• Gold: 1,293.87 0.20
  • Silver: 17.28 0.01
  • Euro: 1.178 -0.001
  • USDX: 93.662 0.049
  • Oil: 56.81 1.33

October 24: Gold and Silver Drift Lower While Stocks Continue Higher

Chris Mullen
|
Tuesday, October 24th

 

Close

Gain/Loss

Gold

$1277.80

-$4.50

Silver

$16.97

-$0.12

XAU

83.51

-0.79%

HUI

191.61

-1.58%

GDM

636.86

-0.77%

JSE Gold

1320.37

-12.78

USD

93.96

+0.12

Euro

117.61

+0.12

Yen

88.03

-0.26

Oil

$52.47

+$0.57

10-Year

2.417%

+0.045

T-Bond

151.59375

-0.75

Dow

23441.76

+0.72%

Nasdaq

6598.43

+0.18%

S&P

2569.13

+0.16%

 
http://www.goldseek.com/news/2017/2017-10-24_14-01-33.jpg

 

The Metals:

 

Gold edged up to $1283.60 in Asia before it fell back to $1273.80 at about 11AM EST, but it then bounced back higher into the close and ended with a loss of just 0.35%. Silver slipped to as low as $16.883 and ended with a loss of 0.7%.

 

Euro gold fell to about €1087, platinum lost $1.50 to $921.50, and copper climbed a couple of cents to about $3.19.

 

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

 

The Economy:

 

Richmond Fed manufacturing index 12 vs 17 expected  forexlive

IHS Markit surveys show stronger U.S. economy in October  MarketWatch

Trump-Ryan tax plan will encourage more corporate offshore tax avoidance  MarketWatch

 

Tomorrow brings Durable Goods Orders, the FHFA House Price Index, and New Home Sales.

 

The Markets:

 

Oil rose over 1% on lingering geopolitical concerns and further pledges from Saudi Arabia to keep inventories under control.

 

The U.S. dollar index held near unchanged on uncertainty over Trump’s fed chair appointment.

 

Treasuries fell as the Dow, Nasdaq, and S&P climbed to new highs on strong earnings reports.

 

Among the big names making news in the market today were Polaris, Sears, Tenet, GM, 3M, Caterpillar, Fiat Chrysler, McDonald’s, and Lockheed Martin.

 

GATA Posts:

 

 

 

Did these mining giants just confirm the next gold frontier -- Ecuador?

Jury finds ex-HSBC executive guilty of fraud in $3.5 billion currency trade

Venezuela fails to reclaim the gold it pawned to Deutsche Bank

 

The Statistics:

As of close of business: 10/23/2017

Gold Warehouse Stocks:

8,511,328.736

-

Silver Warehouse Stocks:

226,262,121.136

+3,884,468.81

 

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

853.132

27,429,045

US$35,003m

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$5,667m

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$6,264m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$458m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 231.89: +0.33 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,962.09: -32.30 change from yesterday’s data.

 

The Miners:

 

Newmont’s (NEM) dividend, Vista Gold’s (VGZ) Option Agreement, Endeavour Silver’s (EXK) drill results, and Hecla’s (HL) opposition in Montana were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Taseko

TGB +3.62% $2.29

2.  Freeport

FCX +2.84% $15.23

3.  Coeur

CDE +0.84% $8.41

 

LOSERS

1.  Nevsun

NSU -8.55% $2.14

2.  Alexco

AXU -5.97% $1.26

3.  Eldorado

EGO -4.52% $1.48

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

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