• Gold: 1,281.00 0.57
  • Silver: 16.60 0.01
  • Euro: 1.161 -0.000
  • USDX: 94.809 0.02
  • Oil: 64.63 0.54

March 1: Gold and Silver Erase Significant Early Losses to End Mixed

Chris Mullen
|
Thursday, March 1st

 

Close

Gain/Loss

Gold

$1315.30

-$2.30

Silver

$16.49

+$0.10

XAU

78.93

+0.85%

HUI

173.26

+0.81%

GDM

601.82

+0.78%

JSE Gold

1066.31

-2.64

USD

90.27

-0.36

Euro

122.66

+0.66

Yen

94.24

+0.41

Oil

$60.99

-$0.65

10-Year

2.807%

-0.055

T-Bond

145.3125

+0.875

Dow

24608.98

-1.68%

Nasdaq

7180.56

-1.27%

S&P

2677.67

-1.33%

 
http://www.goldseek.com/news/2018/2018-03-01_14-02-55.jpg

 

The Metals:

 

Gold fell $14.80 to $1302.80 in midmorning New York trade, but it then shot back higher in afternoon trade and ended with a loss of just 0.17%.  Silver slipped to as low as $16.175 before it also rallied back higher and ended near its late session high of $16.548 with a gain of 0.61%.

 

Euro gold fell to about €1073, platinum lost $18 to $964, and copper remained at about $3.11.

 

Gold and silver equities fell almost 2% at the open and held near that level for most of the day, but they then climbed steadily higher in the last two hours of trade and ended almost 1% higher on the day.

 

The Economy:

 

Trump Says U.S. to Impose Harsh Steel and Aluminum Tariffs  Bloomberg

Construction spending remains strong in January  MarketWatch

Manufacturing in U.S. Expands at Fastest Pace Since May 2004  Bloomberg

U.S. weekly jobless claims drop to lowest level since 1969  Reuters

U.S. Real Disposable Incomes Up Most in Five Years on Tax Cuts  Bloomberg

 

Tomorrow brings Consumer Sentiment.

 

The Markets:

 

Oil continued over 1% lower on concerns about growing inventories.

 

The U.S. dollar index traded higher throughout the morning, but it then fell rather markedly in afternoon trade as treasuries jumped up and the Dow, Nasdaq, and S&P dropped over 1% on tariff and trade fears after President Trump announced plans to impose tariffs of 25% on steel imports and 10% on imported aluminum next week.

 

Among the big names making news in the market today were Overstock, Best Buy, Equifax, Comcast, Walmart, and Kroger.

 

GATA Posts:

 

 

New gold-backed monetary system described in GoldSeek Radio interview

Ambrose Evans-Pritchard: Libor surge nears danger level for debt-drenched world

 

The Statistics:

As of close of business: 2/28/2018

Gold Warehouse Stocks:

9,133,645.713

+788.235

Silver Warehouse Stocks:

251,382,150.733

+62,113.72

 

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$34,930m

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$5,807m

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$6,429m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$474m

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:

 

Newmont’s (NEM) CEO honor and Turquoise Hill’s (TRQ) lifted force majeure were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Taseko

TGB +14.4% $1.39

2.  Pretivm

PVG +4.54% $6.68

3.  Great Panther

GPL +4.31% $1.21

 

LOSERS

1.  Northern Dynasty

NAK -2.80% $1.04

2.  Paramount

PZG -2.36% $1.24

3.  Barrick

ABX -0.87% $11.42

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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