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

 -- Published: Wednesday, 2 December 2015 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1052.70

-$16.30

Silver

$14.03

-$0.14

XAU

46.54

-2.41%

HUI

111.83

-2.30%

GDM

383.74

-1.57%

JSE Gold

895.20

-2.33

USD

99.99

+0.21

Euro

106.16

-0.17

Yen

81.16

-0.24

Oil

$39.94

-$1.91

10-Year

2.178%

+0.023

T-Bond

157.4375

+0.21875

Dow

17729.68

-0.89%

Nasdaq

5123.55

-0.64%

S&P

2079.51

-1.10%

 
 

 

The Metals:

 

Gold fell to as low as $1050.88 by early afternoon in New York before it bounced back higher at times, but it still ended with a loss of 1.52%.  Silver slipped to as low as $13.929 and ended with a loss of 0.99%.

 

Euro gold fell to about €992, platinum lost $9 to $828, and copper fell 4 cents to about $2.04.

 

Gold and silver equities fell about 2% by midday and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Nov

217K

185K

196K

Productivity

Q3

2.2%

2.2%

1.6%

Unit Labor Costs

Q3

1.8%

1.2%

1.4%

 

Economy Expanding Modestly Across Most of U.S., Beige Book Says Bloomberg

Yellen Signals Confidence in Economy Ahead of Fed Meeting Bloomberg

 

Tomorrow brings Initial Jobless Claims, Factory Orders, and ISM Services.

 

The Markets:

 

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

 

Oil fell nearly 5% after the Energy Information Administration reported that crude inventories rose 1.2 million barrels, gasoline inventories rose 100,000 barrels, and distillates rose 3.1 million barrels.

 

The U.S. dollar index pared early gains after the fed’s Beige book tempered Yellen’s remarks earlier in the day.

 

Treasuries traded mixed and the Dow, Nasdaq, and S&P dropped about 1% as energy shares fell with oil closing below $40 a barrel.

 

Among the big names making news in the market today were Yahoo, On Deck, and Volvo.

 

GATA Posts:

 

 

At London conference Tocqueville's Hathaway denounces Comex

Indian government official floats idea of national gold exchange

NOW they tell us: Ron Paul, Kitco's Cambone discuss gold market manipulation

New York Times starts pounding away at gold standard's revival

Lew says U.S. to ensure dollar remains top reserve currency

Hugo Salinas Price: The crumbling world order and who will pick up the crumbs?

 

The Statistics:

As of close of business: 12/1/2015

Gold Warehouse Stocks:

6,434,858.095

-9,785.864

Silver Warehouse Stocks:

158,341,848.352

-612,448.03

 

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

654.799

21,052,432

US$22,210m

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$4,686m

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$5,183m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$378m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

30.13

968,747

US$1,022m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 158.00: -0.65 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,933.00: +35.57 change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) updated outlook, Harmony Gold’s (HMY) repaid debt, and Barrick’s (ABX) offer to buy back some of its outstanding debt were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Turquoise

TRQ +1.18% $2.57

2.  NovaGold

NG +0.51% $3.94

3.  New Gold

NGD +0.42% $2.37

 

LOSERS

1.  Freeport

FCX -6.00% $7.83

2.  Gold Fields

GFI -5.49% $2.41

3.  DRDGOLD

DRD -5.30% $1.43

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

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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, 2 December 2015 | E-Mail  | Print  | Source: GoldSeek.com

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