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Gold Seeker Closing Report: Gold and Silver Gain Again While Stocks Bounce Back From Morning Losses
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 6 July 2016 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1364.00

+$8.40

Silver

$20.09

+$0.14

XAU

106.85

+3.28%

HUI

271.75

+3.07%

GDM

847.68

+2.92%

JSE Gold

2710.27

+166.26

USD

96.07

-0.14

Euro

111.01

+0.30

Yen

98.66

+0.40

Oil

$47.43

+$0.83

10-Year

1.385%

+0.018

T-Bond

176.0625

-0.1875

Dow

17918.62

+0.44%

Nasdaq

4859.16

+0.75%

S&P

2099.73

+0.54%

 
 
http://goldseek.com/news/GoldSeeker/2016/7-6gsr/1.jpg

 

The Metals:

 

Gold gained $19.18 to $1374.78 in London before it pared back to $1361.11 in midafternoon New York trade, but it then bounced back higher into the close and ended with a gain of 0.62%.  Silver rose to as high as $20.474 and ended with a gain of 0.7%.

 

Euro gold rose to about €1229, platinum gained $12 to $1083, and copper fell a few cents to about $2.16.

 

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

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

May

-$41.1B

-$40.0B

-$37.4B

ISM Services

June

56.5

53.3

52.9

 

Minutes show more vocal doves at the Fed  MarketWatch

Fed Officials Held Rates in June as Job Slump Raised Uncertainty  Bloomberg

 

Tomorrow brings ADP Employment and Initial Jobless Claims.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2016/7-6gsr/1.png

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

 

Oil erased early losses and closed almost 2% higher on expectations for another drop in inventories in tomorrow’s weekly report.

 

The U.S. dollar index briefly spiked higher after today’s better than expected ISM Services report, but it then drifted back lower into the close and finished near its low of the session.

 

Treasuries reversed early gains and ended modestly lower as the Dow, Nasdaq, and S&P turned morning losses into afternoon gains on the outlook for low interest rates for the foreseeable future.

 

Among the big names making news in the market today were American Airlines, United Continental, Netflix, Bill Gross, and Tesla.

 

GATA Posts:

 

 

Forget Brexit -- China's currency is falling again

Centerra Gold to buy Thompson Creek for $1.1 billion, a 32% premium

Analyze THIS, technically -- Part Umpteen

 

The Statistics:

As of close of business: 7/5/2016

Gold Warehouse Stocks:

9,445,739.924

-1,607.50

Silver Warehouse Stocks:

152,750,822.002

+1,078,244.79

 

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

982.721

31,595,459

US$43,152m

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$6,070m

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$6,705m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$489m

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 28.807 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 211.43: +3.26 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,471.10: +96.69 change from yesterday’s data.

 

The Miners:

 

Sandstorm’s (SAND) closed financing, Osisko’s (OSK.TO) exploration program, Primero’s (PPP) board resignation, Centerra’s (CG.TO) plan to buy Thompson Creek Metals (TCM.TO), and Fortuna’s (FSM) commissioning activities were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Paramount

PZG +20.45% $2.12

2.  ITH

THM +13.19% $1.03

3.  DRDGOLD

DRD +13.04% $8.06

 

LOSERS

1.  Vista Gold

VGZ -5.35% $1.77

2.  Alexco

AXU -5.15% $1.84

3.  Gold Standard

GSV -3.43% $1.97

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, 6 July 2016 | E-Mail  | Print  | Source: GoldSeek.com

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