | +0.81% |
GDM | 601.82 | +0.78% |
JSE Gold | 1066.31 | -2.64 |
USD | 90.27 | -0.36 |
Euro | 122.66 | +0.66 |
Yen | 94.24 | +0.41 |
Oil | $60.99 | -$0.65 |
10-Year | 2.807% | -0.055 |
T-Bond | 145.3125 | +0.875 |
Dow | 24608.98 | -1.68% |
Nasdaq | 7180.56 | -1.27% |
S&P | 2677.67 | -1.33% |
The Metals:
Gold fell $14.80 to $1302.80 in midmorning New York trade, but it then shot back higher in afternoon trade and ended with a loss of just 0.17%. Silver slipped to as low as $16.175 before it also rallied back higher and ended near its late session high of $16.548 with a gain of 0.61%.
Euro gold fell to about EUR1073, platinum lost $18 to $964, and copper remained at about $3.11.
Gold and silver equities fell almost 2% at the open and held near that level for most of the day, but they then climbed steadily higher in the last two hours of trade and ended almost 1% higher on the day.
Trump Says U.S. to Impose Harsh Steel and Aluminum Tariffs Bloomberg
Construction spending remains strong in January MarketWatch
Manufacturing in U.S. Expands at Fastest Pace Since May 2004 Bloomberg
U.S. weekly jobless claims drop to lowest level since 1969 Reuters
U.S. Real Disposable Incomes Up Most in Five Years on Tax Cuts Bloomberg
Tomorrow brings Consumer Sentiment.
The Markets:
Oil continued over 1% lower on concerns about growing inventories.
The U.S. dollar index traded higher throughout the morning, but it then fell rather markedly in afternoon trade as treasuries jumped up and the Dow, Nasdaq, and S&P dropped over 1% on tariff and trade fears after President Trump announced plans to impose tariffs of 25% on steel imports and 10% on imported aluminum next week.
Among the big names making news in the market today were Overstock, Best Buy, Equifax, Comcast, Walmart, and Kroger.
GATA Posts:
New gold-backed monetary system described in GoldSeek Radio interview
Ambrose Evans-Pritchard: Libor surge nears danger level for debt-drenched world
The Statistics:
As of close of business: 2/28/2018
Gold Warehouse Stocks: | 9,133,645.713 | +788.235 |
Silver Warehouse Stocks: | 251,382,150.733 | +62,113.72 |
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(R) Gold Shares | 831.034 | 26,718,580 | US$34,930m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierb?rse (Deutsche B?rse - Xetra) | Gold Bullion Securities | 138.13 | 4,441,056 | US$5,807m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierb?rse (Deutsche B?rse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 152.66 | 4,908,200 | US$6,429m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$474m |
Note: No change in Total Tonnes from yesterday's data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 266.00: No change from yesterday's data.
Silver Trust (SLV) Total Tonnes in Trust: 9,847.08: No change from yesterday's data.
Newmont's (NEM) CEO honor and Turquoise Hill's (TRQ) lifted force majeure were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +14.4% $1.39 |
2. Pretivm | PVG +4.54% $6.68 |
3. Great Panther | GPL +4.31% $1.21 |
LOSERS
1. Northern Dynasty | NAK -2.80% $1.04 |
2. Paramount | PZG -2.36% $1.24 |
3. Barrick | ABX -0.87% $11.42 |
Winners & Losers tracks NYSE 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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