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Gold Seeker Weekly Wrap-Up: Gold Gains 4% on the Week While Dow Drops Over 6%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 8 January 2016 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1102.50

-$6.80

+4.00%

Silver

$13.93

-$0.37

+0.65%

XAU

47.09

-2.83%

+3.97%

HUI

118.54

-3.02%

+6.62%

GDM

402.63

-2.30%

+5.45%

JSE Gold

1255.83

-15.84

+18.78%

USD

98.50

+0.28

-0.13%

Euro

109.22

-0.10

+0.52%

Yen

85.07

+0.04

+2.35%

Oil

$33.16

-$0.11

-10.48%

10-Year

2.130%

-0.023

-6.13%

Bond

156.59375

+0.59375

+1.95%

Dow

16346.45

-1.02%

-6.19%

Nasdaq

4643.63

-0.98%

-7.26%

S&P

1922.03

-1.08%

-5.96%

 
 

 

The Metals:

 

Gold dropped down to $1095.89 after the release of this morning’s jobs data before it bounced back to $1105.06 by late morning in New York and then drifted back lower again in early afternoon trade, but then edged back higher in late trade and ended with a loss of just 0.61%.  Silver slipped to as low as $13.886 and ended with a loss of 2.59%.

 

Euro gold fell to about €1011, platinum gained $1 to $877, and copper remained at about $2.03.

 

Gold and silver equities fell about 3% by midafternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Dec

292K

200K

252K

Unemployment Rate

Dec

5.0%

5.0%

5.0%

Hourly Earnings

Dec

0.0%

0.2%

0.2%

Average Workweek

Dec

34.5

34.5

34.5

Wholesale Inventories

Nov

-0.3%

-0.1%

-0.3%

Consumer Credit

Nov

$14.0B

$18.5B

$15.6B

 

The BLS net birth/death adjustment subtracted 23,000 payrolls from December’s data.  Private Payrolls rose 275,000.

 

All of this week’s other economic reports:

 

Initial Claims - 1/02

277K v. 287K

 

ISM Services - December

55.3 v. 55.9

 

Factory Orders - November

-0.2% v. 1.3%

 

Trade Balance - November

-$42.4B v. -$44.6B

 

ADP Employment - December

257K v. 211K

 

ISM Index - December

48.2 v. 48.6

 

Construction Spending - November

-0.4% v. 0.3%

 

Next week’s economic highlights include the Fed's Beige Book and the Treasury Budget on Wednesday, Initial Jobless Claims and Export and Import Prices on Thursday, and PPI, Retail Sales, Empire Manufacturing, Industrial Production, Capacity Utilization, Michigan Sentiment, and Business Inventories on Friday.

 

The Markets:

 

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

 

Oil edged lower as the U.S. dollar index rose on better than expected jobs data.

 

Treasuries rose as the Dow, Nasdaq, and S&P ended about 1% lower in mixed trade on continued concerns about China.

 

Among the big names making news in the market Friday were American Eagle, Noble Group, Toys ‘R’ Us, Apple, and Volkswagen.

 

GATA Posts:

 

 

China's ICBC Standard Bank buys Deutsche's London bullion vault: Reuters

Bernanke avoids exchange about the dollar's decisive advantage

 

The Statistics:

Activity from: 1/7/2016

Gold Warehouse Stocks:

6,456,309.093

-64.3

Silver Warehouse Stocks:

161,391,803.211

+165,914.29

 

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

645.131

20,741,599

US$22,852m

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$4,902m

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$5,425m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$396m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

29.17

937,757

US$1,035m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.166 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.42: +3.87 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,840.17: -44.45 change from yesterday’s data.

 

The Miners:

 

Lake Shore’s (LSG) production results and Endomines (ENDO.ST) production results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Fortuna

FSM +1.61% $2.52

2.  IAMGOLD

IAG +0.60% $1.68

3.  AngloGold

AU +0.25% $7.90

 

LOSERS

1.  Harmony

HMY -10.42% $1.29

2.  McEwen

MUX -6.78% $1.10

3.  Kinross

KGC -6.50% $1.87

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 2016

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: Friday, 8 January 2016 | E-Mail  | Print  | Source: GoldSeek.com

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