October 4: Gold and Silver Fall Over 3% and 5%

The Metals:

Gold held near unchanged in Asia and London, but it then fell throughout most of trade in New York and ended near its late session low of $1267.04 with a loss of 3.4%. Silver slipped to as low as $17.726 and ended with a loss of 5.15%.

Euro gold fell to about €1032, platinum lost $19 to $984, and copper fell a couple of cents to about $2.17.

Gold and silver equities fell over 8% by early afternoon and remained near that level for the rest of the day.

The Economy:

Fed's Lacker says rates might need to rise a lot, case for hike strong Reuters

Tomorrow brings ADP Employment, the Trade Balance, Factory Orders, and ISM Services.

The Markets:

Charts Courtesy of http://finance.yahoo.com/

Oil held near unchanged ahead of tomorrow’s supply data.

The U.S. dollar index rose as the pound fell to the lowest since 1985 on renewed worries about Brexit.

Treasuries fell along with the Dow, Nasdaq, and S&P on reports that “the European Central Bank might move to gradually wind down its bond-buying program before its scheduled conclusion in March.”

Among the big names making news in the market today were Google, Delta, Darden, BMO, and Deutsche Bank.

GATA Posts:

Goldcorp slumps most among major gold miners on Mexico shutdown

The Statistics:

As of close of business: 10/3/2016

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: 226.68: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 11,270.04: No change from yesterday’s data.

The Miners:

Barrick’s (ABX) resumption of operations in Argentina, Royal Gold’s (RGLD) first quarter update, Nevsun’s (NSU) commercial production announcement, New Gold’s (NGD) project update, and Silver Bear’s (SBR.TO) updated mine plan and feasibility study were among the big stories in the gold and silver mining industry making headlines today.

No “winners” today.

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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