The Metals:

Gold fell $7.81 to $1204.39 at about 5:40AM EST before it bounced back to $1213.69 in the next few hours of trade and then dropped to as low as $1201.69 after the release of today’s fed statement, but it then edged back higher in late trade and ended with a loss of just 0.68%.  Silver slipped to $16.427 before it bounced back to $16.718 and then fell back off into the close, but it ended with a loss of just 0.48%.

Euro gold fell to about €1084, platinum lost $3 to $1150, and copper remained at about $2.78.

Gold and silver equities rose almost 2% by early afternoon before they fell back to about unchanged after the release of today’s fed statement, but they then rallied back higher into the close and ended with about 1% gains.

The Economy:

Fed expects economy to recover as it keeps rate options open MarketWatch

Fed Says Economy Slowed During Winter as June Liftoff Odds Drop Bloomberg

GDP Growth Bust Is Final Nail in the Coffin for June Rate Hike Bloomberg

Tomorrow brings Initial Jobless Claims, Personal Income and Spending, Core PCE Prices, the Employment Cost Index, and Chicago PMI.

The Markets:

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

Oil extended higher after the Energy Information Administration reported that crude inventories rose 1.9 million barrels, gasoline inventories rose 1.7 million barrels, and distillates fell 100,000 barrels.

The U.S. dollar fell markedly on worse than expected GDP data.

Treasuries followed European debt lower. “Traders blamed the dumping of Treasuries, German Bunds and British Gilts on a combination of factors including less gloomy economic figures on Europe, a failed five-year German debt auction and hefty U.S. bond supply this week.”  Today’s $29 billion 7-year note auction sold at yield of 1.82% with a bid to cover of 2.44.

The Dow, Nasdaq, and S&P fell on poor economic data and mixed earnings reports.

Among the big names making news in the market today were Salesforce, Ford, Lumber Liquidators, Time Warner, Twitter, GoPro, Valeant, Barclays, Sinopec, and Marathon Petroleum.

GATA Posts:

For now, India brushes off concerns over gold import spike

The Statistics:

Activity from: 4/28/2015

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 165.58: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,191.78: -92.18 change from yesterday’s data.

The Miners:

Barrick Gold’s (ABX) partnership with Newmont (NEM) in Australia and Lake Shore’s (LSG) quarterly results were among the big stories in the gold and silver mining industry making headlines today.

WINNERS

LOSERS

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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