• Gold: 1,188.87 -5.47
  • Silver: 14.95 -0.12
  • Euro: 1.132 -0.002
  • USDX: 96.821 0.004
  • Oil: 66.79 0.16

May 8: Gold and Silver Close Slightly Higher

Chris Mullen
|
Tuesday, May 8th

 

Close

Gain/Loss

Gold

$1314.40

+$0.10

Silver

$16.48

+$0.01

XAU

82.67

+0.82%

HUI

181.17

+0.53%

GDM

632.64

+0.06%

JSE Gold

1077.86

-10.83

USD

93.10

+0.33

Euro

118.65

-0.58

Yen

91.69

+0.10

Oil

$69.06

-$1.67

10-Year

2.974%

+0.024

T-Bond

143.25

-0.3125

Dow

24360.21

+0.01%

Nasdaq

7266.90

+0.02%

S&P

2671.92

-0.03%

 
http://www.goldseek.com/news/2018/2018-05-08_14-01-16.jpg

 

The Metals:

 

Gold saw slight gains in Asia before it fell back to $1306.10 by a little after 10AM EST, but it then rallied back higher into the close and ended with a gain of 0.01%. Silver rose to as high as $16.519 and ended with a gain of 0.06%.

 

Euro gold rose above €1108, platinum gained $2 to $911, and copper dropped a penny to about $3.06.

 

Gold and silver equities fell over 1% in the first half hour and a half of trade, but they then chopped back up for most of the rest of the day and ended almost 1% higher on the day.

 

The Economy:

 

Trump announces withdrawal from Iran nuclear deal: recap  MarketWatch

Trump pulls U.S. from Iran nuclear deal, to revive sanctions  Reuters

Trump proposes $15 billion spending cuts, targets children's health program  Reuters

Here is the new Richmond Fed president's take on the mystery of paltry wage growth  MarketWatch

U.S. job openings hit record 6.55 million  MarketWatch

 

Tomorrow brings PPI and Wholesale Trade.

 

The Markets:

 

Oil fell over 2% on doubts that other nations will join the US in imposing sanctions on Iran.

 

The U.S. dollar index rose and treasuries fell as interest rates climbed higher on political uncertainty that held the Dow, Nasdaq, and S&P mostly slightly lower.

 

Among the big names making news in the market today were Uber, Caterpillar, Walmart, and Fox.

 

GATA Posts:

 

 

'World of Warcraft' currency is now worth 7 times more than Venezuela's cash

 

The Statistics:

As of close of business: 5/7/2018

Gold Warehouse Stocks:

9,043,699.945

-5,823.287

Silver Warehouse Stocks:

268,043,756.593

+1,305,293.12

 

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

864.127

27,782,535

US$36,297m

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$5,818m

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$6,421m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$472m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 289.45: +0.48 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,054.63: +29.29 change from yesterday’s data.

 

The Miners:

 

IAMGOLD’s (IAG) first quarter results, Banro’s (BAA) new CEO, Nevsun’s (NSU) acquisition proposal, and Hecla’s (HL) exploration success were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Nevsun

NSU +15.82% $3.44

2.  IAMGOLD

IAG +8.08% $6.15

3.  Taseko

TGB +5.41% $1.17

 

LOSERS

1.  Pretivm

PVG -2.77% $6.68

2.  Alio Gold

ALO -2.05% $1.91

3.  Alexco

AXU -1.96% $1.50

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:

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