Gold Seeker Closing Report: Gold and Silver Jump on Powell Remarks
| Close | Gain/Loss |
Gold | $1220.20 | +$5.20 |
Silver | $14.31 | +$0.17 |
XAU | 65.52 | +3.10% |
HUI | 147.88 | +2.90% |
GDM | 537.36 | +2.07% |
JSE Gold | 1107.10 | +1.32 |
USD | 96.83 | -0.53 |
Euro | 113.71 | +0.76 |
Yen | 88.13 | +0.11 |
Oil | $50.29 | -$1.27 |
10-Year | 3.061% | +0.008 |
T-Bond | 139.625 | -0.28125 |
Dow | 25366.43 | +2.50% |
Nasdaq | 7291.59 | +2.95% |
S&P | 2743.78 | +2.30% |
The Metals:
Gold dropped back to $1211.20 by a little after 9AM EST before it jumped up to $1226.30 in early afternoon trade and then pared back into the close, but it still ended with a gain of 0.43%. Silver dipped to $14.119 in Asia before it rose to as high as $14.389 in New York and then also fell back off a bit, but it still ended with a gain of 1.2%.
Euro gold fell to about EUR1073, platinum lost $7 to $822, and copper climbed 8 cents to about $2.79.
Gold and silver equities rose roughly 3% after Powell's speech was released and remained near that level for the rest of the day.
Fed warns that 'particularly large' plunge in asset prices is possible if risks materialize CNBC
Trump again lashes out at Powell, says he's 'not even a little bit happy' about naming him Fed chief MarketWatch
Fed's gradual rate hikes balance against risks: Powell Reuters
Seemingly dovish, Powell says interest rates are 'just below' level where they won't stimulate economy MarketWatch
Fed flags concerns over corporate debt in first-ever financial stability report MarketWatch
New home sales tumble 8.9% in October, vs. estimates for 3.7% gain CNBC
U.S. third-quarter growth unrevised; headwinds increasing Reuters
The Markets:
Oil fell 2.5% after the Energy Information Administration reported that crude inventories rose 3.6 million barrels, gasoline inventories fell 800,000 barrels, and distillates rose 2.6 million barrels.
The U.S. dollar index fell markedly and treasuries traded mixed while the Dow, Nasdaq, and S&P rose over 2% after Powell signaled an upcoming shift in policy towards no longer raising interest rates.
Among the big names making news in the market today were Ford, Curaleaf, Tiffany's, Salesforce, and Zillow.
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The Statistics:
As of close of business: 11/27/2018
Gold Warehouse Stocks: | 8,015,402.632 | -160.755 |
Silver Warehouse Stocks: | 294,693,303.864 | +1,704,383.823 |
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 | 761.743 | 24,490,803 | US$29,704m |
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$5,389m |
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$5,962m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$438m |
Note: No change in Total Tonnes from yesterday's data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 271.48: No change from yesterday's data.
Silver Trust (SLV) Total Tonnes in Trust: 10,037.68: -71.56 change from yesterday's data.
Gold Fields' (GFI) severance terms and Endeavour Silver's (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Golden Star | GSS +7.28% $2.80 |
2. Hecla | HL +7.02% $2.59 |
3. Freeport | FCX +6.49% $11.97 |
LOSERS
1. Paramount | PZG -0.98% $1.01 |
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
- Chris Mullen, Gold Seeker Report
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