• Gold: 1,244.47 -1.40
  • Silver: 14.75 0.01
  • Euro: 1.137 -0.000
  • USDX: 97.044 -0.355
  • Oil: 51.32 0.17

November 28: Gold and Silver Jump on Powell Remarks

Chris Mullen
|
Wednesday, November 28th

 

Close

Gain/Loss

Gold

$1220.20

+$5.20

Silver

$14.31

+$0.17

XAU

65.52

+3.10%

HUI

147.88

+2.90%

GDM

537.36

+2.07%

JSE Gold

1107.10

+1.32

USD

96.83

-0.53

Euro

113.71

+0.76

Yen

88.13

+0.11

Oil

$50.29

-$1.27

10-Year

3.061%

+0.008

T-Bond

139.625

-0.28125

Dow

25366.43

+2.50%

Nasdaq

7291.59

+2.95%

S&P

2743.78

+2.30%

 

http://www.goldseek.com/news/2018/2018-11-28_14-01-41.jpg

 

The Metals:

 

Gold dropped back to $1211.20 by a little after 9AM EST before it jumped up to $1226.30 in early afternoon trade and then pared back into the close, but it still ended with a gain of 0.43%. Silver dipped to $14.119 in Asia before it rose to as high as $14.389 in New York and then also fell back off a bit, but it still ended with a gain of 1.2%.

 

Euro gold fell to about €1073, platinum lost $7 to $822, and copper climbed 8 cents to about $2.79.

 

Gold and silver equities rose roughly 3% after Powell’s speech was released and remained near that level for the rest of the day.

 

The Economy:

 

Fed warns that 'particularly large' plunge in asset prices is possible if risks materialize  CNBC

Trump again lashes out at Powell, says he’s ‘not even a little bit happy’ about naming him Fed chief  MarketWatch

Fed's gradual rate hikes balance against risks: Powell  Reuters

Seemingly dovish, Powell says interest rates are ‘just below’ level where they won’t stimulate economy  MarketWatch

Fed flags concerns over corporate debt in first-ever financial stability report  MarketWatch

New home sales tumble 8.9% in October, vs. estimates for 3.7% gain  CNBC

U.S. third-quarter growth unrevised; headwinds increasing  Reuters

 

Tomorrow brings Weekly jobless claims, Personal income and spending, Core inflation, Pending home sales, and FOMC minutes.

 

The Markets:

 

Oil fell 2.5% after the Energy Information Administration reported that crude inventories rose 3.6 million barrels, gasoline inventories fell 800,000 barrels, and distillates rose 2.6 million barrels.

 

The U.S. dollar index fell markedly and treasuries traded mixed while the Dow, Nasdaq, and S&P rose over 2% after Powell signaled an upcoming shift in policy towards no longer raising interest rates.

 

Among the big names making news in the market today were Ford, Curaleaf, Tiffany’s, Salesforce, and Zillow.

 

GATA Posts:

 

 

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The Statistics:

As of close of business: 11/27/2018

Gold Warehouse Stocks:

8,015,402.632

-160.755

Silver Warehouse Stocks:

294,693,303.864

+1,704,383.823

 

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

761.743

24,490,803

US$29,704m

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$5,389m

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$5,962m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.16

358,789

US$438m

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 271.48: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 10,037.68: -71.56 change from yesterday’s data.

 

The Miners:

 

Gold Fields’ (GFI) severance terms and Endeavour Silver’s (EXK) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Golden Star

GSS +7.28% $2.80

2.  Hecla

HL +7.02% $2.59

3.  Freeport

FCX +6.49% $11.97

 

LOSERS

1.  Paramount

PZG -0.98% $1.01

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

 

- Chris Mullen, Gold Seeker Report

 

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Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2018

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