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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Almost 6% on the Week
By: Chris Mullen,

 -- Published: Friday, 11 November 2016 | Print  | Disqus 




On Week





















JSE Gold









































The Metals:


Gold gained $7.95 to $1264.75 in Asia before it fell back to $1221.12 in early afternoon New York trade and then bounced back higher into the close, but it still ended with a loss of 2.32%.  Silver slipped to as low as $17.199 and ended with a loss of 6.32%.


Euro gold fell to about €1132, platinum lost $35 to $937, and copper fell 3 cents to about $2.51.


Gold and silver equities fell about 7% by late morning and remained near that level for the rest of trade.


The Economy:







Michigan Sentiment






In wake of Trump win, focus may drift back to Fed and inflation Reuters

Fischer: Case for Fed interest-rate hikes ‘quite strong’ MarketWatch


All of this week’s other economic reports:


Treasury Budget - October

-$44.2B v. -$136.6B


Initial Claims - 11/05

254K v. 265K


Wholesale Inventories - September

0.1% v. -0.2%


JOLTS - Job Openings - September

5.36M v. 5.453M


Consumer Credit - September

$19.3B v. $26.8B


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


The Markets:

Charts Courtesy of


Oil dropped almost 3% on rising OPEC output.


The U.S. dollar index rose again on the outlook for rising inflation and interest rates.


The bond market was closed for Veterans Day.


The Dow, Nasdaq, and S&P held near unchanged and closed mixed on uncertainty about what exactly a Trump presidency will look like.


Among the big names making news in the market Friday were LifeLock, Audi, and J.C. Penney.


GATA Posts:



Gold Fields, Silver Standard offer C$1.4 billion for miner Kirkland Lake, Reuters says

Chinese soon will be able to buy North American mining shares, Neumeyer tells KWN

TF Metals Report reflects on six years following the monetary metals

Trump believed considering former Goldman exec for Treasury secretary

Meet the new boss -- same as the old boss

Late-night buying parked huge amounts of rupees in gold


The Statistics:

Activity from: 11/10/2016

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Johannesburg Securities Exchange (JSE)

New Gold Debentures




Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 13.345 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 224.98: -3.01 change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 11,136.79: -41.32 change from yesterday’s data.


The Miners:


Solitario’s (XPL) director resignation, Newmont’s (NEM) first gold pour from Long Canton, and Kirkland Lake’s (KLG.TO) possible offers were among the big stories in the gold and silver mining industry making headlines Friday.



1.  Freeport

FCX +1.01% $13.94

2.  Nevsun

NSU +0.98% $3.08

3.  Turquoise

TRQ +0.90% $3.37




DRD -14.94% $3.93

2.  Gold Resource

GORO -14.23% $4.28

3.  Fortuna

FSM -14.20% $5.92

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 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. 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’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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