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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Roughly 3% and 5% on the Week
By: Chris Mullen, Gold-Seeker.com

 -- Published: Friday, 5 May 2017 | Print  | Disqus 

 

Close

Gain/Loss

On Week

Gold

$1229.30

+$1.00

-3.08%

Silver

$16.38

+$0.07

-4.88%

XAU

80.28

+2.59%

-3.39%

HUI

185.99

+2.44%

-3.09%

GDM

599.04

+1.88%

-3.39%

JSE Gold

1345.61

-15.28

-1.12%

USD

98.55

-0.18

-0.50%

Euro

109.99

+0.11

+0.93%

Yen

88.88

-0.14

-0.98%

Oil

$46.22

+$0.70

-6.30%

10-Year

2.349%

-0.001

+2.71%

Bond

151.8125

+0.09375

-0.74%

Dow

21006.94

+0.26%

+0.32%

Nasdaq

6100.76

+0.42%

+0.88%

S&P

2399.29

+0.41%

+0.63%

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

 

The Metals:

 

Gold gained $7.20 to $1235.50 at about 6AM EST before it fell back to $1226.20 in early afternoon New York trade, but it then bounced back higher in the last few hours of the day and ended with a gain of 0.08%.  Silver rose to as high as $16.516 before it fell back $16.226, but it then rallied back higher in afternoon trade and ended with a gain of 0.43%.

 

Euro gold remained at about €1118, platinum gained $9 to $910, and copper climbed 2 cents to about $2.52.

 

Gold and silver equities rose roughly 3% by late morning and remained near that level into the close.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

Apr

211K

180K

79K

Unemployment Rate

Apr

4.4K

4.6%

4.5%

Hourly Earnings

Apr

0.3%

0.3%

0.1%

Average Workweek

Apr

34.4

34.4

34.3

Consumer Credit

Mar

$16.4B

$15.6B

$13.7B

 

The BLS net birth/death adjustment added 255,000 payrolls to April’s data.  Private Payrolls rose 194,000.

 

Fed should start trimming balance sheet in second half: Bullard  Reuters

Fed's Williams backs changing central bank's strategy to price-level targeting  MarketWatch

 

All of this week’s other economic reports:

 

Factory Orders - March

0.2% v. 1.2%

 

Productivity - Q1

-0.6% v. 1.8%

 

Unit Labor Costs - Q1

3.0% v. 1.3%

 

Trade Balance - March

-$43.7B v. -$43.8B

 

Initial Claims - 4/29

238K v. 257K

 

ISM Non-Manufacturing - April

57.5 v. 55.2

 

Services-Sector PMI - April

53.1 v. 52.8

 

ADP Employment - April

177K v. 255K

 

Construction Spending - March

-0.2% v. 1.8%

 

ISM Manufacturing - April

54.8 v. 57.2

 

Personal Income - March

0.2% v. 0.3%

 

Consumer Spending - March

0.0% v. 0.0%

 

PCE Price Index - March

-0.2% v. 0.1%

 

Core PCE Price Index - March

-0.1% v. 0.2%

 

The Markets:

 

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

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

 

Oil rose 1.5% on “assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.”

 

The U.S. dollar index saw slight losses and treasuries edged higher as the Dow, Nasdaq, and S&P traded mixed and ended higher after this morning’s jobs data did not alter the outlook for an interest rate hike by the fed next month.

 

Among the big names making news in the market Friday were Shake Shack, Fannie Mae, Apple, IBM, and Heineken.

 

GATA Posts:

 

 

Astounding volumes of paper gold and silver sales detailed by Maguire at KWN

 

The Statistics:

Activity from: 5/4/2017

Gold Warehouse Stocks:

8,933,491.160

-

Silver Warehouse Stocks:

196,983,349.293

-572,093.295

 

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

853.075

27,427,215

US$33,680m

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$5,454m

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$6,031m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$441m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

36.11

1,161,080

US$1,452m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.287 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 203.03: -1.20 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,412.74: +0.51 change from yesterday’s data.

The Miners:

 

SEMAFO’s (SMF.TO) re-election of directors, ITH’s (THM) first quarter results, Golden Star’s (GSS) AGM results, and Richmont’s (RIC) election of directors were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Alexco

AXU +10.24% $1.40

2.  Northern Dynasty

NAK +8.84% $1.60

3.  Buenaventura

BVN +5.70% $12.42

 

No “losers” today.

 

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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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: Friday, 5 May 2017 | E-Mail  | Print  | Source: GoldSeek.com

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