August 16: Gold and Silver Reverse Morning Losses And End Higher

The Metals:

Gold dipped to $1267.60 by a little after 9AM EST, but it then jumped to as high as $1283.80 in afternoon trade and ended with a gain of 0.72%. Silver slipped to $16.634 in Asia, but it then climbed to as high as $17.112 in late trade and ended with a gain of 2.64%.

Euro gold rose to about €1089, platinum gained $16 to $978, and copper climbed 8 cents to about $2.97.

Gold and silver equities rose throughout most of the day and ended with over 2% gains.

The Economy:

Fed policymakers grow more worried about weak inflation: minutes Reuters

Fed Sees Balance-Sheet Move Soon as Inflation Debate Heats Up Bloomberg

U.S. Housing Starts Fell in July on Apartment Building Slowdown Bloomberg

Tomorrow brings Initial Jobless Claims, the Philadelphia Fed survey, Industrial Production, and Leading Economic Indicators.

The Markets:

Oil erased early gains after the Energy Information Administration reported that crude inventories fell 8.9 million barrels, gasoline inventories were unchanged, and distillates rose 700,000 barrels. “Crude production jumped by 79,000 barrels a day to 9.5 million a day.”

The U.S. dollar index “turned lower against most major currencies on Wednesday following an exodus from and eventual disbanding of U.S. President Donald Trump's manufacturing council and strategic policy forum.”

Treasuries rose as the Dow, Nasdaq, and S&P pared early gains on political and interest rate uncertainty.

Among the big names making news in the market today were Target, Dick’s Sporting Goods, Urban Outfitters, Fiat Chrysler, and Maersk.

GATA Posts:

Brien Lundin: If government doesn't want you to own gold, you probably should

The Statistics:

As of close of business: 8/15/2017

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

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

COMEX Gold Trust (IAU) Total Tonnes in Trust: 213.28: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,445.33: No change from yesterday’s data.

The Miners:

WINNERS

LOSERS

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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• http://www.goldreview.com

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