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Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 2% and 5% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 10 June 2016 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1274.40

+$5.10

+2.45%

Silver

$17.30

UNCH

+5.55%

XAU

90.39

-2.10%

+1.49%

HUI

230.91

-1.81%

+1.90%

GDM

718.36

-1.49%

+3.43%

JSE Gold

2297.34

+72.49

+8.11%

USD

94.59

+0.53

+0.65%

Euro

112.56

-0.62

-0.87%

Yen

93.66

+0.23

-0.13%

Oil

$49.07

-$1.49

+0.93%

10-Year

1.639%

-0.041

-3.81%

Bond

169.8125

+0.84375

+1.02%

Dow

17865.34

-0.67%

+0.33%

Nasdaq

4894.54

-1.29%

-0.97%

S&P

2096.07

-0.92%

-0.15%

 
 

 

The Metals:

 

Gold edged down to $1264.63 in Asia before it bounced back to $1276.86 at about 10AM EST and then fell back to roughly unchanged in the next 90 minutes of trade, but it then rallied back higher into the close and ended with a gain of 0.4%.  Silver traded mixed and ended unchanged on the day.

 

Euro gold rose above €1132, platinum lost $14.50 to $987.50, and copper fell slightly to about $2.04.

 

Gold and silver equities rose about 2% in the first half hour of trade, but they then fell to see about 2% losses by midday and remained near the level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Michigan Sentiment

June

94.3

94.0

94.7

Treasury Budget

May

-$52.5B

-

-$84.1B

 

All of this week’s other economic reports:

 

Wholesale Inventories - April

0.6% v. 0.2%

 

Initial Claims - 6/04

264K v. 268K

 

Consumer Credit - April

$13.4 B v. $28.4B

 

Productivity - Q1

-0.6% v. -1.0%

 

Unit Labor Costs - Q1

4.5% v. 4.1%

 

Next week’s economic highlights include Export and Import Prices, Retail Sales, and Business Inventories on Tuesday, PPI, Empire Manufacturing, Capacity Utilization, Industrial Production, a FOMC Rate Decision, and Net Long-Term TIC Flows on Wednesday, CPI, Initial Jobless Claims, the Philadelphia Fed, the Current Account Balance, and the NAHB Housing Market Index on Thursday, and Building Permits and Housing Starts on Friday.

 

The Markets:

 

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

 

Oil fell 3% on news of a second consecutive week of rising rig counts.

 

The U.S. dollar index rose with treasuries again on worries about the global economy that sent the Dow, Nasdaq, and S&P roughly 1% lower.

 

Among the big names making news in the market Friday were Intel, Toyota, Viacom, and Gawker.

 

GATA Posts:

 

 

Gold rigging will fail as investors see fraud of 'paper gold,' Grant Williams says

 

The Statistics:

Activity from: 6/9/2016

Gold Warehouse Stocks:

8,786,136.010

+26,448.273

Silver Warehouse Stocks:

150,799,550.057

-567,175.999

 

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

887.383

28,530,261

US$36,387m

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$5,639m

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$6,233m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$458m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

34.88

1,121,361

US$1,417m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 6.238 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 196.90: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,535.54: No change from yesterday’s data.

 

The Miners:

 

Northern Dynasty’s (NAK) closed offerings and Great Panther’s (GPL) results of its Annual General and Special Meeting of Shareholders were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  McEwen

MUX +4.98% $2.95

2.  Franco Nevada

FNV +0.42% $70.95

3.  NovaGold

NG +0.32% $6.27

 

LOSERS

1.  Almaden

AAU -7.14% $1.17

2.  Gold Standard

GSV -5.68% $1.66

3.  Yamana

AUY -5.31% $4.99

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, 10 June 2016 | E-Mail  | Print  | Source: GoldSeek.com

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