• Gold: 1,245.08 1.33
  • Silver: 16.32 0.02
  • Euro: 1.163 -0.000
  • USDX: 94.306 -0.529
  • Oil: 46.87 -0.04

March 15: Gold and Silver Gain Almost 2% And 3% After Dovish Fed

Chris Mullen
|
Wednesday, March 15th
 

Close

Gain/Loss

Gold

$1220.00

+$21.30

Silver

$17.31

+$0.43

XAU

83.75

+7.36%

HUI

197.20

+7.78%

GDM

634.33

+6.12%

JSE Gold

1227.14

-23.49

USD

100.66

-1.08

Euro

107.35

+1.29

Yen

88.24

+1.09

Oil

$48.86

+$1.14

10-Year

2.502%

-0.096

T-Bond

148.21875

+1.375

Dow

20950.10

+0.54%

Nasdaq

5900.05

+0.74%

S&P

2385.26

+0.84%

 
 
http://goldseek.com/news/GoldSeeker/2017/3-15gsr/1.jpg

The Metals:

 

Gold gained $6.50 to $1205.20 in Asia before it fell back under unchanged at $1197.80 just after 10AM EST, but it then shot to as high as $1220.60 in the last minutes of trade and ended with a gain of 1.78%. Silver jumped to as high as $17.35 and ended with a gain of 2.55%.

 

Euro gold rose to about €1138, platinum gained $16.25 to $951.25, and copper climbed a couple of cents to about $2.67.

 

Gold and silver equities rose over 1% at the open before they fell to see slight losses in the next half hour of trade, but they then climbed steadily higher after today’s fed announcement and ended with about 7% gains.

The Economy:

 

Report

For

Reading

Expected

Previous

CPI

Feb

0.1%

0.1%

0.6%

Core CPI

Feb

0.2%

0.2%

0.3%

Retail Sales

Feb

0.1%

0.1%

0.6%

Retail Sales ex-auto

Feb

0.2%

0.1%

1.2%

Empire Manufacturing

Mar

16.4

14.5

18.7

Business Inventories

Jan

0.3%

0.3%

0.4%

NAHB Housing Market Index

Mar

71

65

65

 

The fed raised rates 0.25% to a 0.75%-1% range as expected, and kept in language for a gradual path with regards to future hikes. Many had expected them to remove “gradual” from their statement to allow for a more aggressive approach in the future, and the markets viewed the statement as dovish as a result.

 

Fed raises rates as job gains, firming inflation stoke confidence Reuters

Fed raises interest rates by a quarter-point, sees two move moves this year MarketWatch

Fed Raises Benchmark Rate as Inflation Approaches 2% Target Bloomberg

 

Tomorrow brings Initial Jobless Claims, Housing Starts, Building Permits, and the Philadelphia Fed.

 

The Markets:

 

http://goldseek.com/news/GoldSeeker/2017/3-15gsr/1.png

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

 

Oil remained higher after The Energy Information Administration reported that crude inventories fell 200,000 barrels, gasoline inventories fell 3.1 million barrels, and distillates fell 4.2 million barrels.

 

Oil jumps off lows, IEA sees H1 deficit after OPEC cuts Reuters

 

The U.S. dollar index fell and treasuries rose along with the Dow, Nasdaq, and S&P before today’s fed announcement, and those moves all increased after it.

 

Among the big names making news in the market today were Toshiba, Audi, AT&T and Time Warner, Wells Fargo, RBS, Deutsche Bank, Amazon, and Oracle.

 

GATA Posts:

 

 

Goldman Sachs completes acquisition of Treasury Department

Trump's CFTC chairman pledges to cut regulation

The only way to stop Indians from buying gold? Take away their cash

 

The Statistics:

As of close of business: 3/14/2017

Gold Warehouse Stocks:

8,941,612.117

-160.75

Silver Warehouse Stocks:

188,465,155.868

+4,256.508

 

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

834.989

26,845,722

US$32,333m

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$5,333m

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$5,893m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$431m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.73

1,148,868

US$1,391m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.962 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 197.22: +0.30 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,303.74: +35.35 change from yesterday’s data.

 

The Miners:

 

WINNERS

1. Northern Dynasty

NAK +16.67% $1.26

2. DRDGOLD

DRD +15.31% $5.65

3. IAMGOLD

IAG +14.45% $3.88

LOSERS

1. Paramount

PZG -0.60% $1.66

2. Great Panther

GPL -0.56% $1.77

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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© 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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