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Gold Seeker Closing Report: Gold Gains While Stocks Plummet
By: Chris Mullen, Gold Seeker Report

 -- Published: Wednesday, 24 October 2018 | Print  | Disqus 

 

Close

Gain/Loss

Gold

$1232.60

+$2.50

Silver

$14.67

-$0.06

XAU

68.04

-2.10%

HUI

152.65

-1.75%

GDM

552.92

-0.94%

JSE Gold

1210.21

-17.80

USD

96.37

+0.44

Euro

113.98

-0.73

Yen

89.00

-0.14

Oil

$66.82

+$0.39

10-Year

3.104%

-0.066

T-Bond

139.09375

+0.90625

Dow

24583.42

-2.41%

Nasdaq

7108.40

-4.43%

S&P

2656.10

-3.09%

 
http://www.goldseek.com/news/2018/2018-10-24_14-02-28.jpg

 

The Metals:

 

Gold gained $3.20 to $1233.30 in Asia before it dropped back to $1225.70 by a little after 8AM EST and then bounced back to gains by midmorning in New York ahead of a fall back to $1227.40 by early afternoon, but it then jumped higher into the close and ended with a gain of 0.2%. Silver slipped to as low as $14.653 and ended with a loss of 0.41%.

 

Euro gold rose above €1081, platinum lost $1.50 to $828.50, and copper remained at about $2.75.

 

Gold and silver equities fell roughly 2% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

Fed’s Beige Book says wages, prices growing at ‘modest to moderate’ rates  MarketWatch

Trump says Fed Chairman Powell ‘almost looks like he’s happy raising interest rates’  MarketWatch

U.S. new home sales drop to near two-year low in September  Reuters

Manufacturing, service PMIs bounce back in October despite cost complaints  MarketWatch

Mortgage applications weaken further as interest rates rise  CNBC

 

Tomorrow brings Weekly jobless claims, Durable goods orders, and Pending home sales.

 

The Markets:

 

Oil rose almost 1% after the Energy Information Administration reported that crude inventories rose 6.3 million barrels, gasoline inventories fell 4.8 million barrels, and distillates fell 2.3 million barrels.

 

The U.S. dollar index found notable gains as the euro and pound fell on poor economic data and political concerns.

 

Treasuries climbed higher as the Dow, Nasdaq, and S&P fell roughly 3% on disappointing forecasts from several leading companies.

 

Among the big names making news in the market today were Remington, Target, AT&T, Apple, Deutsche Bank, Freeport, and Boeing.

 

GATA Posts:

 

 

Sri Lanka calls for global coalition to tackle rising dollar

Central banks to increase gold buying for first time since 2013

 

The Statistics:

As of close of business: 10/23/2018

Gold Warehouse Stocks:

8,087,672.222

-13,848.962

Silver Warehouse Stocks:

291,540,506.485

+2,273,235.495

 

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

747.876

24,044,970

US$29,581m

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$5,459m

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$6,034m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$442m

 Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 271.39: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,316.74: -87.66 change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) dividend and Freeport’s (FCX) third quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Paramount

PZG +2.61% $1.1697

2.  Nevsun

NSU +2.05% $4.47

3.  Gold Standard

GSV +1.86% $1.64

 

LOSERS

1.  Freeport

FCX -7.84% $10.70

2.  Coeur

CDE -5.40% $5.08

3.  DRDGOLD

DRD -4.91% $2.52

Winners & Losers tracks NYSE 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 2018

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: Wednesday, 24 October 2018 | E-Mail  | Print  | Source: GoldSeek.com

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