• Gold: 1,238.17 -0.12
  • Silver: 14.54 -0.04
  • Euro: 1.130 0.000
  • USDX: 97.443 0.321
  • Oil: 51.22 -1.76

November 7: Gold and Silver Erase Overnight Gains and Close Mixed

Chris Mullen
|
Wednesday, November 7th

 

Close

Gain/Loss

Gold

$1226.30

-$0.10

Silver

$14.56

+$0.04

XAU

65.59

-1.09%

HUI

145.87

-1.33%

GDM

538.78

-0.48%

JSE Gold

1113.84

-23.48

USD

96.12

-0.16

Euro

114.42

+0.26

Yen

88.27

+0.04

Oil

$61.67

-$0.54

10-Year

3.222%

+0.003

T-Bond

137.25

-0.1875

Dow

26180.30

+2.13%

Nasdaq

7570.75

+2.64%

S&P

2813.89

+2.12%

 
http://www.goldseek.com/news/2018/2018-11-07_14-01-38.jpg

 

The Metals:

 

Gold gained $9.50 to $1235.90 in London, but it then dropped back to as low as $1225.40 in New York and ended with a loss of 0.01%. Silver rose to as high as $14.718 before it also fell back off, but it still ended with a gain of 0.28%.

 

Euro gold fell to about €1072, platinum gained $6.50 to $873, and copper climbed a penny to about $2.74.

 

Gold and silver equities waffled near unchanged and ended roughly 1% lower.

 

The Economy:

 

Housing sentiment tumbles to lowest in a year, as more say now is not a good time to buy  CNBC

Fed likely on steady course even as U.S. political landscape shifts  Reuters

Mortgage applications drop to 4-year low as interest rates hit 8-year high   CNBC

Democrats win House as Republicans keep control of Senate  MarketWatch

 

Tomorrow brings Weekly jobless claims and a FOMC announcement.

 

The Markets:

 

Oil fell almost 1% after the Energy Information Administration reported that crude inventories rose 5.8 million barrels, gasoline inventories rose 1.9 million barrels, and distillates fell 3.5 million barrels.

 

The U.S. dollar index fell on doubts that a split congress will support more tax cuts and stimulus.

 

Treasuries traded mixed ahead of tomorrow’s fed announcement.

 

The Dow, Nasdaq, and S&P rose over 2% on thoughts that tighter regulations will be tough to push through a divided congress.

 

Among the big names making news in the market today were Michael Kors, Etsy, Wells Fargo, Citibank, Zillow, HSBC, and GNC.

 

GATA Posts:

 

 

Ex-Morgan trader pleads guilty to rigging monetary metals, implicates supervisors at bank

Energy cost of 'mining' bitcoin is more than twice that of gold

 

The Statistics:

As of close of business: 11/6/2018

Gold Warehouse Stocks:

8,020,366.429

-

Silver Warehouse Stocks:

291,458,667.034

+1,045,645.247

 

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

756.703

24,328,771

US$29,911m

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$5,450m

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$6,023m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$440m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.589 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:

 

Northern Dynasty’s (NAK) changing political landscape in Alaska and First Majestic’s (AG) third quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Paramount

PZG +2.91% $1.06

2.  B2Gold

BTG +2.71% $2.65

3.  Buenaventura

BVN +2.25% $14.06

 

LOSERS

1.  IAMGOLD

IAG -8.26% $3.33

2.  Pretivm

PVG -7.29% $7.25

3.  Pan American

PAAS-7.03% $14.01

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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