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Gold Seeker Closing Report: Gold and Silver Fall with Stocks, Bonds, and Oil
By: Chris Mullen, Gold Seeker Report

 -- Published: Wednesday, 7 February 2018 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1315.30

-$6.40

Silver

$16.33

-$0.27

XAU

80.54

-1.90%

HUI

179.84

-1.11%

GDM

609.88

-1.60%

JSE Gold

1174.79

-18.33

USD

90.35

+0.64

Euro

122.71

-1.06

Yen

91.38

+0.04

Oil

$61.79

-$1.60

10-Year

2.841%

+0.039

T-Bond

144.59375

-1.4375

Dow

24893.35

-0.08%

Nasdaq

7051.98

-0.90%

S&P

2681.66

-0.50%

 
http://www.goldseek.com/news/2018/2018-02-07_14-07-45.jpg

 

The Metals:

 

Gold gained $10.60 to $1332.30 in Asia, but it then fell back off in London and New York and ended near its midafternoon low of $1311.90 with a loss of 0.48%. Silver climbed up to $16.775 before it dropped back to $16.297 and then bounced back higher in late trade, but it still ended with a loss of 1.63%.

 

Euro gold rose to about €1073, platinum lost $6.50 to $978, and copper fell 10 cents to about $3.10.

 

Gold and silver equities lost roughly 1% by midday and remained near that level into the close.

 

The Economy:

 

U.S. Consumer Credit Outstanding Cools After November Surge  Bloomberg

Fed's Evans says no rate hikes needed before mid-2018  Reuters

Fed's Kaplan says market correction healthy, sees no economic impact  Reuters

Fed's Dudley Says Equity Rout Hasn't Yet Changed His Outlook  Bloomberg

Mortgage volume stalls as rates rise to the highest level in four years  CNBC

Senate leaders reach $300 billion federal spending deal  Reuters

 

Tomorrow brings Initial Jobless Claims.

 

The Markets:

 

Oil dropped 2.5% after the Energy Information Administration reported that crude inventories rose 1.9 million barrels, gasoline inventories rose 3.4 million barrels, and distillates rose 3.9 million barrels.

 

The U.S. dollar index saw notable gains and treasuries fell “as lawmakers in Washington agreed to a two-year budget deal that will avoid a government shutdown this week.”

 

The Dow, Nasdaq, and S&P attempted to stabilize on lingering worries about the outlook for tighter monetary policy heading forward.

 

Among the big names making news in the market today were Riot Blockchain, Snap, Wynn Resorts, and Tronc.

 

GATA Posts:

 

 

Bears Ears is open for mining but no one bothered to show up

John Crudele: Washington's 'plunge' team may have halted Dow spiral

Miner Barrick to take $429 million charge at stalled Chilean gold project

China's love affair with gold heats up on property boom riches

 

The Statistics:

As of close of business: 2/6/2018

Gold Warehouse Stocks:

9,294,660.408

-34,458.915

Silver Warehouse Stocks:

249,515,019.982

+726,931.07

 

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

829.265

26,661,696

US$35,315m

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$5,854m

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$6,470m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$472m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 12.088 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 262.90: +0.93 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,767.91: No change from yesterday’s data.

 

The Miners:

 

Sibanye-Stillwater’s (SBGL) mine collapse and fatal injuries, Endeavour Silver’s (EXK) updated Mineral Reserve and Resource Estimates, and Hecla’s (HL) record reserves were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Northern Dynasty

NAK +13.46% $1.18

2.  Gold Standard

GSV +2.98% $1.73

3.  Eldorado

EGO +1.68% $1.21

 

LOSERS

1.  Americas Silver

USAS -5.91% $3.66

2.  McEwen

MUX -5.12% $2.04

3.  Freeport

FCX -4.70% $17.86

Winners & Losers tracks NYSE 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 2018

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 -- Published: Wednesday, 7 February 2018 | E-Mail  | Print  | Source: GoldSeek.com

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