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Closing Report|May 10th: Gold and Silver Reverse Morning Losses to End Higher








Chris Mullen | Tuesday May 10th

 

Close

Gain/Loss

Gold

$1266.40

+$3.30

Silver

$17.10

+$0.13

XAU

85.58

+3.77%

HUI

219.06

+4.03%

GDM

675.54

+2.70%

JSE Gold

2024.76

-79.88

USD

94.28

+0.13

Euro

113.69

-0.12

Yen

91.48

-0.80

Oil

$44.66

+$1.22

10-Year

1.760%

UNCH

T-Bond

165.625

+0.15625

Dow

17928.35

+1.26%

Nasdaq

4809.88

+1.26%

S&P

2084.39

+1.25%

 
 
Precious Metals Charts Intraday

 

The Metals:

 

Gold edged up to $1267.88 in Asia before it dropped back to $1256.98 by midmorning in New York, but it then rallied back higher into the close and ended near its late session high of $1269.45 with a gain of 0.26%.  Silver rose to as high as $17.119 in Asia before it also fell back off, but it then climbed to a new session high of $17.151 and ended with a gain of 0.77%.

 

Euro gold rose to about €1114, platinum gained $9 to $1049, and copper remained at about $2.10.

 

Gold and silver equities rose throughout most of the afternoon and ended roughly 3% higher on the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Wholesale Inventories

Mar

0.1%

0.2%

-0.6%

 

Job Openings in the U.S. Climb to Second-Highest in Records Bloomberg

 

Tomorrow brings the Treasury Budget for April.

 

The Markets:

 

Markets Charts Intraday

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

 

Oil gained almost 3% “after the U.S. Energy Information Administration raised its 2017 forecast for WTI oil prices by nearly 25% to $50.65 a barrel.”

 

The U.S. dollar index found slight gains as the yen fell again “after Japan’s finance minister said warnings from U.S. Treasury officials wouldn’t stop Japan from trying to weaken its currency.”

 

Treasuries edged higher after today’s $24 billion three-year note auction at a high yield of 0.875% with a bid-to-cover of 2.93.

 

The Dow, Nasdaq, and S&P gained over 1% on better than expected earnings results and relief over oil’s rebound.

 

Among the big names making news in the market today were Google, Nokia, and Allergan.

 

GATA Posts:

 

 

China eases gold trade rules in 6 cities

Australia notices Deutsche Bank's agreement to settle gold, silver rigging claims

 

The Statistics:

As of close of business: 5/9/2016

Gold Warehouse Stocks:

7,414,819.420

+7,662.216

Silver Warehouse Stocks:

152,856,480.617

+395,192.839

 

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

836.869

26,906,167

US$33,973m

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$5,596m

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$6,184m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$452m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

34.72

1,116,345

US$1,401m

Note: Change in Total Tonnes from yesterday’s data: SPDR added 2.675 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 197.18: +0.75 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,454.50: No change from yesterday’s data.

 

The Miners:

 

WINNERS

1.  Eldorado

EGO +8.57% $4.56

2.  DRDGOLD

DRD +8.50% $5.36

3.  Avino

ASM +6.25% $1.36

 

LOSERS

1.  Paramount

PZG -2.55% $1.53

2.  Turquoise

TRQ -0.38% $2.62

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 10th, 2016
Source: Gold-Seeker.com







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