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Gold Seeker Closing Report: Gold and Silver Reverse Lower on Fedspeak
By: Chris Mullen, Gold-Seeker.com

 -- Published: Monday, 27 February 2017 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1251.00

-$5.70

Silver

$18.23

-$0.12

XAU

84.47

-4.69%

HUI

195.88

-5.07%

GDM

640.81

-4.59%

JSE Gold

1360.28

-39.94

USD

101.12

-0.02

Euro

105.80

UNCH

Yen

89.33

+0.55

Oil

$54.05

+$0.06

10-Year

2.317%

-0.071

T-Bond

152.6875

-0.53125

Dow

20837.44

+0.08%

Nasdaq

5861.90

+0.28%

S&P

2369.73

+0.10%

 
 
http://goldseek.com/news/GoldSeeker/2017/2-27gsr/1.jpg

 

The Metals:

 

Gold waffled between $1258.40 and $1253.40 in Asia and traded mostly slightly lower in London before it jumped to as high as $1263.60 in late morning New York trade, but it then fell back off into the close and ended with a loss of 0.45%.  Silver surged to as high as $18.481 before it also dropped back lower in late trade and ended with a loss of 0.65%.

 

Euro gold fell to about €1181, platinum gained $1 to $1024, and copper remained at about $2.68.

 

Gold and silver equities rose about 2% by late morning, but they then fell back off into the close and ended with roughly 5% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Durable Goods

Jan

1.8%

1.8%

-0.8%

Durable Goods -ex trans.

Jan

-0.2%

0.5%

0.9%

Pending Home Sales

Jan

-2.8%

0.9%

0.8%

 

Fed may need to raise interest rates in 'near future': Kaplan  Reuters

Odds of March Fed interest-rate hike spike above 50%  MarketWatch

Trump says budget will call for ‘historic increase’ in defense spending  MarketWatch

 

Tomorrow brings GDP, Chicago PMI, and Consumer Confidence.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/2-27gsr/1.png

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

 

“Oil prices ended little changed on Monday as the prospect for U.S. crude production to continue growing offset reports of high compliance to the OPEC production cut agreement and record bullish bets that prices would rise further.”

 

The U.S. dollar index pared morning losses and treasuries fell on more Fedspeak that increased the chances the fed will hike interest rates next month.

 

The Dow, Nasdaq, and S&P held near unchanged ahead of Trump’s address before a joint session of Congress tomorrow.

 

Among the big names making news in the market today were Deutsche Bank, Apple, Shutterstock, and Tesla.

 

GATA Posts:

 

 

Cashin tells KWN he's worried about central bank interference in the markets

Royal Canadian Mint struggles to make money, documents show

Ralph Benko: Trump should make a beachhead for gold at the Fed

 

The Statistics:

As of close of business: 2/24/2017

Gold Warehouse Stocks:

8,942,235.978

-201.25

Silver Warehouse Stocks:

185,276,556.988

+1,190,934.79

 

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

841.169

27,044,414

US$33,990m

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$5,612m

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$6,199m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$450m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.73

1,148,868

US$1,391m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 201.82: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,428.42: No change from yesterday’s data.

 

The Miners:

 

Gold Resource’s (GORO) dividend, Nevsun’s (NSU) drill results, Turquoise Hill’s (TRQ) CFO retirement, Golden Star’s (GSS) updated Mineral Reserve and Mineral Resource estimates, Primero’s (PPP) loan refinancing, Impact Silver’s (IPT.V) naming to the 2017 TSX Venture 50, Taseko’s (TGB) silver stream sale, and Fortuna’s (FSM) updated Mineral Reserve and Mineral Resource estimates were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Northern Dynasty

NAK +1.94% $1.58

2.  Freeport

FCX +0.15% $13.27

 

 

LOSERS

1.  Fortuna

FSM-11.76% $5.40

2.  Great Panther

GPL -10.95% $1.87

3.  Richmont

RIC -10.40% $7.75

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: Monday, 27 February 2017 | E-Mail  | Print  | Source: GoldSeek.com

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