Gold Seeker Closing Report: Gold Gains While Stocks Plummet
| Close | Gain/Loss |
Gold | $1232.60 | +$2.50 |
Silver | $14.67 | -$0.06 |
XAU | 68.04 | -2.10% |
HUI | 152.65 | -1.75% |
GDM | 552.92 | -0.94% |
JSE Gold | 1210.21 | -17.80 |
USD | 96.37 | +0.44 |
Euro | 113.98 | -0.73 |
Yen | 89.00 | -0.14 |
Oil | $66.82 | +$0.39 |
10-Year | 3.104% | -0.066 |
T-Bond | 139.09375 | +0.90625 |
Dow | 24583.42 | -2.41% |
Nasdaq | 7108.40 | -4.43% |
S&P | 2656.10 | -3.09% |
The Metals:
Gold gained $3.20 to $1233.30 in Asia before it dropped back to $1225.70 by a little after 8AM EST and then bounced back to gains by midmorning in New York ahead of a fall back to $1227.40 by early afternoon, but it then jumped higher into the close and ended with a gain of 0.2%. Silver slipped to as low as $14.653 and ended with a loss of 0.41%.
Euro gold rose above EUR1081, platinum lost $1.50 to $828.50, and copper remained at about $2.75.
Gold and silver equities fell roughly 2% by early afternoon and remained near that level for the rest of the day.
Fed's Beige Book says wages, prices growing at 'modest to moderate' rates MarketWatch
Trump says Fed Chairman Powell 'almost looks like he's happy raising interest rates' MarketWatch
U.S. new home sales drop to near two-year low in September Reuters
Manufacturing, service PMIs bounce back in October despite cost complaints MarketWatch
Mortgage applications weaken further as interest rates rise CNBC
Tomorrow brings Weekly jobless claims, Durable goods orders, and Pending home sales.
The Markets:
Oil rose almost 1% after the Energy Information Administration reported that crude inventories rose 6.3 million barrels, gasoline inventories fell 4.8 million barrels, and distillates fell 2.3 million barrels.
The U.S. dollar index found notable gains as the euro and pound fell on poor economic data and political concerns.
Treasuries climbed higher as the Dow, Nasdaq, and S&P fell roughly 3% on disappointing forecasts from several leading companies.
Among the big names making news in the market today were Remington, Target, AT&T, Apple, Deutsche Bank, Freeport, and Boeing.
GATA Posts:
Sri Lanka calls for global coalition to tackle rising dollar
Central banks to increase gold buying for first time since 2013
The Statistics:
As of close of business: 10/23/2018
Gold Warehouse Stocks: | 8,087,672.222 | -13,848.962 |
Silver Warehouse Stocks: | 291,540,506.485 | +2,273,235.495 |
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 | 747.876 | 24,044,970 | US$29,581m |
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$5,459m |
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$6,034m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.16 | 358,789 | US$442m |
Note: No change in Total Tonnes from yesterday's data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 271.39: No change from yesterday's data.
Silver Trust (SLV) Total Tonnes in Trust: 10,316.74: -87.66 change from yesterday's data.
Newmont's (NEM) dividend and Freeport's (FCX) third quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Paramount | PZG +2.61% $1.1697 |
2. Nevsun | NSU +2.05% $4.47 |
3. Gold Standard | GSV +1.86% $1.64 |
LOSERS
1. Freeport | FCX -7.84% $10.70 |
2. Coeur | CDE -5.40% $5.08 |
3. DRDGOLD | DRD -4.91% $2.52 |
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
- Chris Mullen, Gold Seeker Report
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