• Gold: 1,279.00 1.59
  • Silver: 16.94 0.02
  • Euro: 1.174 0.001
  • USDX: 94.08 0.113
  • Oil: 56.4 -0.41

July 7: Gold and Silver Fall Over 2% and 6% on the Week

Chris Mullen
|
Friday, July 7th
 

Close

Gain/Loss

On Week

Gold

$1212.40

-$12.30

-2.34%

Silver

$15.56

-$0.45

-6.32%

XAU

77.50

-1.88%

-4.06%

HUI

178.89

-2.05%

-3.67%

GDM

587.19

-1.73%

-4.25%

JSE Gold

1212.11

-36.59

+0.35%

USD

96.01

+0.19

+0.36%

Euro

114.04

-0.15

-0.18%

Yen

87.78

-0.57

-1.28%

Oil

$44.23

-$1.29

-3.93%

10-Year

2.386%

+0.018

+3.74%

Bond

151.78125

-0.50

-1.30%

Dow

21414.34

+0.44%

+0.30%

Nasdaq

6153.08

+1.04%

+0.21%

S&P

2425.18

+0.64%

+0.07%

 
http://goldseek.com/news/2017/7-7-2017%202-09-55%20PM.jpg

The Metals:

 

Gold dipped $5.60 to $1219.10 in Asia before it bounced back to $1227.00 just after this morning’s jobs data was released, but it then fell to a new session low of $1207.30 in late morning New York trade and ended with a loss of 1%. Silver flash crashed to $14.402 in Asia before it rebounded to $15.981 in early New York trade, but it then fell back to $15.362 by late morning and ended with a loss of 2.81%.

 

Last night’s swoon:

 

http://goldseek.com/news/2017/7-6-2017%2010-51-39%20PM.jpg

 

Euro gold fell to about €1064, platinum lost $4 to $905, and copper dropped a penny to about $2.65.

 

Gold and silver equities fell roughly 2.5% in the first half hour of trade before they bounced back higher at times, but they still ended with about 2% losses.

The Economy:

 

Report

For

Reading

Expected

Previous

Nonfarm Payrolls

June

222K

170K

152K

Unemployment Rate

June

4.4%

4.3%

4.3%

Avg. Hourly Earnings

June

0.2%

0.3%

0.1%

Average Workweek

June

34.5

34.4

34.4

 

The BLS net birth/death adjustment added 102,000 payrolls to June’s data. Private Payrolls rose 187,000.

 

All of this week’s other economic reports:

 

ISM Non-Mfg Index - June

57.4 v. 56.9

Trade Gap - May

-$46.5B v. -$47.6B

Initial Claims - 7/01

248K v. 244K

ADP Employment - June

158K v. 230K

Factory Orders - May

-0.8% v. -0.3%

Construction Spending - May

0.0% v. -0.7%

ISM Index - June

57.8 v. 54.9

 

The Markets:

 

Oil fell almost 3% after Baker Hughes reported that the number of active U.S. oil rigs climbed by 7 to 763 rigs this week.

 

The U.S. dollar index rose and treasuries fell while the Dow, Nasdaq, and S&P climbed higher on better than expected jobs data.

 

Among the big names making news in the market Friday were Eli Lilly, Berkshire Hathaway, Whole Foods, Tesla, and Samsung.

 

GATA Posts:

 

 

The government just killed the mining sector in this critical gold nation

 

The Statistics:

Activity from: 7/6/2017

Gold Warehouse Stocks:

8,613,442.571

-3,279.402

Silver Warehouse Stocks:

211,859,729.752

+319,257.20

 

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

840.669

27,028,362

US$32,843m

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$5,368m

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$5,933m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$435m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

34.33

1,103,760

US$1,383m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 210.76: +0.45 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,629.03: +70.6 change from yesterday’s data.

 

The Miners:

 

Banro’s (BAA) new CFO, Kinross Gold’s (KGC) completed offering, and Coeur’s (CDE) second quarter production and sales results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1. Taseko

TGB +6.78% $1.26

2. Gold Standard

GSV +1.75% $1.74

3. Northern Dynasty

NAK +0.80% $1.25

LOSERS

1. Tahoe Resources

TAHO-7.37% $5.15

2. Americas Silver

USAS -6.81% $2.60

3. New Gold

NGD -5.69% $2.82

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

- Chris Mullen, Gold Seeker Report

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© Gold Seeker 2017

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