• Gold: 1,221.45 -4.94
  • Silver: 14.56 -0.07
  • Euro: 1.147 -0.004
  • USDX: 96.018 0.305
  • Oil: 69.14 -0.49

March 7: Gold and Silver Give Back Much of Yesterday’s Gains

Chris Mullen
|
Wednesday, March 7th

 

Close

Gain/Loss

Gold

$1325.20

-$8.50

Silver

$16.48

-$0.26

XAU

78.79

-2.48%

HUI

173.41

-2.50%

GDM

605.87

-1.64%

JSE Gold

1138.24

-1.85

USD

89.58

-0.04

Euro

124.13

+0.03

Yen

94.35

+0.09

Oil

$61.15

-$1.45

10-Year

2.882%

-0.002

T-Bond

144.125

-0.28125

Dow

24801.36

-0.33%

Nasdaq

7396.65

+0.33%

S&P

2726.80

-0.05%

 
http://www.goldseek.com/news/2018/2018-03-07_14-04-53.jpg

 

The Metals:

 

Gold fell $10.90 to $1322.80 in early afternoon New York trade before it edged back higher into the close, but it still ended with a loss of 0.64%. Silver slipped to as low as $16.437 and ended with a loss of 1.55%.

 

Euro gold fell to about €1068, platinum lost $16 to $950, and copper dropped 2 cents to about $3.13.

 

Gold and silver equities fell over 2% in the first two hours of trade and remained near that level for the rest of the day.

 

The Economy:

 

Companies in U.S. Add More Jobs Than Expected, ADP Data Show  Bloomberg

U.S. fourth-quarter unit labor costs revised higher  Reuters

U.S. trade deficit in January hits nearly 10-year high  MarketWatch

U.S. mortgage requests steady as borrowing costs hit four-year high: MBA  Reuters

 

Tomorrow brings Initial Jobless Claims.

 

The Markets:

 

Oil fell over 2% after the Energy Information Administration reported that crude inventories rose 2.4 million barrels, gasoline inventories fell 800,000 barrels, and distillates fell 600,000 barrels.

 

The U.S. dollar index traded mixed along with treasuries on uncertainty over tariffs following the resignation of Gary Cohn, the director of the National Economic Council and a top economic adviser to U.S. President Donald Trump.

 

The Dow, Nasdaq, and S&P fell roughly 1% by midday, but they then rallied back higher into the close and ended mixed on signs that Trump’s tariff proposals may include exclusions for key partners.

 

Among the big names making news in the market today were Dollar Tree, Broadcom, GE, Exxon, Brown-Forman, McDonald's, and Abercrombie & Fitch.

 

GATA Posts:

 

 

Robert Lambourne: Use of gold derivatives by BIS declines by 55 tonnes in February

 

The Statistics:

As of close of business: 3/6/2018

Gold Warehouse Stocks:

9,105,508.496

+17,304.857

Silver Warehouse Stocks:

251,724,499.731

+8,791.624

 

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

833.984

26,813,431

US$35,632m

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$5,902m

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$6,497m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$476m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 265.05: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,893.07: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Americas Silver

USAS +2.28% $3.59

2.  Nevsun

NSU +1.80% $2.26

3.  Turquoise

TRQ +0.93% $3.27

 

LOSERS

1.  Harmony

HMY -5.73% $2.14

2.  Avino

ASM -5.22% $1.27

3.  Sandstorm

SAND -4.36% $4.61

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

 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2018

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