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

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

 

Close

Gain/Loss

Gold

$1257.30

-$21.70

Silver

$16.84

-$0.39

XAU

83.67

-7.98%

HUI

212.26

-7.79%

GDM

661.56

-6.82%

JSE Gold

2206.11

-19.05

USD

95.19

+0.65

Euro

112.15

-0.98

Yen

90.75

-0.89

Oil

$48.19

-$0.12

10-Year

1.880%

+0.121

T-Bond

163.5625

-2.1875

Dow

17526.62

-0.02%

Nasdaq

4739.11

+0.50%

S&P

2047.63

+0.0%

 
 

 

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 http://finance.yahoo.com/

 

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:

7,739,926.038

+144,433.78

Silver Warehouse Stocks:

153,339,923.841

-123,654.391

 

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

855.886

27,517,583

US$35,020m

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$5,650m

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$6,244m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$457m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

34.72

1,116,345

US$1,401m

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.

LOSERS

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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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2016

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 -- Published: Wednesday, 18 May 2016 | E-Mail  | Print  | Source: GoldSeek.com

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