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Gold Seeker Closing Report: Gold and Silver Fall With Stocks
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 29 April 2015 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1204.00

-$8.20

Silver

$16.53

-$0.08

XAU

74.71

+0.81%

HUI

185.43

+1.00%

GDM

574.66

+1.04%

JSE Gold

1360.98

+6.39

USD

95.22

-0.90

Euro

111.11

+1.35

Yen

83.99

-0.13

Oil

$58.58

+$1.52

10-Year

2.035%

+0.062

Bond

159.5625

-1.90625

Dow

18035.53

-0.41%

Nasdaq

5023.64

-0.63%

S&P

2106.85

-0.37%

 
 

 

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:

 

Report

For

Reading

Expected

Previous

GDP

Q1

0.2%

1.0%

2.2%

Chain Deflator

Q1

-0.1%

0.5%

0.1%

Pending Home Sales

Mar

1.1%

1.2%

3.6%

 

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

Gold Warehouse Stocks:

7,756,890.161

+11,188.20

Silver Warehouse Stocks:

175,312,758.808

-48,300.464

 

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

739.065

23,761,676

US$28,717m

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$5,377m

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$5,943m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$434m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

28.67

921,759

US$1,114m

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

1.  Tahoe Resources

TAHO +6.80% $13.51

2.  Kinross

KGC +3.38% $2.45

3.  IAMGOLD

IAG +3.07% $2.35

 

LOSERS

1.  Coeur

CDE -3.19% $5.47

2.  Nevsun

NSU -2.43% $4.01

3.  Hecla

HL -2.19% $3.12

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, 29 April 2015 | E-Mail  | Print  | Source: GoldSeek.com

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