• Gold: 1,255.13 -0.67
  • Silver: 15.97 -0.07
  • Euro: 1.175 -0.001
  • USDX: 93.932 0.443
  • Oil: 57.26 0.11

February 24: Gold and Silver Gain Almost 2% on the Week

Chris Mullen
|
Friday, February 24th
 

Close

Gain/Loss

On Week

Gold

$1256.70

+$7.90

+1.71%

Silver

$18.35

+$0.17

+1.94%

XAU

88.62

-1.10%

-4.26%

HUI

206.35

-1.32%

-3.82%

GDM

671.56

-0.93%

-2.80%

JSE Gold

1400.22

-0.48

-7.18%

USD

101.14

+0.14

+0.21%

Euro

105.80

+0.23

-0.27%

Yen

88.78

+0.56

+0.23%

Oil

$53.99

-$0.46

+1.10%

10-Year

2.388%

-0.030

-1.53%

Bond

153.25

+1.4375

+1.22%

Dow

20821.76

+0.05%

+0.96%

Nasdaq

5845.31

+0.17%

+0.12%

S&P

2367.34

+0.15%

+0.69%

 
 
http://goldseek.com/news/GoldSeeker/2017/2-24gsr/1.jpg

The Metals:

 

Gold gained $11.30 to $1260.10 at about 9AM EST before it nearly erased its entire advance in the next hour of trade, but it then chopped back higher into the close and ended with a gain of 0.63%. Silver rose to as high as $18.407 and ended with a gain of 0.94%.

 

Euro gold climbed up to €1190, platinum gained $16 to $1023, and copper climbed 3 cents to about $2.68.

 

Gold and silver equities rose over 1% at the open before they drifted back lower for most of the rest of the day, but they ended with only about 1% losses.

The Economy:

 

Report

For

Reading

Expected

Previous

Michigan Sentiment

Feb

96.3

95.8

95.7

New Home Sales

Jan

555K

566K

535K

 

All of this week’s other economic reports:

 

FHFA Housing Price Index - December

0.4% v. 0.7%

Initial Claims - 2/18

244K v. 238K

Existing Home Sales - January

5.69M v. 5.51M

 

Next week’s economic highlights include Durable Goods Orders and Pending Home Sales on Monday, GDP, Chicago PMI, and Consumer Confidence on Tuesday, Personal Income and Spending, Construction Spending, the ISM Index, and the Fed's Beige Book on Wednesday, Initial Jobless Claims on Thursday, and ISM Services on Friday.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/2-24gsr/1.png

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

 

Oil fell almost 1% on renewed concerns over rising U.S. output.

 

The U.S. dollar index ended slightly higher in mixed trade.

 

Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower but ended with slight gains on worries about Trump’s speech before Congress next week.

 

Among the big names making news in the market Friday were MacDonald Dettwiler and DigitalGlobe, Standard Chartered, HP, Foot Locker, Bitcoin, J.C. Penney, and Mercedes.

 

GATA Posts:

 

 

Trump calls Chinese 'grand champions' of currency manipulation

Even China can't kill bitcoin

Treasury eyeing issuance of 100-year U.S. government debt

Trump suggests he wants a weak dollar to help U.S. exporters

 

The Statistics:

Activity from: 2/23/2017

Gold Warehouse Stocks:

8,942,437.228

+32,150.00

Silver Warehouse Stocks:

184,085,622.198

+40,399.25

 

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

841.169

27,044,414

US$33,896m

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$5,582m

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$6,171m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$451m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.73

1,148,868

US$1,391m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 201.82: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,428.42: No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) issues in Indonesia and Santacruz Silver’s (SCZ.V) property transfer to First Majestic (AG) were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1. Silver Standard

SSRI +5.78% $11.53

2. Vista Gold

VGZ +4.76% $1.10

3. Almaden

AAU +4.46% $1.17

LOSERS

1. Eldorado

EGO -10.8% $3.22

2. Nevsun

NSU -7.48% $2.72

3. Pretivm

PVG -6.45% $10.87

Winners & Losers tracks NYSE and AMEX 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 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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