• Gold: 1,223.42 1.13
  • Silver: 14.41 0.09
  • Euro: 1.140 0.003
  • USDX: 96.668 -0.168
  • Oil: 54.32 0.95

November 11: Gold and Silver Chop After Fed Statement

Chris Mullen
|
Thursday, November 8th

 

Close

Gain/Loss

Gold

$1223.90

-$2.40

Silver

$14.43

-$0.13

XAU

65.39

-0.30%

HUI

145.76

-0.07%

GDM

536.92

-0.35%

JSE Gold

1121.61

+7.77

USD

96.68

+0.56

Euro

113.61

-0.81

Yen

87.97

+0.70

Oil

$60.67

-$1.00

10-Year

3.240%

+0.018

T-Bond

137.25

-0.125

Dow

26191.22

+0.04%

Nasdaq

7530.88

-0.53%

S&P

2806.83

-0.25%

 
http://www.goldseek.com/news/2018/2018-11-08_14-00-48.jpg

 

The Metals:

 

Gold dropped $6.10 to $1220.20 at about 8:45AM EST before it popped up to $1226.90 shortly after the fed’s statement, but it then chopped back lower into the close and ended with a loss of 0.2%. Silver slipped to as low as $14.385 and ended with a loss of 0.89%.

 

Euro gold rose above €1077, platinum lost $5 to $868, and copper dropped a penny to about $2.73.

 

Gold and silver equities waffled near unchanged and ended slightly lower.

 

The Economy:

 

Fed holds interest rates steady, says economy remains on track  Reuters

Here's what changed in the November Fed statement  MarketWatch

Fed holds rates steady and stays on course for more gradual hikes  MarketWatch

Text of November FOMC statement  MarketWatch

Number of Americans getting unemployment benefits falls to lowest level since July 1973  MarketWatch

Mortgage rates surge to a near 8-year high as house-hunters race the clock  MarketWatch

Fed is set to keep rates on hold before a hike later in the year  CNBC

U.S. weekly jobless claims fall slightly in latest week  Reuters

 

Tomorrow brings PPI, Consumer sentiment, and Wholesale inventories.

 

The Markets:

 

Oil fell nearly 2% on signs of rising output from several large producers.

 

The U.S. dollar index extended higher and treasuries erased brief gains after the fed confirmed its gradual rate hike policy.

 

The Dow, Nasdaq, and S&P traded mostly lower on concerns about the full impacts of higher interest rates.

 

Among the big names making news in the market today were Wynn Resorts, Roku, Google, Tesla, Square, and D.R. Horton.

 

GATA Posts:

 

 

Ted Butler: A crack in the dike

Dumping the dollar, Iran and South Korea agree to cross-currency trade

 

The Statistics:

As of close of business: 11/7/2018

Gold Warehouse Stocks:

8,020,366.429

-

Silver Warehouse Stocks:

294,499,486.856

+3,040,819.822

 

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

755.232

24,281,476

US$29,712m

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$5,439m

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$6,012m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$438m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.471 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 272.52: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,139.92: No change from yesterday’s data.

 

The Miners:

 

Alio Gold’s (ALO) third quarter results, Golden Star’s (GSS) analyst and investor visit, and Hecla’s (HL) third quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Standard

GSV +4.17% $1.50

2.  Coeur

CDE +2.46% $4.99

3.  Pan American

PAAS +2.43% $14.35

 

LOSERS

1.  Americas Silver

USAS-6.86% $1.90

2.  Tahoe Resources

TAHO -6.48% $2.31

3.  B2Gold

BTG -3.40% $2.56

Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.

 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2018

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