• Gold: 1,267.36 0.06
  • Silver: 16.31 -0.00
  • Euro: 1.161 -0.001
  • USDX: 94.851 -0.204
  • Oil: 65.85 0.45

May 23: Gold Gains While Silver Slips

Chris Mullen
|
Wednesday, May 23rd

 

Close

Gain/Loss

Gold

$1293.60

+$1.70

Silver

$16.45

-$0.09

XAU

83.15

+1.21%

HUI

179.90

+1.45%

GDM

622.94

+0.80%

JSE Gold

972.65

-30.22

USD

93.96

+0.40

Euro

116.98

-0.85

Yen

90.98

+0.64

Oil

$71.84

-$0.36

10-Year

2.993%

-0.067

T-Bond

142.375

+1.125

Dow

24886.81

+0.21%

Nasdaq

7425.96

+0.64%

S&P

2733.29

+0.32%

 

The Metals:

 

Gold dipped $2.70 to $1289.20 in Asia before it bounced back to $1297.80 in London and then fell to a new session low of $1288.30 at about 9AM EST in New York, but it then chopped back higher into the close and ended with a gain of 0.13%. Silver slipped to as low as $16.319 before it also rallied back higher, but it still ended with a loss of 0.54%.

 

Euro gold rose to about €1105, platinum lost $3 to $902, and copper fell 5 cents to about $3.06.

 

Gold and silver equities rose roughly 1% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Fed indicates it will let inflation run above 2 percent goal for 'temporary period'  CNBC

Manufacturing activity at strongest level since September 2014, flash PMI data show  MarketWatch

U.S.-China trade deal 'too hard to get done,' Trump says  Reuters

U.S. new home sales fall less than expected in April  Reuters

Trump says U.S.-China trade deal needs 'different structure'  Reuters

Fed may float new ideas to market in its minutes  MarketWatch

 

Tomorrow brings Initial Jobless Claims, the FHFA House Price Index, and Existing Home Sales.

 

The Markets:

 

Oil fell 0.5% after the Energy Information Administration reported that crude inventories rose 5.8 million barrels, gasoline inventories rose 1.9 million barrels, and distillates fell 1.0 million barrels.

 

The U.S. dollar index rose on geopolitical concerns that sent treasuries higher and the Dow, Nasdaq, and S&P lower throughout the morning, but the fed’s calm and gradual commentary on interest rates took stocks modestly higher by the close.

 

Among the big names making news in the market today were Deutsche Bank, Tesla, Comcast, Tiffany, and Target.

 

GATA Posts:

 

 

Sunken galleon's gold has probably been hypothecated already

 

The Statistics:

As of close of business: 5/22/2018

Gold Warehouse Stocks:

9,028,589.239

-3,801.204

Silver Warehouse Stocks:

268,981,681.617

+17,694.53

 

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

852.041

27,393,963

US$35,302m

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$5,744m

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$6,350m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$464m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 290.58: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,984.34: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Eurasian

EMX +4.99% $1.05

2.  Alamos

AGI +4.79% $5.25

3.  Gold Resource

GORO +4.44% $5.88

 

LOSERS

1.  Taseko

TGB -6.40% $1.17

2.  Sibanye

SBGL -5.26% $2.70

3.  Americas Silver

USAS -2.45% $3.59

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

 

- 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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