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Gold Seeker Closing Report: Gold and Silver End Slightly Lower After Dollar Pop
By: Chris Mullen, Gold-Seeker.com

 -- Published: Tuesday, 7 February 2017 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1233.00

-$1.70

Silver

$17.71

-$0.02

XAU

95.29 

-0.93%

HUI

 218.11

-0.83%

GDM

 704.38

-0.06%

JSE Gold

1568.28

+21.97

USD

100.35

+0.48

Euro

106.86

-0.62

Yen

89.01

-0.46

Oil

$52.17

-$0.84

10-Year

2.389%

-0.024

T-Bond

152.15625

+0.625

Dow

 20090.29

+0.19%

Nasdaq

 5674.22

+0.19%

S&P

 2293.08

+0.02%

 
 
http://goldseek.com/news/GoldSeeker/2017/2-7gsr/1.jpg

 

The Metals:

 

Gold dropped $6.80 to $1227.90 by a little after 8AM EST before it bounced back to $1235.70 in early afternoon trade, but it then drifted back lower into the close and ended with a loss of 0.14%.  Silver slipped to $17.559 before it rallied back to $17.788 and then also fell back off, but it ended with a loss of just 0.11%.

 

Euro gold rose to about €1154, platinum lost $7 to $1003, and copper fell a couple of cents to about $2.65.

 

Gold and silver equities fell almost 2% by midafternoon before they edged back higher in the last 90 minutes of trade, but they still ended with almost 1% losses on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

Dec

-$44.3B

-$45.0B

-$45.7B

Consumer Credit

Dec

$14.2B

$19.4B

$25.2B

 

Monthly jobs openings were little changed in December  CNBC

 

There are no major economic reports due out tomorrow.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/2-7gsr/1.png

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

 

Oil fell almost a dollar more as the U.S. dollar index jumped higher overnight after “Federal Reserve Bank of Philadelphia President Patrick Harker said Monday he could support raising short-term interest rates at the central bank’s next meeting in March.”

 

Treasuries remained higher after today’s $24 billion 3-year note auction sold at yield of 1.423% with a bid to cover of 2.78.

 

The Dow, Nasdaq, and S&P waffled near unchanged and ended slightly higher on continued wariness about Trump’s policies.

 

Among the big names making news in the market today were Apple, GM, Michael Kors, AMD, and Pandora.

 

GATA Posts:

 

 

Short selling of silver astounds Sprott's Embry in KWN interview

 

The Statistics:

As of close of business: 2/6/2017

Gold Warehouse Stocks:

8,936,326.000

-11,340.82

Silver Warehouse Stocks:

180,257,558.079

+23,408.312

 

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

818.653

26,320,503

US$32,398m

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$5,480m

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$6,051m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$443m

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 added 4.148 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 199.91: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,410.74: No change from yesterday’s data.

 

The Miners:

 

Gold Reserve’s (GRZ.V) court ruling, Banro’s (BAA) mine incident, Golden Star’s (GSS) closed offering, Paramount’s (PZG) private placement, and Excellon’s (EXN.TO) offtake arrangements were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Vista Gold

VGZ +4.67% $1.12

2.  DRDGOLD

DRD +2.18% $6.09

3.  Randgold

GOLD +2.18% $92.95

 

LOSERS

1.  Freeport

FCX -3.00% $15.52

2.  USA Silver

USAS -2.92% $3.33

3.  Gold Resource

GORO-2.62% $5.95

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 2017

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: Tuesday, 7 February 2017 | E-Mail  | Print  | Source: GoldSeek.com

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