• Gold: 1,221.19 -0.69
  • Silver: 14.37 -0.04
  • Euro: 1.141 -0.001
  • USDX: 96.465 -0.521
  • Oil: 57.08 0.29

January 31: Gold and Silver End Roughly 1% Higher

Chris Mullen
|
Wednesday, January 31st

 

Close

Gain/Loss

Gold

$1345.70

+$8.90

Silver

$17.33

+$0.22

XAU

87.66

+1.27%

HUI

196.44

+1.24%

GDM

663.10

+1.04%

JSE Gold

1245.08

+5.68

USD

89.10

-0.13

Euro

124.13

+0.16

Yen

91.70

-0.27

Oil

$64.73

+$0.23

10-Year

2.720%

-0.004

T-Bond

147.78125

+0.40625

Dow

26149.39

+0.28%

Nasdaq

7411.48

+0.12%

S&P

2823.81

+0.05%

 
http://www.goldseek.com/news/2018/2018-01-31_14-02-06.jpg

 

The Metals:

 

Gold gained $8.30 to $1345.10 by midmorning in New York before it dropped back to $1334.10 after this afternoon’s fed statement, but it then shot back higher into the close and ended near its late session high of $1347.50 with a gain of 0.67%. Silver rose to as high as $17.385 and ended with a gain of 1.29%.

 

Euro gold rose to about €1084, platinum gained $8.50 to $1000 , and copper remained at about $3.20.

 

Gold and silver equities waffled near unchanged and ended over 1% higher on the day.

 

The Economy:

 

Former Fed Chair Alan Greenspan Sees Bubbles in Stocks and Bonds  Bloomberg

U.S. Raises Longer-Term Debt Sales as Budget Deficit Worsens  Bloomberg

Fed leaves rates unchanged but gives more aggressive inflation expectations  CNBC

Janet Yellen's Fed Era Ends With Unanimous Vote of No Rate Hike  Bloomberg

Fed holds interest rates steady, sees inflation rising this year  Reuters

Fed takes step toward rate hike as baton set to pass to Powell  MarketWatch

U.S. pending home sales rise 0.5 percent in December  Reuters

Chicago PMI slips from nine-year high  MarketWatch

Private jobs up 234K in January vs. 185K est.: ADP Moody's Analytics  CNBC

Employment Costs in U.S. Match Fastest 12-Month Gain Since 2008  Bloomberg

 

Tomorrow brings Initial Jobless Claims, Productivity and Costs, PMI Manufacturing, ISM Manufacturing, and Construction Spending.

 

The Markets:

 

Oil turned slightly higher after the Energy Information Administration reported that crude inventories rose 6.8 million barrels, gasoline inventories fell 2.0 million barrels, and distillates fell 1.9 million barrels.

 

The U.S. dollar index briefly flirted with gains after today’s fed announcement raised inflation expectations, but it ultimately fell back off by the close on concerns about the budget deficit that sent treasuries higher.

 

The Dow, Nasdaq, and S&P bounced back from yesterday’s notable losses in morning trade before they fell to see slight losses after the fed announcement, but they then rallied back higher into the close and ended with modest gains on steady growth expectations.

 

Among the big names making news in the market today were Kodak, Kroger, Nasdaq, Fujifilm, Microsoft, Google, and Boeing.

 

GATA Posts:

 

 

World will remonetize metals if price suppression is ever defeated, GATA secretary says

Banks are in the clear if they rig markets as U.S. government's agents

A modern land rush? Trump move opens Utah to mining claims under 1872 law

Mnunchin says his dollar policy isn't aimed at jawboning it lower

Digital gold from Perth Mint threatens $122 billion in gold-backed ETFs

 

The Statistics:

As of close of business: 1/30/2018

Gold Warehouse Stocks:

9,257,855.482

+14,518.608

Silver Warehouse Stocks:

246,976,783.483

-378,605.572

 

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

845.485

27,183,186

US$36,551m

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$5,956m

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$6,582m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$483m

 Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 1.18 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 260.77: +1.63 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,763.28: No change from yesterday’s data.

 

The Miners:

 

Rio Tinto’s (RIO) and Turquoise Hill’s (TRQ) tax allegations, Nevsun’s (NSU) 2018 outlook and guidance, Seabridge Gold’s (SA) drilling summary and development approach, IAMGOLD’s (IAG) drill results, and Silver Bull’s (SVBL) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Harmony

HMY +5.99% $1.77

2.  Eldorado

EGO +4.00% $1.30

3.  Gold Fields

GFI +3.63% $4.28

 

LOSERS

1.  Northern Dynasty

NAK -14.66 $0.99

2.  Nevsun

NSU -8.89% $2.05

3.  Gold Standard

GSV -2.70% $1.80

Winners & Losers tracks NYSE 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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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2018

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