• Gold: 1,226.20 -0.19
  • Silver: 14.58 -0.05
  • Euro: 1.151 0.000
  • USDX: 95.713 -0.243
  • Oil: 69.63 0.88

May 24: Gold and Silver Gain After Fed Minutes Release

Chris Mullen
|
Wednesday, May 24th
 

Close

Gain/Loss

Gold

$1257.20

+$5.40

Silver

$17.19

+$0.12

XAU

84.86

+1.20%

HUI

196.20

+1.10%

GDM

363.01

+0.56%

JSE Gold

1434.50

-51.88

USD

97.11

-0.26

Euro

112.17

+0.34

Yen

89.67

+0.23

Oil

$51.36

-$0.11

10-Year

2.248%

-0.039

T-Bond

153.8125

+0.53125

Dow

21012.42

+0.36%

Nasdaq

6163.02

+0.40%

S&P

2404.39

+0.25%

 
 
http://goldseek.com/news/2017/5-24gsr.jpg

The Metals:

 

Gold dipped $3.90 to $1247.90 in Asia before it bounced back to $1254.30 in early New York trade and then fell to see a slight loss in late morning action, but it then rallied back higher in afternoon trade and ended near its post FOMC Minutes release reaction high of $1257.90 with a gain of 0.43%. Silver rose to as high as $17.199 and ended with a gain of 0.70%.

 

Euro gold rose to about €1121, platinum gained $5 to $946, and copper dropped a penny to about $2.59.

 

Gold and silver equities fell over 1% by late morning, but they then rallied back higher into the close and ended about 1% higher on the day.

The Economy:

 

Report

For

Reading

Expected

Previous

FHFA Housing Price Index

Mar

0.6%

0.5%

0.8%

Existing Home Sales

Apr

5.57M

5.65M

5.70M

 

Most Fed Officials Saw Tightening ‘Soon,’ Favored Unwind Plan Bloomberg

Fed minutes show broad agreement on approach to start shrinking balance sheet MarketWatch

Fed ties rate hike to economic rebound, sees balance sheet cuts in 2017 Reuters

 

Tomorrow brings Initial Jobless Claims and International Trade in Goods.

 

The Markets:

 

Oil edged lower ahead of tomorrow’s decision by OPEC over whether or not to extend recent output cuts.

 

The U.S. dollar index fell and treasuries rose while the Dow, Nasdaq, and S&P added onto early gains after today’s fed minutes noted “that “it would be prudent” to wait for evidence that a recent slowdown in economic activity had been transitory.”

 

Among the big names making news in the market today were Aston Martin, Lowes, and Tiffany’s.

 

GATA Posts:

 

 

No major news organization wants the financial news story of the century

Government intervention stalls gold but bitcoin escapes it, von Greyerz says

 

The Statistics:

As of close of business: 5/23/2017

Gold Warehouse Stocks:

8,818,587.082

+57,677.10

Silver Warehouse Stocks:

201,466,911.345

+841,043.774

 

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

847.452

27,246,434

US$34,119m

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$5,556m

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$6,140m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$449m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

34.33

1,103,772

US$1,391m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 5.031 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 202.82: No change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 10,693.85: No change from yesterday’s data.

 

The Miners:

 

Tanzania’s fired mining minister and First Majestic’s (AG) illegal blockade were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Alio Gold

ALO +7.11% $4.82

2. Pretivm

PVG +4.38% $9.05

3. Turquoise

TRQ +4.32% $2.90

LOSERS

1. Fortuna

FSM -5.62% $4.37

2. Northern Dynasty

NAK -4.60% $1.66

3. Paramount

PZG -3.13% $1.55

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

- Chris Mullen, Gold Seeker Report

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© Gold Seeker 2017

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