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Gold Seeker Closing Report: Gold and Silver Drift Lower With Stocks
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 8 September 2016 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1337.50

-$7.50

Silver

$19.62

-$0.16

XAU

99.28

-1.78%

HUI

242.78

-2.18%

GDM

776.26

-2.10%

JSE Gold

2386.11

+20.77

USD

95.06

+0.08

Euro

112.56

+0.17

Yen

97.57

-0.73

Oil

$47.62

+$2.12

10-Year

1.616%

-0.025

T-Bond

170.09375

-2.09375

Dow

18479.91

-0.25%

Nasdaq

5259.48

-0.46%

S&P

2181.30

-0.22%

 
 

 

The Metals:

 

Gold gained $4.22 to $1349.22 in late Asian trade before it fell back to $1335.71 by early afternoon in New York and then bounced back higher in late trade, but it still ended with a loss of 0.56%.  Silver slipped to as low as $19.571 and ended with a loss of 0.81%.

 

Euro gold fell to about €1188, platinum lost $4 to $1080, and copper remained at about $2.10.

 

Gold and silver equities fell about 2% by midday and remained near that level into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

9/03

259K

265K

263K

Consumer Credit

July

$17.7B

$16.0B

$14.5B

 

Tomorrow brings Wholesale Inventories for July expected at 0.0%.

 

The Markets:

 

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

 

Oil jumped almost 5% higher after the Energy Information Administration reported that crude inventories fell 14.5 million barrels, gasoline inventories fell 4.2 million barrels, and distillates rose 3.4 million barrels.

 

The U.S. dollar index ended slightly higher in mixed trade.

 

The euro rose and treasuries fell after the ECB “left interest rates unchanged and stopped short of a formal commitment to further expand its asset-purchase program.”

 

The Dow, Nasdaq, and S&P drifted lower on disappointment over Draghi’s decision to not even consider or discuss more stimulus.

 

Among the big names making news in the market today were PulteGroup, Apple, MasterCard, Ford, and HP Enterprise.

 

GATA Posts:

 

 

Koos Jansen: China's rising gold ETF market -- a hybrid

 

The Statistics:

As of close of business: 9/7/2016

Gold Warehouse Stocks:

10,920,897.369

-8,398.25

Silver Warehouse Stocks:

164,078,805.262

+1,216,758.96

 

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

951.811

30,601,670

US$41,107m

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$5,941m

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$6,577m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$480m

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 0.324 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 225.39: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,281.84: +35.44 change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) leading ranking in the Dow Jones Sustainability World Index,  Harmony’s (HMY) new deposit in South Africa, Golden Star’s (GSS) new underground mining contractor, Eurasian’s (EMXX) drill results, McEwen’s (MUX) new CFO, and Tahoe’s (TAHO) dividend were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Mines Management

MGN +4.58% $1.37

2.  Vista Gold

VGZ +2.86% $1.08

3.  Buenaventura

BVN +1.40% $15.25

 

LOSERS

1.  New Gold

NGD -5.16% $4.96

2.  Almaden

AAU -4.91% $1.55

3.  Exeter

XRA -4.76% $1.20

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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 -- Published: Thursday, 8 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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