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Closing Report: Gold and Silver Erase Morning Gains and End Mixed - Feb 24 2016








Chris Mullen | February 24th

 

Close

Gain/Loss

Gold

$1229.20

+$4.20

Silver

$15.24

-$0.02

XAU

62.88

+0.80%

HUI

164.18

+0.19%

GDM

526.81

+1.03%

JSE Gold

2018.96

+196.89

USD

97.50

+0.05

Euro

110.10

-0.08

Yen

89.32

+0.10

Oil

$32.15

+$0.28

10-Year

1.742%

-0.003

T-Bond

166.59375

-0.15625

Dow

16484.99

+0.32%

Nasdaq

4542.60

+0.87%

S&P

1929.80

+0.44%

 
 

 

The Metals:

 

Gold rose as much as $28.15 to $1253.15 by late morning in New York, but it then fell back off in the last 5 hours of trade and ended with a gain of just 0.34%.  Silver saw over 2% gains at $15.572 at one point, but it then fell back off into the close and ended with a loss of 0.13%.

 

Euro gold rose to about €1117, platinum lost $2.50 to $937, and copper remained at about $2.11.

 

Gold and silver equities climbed over 4% higher in the first hour of trade before they fell back off for most of the rest of the day, but they still ended with about 1% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

Jan

494K

523K

544K

 

Tomorrow brings Initial Jobless Claims, Durable Goods Orders, and the FHFA Housing Price Index.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil closed almost 1% higher after the Energy Information Administration reported that crude inventories rose 3.5 million barrels, gasoline inventories fell 2.2 million barrels, and distillates fell 1.7 million barrels.

 

The U.S. dollar index ended slightly higher in mixed trade and treasuries erased all of their morning gains as the Dow, Nasdaq, and S&P reversed notable early losses and ended decently higher on optimism over oil’s recovery.

 

Among the big names making news in the market today were RBC, Gazprom, and Lowe’s.

 





GATA Posts:

 

 

Avery Goodman: Why gold prices are headed up now

 









The Statistics:

As of close of business: 2/23/2016

Gold Warehouse Stocks:

6,769,075.003

+96,224.95

Silver Warehouse Stocks:

155,262,049.701

-237,554.818

 

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

752.294

24,186,990

US$30,245m

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$5,527m

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$6,125m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$441m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

29.15

937,273

US$1,171m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 187.50: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,692.42: No change from yesterday’s data.

 

The Miners:

 

Comstock’s (LODE) exploration update, Lake Shore’s (LSG) 2015 results, Banro’s (BAA) drill results, Richmont’s (RIC) Board appointment, and McEwen’s (MUX) property acquisition were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Harmony

HMY +6.74% $3.01

2.  Endeavour Silver

EXK +4.35% $1.68

3.  Hecla

HL +3.75% $2.49

 

LOSERS

1.  Eldorado

EGO -2.41% $2.84

2.  MAG Silver

MVG -1.37% $7.20

3.  Nevsun

NSU -1.25% $3.15

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

© Gold Seeker 2016

Published:February 24th, 2016
Source: Gold-Seeker.com







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