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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall About 2% and 4% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 18 November 2016 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1208.30

-$10.10

-1.58%

Silver

$16.58

-$0.12

-4.44%

XAU

79.31

-0.67%

+1.61%

HUI

182.10

-0.63%

+1.06%

GDM

585.53

-1.47%

-0.62%

JSE Gold

1527.68

-57.27

-4.75%

USD

101.30

+0.37

+2.26%

Euro

105.94

-0.31

-2.27%

Yen

90.18

-0.60

-3.72%

Oil

$45.69

+$0.27

+5.25%

10-Year

2.335%

+0.059

+10.3%

Bond

153.15625

-0.625

-1.31%

Dow

18867.93

-0.19%

+0.11%

Nasdaq

5321.51

-0.23%

+1.61%

S&P

2181.90

-0.24%

+0.81%

 
 
http://goldseek.com/news/GoldSeeker/2016/11-18gsr/1.jpg

 

The Metals:

 

Gold fell $14.50 to $1203.90 in Asia before it bounced back to $1215.82 in London, but it then drifted back lower in New York and ended with a loss of 0.83%.  Silver slipped to as low as $16.44 and ended with a loss of 0.72%.

 

Euro gold fell to about €1141, platinum lost $12.50 to $918, and copper fell a couple of cents to about $2.47.

 

Gold and silver equities fell about 2% in the first hour before they bounced back higher in late trade, but they still ended about 1% lower on the day.

 

The Economy:

 

All of this week’s economic reports:

 

Philadelphia Fed - November

7.6 v. 9.7

 

Building Permits - October

1229K v. 1225K

 

Housing Starts - October

1323K v. 1054K

 

CPI - October

0.4% v. 0.3%

 

Core CPI - October

0.1% v. 0.1%

 

Initial Claims - 11/12

235K v. 254K

 

Net Long-Term TIC Flows - September

-$26.2B v. $45.5B

 

NAHB Housing Market Index - November

63 v. 63

 

Industrial Production - October

0.0% v. -0.2%

 

Capacity Utilization - October

75.3% v. 75.4%

 

PPI - October

0.0% v. 0.3%

 

Core PPI - October

-0.2% v. 0.2%

 

Business Inventories - September

0.1% v. 0.2%

 

Empire Manufacturing - November

1.5 v. -6.8

 

Retail Sales - October

0.8% v. 1.0%

 

Retail Sales ex-auto - October

0.8% v. 0.7%

 

Export Prices - October | Reuters

0.2% v. 0.3%

 

Export Prices ex-ag. - October

0.2% v. 0.4%

 

Import Prices - October

0.5% v. 0.2%

 

Import Prices ex-oil - October

-0.1% v. -0.1%

 

Next week’s economic highlights include Existing Home Sales on Tuesday, and Durable Goods Orders, Initial Jobless Claims, the    FHFA Housing Price Index, Michigan Sentiment, New Home Sales, and FOMC Minutes on Wednesday.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2016/11-18gsr/1.png

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

 

Oil edged higher in late trade “after OPEC member Algeria said the group’s meeting with Russia gave it confidence a deal can be reached to re-balance global markets.”

 

The U.S. dollar index continued higher and treasuries fell again “amid speculation Donald Trump’s reflationary economic policies will trigger faster monetary tightening.”

 

The Dow, Nasdaq, and S&P traded mostly lower on concern over which of Trump’s policies will actually be implemented.

 

Among the big names making news in the market Friday were Volkswagen, FanDuel and DraftKings, and Tesla.

 

GATA Posts:

 

 

Newmont gold mine opens in Suriname, seen boosting struggling economy

India's income tax men may come calling on gold buyers

 

The Statistics:

Activity from: 11/17/2016

Gold Warehouse Stocks:

9,865,051.603

-42,857.108

Silver Warehouse Stocks:

178,248,893.690

+288,038.289

 

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

920.626

29,599,042

US$35,837m

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$5,371m

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$5,932m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$433m

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 5.634 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 208.92: -1.20 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 11,080.73: No change from yesterday’s data.

 

The Miners:

 

Eldorado’s (EGO) permit in Greece, Randgold’s (GOLD) joint venture with Newcrest (NCM.AX) in Côte d'Ivoire, and Gold Fields’ (GFI) withdrawn offer for Kirkland (KLG.TO) were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Northern Dynasty

NAK +11.48% $1.36

2.  Gold Standard

GSV +8.77% $2.48

3.  Paramount

PZG +5.45% $1.74

 

LOSERS

1.  Almaden

AAU -5.31% $1.07

2.  Kinross

KGC -4.78% $3.39

3.  McEwen

MUX -3.18% $2.74

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, 18 November 2016 | E-Mail  | Print  | Source: GoldSeek.com

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