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Closing Report: Gold and Silver Gain Nearly 2% - March 10th 2016








Chris Mullen | March 10th

 

Close

Gain/Loss

Gold

$1270.80

+$19.40

Silver

$15.56

+$0.29

XAU

69.27

+4.01%

HUI

178.98

+3.72%

GDM

562.87

+3.17%

JSE Gold

2081.14

+109.83

USD

96.21

-0.96

Euro

111.78

+1.78

Yen

88.37

+0.17

Oil

$37.84

-$0.45

10-Year

1.929%

+0.037

T-Bond

163.75

-0.4375

Dow

16995.13

-0.03%

Nasdaq

4662.15

-0.26%

S&P

1989.57

+0.02%

 
 

 

The Metals:

 

Gold dropped $11.87 to $1239.53 just after 8AM EST, but it then rallied back higher for most of trade in New York and ended with a gain of 1.55%.  Silver climbed to as high as $15.631 and ended with a gain of 1.90%.

 

Euro gold remained at about €1137, platinum gained $2 to $976, and copper fell slightly to about $2.22.

 

Gold and silver equities rose about 4% by early afternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Initial Claims

3/05

259K

275K

277K

Treasury Budget

Feb

-$192.6B

-

-$192.4B

 

Tomorrow brings Import and Export Prices.

 

The Markets:

 

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

 

Oil pared early losses but still ended over 1% lower “as doubts emerged over a potential meeting this month between crude producers regarding a freeze in output.”

 

The U.S. dollar index initially jumped over 1% higher after the ECB announced a larger stimulus package than most were expecting, but it then dove back lower and ended with a significant loss as the euro rose to see nearly 2% gains after Draghi “said he did not anticipate more interest rate cuts to revive a sluggish euro zone economy.”

 

Treasuries fell on Draghi’s effort to call a bottom for interest rates.

 

The Dow, Nasdaq, and S&P traded notably lower at times but ultimately ended near unchanged on uncertainty over central bank policy.

 

Among the big names making news in the market today were Microsoft, Apple, Valeant, BHP, and Teva.

 

GATA Posts:

 

Gata

 

Alasdair Macleod: Gold is the only sound money

ECB cuts rates, increases asset buys more than expected

Why poor man's gold may be about to get more investor love

Indian government calls meeting on gold monetization scheme's lack of success

New Gold hedges nearly all its remaining 2016 gold output

 

The Statistics:

As of close of business: 3/9/2016

Gold Warehouse Stocks:

6,815,508.889

-1,581.656

Silver Warehouse Stocks:

155,082,382.878

+1,665,318.80

 

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

792.820

25,489,955

US$32,279m

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$5,627m

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$6,210m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$455m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

32.00

1,028,856

US$1,282m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.081 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 191.52: No change from yesterday’s data.

 

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

 

The Miners:

 

Lake Shore’s (LSG) annual resource and reserve update, Barrick’s (ABX) accusations of negligence in Argentina, Nevsun’s (NSU) dividend, Kirkland’s (KGI.TO) 2015 results, Avino’s (ASM) public offering, and Tahoe’s (TAHO) dividend were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour Silver

EXK +18.7% $2.73

2.  MAG Silver

MVG +8.01% $8.90

3.  First Majestic

AG +7.89% $5.74

 

LOSERS

1.  Silver Standard

SSRI -1.02% $5.80

2.  DRDGOLD

DRD -0.51% $3.89

3.  Alamos Gold

AGI -0.19% $5.17

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:March 10th, 2016
Source: Gold-Seeker.com







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