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Gold Seeker Closing Report: Gold and Silver End Slightly Lower
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 8 May 2014 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1289.20

-$0.20

Silver

$19.17

-$0.14

XAU

89.73

-0.14%

HUI

220.72

+0.06%

GDM

659.56

-0.11%

JSE Gold

1507.64

-48.81

USD

79.39

+0.16

Euro

138.48

-0.63

Yen

98.48

+0.34

Oil

$100.26

-$0.51

10-Year

2.602%

+0.012

Bond

136.00

UNCH

Dow

16550.97

+0.20%

Nasdaq

4051.49

-0.40%

S&P

1875.63

-0.14%

 
 

 

The Metals:

 

Gold climbed to $1294.85 at about 7:45AM EST before it dropped back to $1285.59 in the next hour of trade, but it then chopped back higher into the close and ended with a loss of just 0.016%.  Silver slipped to as low as $19.126 and ended with a loss of 0.73%.

 

Euro gold rose to almost €931, platinum gained $3.20 to $1433, and copper climbed a few cents to about $3.06.

 

Gold and silver equities rose almost 1% at the open before they fell to see slight losses about an hour into trade, but they then rallied back higher into the afternoon and ended near unchanged on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

5/03

319K

325K

345K

 

Could take 5-8 years to shrink Fed portfolio: Yellen Reuters

U.S. 30-Year Mortgage Rate Declines to a Six-Month Low Bloomberg

 

Tomorrow brings Wholesale Inventories and JOLTS Job Openings data.

 

The Markets:

 

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

 

Oil fell and the U.S. dollar index climbed higher as the euro dropped after “European Central Bank President Mario Draghi said policy makers were ready to ease monetary policy in June if needed.”

 

Treasuries erased early gains after today’s $16 billion 30-year note auction sold at a yield of 3.44% with a bid to cover of 2.09.

 

The Dow, Nasdaq, and S&P saw decent gains midday on more dovish comments from fed chair Yellen before the Senate Budget Committee, but stocks then turned lower in late trade and ended mixed on worries about what tomorrow may bring.

 

Recap: Janet Yellen's appearance at the Senate Budget Committee MarketWatch

 

Among the big names making news in the market today were AMC, Sun Pharma, Priceline, Tesla, Pfizer, AOL, and McDonald’s.

 

The Statistics:

Activity from: 5/07/2014

Gold Warehouse Stocks:

7,904,584.748

-122,628.75

Silver Warehouse Stocks:

174,605,624.403

-760,597.60

 

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

782.852

25,169,479

US$32,376m

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$5,721m

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$462m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

40.85

1,313,469

US$1,709m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 164.02: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,320.26: No change from yesterday’s data.

 

The Miners:

 

Franco-Nevada’s (FNV) director election, Randgold’s (GOLD) first quarter results and mine in the Democratic Republic of Congo, Richmont’s (RIC) first quarter results, McEwen’s (MUX) first quarter results, Gold Fields’ (GFI) first quarter results, and Timberline’s (TLR) agreement to acquire Wolfpack were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Pretivm

PVG +5.56% $6.86

2.  Primero

PPP +2.68% $6.51

3.  Sandstorm

SAND +2.28% $5.82

 

LOSERS

1.  SilverCrest

SVLC -3.57% $1.755

2.  Timmins

TGD -3.55% $1.36

3.  Mines Management

MGN -3.05% $1.27

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 2014

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

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.

 


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 -- Published: Thursday, 8 May 2014 | E-Mail  | Print  | Source: GoldSeek.com

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