• Gold: 1,249.53 1.12
  • Silver: 14.60 -0.03
  • Euro: 1.144 0.002
  • USDX: 96.446 -0.068
  • Oil: 52.43 0.3

February 23: Gold and Silver Fall Roughly 1% on the Week

Chris Mullen
|
Friday, February 23rd

 

Close

Gain/Loss

On Week

Gold

$1329.30

-$2.20

-1.44%

Silver

$16.52

-$0.09

-0.96%

XAU

80.53

+0.64%

-3.24%

HUI

176.71

+0.49%

-4.46%

GDM

613.86

+0.90%

-2.83%

JSE Gold

1089.59

-10.40

-9.51%

USD

89.92

+0.15

+0.86%

Euro

122.99

-0.30

-0.91%

Yen

93.77

-0.08

-0.24%

Oil

$63.55

+$0.78

+3.03%

10-Year

2.867%

-0.055

-0.14%

Bond

144.125

+1.00

-0.11%

Dow

25309.99

+1.39%

+0.36%

Nasdaq

7337.39

+1.77%

+1.35%

S&P

2747.30

+1.60%

+0.55%

 
http://www.goldseek.com/news/2018/2018-02-23_14-02-05.jpg

 

The Metals:

 

Gold fell $5.70 to $1325.80 in Asia before it bounced back to $1331.60 in London and then chopped back lower in New York, but it ended with a loss of just 0.17%. Silver slipped to as low as $16.499 and ended with a loss of 0.54%.

 

Euro gold rose to about €1081, platinum gained $1 to $994.50, and copper fell a couple of cents to about $3.21.

 

Gold and silver equities saw slight losses for most of the morning, but they then edged back higher in afternoon trade and ended with modest gains.

 

The Economy:

 

Good news — the Fed’s shift to quantitative tightening might not be as painful as expected  MarketWatch

Fed should lean on rate cuts, not QE, in next recession: paper  Reuters

Mnuchin Urges Markets to Shrug Off Tax Cuts, Debt Worries  Bloomberg

 

Next week’s economic highlights include New Home Sales on Monday, Durable Goods Orders, International Trade in Goods, S&P Corelogic Case-Shiller HPI, the FHFA House Price Index, Consumer Confidence, and Jerome Powell testimony on Tuesday, GDP, Chicago PMI, and Pending Home Sales on Wednesday, Initial Jobless Claims, PMI Manufacturing, ISM Manufacturing, and Construction Spending on Thursday, and Consumer Sentiment on Friday.

 

The Markets:

 

Oil climbed over 1% higher after Baker Hughes said that there was only one oil rig added to the count this week.

 

The U.S. dollar index found slights gains as the euro fell on political uncertainty.

 

Treasuries rose on concerns about increased volatility.

 

The Dow, Nasdaq, and S&P closed notably higher on optimism that fed Chairman Jerome Powell will calm concerns about rising interest rates when he testifies before House and Senate committees next week.

 

Among the big names making news in the market Friday were Bitcoin, Volkswagen, YouTube, HPE, Re/Max, and General Mills.

 

GATA Posts:

 

 

Treasury secretary urges markets to shrug off worries over tax cuts, debt

Isn't it bad enough that Harvard already runs the United States?

China is letting the yuan crush the dollar, and Trump is just one reason

GoldSeek Radio interviews GATA Chairman Murphy

Ralph Benko: Olympic gold medals are mostly silver because Zeus is so poor

 

 

The Statistics:

Activity from: 2/22/2018

Gold Warehouse Stocks:

9,132,954.538

-96.45

Silver Warehouse Stocks:

246,380,396.173

-25,222.44

 

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

827.789

26,614,239

US$35,333m

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$5,898m

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$6,519m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$477m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 264.78: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,806.03: No change from yesterday’s data.

 

The Miners:

 

Northern Dynasty’s (NAK) filed technical report, B2Gold’s (BTG) positive initial open-pit resource, and Great Panther’s (GPL) 2017 results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Paramount

PZG +4.07% $1.28

2.  B2Gold

BTG +3.78% $3.02

3.  Silvercorp

SVM +3.54% $2.63

 

LOSERS

1.  Pretivm

PVG -3.24% $6.27

2.  Alexco

AXU -2.60% $1.31

3.  Barrick

ABX -2.40% $12.18

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

 

- Chris Mullen, Gold Seeker Report

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

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.

No votes yet

Article Comments

Sponsored Links

Live SilverSeek Map