Weekly Wrap-Up: Gold and Silver Gain on the Week While Stocks Drop Nearly 4%
( Can you believe were pushing temps in the 90s here...Hot again)
Cooking up some good food down here in Mom's Basement Mummmm
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The Sponsor:
Pepsi with Billy Crystal
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The Food:
Breakfast Bombs
GYS
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The Metals:
Gold gained $8.30 to $1238.60 in Asia before it dropped back towards unchanged in London, but it then shot up to as high as $1243.40 in late morning New York trade and ended with a gain of 0.3%. Silver waffled between $14.734 and $14.576 in Asia and London, but it then rose to as high as $14.766 in New York and ended with a gain of 0.55%.
Euro gold stayed at €1082, platinum lost $2 to $823, and copper remained at about $2.75.
Gold and silver equities rose roughly 3% by late morning, but they then chopped back lower in afternoon trade and ended a little less than 1% higher on the day.
The Economy:
GDP ‘impressive,’ but investment is a weak spot, economists say MarketWatch
Consumer sentiment hits 98.6 in Oct., vs. 99 estimate CNBC
Mortgage rates rise as housing market cracks appear MarketWatch
The Markets:
Oil ended slightly higher in mixed trade on lingering concerns about Iran.
The U.S. dollar index saw decent gains around 8AM EST, but it then fell back off into the close and ended with a decent loss as the euro turned around on hopes for Brexit progress next week.
Treasuries rose as the Dow, Nasdaq, and S&P dropped roughly 2% more on a new round of disappointing earnings reports.
Among the big names making news in the market Friday were Mattel, Snap, GM, Amazon, and Alphabet.
GATA Posts:
Traders acquitted of FX rigging that banks admitted
China and Japan sign three-year FX swap deal amid U.S. trade tension
China likely to slow yuan's slide to 7 per dollar, sources tell Reuters
Treasury official points finger at Turkey over Venezuelan gold trade http://www.gata.org/
The Miners:
Randgold’s (GOLD) output and Excellon’s (EXN.TO) third quarter 2018 production results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Goldcorp
GG +4.12% $8.84
2. Americas Silver
USAS +3.79% $2.19
3. Paramount
PZG +3.70% $1.12
LOSERS
1. Yamana
AUY -4.51% $2.33
2. Coeur
CDE -2.18% $4.93
3. Buenaventura
BVN -1.98% $13.87
Winners & Losers tracks NYSE listed gold and silver mining stocks that trade over $1.
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