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Precious Metals Slump on Global Concerns (Continued from Prior Part) Gold and silver performance update
Gold is mostly trading flat. On Monday, August 17, it gained 0.51%, whereas on Tuesday, August 18, it lost 0.13%. Silver saw an up-day on Monday and gained 0.56%. It lost as much as 3.35% on Tuesday, August 18. Silver futures on COMEX settled at $14.834 per ounce on August 18. The dollar ended about 0.3% weaker and the DXY currency index settled at $97.04. The US dollar has a 30-day trailing loss of 1.14%. However, its year-to-date gain is 7.18%.
Since it’s popular as a risk-aversive investment, investors flock to gold in times of social, political, and economic unrest. Under the current scenario, when interest rates are lower, gold has an easy time competing with interest-bearing securities. However, a possible rate hike may take away the luster from the beloved metal.
FOMC meeting awaited
FOMC (Federal Open Market Committee) met on Wednesday, August 19, which is likely to have major effects on precious metals. A hawkish outcome of the Fed’s meeting is likely to have a more negative impact. This may pertain to the probable, much-anticipated liftoff expectation that will probably make Treasuries and other interest-bearing securities perform better.
The Market Vectors Gold Miners ETF (GDX) fell 1.8% on Tuesday, August 18. GDX Component companies Iamgold (IAG), Agnico-Eagle Mines (AEM), Royal Gold (RGLD), and Silver Wheaton (SLW) lost 4.84%, 0.12%, 1.18%, and 2.08%, respectively.
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Silver Wheaton
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PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions). Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53. Silver Wheaton has 441 520 000 shares outstanding. |