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Gold Seeker Closing Report: Gold and Silver Gain Roughly 2% After Fed
By: Chris Mullen, Gold Seeker Report

 -- Published: Wednesday, 21 March 2018 | Print  | Disqus 



















JSE Gold































The Metals:


Gold saw decent gains in Asia and London and climbed $16.10 to as high as $1326.50 in late morning New York trade before it pared back to $1319.40 just after today’s fed statement was released, but it then rose to new session highs into the close and ended near its last-minute high of $1335.60 with a gain of 1.76%. Silver surged to as high as $16.636 and ended with a gain of 2.47%.


Euro gold rose to about €1080, platinum gained $16 to $957, and copper climbed 4 cents to about $3.07.


Gold and silver equities rose over 2% by late morning before they roughly halved their gains about 30 minutes after the fed’s statement, but they stormed back higher in the last hour and a half of trade and ended over 3% higher on the day.


The Economy:


Powell ‘Carefully Considering’ More Frequent Press Conferences  Bloomberg

Fed raises rates, signals confidence in strengthening economy  Reuters

Fed lifts rates in Powell’s first meeting, says outlook has strengthened  MarketWatch

Fed Raises Rates, Steepens Path of Hikes as Outlook Strengthens  Bloomberg

Existing-home sales snap back even as inventory slides to a fresh low  MarketWatch

U.S. Mortgage Refinancing Drops to Nine-Year Low as Rates Rise  Bloomberg

For consumers with credit card debt, Fed rate hike will sting  MarketWatch

U.S. current account deficit widens in fourth quarter  Reuters


Tomorrow brings Initial Jobless Claims, the FHFA House Price Index, and Leading Indicators.


The Markets:


Oil extended higher after the Energy Information Administration reported that crude inventories fell 2.6 million barrels, gasoline inventories fell 1.7 million barrels, and distillates fell 2.0 million barrels.


The U.S. dollar index fell markedly after the fed failed to increase the number of expected interest rate hikes from 3 to 4 this year.


Treasuries traded mixed and ended slightly lower along with the Dow, Nasdaq, and S&P on uncertainty over what to make of the continuance of gradual policy moves from the fed.


Among the big names making news in the market today were General Mills, Deutsche Bank, Bayer, Dropbox, GlaxoSmithKline, and General Mills.


GATA Posts:



No, gold leased from central banks doesn't always have to be returned


The Statistics:

As of close of business: 3/20/2018

Gold Warehouse Stocks:



Silver Warehouse Stocks:




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




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities




London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold




Australian Stock Exchange (ASX)

Gold Bullion Securities




Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.295 tonnes.


COMEX Gold Trust (IAU) Total Tonnes in Trust: 270.04: No change from yesterday’s data.


Silver Trust (SLV) Total Tonnes in Trust: 9,942.90: No change from yesterday’s data.


The Miners:



1.  Hecla

HL +8.87% $3.56

2.  Silvercorp

SVM +6.98% $2.76

3.  Endeavour Silver

EXK +6.87% $2.49


No “losers” today.


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


- Chris Mullen, Gold Seeker Report


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© Gold Seeker 2018

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 -- Published: Wednesday, 21 March 2018 | E-Mail  | Print  | Source:

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