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Weekly Wrap-Up|May 27th: Gold and Silver Fall About 3% and 2% on the Week








Chris Mullen | Friday May 27th

Please Note: US markets are closed on Monday in observance of Memorial Day.

 

 

Close

Gain/Loss

On Week

Gold

$1210.30

-$9.40

-3.37%

Silver

$16.20

-$0.12

-1.88%

XAU

79.40

-3.31%

-7.07%

HUI

198.87

-3.04%

-8.14%

GDM

620.71

-2.81%

-6.81%

JSE Gold

1959.91

-5.03

-5.31%

USD

95.76

+0.60

+0.46%

Euro

111.14

-0.78

-0.94%

Yen

90.60

-0.51

-0.23%

Oil

$49.33

-$0.15

+3.31%

10-Year

1.851%

+0.028

+0.11%

Bond

164.00

-0.5625

-0.19%

Dow

17873.22

+0.25%

+2.13%

Nasdaq

4933.50

+0.65%

+3.44%

S&P

2099.06

+0.43%

+2.28%

 
 
Precious Metals Charts Intraday

 

The Metals:

 

Gold initially eased overnight losses and edged up to $1223.34 in late Asian trade, but it then chopped back lower in London and New York and ended with a loss of 0.77%.  Silver slipped to as low as $16.131 and ended with a loss of 0.74%.

 

Euro gold fell to about €1089, platinum lost $15 to $975, and copper climbed a penny to about $2.12.

 

Gold and silver equities fell about 3% by midafternoon and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q1

0.8%

0.9%

0.5%

GDP Deflator

Q1

0.6%

0.7%

0.7%

Michigan Sentiment

May

94.7

95.5

95.8

 

All of this week’s other economic reports:

 

Pending Home Sales - April

5.1% v. 1.6%

 

Durable Orders - April

3.4% v. 1.9%

 

Durable Orders ex-trans. - April

0.41% v. 0.1%

 

Initial Claims - 5/21

268K v. 278K

 

FHFA Housing Price Index - March

0.7% v. 0.5%

 

New Home Sales - April

619K v. 531K

 

Next week’s economic highlights include Personal Income and Spending, PCE Prices, the Case-Shiller 20-city Index, Chicago PMI, and Consumer Confidence on Tuesday, Construction Spending, the ISM Index, and the Fed's Beige Book on Wednesday, ADP Employment and Initial Jobless Claims on Thursday, and May’s jobs data, the Trade Balance, Factory Orders, and ISM Services on Friday.

 

The Markets:

 

Market Charts Intraday

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

 

Oil edged lower as the U.S. dollar index rose and treasuries fell on better than expected economic data that sent the Dow, Nasdaq, and S&P higher.

 

Among the big names making news in the market Friday were LendingClub, Takata, and Verizon.

 

GATA Posts:

 

Gold Anti-trust Action Committee

 

India's banks still dragging their feet with gold monetization scheme

 

The Statistics:

Activity from: 5/26/2016

Gold Warehouse Stocks:

8,459,941.650

+223,481.029

Silver Warehouse Stocks:

153,597,092.803

-50,905.71

 

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

868.662

27,928,350

US$33,958m

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$5,393m

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$5,957m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$434m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.36

1,136,896

US$1,417m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 198.89: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,442.66: No change from yesterday’s data.

 

The Miners:

 

Centerra’s (CG.TO) permit delay, First Majestic’s (AG) election of directors, and Endeavour Silver’s (EXK) AGM results were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNER

1.  Nevsun

NSU +1.21% $3.35

 

LOSERS

1.  McEwen

MUX -7.53% $2.21

2.  B2Gold

BTG -7.41% $1.75

3.  Silver Standard

SSRI -6.65% $8.71

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 27th, 2016
Source: Gold-Seeker.com







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