• Gold: 1,269.73 0.30
  • Silver: 16.35 0.05
  • Euro: 1.162 0.004
  • USDX: 94.802 -0.253
  • Oil: 66.05 0.65

February 28: Gold and Silver Waffle Near Unchanged While Stocks Drop Again

Chris Mullen
|
Wednesday, February 28th

 

Close

Gain/Loss

Gold

$1317.60

-$1.00

Silver

$16.39

-$0.03

XAU

78.27

-0.89%

HUI

171.87

-0.69%

GDM

597.17

-1.04%

JSE Gold

1068.95

-14.91

USD

90.63

+0.23

Euro

122.00

-0.33

Yen

93.83

+0.56

Oil

$61.64

-$1.37

10-Year

2.862%

-0.039

T-Bond

144.50

+0.9375

Dow

25029.20

-1.50%

Nasdaq

7273.01

-0.78%

S&P

2713.83

-1.11%

 
http://www.goldseek.com/news/2018/2018-02-28_14-02-30.jpg

 

The Metals:

 

Gold chopped in a relatively tight range of $1322.40 to $1316.00 and ended with a loss of just 0.08%. Silver rose to as high as $16.503 and ended with a loss of 0.18%.

 

Euro gold rose to about €1080, platinum gained $2 to $982, and copper fell 4 cents to about $3.11.

 

Gold and silver equities traded slightly higher for most of the morning, but they then drifted back lower into the close and ended with modest losses.

 

The Economy:

 

Nationwide weakness: Pending home sales drop 4.7 percent in January  CNBC

Chicago PMI slips to six-month low in February  MarketWatch

U.S. Fourth-Quarter Growth Revised Down to 2.5% Annual Pace  Bloomberg

 

Tomorrow brings Initial Jobless Claims, PMI Manufacturing, ISM Manufacturing, and Construction Spending.

 

The Markets:

 

Oil fell over 2% after the Energy Information Administration reported that crude inventories rose 3.0 million barrels, gasoline inventories rose 2.5 million barrels, and distillates fell 1.0 million barrels.

 

The U.S. dollar index continued to find gains on Powell’s optimistic economic outlook.

 

Treasuries traded mostly higher on poor economic data and month-end buying.

 

The Dow, Nasdaq, and S&P dropped roughly 1% by the close on wariness over oil’s decline.

 

Among the big names making news in the market today were Morgan Stanley, Comcast, Herbalife, Lowe's, Bayer, Ring, and Dick's Sporting Goods.

 

GATA Posts:

 

 

Stephen Leeb: The gold-based monetary system is on its way

 

The Statistics:

As of close of business: 2/27/2018

Gold Warehouse Stocks:

9,132,857.478

-

Silver Warehouse Stocks:

251,320,037.013

+2,838,152.68

 

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

831.034

26,718,580

US$35,200m

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$5,861m

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$6,476m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$473m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 266.00: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,847.08: No change from yesterday’s data.

 

The Miners:

 

IAMGOLD’s (IAG) drill results and Buenaventura’s (BVN) 2017 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Tahoe Resources

TAHO +4.05% $4.88

2.  Turquoise

TRQ +3.77% $3.03

3.  Gold Fields

GFI +1.82% $3.92

 

LOSERS

1.  Taseko

TGB-11.96%$1.215

2.  Alexco

AXU -5.11% $1.30

3.  Coeur

CDE -4.85% $7.65

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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