September 13: Gold and Silver Fall With Stocks, Bonds, and Oil

The Metals:

Gold gained $5.02 to $1332.02 in Asia, but it then fell back off in New York and ended near its late session low of $1315.66 with a loss of 0.68%. Silver slipped to as low as $18.792 and ended with a loss of 1.36%.

Euro gold fell to about €1175, platinum lost $20 to $1031, and copper remained at about $2.10.

Gold and silver equities fell roughly 4% by midday and remained near that level into the close.

The Economy:

U.S. sees stronger median household income, less poverty Reuters

Tomorrow brings Export and Import Prices.

The Markets:

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

Oil lost 3% after the International Energy Agency cut its demand forecast and extended its oversupply prediction through the middle of next year.

Treasuries turned markedly lower after today’s $12 billion 30-year bond auction sold at a yield of 2.475% with a bid to cover of just 2.13. “Primary dealers, which are obligated to bid at auctions, took 37.5 percent, the highest since August 2015. Meanwhile, direct bidders, investors who place bids with the Treasury, purchased 4.6 percent, the least since September 2009.”

The U.S. dollar index rose as the Dow, Nasdaq, and S&P dropped over 1% on uncertainty over fed policy.

Among the big names making news in the market today were Alibaba, Monsanto, Wells Fargo, Weight Watchers, and Apple.

GATA Posts:

Turk explains why Fed isn't likely to raise interest rates

Leeb describes how China will use gold to gain control of world's monetary system

The Statistics:

As of close of business: 9/12/2016

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: 225.39: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 11,231.64: -50.20 change from yesterday’s data.

The Miners:

Kirkland’s (KGI.TO) ticker symbol change and management update, Alexco’s (AXU) drill results, and Almaden’s (AAU) drill results 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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