August 30: Gold and Silver Fall with Stocks

Chris Mullen
|
Thursday, August 30th

 

Close

Gain/Loss

Gold

$1200.20

-$6.10

Silver

$14.56

-$0.20

XAU

66.40

-1.77%

HUI

143.65

-1.81%

GDM

520.80

-1.50%

JSE Gold

971.70

-6.42

USD

94.65

+0.08

Euro

116.75

-0.34

Yen

90.18

+0.55

Oil

$70.25

+$0.74

10-Year

2.865%

-0.014

T-Bond

144.96875

+0.375

Dow

25986.92

-0.53%

Nasdaq

8088.36

-0.26%

S&P

2901.13

-0.44%

 
http://www.goldseek.com/news/2018/2018-08-30_14-00-50.jpg

 

The Metals:

 

Gold fell $5.80 to $1200.50 in Asia before it bounced back to $1206.70 in London and then plunged down to $1196.50 by a little before 10AM EST, but it then chopped back higher into the close and ended with a loss of just 0.51%. Silver slipped to as low as $14.515 and ended with a loss of 1.36%.

 

Euro gold fell to about €1028, platinum lost $3.50 to $790, and copper fell 4 cents to about $2.67.

 

Gold and silver equities fell roughly 2% at the open and remained near that level for the rest of the day.

 

The Economy:

 

Consumers keep on spending in July, pushing key inflation gauge to 6-year high  MarketWatch

Trump: 'More good news' coming for those who have 'made a fortune' in markets  CNBC

U.S. consumer spending increases strongly; inflation rising  Reuters

Jobless claims scraping lows not seen since 1969  MarketWatch

 

Tomorrow brings Chicago PMI and Consumer sentiment.

 

The Markets:

 

Oil gained over 1% on concerns about Iran.

 

The U.S. dollar index rose along with treasuries on renewed worries about the U.S.-Chinese trade dispute that sent the Dow, Nasdaq, and S&P lower.

 

Trump to Back $200 Billion China Tariffs as Early as Next Week, Sources Say  Bloomberg

 

Among the big names making news in the market today were Electronic Arts, Stryker, Ciena, Signet, and Campbell Soup.

 

GATA Posts:

 

 

World is ganging up against the dollar, Rickards says

Argentina raises interest rate to 60% after currency resumes slide

Petro cryptocurrency is harder to find in Venezuela than toilet paper

 

The Statistics:

As of close of business: 8/29/2018

Gold Warehouse Stocks:

8,430,566.702

-

Silver Warehouse Stocks:

292,986,402.335

+747,030.65

 

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

759.869

24,430,550

US$29,241m

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$5,424m

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$6,007m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$431m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 263.52: +1.82 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,236.28: No change from yesterday’s data.

 

The Miners:

 

AngloGold’s (AU) resumed operations and Endeavour Silver’s (EXK) updated Pre-Feasibility Study were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  EMX Royalty

EMX +4.35% $1.20

2.  DRDGOLD

DRD +3.90% $2.13

3.  Paramount

PZG +3.77% $1.10

 

LOSERS

1.  Gold Standard

GSV -5.52% $1.54

2.  Americas Silver

USAS -5.20% $2.37

3.  Harmony

HMY -4.07% $1.65

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

 

- Chris Mullen, Gold Seeker Report

 

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