• Gold: 1,284.18 -7.58
  • Silver: 16.35 -0.08
  • Euro: 1.175 -0.002
  • USDX: 93.894 0.257
  • Oil: 71.58 0.19

February 6: Gold and Silver Erase Overnight Gains and End Roughly 1% Lower

Chris Mullen
|
Tuesday, February 6th

 

Close

Gain/Loss

Gold

$1321.70

-$14.60

Silver

$16.60

-$0.10

XAU

82.10

-1.17%

HUI

181.87

-2.12%

GDM

620.26

-2.27%

JSE Gold

1193.12

-7.05

USD

89.71

+0.11

Euro

123.77

-0.15

Yen

91.34

-0.03

Oil

$63.39

-$0.76

10-Year

2.802%

+0.071

T-Bond

145.625

-0.0625

Dow

24912.77

+2.33%

Nasdaq

7115.88

+2.13%

S&P

2695.14

+1.74%

 
http://www.goldseek.com/news/2018/2018-02-06_14-02-02.jpg

 

The Metals:

 

Gold gained $9.70 to $1346.00 in early Asian trade and held most of those gains into London, but it then fell back off for most of trade in New York and ended near its late session low of $1320.20 with a loss of 1.09%. Silver slipped to as low as $16.589 and ended with a loss of 0.6%.

 

Euro gold fell to about €1068, platinum lost $1 to $984.50, and copper dropped 2 cents to about $3.20.

 

Gold and silver equities fell roughly 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Job Openings in U.S. Declined to Seven-Month Low in December  Bloomberg

Fed's Bullard says job market strength may not augur higher inflation  Reuters

U.S. trade deficit in Trump's first year soars to 9-year high of $566 billion  MarketWatch

U.S. Trade Deficit Is Wider Than Any Month or Year Since 2008  Bloomberg

 

Tomorrow brings MBA Mortgage Applications and Consumer Credit.

 

The Markets:

 

Oil fell over 1% ahead of tomorrow’s expected rise in U.S. crude supplies and production in the EIA’s weekly inventory report.

 

The U.S. dollar index ended slightly higher in mixed trade and treasuries fell as the Dow, Nasdaq, and S&P roughly halved yesterday’s historic losses by climbing back about 2%.

 

Among the big names making news in the market today were Bitcoin, Wells Fargo, GM, and Bristol-Myers.

 

GATA Posts:

 

 

U.S. regulators to back more oversight of virtual currencies

 

The Statistics:

As of close of business: 2/5/2018

Gold Warehouse Stocks:

9,329,119.323

-32,436.833

Silver Warehouse Stocks:

248,788,088.670

+736,304.80

 

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

841.353

27,050,351

US$36,000m

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$5,905m

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$6,525m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$475m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 261.97: +0.72 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,767.91: +35.19 change from yesterday’s data.

 

The Miners:

 

Randgold’s (GOLD) comments on working together with countries in Africa, Coeur’s (CDE) year-end 2017 contained reserves and resources, and Avino’s (ASM) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Americas Silver

USAS +6.58% $3.89

2.  Freeport

FCX +6.18% $18.74

3.  Avino

ASM +2.34% $1.31

 

LOSERS

1.  Seabridge

SA -5.70% $10.75

2.  B2Gold

BTG -5.41% $2.80

3.  Franco-Nevada

FNV -3.75% $71.41

Winners & Losers tracks NYSE 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:

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