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

 -- Published: Friday, 3 March 2017 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1234.40

-$0.60

-1.77%

Silver

$17.93

+$0.18

-2.29%

XAU

82.14

+1.46%

-7.31%

HUI

191.62

+1.74%

-7.14%

GDM

618.79

+0.90%

-7.86%

JSE Gold

1273.78

-29.50

-9.03%

USD

101.38

-0.78

+0.24%

Euro

106.23

+1.16

+0.41%

Yen

87.70

+0.26

-1.22%

Oil

$53.33

+$0.72

-1.22%

10-Year

2.482%

-0.001

+3.94%

Bond

150.71875

+0.375

-1.65%

Dow

21005.71

+0.01%

+0.88%

Nasdaq

5870.75

+0.16%

+0.44%

S&P

2383.12

+0.05%

+0.67%

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

 

The Metals:

 

Gold fell $12 to $1223 in early afternoon New York trade before it jumped back to $1236.00 after Yellen raised the possibility of the fed keeping rates stable, but it then drifted back lower into the close and ended with a loss of 0.05%.  Silver surged to as high as $17.972 and ended with a gain of 1%.

 

Euro gold fell to about €1163, platinum gained $10 to $995, and copper climbed a couple of cents to about $2.70.

 

Gold and silver equities traded roughly 1% lower for most of the morning, but they then climbed higher in afternoon trade and ended with about 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ISM Services

Feb

57.6%

56.5%

56.5%

 

Yellen says a March interest-rate hike is ‘likely appropriate’  MarketWatch

Fed's Fischer says policy rule alone won't drive best decisions  Reuters

Fed's Lacker, citing mistakes of '60s, plugs preemptive rate hikes  Reuters

Research undercuts Fed's two favorite U.S. inflation tools  Reuters

 

All of this week’s other economic reports:

 

Initial Claims - 2/25

223K v. 242K

 

ISM Index - February

57.7% v. 56.0%

 

Construction Spending - January

-1.0% v. 0.1%

 

Personal Income - January

0.4% v. 0.3%

 

Personal Spending - January

0.2% v. 0.5%

 

PCE Prices - Core - January

0.3% v. 0.1%

 

Consumer Confidence - February

114.8 v. 111.6

 

Chicago PMI - February

57.4 v. 50.3

 

Case-Shiller 20-city Index - January

5.6% v. 5.6%

 

Wholesale Inventories - January

-0.1% v. 0.9%

 

International Trade in Goods - January

-$69.2 v. -$64.4B

 

GDP - Q4

1.9% v. 1.9%

 

GDP Deflator - Q4

2.0% v. 2.1

 

Pending Home Sales - January

-2.8% v. 0.8%

 

Durable Goods - January

1.8% v. -0.8%

 

Durable Goods -ex trans. - January

-0.2% v. 0.9%

 

Next week’s economic highlights include Factory Orders on Monday, the Trade Balance and Consumer Credit on Tuesday, ADP Employment, Productivity, and Wholesale Inventories on Wednesday, Initial Jobless Claims and Import and Export Prices on Thursday, and February’s jobs data on Friday.

 

The Markets:

 

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

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

 

Oil gained over 1% on concerns about a disruption at a major Libyan oil terminal.

 

The U.S. dollar index fell and treasuries rose while the Dow, Nasdaq, and S&P ended slightly higher in mixed trade “after Janet Yellen said the Federal Reserve has not fallen behind with its monetary policy even as she signaled rates were “likely” to rise at its March meeting.”

 

Among the big names making news in the market Friday were Perrigo, Daimler, Uber, and NBCUniversal and Snap.

 

GATA Posts:

 

 

Bill Holter: 115 million ounces -- not even close to possible

 

The Statistics:

Activity from: 3/2/2017

Gold Warehouse Stocks:

8,928,936.348

-14,499.65

Silver Warehouse Stocks:

188,331,834.013

+1,628,131.664

 

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

845.315

27,177,736

US$33,322m

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$5,436m

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$6,009m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$440m

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 1.777 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 202.65: +0.41 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,424.54: -3.88 change from yesterday’s data.

 

The Miners:

 

Sibanye Gold’s (SGLJ.J) takeover of Stillwater (SWC.N), IAMGOLD’s (IAG) senior notes offering, and Golden Arrow’s (GRG.V) shareholder update were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Americas Silver

USAS +6.99% $3.06

2.  Gold Fields

GFI +6.23% $3.24

3.  Seabridge

SA +5.29% $9.95

 

LOSERS

1.  Vista Gold

VGZ -4.72% $1.01

2.  Northern Dynasty

NAK -2.70% $1.44

3.  Eurasian

EMX -1.96% $1.00

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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© Gold Seeker 2017

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 -- Published: Friday, 3 March 2017 | E-Mail  | Print  | Source: GoldSeek.com

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