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Gold Seeker Closing Report: Gold and Silver Jump About 2% and 3% Higher After Fed Statement
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 18 March 2015 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1171.00

+$22.50

Silver

$16.06

+$0.50

XAU

67.57

+4.94%

HUI

166.12

+5.06%

GDM

519.81

+4.45%

JSE Gold

1180.11

+7.72

USD

97.75

-1.88

Euro

109.15

+3.20

Yen

83.45

+1.03

Oil

$44.66

+$1.20

10-Year

1.951%

-0.107

Bond

148.4375

+1.78125

Dow

18076.19

+1.27%

Nasdaq

4982.82

+0.92%

S&P

2099.42

+1.21%

 
 

 

The Metals:

 

Gold edged down to $1146.27 in Asia before it bounced back to $1151.80 in London and then chopped back lower in early New York trade, but it then soared to as high as $1175.30 after today’s dovish fed statement and ended with a gain of 1.96%.  Silver rose to as high as $16.051 and ended with a gain of 3.21%.

 

Euro gold fell to about €1081, platinum gained $20 to $1113, and copper fell a few cents to about $2.61.

 

Gold and silver equities rose as much as 5% after today’s fed statement and ended near their highs of the day

 

The Economy:

 

U.S. mortgage applications fall in latest week: MBA Reuters

Full text of FOMC statement MarketWatch

Fed opens door further for June interest rate hike Reuters

Fed Drops ‘Patient’ Stance, Opening Door to June Rate Increase Bloomberg

US Fed Cuts Forecast for Unemployment Rate Over Long Run ABC News

 

The fed may have dropped the word “patient” from its statement and opened the door for an interest rate hike in June, but it also said it wants to see more improvement in the labor market before it would do so.  They also downgraded their outlook for growth and inflation, and it seems they would want to see improvement in those areas as well before considering raising interest rates.

 

Tomorrow brings Initial Jobless Claims, the Current Account Balance, the Philadelphia Fed, and Leading Economic Indicators.

 

The Markets:

 

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

 

Oil remained lower after the Energy Information Administration reported that crude inventories rose 9.6 million barrels, gasoline inventories fell 4.5 million barrels, and distillates rose 400,000 barrels, but it then shot back higher and ended with a nearly 3% gain after today’s fed’s statement.

 

The U.S. dollar extended markedly lower and treasuries added to early gains after today’s fed’s statement.

 

The Dow, Nasdaq, and S&P erased notable early losses and ended with about 1% gains in reaction to today’s fed’s statement.

 

Among the big names making news in the market today were Ocwen, GM, and Herbalife.

 

GATA Posts:

 

 

Low rates will trigger civil unrest as central banks lose control, BIS says

U.S. may revoke settlement agreements in currency-rigging probes

 

The Statistics:

Activity from: 3/17/2015

Gold Warehouse Stocks:

7,936,454.490

-96,450.00

Silver Warehouse Stocks:

176,825,413.989

+492,740.40

 

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

747.983

24,048,406

US$27,582m

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$5,121m

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$418m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.40

1,234,459

US$1,506m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.687 tonnes.

 

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

 

Silver Trust (SLV) Total Tonnes in Trust: 10,181.17: No change from yesterday’s data.

 

The Miners:

 

Timberline’s (TLR) Draft Decision Notice, Primero’s (PPP) 2014 year-end Mineral Reserves and Mineral Resources, Kirkland’s (KGI.TO) record monthly production, Newmont’s (NEM) permit extension, and Hochschild’s 2014 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour Silver

EXK +12.57% $1.88

2.  Paramount

PZG +9.29% $1.06

3.  Pretivm

PVG +9.13% $5.50

 

No “losers” today.

 

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 2015

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: Wednesday, 18 March 2015 | E-Mail  | Print  | Source: GoldSeek.com

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