• Gold: 1,279.40 -0.36
  • Silver: 16.93 -0.02
  • Euro: 1.174 -0.000
  • USDX: 93.952 -0.078
  • Oil: 57.69 0.53

August 29: Gold and Silver Erase Overnight Gains To End Slightly Lower

Chris Mullen
|
Tuesday, August 29th

 

Close

Gain/Loss

Gold

$1308.90

-$2.60

Silver

$17.37

-$0.09

XAU

89.38

+0.22%

HUI

210.49

+0.68%

GDM

678.65

+1.04%

JSE Gold

1447.03

+92.48

USD

92.36

+0.10

Euro

119.66

-0.11

Yen

91.19

-0.43

Oil

$46.44

-$0.13

10-Year

2.124%

-0.038

T-Bond

157.09375

+0.34375

Dow

21865.37

+0.26%

Nasdaq

6301.89

+0.30%

S&P

2446.30

+0.08%

 
http://www.goldseek.com/news/2017/8-29gsr.JPG

 

The Metals:

 

Gold gained $14.20 to as high as $1325.70 in Asia, but it then drifted back lower in London and New York and ended near its late session low of $1305.60 with a loss of 0.2%.  Silver rose to as high as $17.658 and ended with a loss of 0.52%.

 

Euro gold fell to about €1094, platinum gained $8 to $994, and copper climbed a penny to about $3.08.

 

Gold and silver equities rose roughly 2% at the open before they fell to see slight losses by midafternoon, but they then chopped back higher into the close and ended with modest gains.

 

The Economy:

 

U.S. consumer confidence hits five-month high; house prices rise  Reuters

 

Tomorrow brings GDP and ADP Employment.

 

The Markets:

 

Oil edged lower on continued concerns about refinery operations.

 

The U.S. dollar index saw notable losses in Asia, but it then rallied back higher in New York and ended with a slight gain on the day.

 

Treasuries rose as the Dow, Nasdaq, and S&P fell markedly at the open on geopolitical concerns after North Korea’s missile launch last night, but stocks then marched back higher throughout most of the rest of trade and ended with decent gains on hopes that tensions will not increase further.

 

Among the big names making news in the market today were Movado Group, Acorda, Best Buy, Bitcoin, and Apple.

 

GATA Posts:

 

 

Freeport makes compromise to end years of wrangling over Indonesian mining rights

 

The Statistics:

As of close of business: 8/28/2017

Gold Warehouse Stocks:

8,686,141.918

-11,355.782

Silver Warehouse Stocks:

217,654,109.837

+627,918.56

 

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

814.363

26,182,582

US$34,515m

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$5,849m

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$6,464m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$471m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

33.35

1,072,201

US$1,391m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 9.164 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 218.13: +1.77 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,363.03: No change from yesterday’s data.

 

The Miners:

 

Freeport’s (FCX) negotiations with the Indonesian Government and McEwen’s (MUX) definitive agreement with Primero (PPP) were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Harmony

HMY +5.32% $1.98

2.  Taseko

TGB +4.92% $1.92

3.  AngloGold

AU +3.90% $9.85

 

 

LOSERS

1.  Silvercorp

SVM -4.84% $2.95

2.  Northern Dynasty

NAK -4.55% $1.68

3.  Endeavour Silver

EXK -4.42% $2.38

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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