February 1: Gold Jumps Higher in Late Trade

 

Close

Gain/Loss

Gold

$1350.00

+$4.30

Silver

$17.24

-$0.09

XAU

87.60

-0.07%

HUI

196.70

+0.13%

GDM

661.96

-0.27%

JSE Gold

1244.84

-0.24

USD

88.59

-0.51

Euro

125.19

+1.06

Yen

91.44

-0.26

Oil

$65.80

+$1.07

10-Year

2.779%

+0.059

T-Bond

146.125

-1.6875

Dow

26186.71

+0.14%

Nasdaq

7385.86

-0.35%

S&P

2821.98

-0.06%

 

 

The Metals:

 

Gold fell $8.30 to $1337.40 in London, but it then rallied back higher throughout most of trade in New York and ended near its late session high of $1350.60 with a gain of 0.32%. Silver slipped to as low as $17.107 and ended with a loss of 0.52%.

 

Euro gold fell to about €1079, platinum gained $5 to $1005, and copper climbed a couple of cents to about $3.22.

 

Gold and silver equities waffled near unchanged and ended mixed on the day.

 

The Economy:

 

U.S. factory activity slows; labor market tightening  Reuters

U.S. Manufacturing Expands at Close to Quickest Pace Since 2004  Bloomberg

US January final Markit manufacturing PMI 55.5 vs 55.5 expected  forexlive

U.S. Construction Spending Rose in 2017 by Least in Six Years  Bloomberg

Factories start 2018 on solid footing  Reuters

U.S. Productivity Fell 0.1% Last Quarter to Extend Sluggish Run  Bloomberg

U.S. jobless claims unexpectedly fall as job market strengthens  Reuters

 

Tomorrow brings January’s jobs data, Consumer Sentiment, and Factory Orders.

 

The Markets:

 

Oil rose nearly 2% “after a survey showed OPEC’s commitment to its supply cuts remains in place.”

 

The U.S. dollar index dropped as the euro climbed higher on strong manufacturing data that allows the ECB to normalize monetary policy at upcoming meetings.

 

Treasuries fell on profit-taking.

 

The Dow, Nasdaq, and S&P traded mixed ahead of tomorrow’s jobs data and earnings reports.

 

Among the big names making news in the market today were Square, Lowe’s, Time Warner, UPS, DowDuPont, Alibaba, Microsoft, Facebook, and Mastercard.

 

GATA Posts:

 

 

Indian government plans to eliminate use of cryptocurrencies

Germany’s gold repatriation leader elected chairman of Bundestag’s budget committee

South Korea doesn’t plan to stop crypto trading

 

The Statistics:

As of close of business: 1/31/2018

Gold Warehouse Stocks:

9,257,855.482

Silver Warehouse Stocks:

246,260,704.970

-716,078.513

 

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$36,372m

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$5,960m

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$6,590m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$482m

Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 4.132 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 261.31: +0.54 change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,736.88: -26.40 change from yesterday’s data.

 

The Miners:

 

Centerra Gold’s (CG.TO) revolving credit facility, Golden Star’s (GSS) commercial production achievement, and Pan American’s (PAAS) filed technical report were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  DRDGOLD

DRD +4.76% $3.08

2.  Nevsun

NSU +3.90% $2.13

3.  Buenaventura

BVN +2.07% $15.75

 

LOSERS

1.  Harmony

HMY +2.26% $1.73

2.  Avino

ASM -2.11% $1.39

3.  Alexco

AXU -1.96% $1.50

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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