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Gold Seeker Closing Report: Gold and Silver Fall Almost 2%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 23 November 2016 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1188.60

-$23.40

Silver

$16.35

-$0.31

XAU

78.92

-3.73%

HUI

174.66

-5.16%

GDM

573.21

-4.15%

JSE Gold

1408.90

-45.78

USD

101.68

+0.66

Euro

105.52

-0.76

Yen

88.85

-1.15

Oil

$47.96

-$0.07

10-Year

2.357%

+0.036

T-Bond

152.90625

-0.34375

Dow

19083.18

+0.31%

Nasdaq

5380.68

-0.11%

S&P

2204.72

+0.08%

 
 
http://goldseek.com/news/GoldSeeker/2016/11-23gsr/1.jpg

 

The Metals:

 

Gold fell $29.82 to $1182.18 in late morning New York trade before it bounced back higher into the close, but it still ended with a loss of 1.93%.  Silver slipped to as low as $16.18 and ended with a loss of 1.86%.

 

Euro gold fell to about €1126, platinum lost $11 to $928, and copper climbed 7 cents to about $2.62.

 

Gold and silver equities dropped as much as 6% by midmorning before they chopped back higher at times, but they still ended about 4% lower on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

11/19

251K

243K

233K

Durable Orders

Oct

4.8%

1.1%

0.4%

Durable Orders, Ex- Trans.

Oct

1.0%

0.3%

0.2%

FHFA Housing Price Index

Sep

0.6%

-

0.7%

Michigan Sentiment

Nov

93.8

91.6

91.6

New Home Sales

Oct

563K

587K

574K

 

Fed policymakers confident of need for rate hikes on eve of Trump win Reuters

Most on Fed Saw Rate Hike Relatively Soon With Less Labor Slack Bloomberg

 

Markets are closed tomorrow in observance of Thanksgiving.  Friday brings International Trade in Goods and Wholesale Inventories.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2016/11-23gsr/1.png

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

 

Oil ended slightly lower in mixed trade after the Energy Information Administration reported that crude inventories fell 1.3 million barrels, gasoline inventories rose 2.3 million barrels, and distillates rose 300,000 barrels.

 

The U.S. dollar index rose and treasuries fell on mostly better than expected economic data that increased expectations for more interest rate hikes next year.

 

The Dow, Nasdaq, and S&P traded mixed on offsetting company news.

 

Among the big names making news in the market today were Deere, Airbus, Eli Lilly, T-Mobile, and Facebook.

 

GATA Posts:

 

 

Paper gold is the elephant in the room

Devalue yuan before Trump takes over, Chinese government adviser says

 

The Statistics:

As of close of business: 11/22/2016

Gold Warehouse Stocks:

9,902,498.403

-3,118.55

Silver Warehouse Stocks:

178,332,706.360

+1,137,921.19

 

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

904.910

29,093,764

US$34,477m

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$5,284m

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$5,835m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$426m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.73

1,148,868

US$1,391m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 3.855 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 205.78: -0.60 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,796.00: -95.89 change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) completed offering and Santacruz Silver’s (SCZ.V) equipment commissioning were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Freeport

FCX +7.21% $16.21

2.  Turquoise

TRQ +2.31% $3.54

3.  Great Panther

GPL +1.45% $1.40

 

LOSERS

1.  Coeur

CDE -8.50% $9.47

2.  First Majestic

AG -8.28% $8.20

3.  Harmony

HMY -7.98% $2.19

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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: Wednesday, 23 November 2016 | E-Mail  | Print  | Source: GoldSeek.com

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