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Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2%
By: Chris Mullen, Gold-Seeker.com

 -- Published: Wednesday, 3 May 2017 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1239.50

-$17.40

Silver

$16.47

-$0.36

XAU

80.57

-0.85%

HUI

186.89

-0.02%

GDM

603.38

-0.53%

JSE Gold

1345.61

-15.28

USD

99.30

+0.33

Euro

108.94

-0.32

Yen

88.75

-0.51

Oil

$47.82

+$0.16

10-Year

2.320%

+0.029

T-Bond

152.4875

-0.28125

Dow

20957.90

+0.04%

Nasdaq

2072.55

-037%

S&P

2388.13

-0.13%

 
 
http://goldseek.com/news/GoldSeeker/2017/5-3gsr/1.jpg

 

The Metals:

 

Gold dropped $10.70 to $1246.20 at about 10:30AM EST before it bounced back higher around the release of today’s fed announcement, but it then fell back off into the close and ended with a loss of 1.38%.  Silver slipped to as low as $16.465 and ended with a loss of 2.14%.

 

Euro gold fell to about €1138, platinum lost $27 to $898, and copper dropped 11 cents to about $2.53.

 

Gold and silver equities lost roughly 1% in the first hour of trade before they rose to see about 1% gains in early afternoon trade, but they then fell back off in late trade and ended with modest losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Apr

177K

170K

255K

Services-Sector PMI

Apr

53.1

52.3

52.8

ISM Non-Manufacturing

Apr

57.5

55.8

55.2

 

Fed holds interest rates steady, dismisses first quarter slump as ‘transitory’  MarketWatch

Fed Refrains From Rate Hike While Maintaining Sunny Outlook  Bloomberg

U.S. House nearing passage of bill to fund government, avoid shutdown  Reuters

The unanswerable question: Do tax cuts pay for themselves? MarketWatch

Mortgage applications to buy a home finally spring back, climbing 5% CNBC

 

Tomorrow brings Jobless Claims, International Trade, Productivity, and Factory Orders.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/5-3gsr/1.png

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

 

Oil pared early gains after the Energy Information Administration reported that crude inventories fell 900,000 barrels, gasoline inventories rose 200,000 barrels, and distillates fell 600,000 barrels.

 

The U.S. dollar index rose and treasuries traded mixed as the Dow, Nasdaq, and S&P mostly fell on disappointing earnings reports.

 

Among the big names making news in the market today were VW, Yum, Time Warner, FireEye, Apple, and Akamai.

 

GATA Posts:

 

 

Bill Rice Jr.: Silver miners must know their market is rigged but are too afraid to protest

TF Metals Report: Comex crime scene mechanics

Banks say gold price-fixing data errors entitle them to do-over

 

The Statistics:

As of close of business: 5/2/2017

Gold Warehouse Stocks:

8,929,938.432

-4,725.47

Silver Warehouse Stocks:

197,609,983.655

+600,019.69

 

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

853.362

27,436,446

US$34,291m

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$5,547m

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$6,130m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$448m

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: 203.82: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,417.23: +108.93 change from yesterday’s data.

 

The Miners:

 

SEMAFO‘s (SMF.TO) first quarter results, Primero’s (PPP) first quarter results and operating guidance, and Endeavour Silver’s (EXK) first quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Tahoe Resource

TAHO +14.67% $8.99

2.  Kinross

KGC +10.12% $3.70

3.  Endeavour Silver

EXK +8.22% $3.16

 

LOSERS

1.  Northern Dynasty

NAK -6.21% $1.51

2.  Freeport

FCX -5.50% $12.02

3.  Paramount

PZG -5.45% $1.52

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2017

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 -- Published: Wednesday, 3 May 2017 | E-Mail  | Print  | Source: GoldSeek.com

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