• Gold: 1,227.03 2.17
  • Silver: 14.70 0.04
  • Euro: 1.154 -0.004
  • USDX: 95.354 0.306
  • Oil: 70.98 -1.17

May 21: Gold and Silver Reverse Overnight Losses To End Higher

Chris Mullen
|
Monday, May 21st

 

Close

Gain/Loss

Gold

$1292.20

+$0.50

Silver

$16.50

+$0.07

XAU

82.08

+0.03%

HUI

177.68

-0.03%

GDM

621.69

+0.41%

JSE Gold

1010.99

-1.83

USD

93.58

-0.09

Euro

117.86

+0.18

Yen

90.23

-0.26

Oil

$72.24

+$0.96

10-Year

3.057%

-0.008

T-Bond

141.40625

+0.21875

Dow

25013.29

+1.21%

Nasdaq

7394.04

+0.54%

S&P

2733.01

+0.74%

 
http://www.goldseek.com/news/2018/2018-05-21_14-03-20.jpg

 

The Metals:

 

Gold fell $9.70 to $1282.00 in Asia, but it then rallied back higher throughout trade in London and New York and ended near its late session high of $1292.90 with a gain of 0.04%.  Silver rose to as high as $16.516 and ended with a gain of 0.43%.

 

Euro gold remained at about €1097, platinum gained $10.50 to $894.50, and copper climbed 3 cents to about $3.09.

 

Gold and silver equities fell about 1% by midmorning, but they then bounced back higher into the close and ended mixed on the day.

 

The Economy:

 

Surging Prices, Rates Test Demand in U.S. Housing Market  Bloomberg

Trade war fears ebb as U.S., China agree to continue talks  Reuters

The best-case scenario is the U.S. trade gap with China will get worse  MarketWatch

U.S. economy given boost from factories even as housing cooled in April: Chicago Fed  MarketWatch

The Fed should lean against housing prices, top academic argues  MarketWatch

 

Tomorrow brings the Richmond Fed Manufacturing Index.

 

The Markets:

 

Oil rose over 1% on concerns about possible sanctions on the oil industry in Venezuela “after weekend elections in the country that were viewed as illegitimate by the opposition and foreign governments.”

 

The U.S. dollar index reversed notable overnight gains and ended near unchanged along with treasuries while the Dow, Nasdaq, and S&P gained roughly 1% after “Treasury Secretary Steven Mnuchin on Sunday declared the trade battle with China “on hold” after the two countries agreed to drop their tariff threats in favor of hashing out a broader deal.”

 

Among the big names making news in the market today were LaSalle Hotel, Fifth Third, Tesla, and GE.

 

GATA Posts:

 

 

Forget about oil at $80, because the big rally is in forward prices

Eswar Prasad: America, beware -- Dollar supremacy is not forever

 

The Statistics:

Activity from: 5/17/2018

Gold Warehouse Stocks:

9,032,390.443

-

Silver Warehouse Stocks:

267,583,315.396

-53,273.85

 

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

855.283

27,498,206

US$35,419m

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$5,729m

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$6,331m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$463m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.884 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 290.58: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,984.34: -29.28 change from yesterday’s data.

 

The Miners:

 

 

WINNERS

1.  First Majestic

AG +2.82% $7.29

2.  Pan American

PAAS +2.32% $18.05

3.  Yamana

AUY +2.14% $2.87

 

LOSERS

1.  DRDGOLD

DRD -4.62% $2.48

2.  NovaGold

NG -3.31% $4.67

3.  New Gold

NGD -3.02% $2.25

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

 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2018

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