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Closing Report|May 24th: Gold and Silver Fall About 2 and 1 percent While Stocks Rise








Chris Mullen | Tuesday May 24th

 

Close

Gain/Loss

Gold

$1228.00

-$21.60

Silver

$16.23

-$0.17

XAU

80.15

-5.81%

HUI

201.11

-6.10%

GDM

628.62

-5.24%

JSE Gold

2014.19

-69.27

USD

95.62

+0.36

Euro

111.41

-0.80

Yen

90.91

-0.65

Oil

$48.62

+$0.54

10-Year

1.859%

+0.021

T-Bond

164.00

-0.46875

Dow

17706.05

+1.22%

Nasdaq

4861.05

+2.00%

S&P

2076.06

+1.37%

 
 
Precious Metals Charts Intraday

 

The Metals:

 

Gold fell throughout most of world trade and ended near its late session low of $1227.55 with a loss of 1.73%.  Silver slipped to as low as $16.199 and ended with a loss of 1.04%.

 

Euro gold fell to about €1102, platinum lost $11 to $998, and copper climbed a penny to about $2.07.

 

Gold and silver equities drifted lower throughout the day and ended about 6% lower.

 

The Economy:

 

Report

For

Reading

Expected

Previous

New Home Sales

Apr

619K

521K

531K

 

Tomorrow brings the FHFA Housing Price Index.

 

The Markets:

 

Markets Charts Intraday

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

 

Oil closed about 1% higher on speculation that recent supply disruptions will impact tomorrow’s inventory data.

 

The U.S. dollar index rose and treasuries fell on strong housing data.

 

The Dow, Nasdaq, and S&P gained over 1% as the financial sector outperformed on continued talk about rising interest rates.

 

Among the big names making news in the market today were Google, Monsanto, and Sony.

 

GATA Posts:

 

Gold Anti-Trust Action Committee

 

Hugo Salinas Price: Mechanical 'economics'

Former IMF economist asserts that gold is money as good as government bonds

Banks must defend Libor lawsuits after judges warn of impact

 

The Statistics:

As of close of business: 5/23/2016

Gold Warehouse Stocks:

7,854,091.190

+92,721.102

Silver Warehouse Stocks:

153,663,956.453

-633,430.995

 

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

872.524

28,052,528

US$34,688m

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$5,470m

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$6,042m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$441m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.36

1,136,896

US$1,417m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.268 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 199.43: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,442.66: -8.87 change from yesterday’s data.

 

The Miners:

 

Seabridge’s (SA) drill program, Kirkland’s (KGI.TO) exploration results, Gold Standard’s (GSV) survey results, and Hecla’s (HL) plans to acquire Mines Management (MGN) were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Mines Management

MGN +32.26% $0.84

2.  Paramount

PZG +2.03% $1.50

 

LOSERS

1.  Gold Resource

GORO -15.49% $3.00

2.  Alexco

AXU -12.0% $1.10

3.  Richmont

RIC -11.23% $7.51

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:May 24th, 2016
Source: Gold-Seeker.com







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