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

 -- Published: Friday, 30 September 2016 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1317.40

-$4.00

-1.53%

Silver

$19.16

+$0.09

-2.54%

XAU

94.00

-1.06%

-1.84%

HUI

231.14

-1.17%

-1.70%

GDM

734.25

-1.23%

-2.18%

JSE Gold

2115.31

+19.78

-2.00%

USD

95.50

-0.02

+0.01%

Euro

112.38

+0.16

+0.05%

Yen

98.64

-0.32

-0.33%

Oil

$48.24

+$0.41

+8.45%

10-Year

1.608%

+0.051

-0.43%

Bond

168.34375

-1.28125

+0.35%

Dow

18308.15

+0.91%

+0.26%

Nasdaq

5312.00

+0.81%

+0.12%

S&P

2168.27

+0.80%

+0.17%

 
 

 

The Metals:

 

Gold gained $6.59 to $1327.99 at about 9AM EST before it chopped down to $1314.19 in early afternoon New York trade, but it then bounced back higher in late trade and ended with a loss of just 0.3%.  Silver surged over 3% to $19.692 before it also fell back off, but it still ended with a gain of 0.47%.

 

Euro gold fell to about €1073, platinum gained $2 to $1025, and copper climbed a penny to about $2.21.

 

Gold and silver equities saw roughly 2% gains at the open, but they then drifted back lower into the close and ended with about 1% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Personal Income

Aug

0.2%

0.2%

0.4%

Personal Spending

Aug

0.0%

0.2%

0.4%

Core PCE Prices

Aug

0.2%

0.2%

0.1%

Chicago PMI

Sep

54.2

52.0

51.5

Michigan Sentiment

Sep

91.2

90.0

59.8

 

Drop in U.S. consumer spending clouds Fed rate hike outlook Reuters

 

All of this week’s other economic reports:

 

Pending Home Sales - August

-2.4% v. 1.2%

 

Initial Claims - 9/24

254K v. 251K

 

GDP - Q2

1.4% v. 1.1%

 

GDP Deflator - Q2

2.3% v. 2.3%

 

International Trade in Goods - August

-$58.4B v. -$58.8B

 

Durable Orders - August

0.0% v. 3.6%

 

Durable Orders, Ex-Trans. - August

-0.4% v. 1.1%

 

Consumer Confidence - September

104.1 v. 101.8

 

Case-Shiller 20-city Index - July

5.0% v. 5.1%

 

New Home Sales - August

609K v. 659K

 

Next week’s economic highlights include the ISM Index and Construction Spending on Monday, ADP Employment, the Trade Balance, Factory Orders, and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and September’s jobs data, Wholesale Inventories, and Consumer Credit on Friday.

 

The Markets:

 

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

 

Oil rose almost 1% in continued reaction to OPEC’s production deal.

 

The U.S. dollar index ended lower in mixed trade as the euro rose on easing worries about Deutsche Bank that sent treasuries lower and the Dow, Nasdaq, and S&P almost 1% higher.

 

Among the big names making news in the market Friday were BMW, Nutanix, Costco, Mitsubishi Motors, and Deutsche Bank.

 

GATA Posts:

 

 

Secret Alpine gold vaults are the new Swiss bank accounts

Ted Butler: The biggest scandal

In New Orleans you can't lose -- unless you miss Friday's room reservation deadline

Some Deutsche Bank clients reduce collateral on trades

 

The Statistics:

Activity from: 9/29/2016

Gold Warehouse Stocks:

10,572,568.400

+33,938.146

Silver Warehouse Stocks:

173,321,430.078

+174,438.13

 

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

949.139

30,515,760

US$40,344m

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$5,840m

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$6,480m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$472m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.56

1,239,670

US$1,656m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 226.68: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,287.75: No change from yesterday’s data.

 

The Miners:

 

Goldcorp’s (GG) protesters at its Penasquito gold mine, Barrick’s (ABX) operations in Argentina, and Alamos Gold’s (AGI) dividend were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Vista Gold

VGZ +1.92% $1.06

2.  Freeport

FCX +1.59% $10.86

3.  Newmont

NEM +0.61% $39.29

 

LOSERS

1.  Gold Resource

GORO-4.63% $7.42

2.  IAMGOLD

IAG -3.80% $4.05

3.  McEwen

MUX -3.17% $3.67

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, 30 September 2016 | E-Mail  | Print  | Source: GoldSeek.com

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