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Gold Seeker Closing Report: Gold and Silver Fall With Stocks
By: Chris Mullen, Gold-Seeker.com

 -- Published: Thursday, 2 March 2017 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1235.00

-$14.90

Silver

$17.75

-$0.65

XAU

80.96

-4.79%

HUI

188.33

-4.41%

GDM

613.13

-4.15%

JSE Gold

1303.28

+10.27

USD

102.16

+0.41

Euro

105.07

-0.40

Yen

87.44

-0.53

Oil

$52.61

-$1.22

10-Year

2.483%

+0.029

T-Bond

150.3125

-0.375

Dow

21002.97

-0.53%

Nasdaq

5861.22

-0.73%

S&P

2381.92

-0.59%

 
 
http://goldseek.com/news/GoldSeeker/2017/3-2gsr/1.jpg

 

The Metals:

 

Gold fell $18.70 to $1231.20 in midafternoon New York trade before it bounced back higher in the last 90 minutes of the day, but it still ended with a loss of 1.19%.  Silver slipped to as low as $17.711 and ended with a loss of 3.53%.

 

Euro gold dropped to about €1175, platinum lost $27.30 to $985, and copper fell 5 cents to about $2.68.

 

Gold and silver equities fell roughly 4% by midday and remained near that level into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

2/25

223K

244K

242K

 

Fed’s Brainard Says Interest-Rate Hike Likely Appropriate ‘Soon’ Bloomberg

Fed's Powell says case for March hike 'has come together' MarketWatch

 

Tomorrow brings ISM Services.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/3-2gsr/1.png

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

 

Oil fell over 2% after Russia reported output levels that did not align with pledged cuts that other produces have widely complied with.

 

The U.S. dollar index rose and treasuries fell after this morning’s jobs data strengthened the case for an interest rate hike by the fed.

 

The Dow, Nasdaq, and S&P dropped nearly 1% on profit taking.

 

Among the big names making news in the market today were Caterpillar, Barnes & Noble, Wells Fargo, and Snap.

 

GATA Posts:

 

 

India's February gold imports surge on pent-up demand, GFMS says

 

The Statistics:

As of close of business: 3/1/2017

Gold Warehouse Stocks:

8,943,435.998

-

Silver Warehouse Stocks:

186,703,702.349

-

 

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

843.538

27,120,599

US$33,567m

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$5,493m

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$6,071m

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 2.369 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 202.24: +0.42 change from yesterday’s data.

 

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

 

The Miners:

 

Royal Gold’s (RGLD) dividend, Banro’s (BAA) kidnapped workers, Endeavour Silver’s (EXK) 2016 results, and SilverCrest’s (SIL.V) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

No “Winners” today.

LOSERS

1.  Endeavour Silver

EXK -24.83% $3.30

2.  Fortuna

FSM-10.75% $5.15

3.  Alexco

AXU -10.18% $1.50

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: Thursday, 2 March 2017 | E-Mail  | Print  | Source: GoldSeek.com

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