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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Over 1% and 3% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 26 August 2016 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1321.10

-$1.40

-1.48%

Silver

$18.64

+$0.08

-3.52%

XAU

95.80

-0.74%

-11.03%

HUI

237.74

-0.80%

-11.47%

GDM

754.22

-0.49%

-9.65%

JSE Gold

2535.73

+5.55

-2.38%

USD

95.49

+0.74

+1.08%

Euro

111.96

-0.88

-1.14%

Yen

98.21

-1.25

-1.65%

Oil

$47.64

+$0.31

-1.81%

10-Year

1.635%

+0.058

+4.14%

Bond

170.5625

-1.15625

-0.29%

Dow

18395.40

-0.29%

-0.85%

Nasdaq

5218.92

+0.13%

-0.37%

S&P

2169.04

-0.16%

-0.68%

 
 
http://goldseek.com/news/GoldSeeker/2016/8-26gsr/1.jpg

 

The Metals:

 

Gold gained $10.41 to $1332.91 at about 9AM EST before it dropped down to $1319.39 just after the release of Yellen’s Jackson Hole speech and then jumped to a new session high of $1341.96 in the next fifteen minutes of trade, but it then fell back off again in late morning trade and ended with a loss of 0.11%.  Silver rose to as high as $19.049 before it fell back to $18.58, but it still ended with a gain of 0.43%.

 

Euro gold rose to about €1180, platinum lost $10 to $1062, and copper remained at about $2.09.

 

Gold and silver equities rose over 2% at the open before they fell to see almost 2% losses shortly after 8AM EST and then climbed to new highs for the day by midmorning, but they then drifted back lower into the close and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q2

1.1%

1.1%

1.2%

GDP Deflator

Q2

2.3%

2.2%

2.2%

International Trade in Goods

Jul

-$59.3B

-

-$64.5B

Michigan Sentiment

Aug

89.8

90.6

90.4

 

Yellen Says Rate-Hike Case ‘Has Strengthened in Recent Months’  Bloomberg

Fed's Yellen says case for another interest-rate hike has strengthened  MarketWatch

Fed's Fischer: Economy has strengthened, job report will weigh in on hike decision  CNBC

 

All of this week’s other economic reports:

 

Durable Orders - July

4.4% v. -4.2%

 

Durable Orders, Ex-Trans. - July

1.5% v. -0.3%

 

Initial Claims - 8/20

261K v. 262K

 

Existing Home Sales - July

5.39M v. 5.57M

 

FHFA Housing Price Index - June

0.2% v. 0.2%

 

New Home Sales - July

654K v. 582K

 

Next week’s economic highlights include Personal Income and Spending on Monday, the Case-Shiller 20-city Index and Consumer Confidence on Tuesday, ADP Employment, Chicago PMI, and Pending Home Sales on Wednesday, Initial Jobless Claims, Productivity, Construction Spending, and the ISM Index on Thursday, and August’s jobs data, the Trade Balance, and Factory Orders on Friday.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2016/8-26gsr/1.png

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

 

Oil edged higher on geopolitical concerns in Saudi Arabia.

 

The U.S. dollar index rose and treasuries fell after Federal Reserve Vice Chairman Stanley Fischer commented that two rate hikes were still possible this year.

 

The Dow, Nasdaq, and S&P erased early gains and ended mixed on interest rate uncertainty.

 

Among the big names making news in the market Friday were Tesla, Mazda, AB InBev, Prada, Saudi Aramco, and Herbalife.

 

GATA Posts:

 

 

Former Fed Governor Warsh admits that the central bank manipulates markets

 

The Statistics:

Activity from: 8/25/2016

Gold Warehouse Stocks:

10,991,993.527

-4,854.701

Silver Warehouse Stocks:

160,828,637.287

+517,750.32

 

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

956.588

30,755,253

US$40,547m

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$5,916m

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$6,498m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$474m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.56

1,239,670

US$1,656m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.781 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 224.90: +0.30 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,100.66: -59.14 change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Great Panther

GPL +4.03% $1.29

2.  Vista Gold

VGZ +3.05% $1.01

3.  Coeur

CDE +2.55% $13.68

 

LOSERS

1.  Almaden

AAU -4.23% $1.36

2.  Paramount

PZG -2.86% $1.70

3.  B2Gold

BTG -2.68% $2.90

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, 26 August 2016 | E-Mail  | Print  | Source: GoldSeek.com

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