• Gold: 1,280.90 0.01
  • Silver: 17.00 -0.00
  • Euro: 1.179 -0.000
  • USDX: 93.411 -0.075
  • Oil: 52.26 0.3

October 11: Gold and Silver Jump Higher After FOMC Minutes

Chris Mullen
|
Wednesday, October 11th

 

Close

Gain/Loss

Gold

$1293.00

+$4.70

Silver

$17.21

+$0.10

XAU

87.14

+0.46%

HUI

202.94

+0.45%

GDM

660.09

+0.60%

JSE Gold

1316.86

-36.31

USD

92.92

-0.31

Euro

118.62

+0.46

Yen

88.90

-0.07

Oil

$51.30

+$0.38

10-Year

2.349%

UNCH

T-Bond

152.4375

-0.0625

Dow

22872.89

+0.18%

Nasdaq

6603.55

+0.25%

S&P

2555.24

+0.18%

 

The Metals:

 

Gold gained $2.80 to $1291.10 at about 9AM EST before it fell back to $1284.70 in early afternoon trade, but it then jumped back higher into the close and ended with a gain of 0.36%. Silver rose to as high as $17.23 and ended with a gain of 0.58%.

 

Euro gold remained at about €1090, platinum gained $1 to $931, and copper climbed 3 cents to about $3.08.

 

Gold and silver equities fell roughly 1% by midmorning, but they then rallied back higher in the last 2 hours of trade and ended with modest gains.

 

The Economy:

 

Fed minutes: December rate hike all but certain despite low inflation  CNBC

Fed split on inflation intensified at September policy meeting: minutes  Reuters

Fed Inflation Debate Finds Some Officials on Rate-Hike Fence  Bloomberg

December rate hike not automatic, minutes of last month's meeting show  MarketWatch

Fed's Evans Says Weak Inflation May Not Be Temporary Phenomenon  Bloomberg

Dimon Says Time to ‘Get It Done’ on Modernizing U.S. Tax Code  Bloomberg

Job openings in the U.S. fall slightly in August but still near record high  MarketWatch

 

Tomorrow brings PPI, Initial Jobless Claims, and the Treasury Budget.

 

The Markets:

 

Oil rose almost 1% after OPEC raised its forecast for crude demand.

 

The U.S. dollar index fell after today’s FOMC Minutes were more dovish than most expected.

 

Treasuries edged lower as the Dow, Nasdaq, and S&P closed higher on optimism that a data dependent fed will remain accommodative.

 

Among the big names making news in the market today were Uber, Bitcoin, VW, Kroger, Alibaba, and Qualcomm.

 

GATA Posts:

 

World is turning its back on the dollar, Saxo Bank FX strategist writes

China will 'compel' Saudis to trade oil in yuan, economist tells CNBC

LME to expand trading around gold and silver reference prices

Russian central bank may boost gold trading on Moscow exchange

 

The Statistics:

As of close of business: 10/10/2017

Gold Warehouse Stocks:

8,770,885.820

-489.35

Silver Warehouse Stocks:

219,743,756.661

-356,688.64

 

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

858.450

27,600,037

US$35,579m

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$5,719m

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$6,324m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$464m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 228.69: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,132.44: No change from yesterday’s data.

 

The Miners:

 

Pretium’s (PVG) third quarter production, Tanzanian Royalty’s (TRX) comments on nationalization, Taseko’s (TGB) board appointment, Comstock’s (LODE) debt reduction, B2Gold’s (BTG) first gold pour, and Fortuna’s (FSM) exploration update were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Pretivm

PVG +25.1% $12.11

2.  Northern Dynasty

NAK +7.98% $2.03

3.  Seabridge

SA +3.56% $13.10

 

LOSERS

1.  DRDGOLD

DRD -2.69% $3.62

2.  Gold Fields

GFI -2.64% $4.05

3.  Almaden

AAU -2.42% $1.17

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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2017

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