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Gold Seeker Closing Report: Gold and Silver Fall Roughly 2% After Fed Minutes
By: Chris Mullen,

 -- Published: Wednesday, 18 May 2016 | Print  | Disqus 



















JSE Gold
































The Metals:


Gold dropped $11.36 to $1267.64 at about 9AM EST before it bounced back higher into midday, but it then fell back off again after the release of FOMC Minutes from the fed’s April meeting and the yellow metal closed with a loss of 1.7%.  Silver slipped to as low as $16.78 and ended with a loss of 2.26%.


Euro gold fell to about €1121, platinum lost $28 to $1024, and copper lost 3 cents to about $2.07.


Gold and silver equities fell markedly in the last two hours of trade and ended with about 7% losses.


The Economy:


Fed signals interest rate hike firmly on the table for June Reuters

‘Most’ on Fed ready to hike rates in June if economic data strong, minutes show  MarketWatch

U.S. Federal Reserve Meeting Minutes for April 27  Bloomberg

Lowest rates in a year no enticement: Mortgage applications down 1.6% CNBC


Tomorrow brings Initial Jobless Claims and the Philadelphia Fed.


The Markets:


Charts Courtesy of


Oil initially remained higher after the Energy Information Administration reported that crude inventories rose 1.3 million barrels, gasoline inventories fell 2.5 million barrels, and distillates fell 3.2 million barrels, but it then turned slightly lower by the close on worries about rising interest rates.


The U.S. dollar index rose and treasuries fell after the fed indicated that an interest rate hike in June is likely if economic data is strong enough.


The Dow, Nasdaq, and S&P traded mixed on interest rate uncertainty.


Among the big names making news in the market today were Lowe’s, Charter Communications, and Target.


GATA Posts:



Doug Pollitt: Devaluing dollar and debt by revaluing gold is getting respectable


The Statistics:

As of close of business: 5/17/2016

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




Note: Change in Total Tonnes from yesterday’s data: SPDR added 4.754 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 198.38: No change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 10,421.95: No change from yesterday’s data.


The Miners:


No “Winners” today.


1.  Great Panther

GPL -11.54% $1.61

2.  Alexco

AXU -11.43% $1.24

3.  Coeur

CDE -10.8% $7.60

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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© Gold Seeker 2016

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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. 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’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 May 2016 | E-Mail  | Print  | Source:

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