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Closing Report: Gold and Silver Fall With Stocks and Oil - March 8th 2016








Chris Mullen | March 8th

 

Close

Gain/Loss

Gold

$1261.40

-$5.80

Silver

$15.36

-$0.28

XAU

65.87

-4.44%

HUI

171.68

-3.59%

GDM

545.70

-3.27%

JSE Gold

2078.44

-16.67

USD

97.20

+0.09

Euro

110.07

-0.07

Yen

88.81

+0.65

Oil

$36.50

-$1.40

10-Year

1.832%

-0.070

T-Bond

165.21875

+1.5625

Dow

16964.10

-0.64%

Nasdaq

4648.82

-1.26%

S&P

1979.26

-1.12%

 
 
metals charts

 

The Metals:

 

Gold gained $10.84 to $1278.04 in London, but it then chopped back lower in New York and ended near its late session low of $1260.28 with a loss of 0.46%.  Silver slipped to as low as $15.331 and ended with a loss of 1.79%.

 

Euro gold fell to about €1146, platinum lost $19 to $980, and copper dropped 6 cents to about $2.22.

 

Gold and silver equities fell roughly 4% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Weaker U.S. small business confidence bucks firming data  Reuters

 

Tomorrow brings Wholesale Inventories for January expected at -0.2%.

 

The Markets:

 

market chart

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

 

Oil fell almost 4% on expectations for rising stockpiles in tomorrow’s inventory report.

 

The U.S. dollar index held near unchanged and treasuries rose on disappointing economic data out of China that sent the Dow, Nasdaq, and S&P lower.

 

Among the big names making news in the market today were Urban Outfitters, Goldman Sachs, United Continental, and VW.

 

GATA Posts:

 

Gata

 

Epoch Times interviews Willem Middelkoop on China's gold strategy

Hugo Salinas Price: Remember 'the Greening of America'? It destroyed industry

 

The Statistics:

As of close of business: 3/7/2016

Gold Warehouse Stocks:

6,816,950.973

-192.90

Silver Warehouse Stocks:

152,782,451.611

+1,165,458.51

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 Exchange Traded Gold

 

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

793.117

25,499,516

US$32,305m

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$5,623m

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$6,218m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$454m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

29.15

937,180

US$1,197m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 191.07: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,035.00: No change from yesterday’s data.

 

The Miners:

 

Comstock’s (LODE) drill results, Seabridge Gold’s (SA) updated independent mineral resource estimate, and Gold Resource’s (GORO) fourth quarter and year-end earnings conference call were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  DRDGOLD

DRD +2.33% $3.95

2.  MAG Silver

MVG +1.27% $7.97

 

LOSERS

1.  Freeport

FCX -12.17% $8.66

2.  Hecla

HL -9.76% $2.59

3.  Coeur

CDE -7.37% $4.65

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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© Gold Seeker 2016

Published:March 8th, 2016
Source: Gold-Seeker.com







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