• Gold: 1,616.26 -5.46
  • Silver: 14.34 -0.06
  • Euro: 1.079 -0.002
  • USDX: 100.682 0.578
  • Oil: 28.94 4.09

May 2: Gold and Silver Fall With Oil

Chris Mullen
|
Wednesday, May 2nd

 

 

 

Close

Gain/Loss

Gold

$1653.60

-$8.10

Silver

$30.65

-$0.32

XAU

162.50

-1.72%

HUI

437.11

-1.84%

GDM

1262.59

-1.91%

JSE Gold

2236.89

-3.72

USD

79.14

+0.31

Euro

131.57

-0.82

Yen

124.81

-0.09

Oil

$105.22

-$0.94

10-Year

1.922%

-0.034

T-Bond

142.84375

+0.75

Dow

13268.57

-0.08%

Nasdaq

3059.85

+0.31%

S&P

1402.31

-0.25%

 
 

 

The Metals:

 

Gold fell to as low as $1646.61 at about 9:40AM EST before it bounced back higher midday, but it still ended with a loss of 0.49%. Silver slipped to as low as $30.398 and ended with a loss 1.03%.

 

Euro gold rose to about €1257, platinum lost $11.50 to $1558.50, and copper fell 5 cents to about $3.79.

 

Gold and silver equities fell about 2% at the open and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ADP Employment

Apr

119K

170K

201K

Factory Orders

Mar

-1.5%

-1.8%

1.1%

 

Mortgage Purchase Applications Rose Last Week CNBC

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/28 expected at 375,000, first quarter Productivity expected at -0.8%, and Unit Labor Costs expected at 3.0%. At 10AM is the ISM Services report for April expected at 55.5.

 

The Markets:

 

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

 

Oil remained lower after the Energy Information Administration reported that crude inventories rose 2.8 million barrels, gasoline inventories fell 2.0 million barrels, and distillates fell 1.9 million barrels.

 

The U.S. dollar index and treasuries rose on poor jobs data that sent the Dow and S&P lower, but the Nasdaq saw some strength on a strong performance from Intel.

 

Among the big names making news in the market today were Pfizer, MasterCard, Chesapeake, and Comcast.

 

GATA Posts:

 

 

MineWeb's Williams sees U.S. using gold for gradual devaluation of dollar

 

The Statistics:

As of close of business: 5/01/2012

Gold Warehouse Stocks:

10,998,148.830

-490.001

Silver Warehouse Stocks:

141,591,322.506

-537,909.18

 

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)

SPDR® Gold Shares

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

awaited

awaited

US$awaited

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 180.17: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,552.14: No change from yesterday’s data.

 

The Miners:

 

Claude’s filed technical report, Golden Star’s (GSS) drill results, and Barrick’s (ABX) first quarter results and dividend were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Midway

MDW +1.46% $1.39

2. Eurasian

EMXX+1.32% $2.31

3. Mines MGMT

MGN +1.14% $1.77

 

LOSERS

1. McEwen

MUX-6.74%$3.60

2. Jaguar

JAG -6.37% $2.50

3. Entree

EGI -5.17% $1.10

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 2012

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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