-- Posted Sunday, 25 June 2006 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $585.00 | +$2.70 | +1.14% |
Silver | $10.30 | +$0.06 | +1.68% |
XAU | 133.40 | +1.60% | +4.17% |
HUI | 311.68 | +1.68% | +5.88% |
GDM | 984.90 | +1.83% | +4.68% |
JSE Gold | 3012.28 | +1.55% | +19.78% |
USD | 86.87 | +0.44 | +1.05% |
Euro | 125.18 | -0.64 | -0.99% |
Yen | 85.83 | -0.31 | -1.22% |
Oil | $70.87 | +$0.03 | +1.42% |
10-Year | 5.228% | +0.030 | +1.95% |
Bond | 105.6875 | -0.28125 | -0.94% |
Dow | 10989.09 | -0.27% | -0.23% |
Nasdaq | 2121.47 | -0.07% | -0.40% |
S&P | 1244.50 | -0.09% | -0.56% |
The Metals:
CoT Reports: Gold | Silver
Gold traded between $580 and $585 in Asia before it started to fall off in London and continued to drop in New York to as low as $571.40, but it then rallied to near unchanged, fell back off a bit, and then rallied again into the close to end with a decent gain on the day. Silver briefly fell under $10 in early New York trade before it also rallied throughout most of the rest of trade and ended with a gain.
Euro gold rose above €465, platinum lost $5 to $1,164, palladium lost $2 to $303, and copper rose more than 10 cents to over $3.20.
Gold and silver equities dropped nearly 2% at the open, quickly rallied to near unchanged, and gained about 2% in early afternoon trade before they fell off a bit, but they still ended with over 1.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | May | -0.3% | 0.4% | -4.7% |
Excluding transportation, Durable Goods Orders rose 0.7% to somewhat offset the overall economically disappointing report.
All of this week’s economic reports:
Next week’s economic highlights include New Home Sales on Monday, Existing Home Sales and Consumer Confidence on Tuesday, GDP and the FOMC policy announcement on Thursday, and Personal Income and Spending and Michigan Sentiment on Friday.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded near unchanged as traders watched for developments in geopolitical tensions and looked at adequate supplies in the face of strong demand.
The U.S. dollar index gained and treasuries fell as traders look forward to next week’s fed meeting that is expected to result in a hike in interest rates.
The Dow, Nasdaq, and S&P traded mixed and near unchanged as most wait for signals from the fed late next week.
Among the big names making news in the market Friday were GM and Delphi, Novartis and Merck, Pequot, Anadarko and Kerr-McGee and Western Gas Resources, Goldman Sachs and Associated Ports, and Energy Partners and Stone Energy.
The Commentary:
“The US gambit was to break the commodity markets now to create the spin and view that the US has done their job fighting inflation. The incumbents (especially the Bush Administration and the Republicans) in Washington know that rising interest rates from here will kill the US stock and real estate markets. THEY need both those markets to be in good shape come Fall Election time. For instance, one of the key Republican strategists said candidly on TV the other day that a DOW north of 11,000 is good for them, while a market below that number would be a negative.
At the moment the base and precious metals are holding and recovering. Oil and nat gas are doing the same. Should they continue back up, and US interest rates move higher while the dollar fails to rally (or moves lower), that gambit will have failed.
Either way, it is hard for me to imagine that Paulson and those in power in Washington will let the markets fail without moving interest rates down going into the election. There is too much at stake.
All of this bodes well for gold and silver in the months to come.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
Must reads from yesterday’s Midas as well:
Gold Derivatives: Da Goldman Code - Reg Howe
The Central Bank Gambit – Eric Sprott; Sasha Solunac
“June Gold closed up 2.6 at 584.8. This was 7.8 up from the low and equal to the high.
July Silver finished up 0.075 at 10.285, 0.035 off the high and 0.325 up from the low.
August gold scratched its way back from as much as an $11.50 break to close higher on the day despite a stronger Dollar and a weak Durable Goods number for May. Solid gains in the energy sector with concerns that gasoline prices could move sharply higher this summer given tightening supplies & robust consumer demand helped to fuel inflation concerns. However, concerns that the Fed will continue to hike rates beyond next week's expected rise seems to be a key factor keeping August gold under $600 per ounce. There were reports Friday that with gold prices falling significantly from peak price levels in May, cash dealers have seen a pick up in fabrication demand by Jewelry manufacturers which seems to be giving some underlying support to the gold market. Reports that the US government thwarted a planned terrorist attack on the Sears Tower did not appear to give gold much safe haven support.
Silver prices fell sharply in early trade Friday, but steadily rebounded to close higher on the day supported by the strength in the copper market and the Dollar easing off its highs. It is impressive that both silver and copper were able to rally in the face of a .3% decline in May Durable Goods Orders and looming tightening action by the Fed next week. Another sharp decline in LME copper stocks sent copper prices higher on Friday and silver seems to be following copper more closely than gold this session. However, a limiting factor for silver will be the expected Fed rate tightening next week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Crudele: The day I met the Plunge Protection Team
USAToday study of gold quotes GATA supporters Centennial and Blanchard
The Statistics:
As of close of business: 06/22/2006
Gold Warehouse Stocks: | 8,031,420 | - |
Silver Warehouse Stocks: | 104,597,752 | + 22,815 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 365.73 | 11,758,603 | US$ 6,871m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 76.99 | 2,475,187 | US$ 1,446m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.58 | 307,483 | US$ 180m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,091 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/22/2006 | |
Total Net Assets | $769,967,997 | Ounces of Gold
in Trust | 1,322,842.091 |
Shares Outstanding | 13,300,000 | Tonnes of Gold
in Trust | 41.14 |
Silver Trust (SLV)
Profile as of 06/22/2006 | |
Total Net Assets | $779,324,357 | Ounces of Silver
in Trust | 73,961,281 |
Shares Outstanding | 7,400,000 | Tonnes of Silver
in Trust | 2,300.4 |
The Stocks:
Aurizon’s (AZK) drill results and Newmont’s (NEM) back tax claim in Uzbekistan were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Gammon Lake | GRS +9.47% $12.71 |
2. Nevsun Resources | NSU +6.47% $2.96 |
3. Aurizon Mines | AZK +5.47% $2.70 |
LOSERS
1. Minco Mining | MMK -4.23% $1.36 |
2. Rubicon Minerals | RBY -3.91% $1.23 |
3. U.S. Energy | USEG -3.1% $4.06 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Helena Silver Acquiring Dome Copper: Announces Scheduling of Special Shareholder Meeting - More
- June 23, 2006 | Item | E-mail
Excellon Reports Third Quarter 2006 Results - More
- June 23, 2006 | Item | E-mail
Zaruma Resources and Glencore International AG enter into Memorandum of Understanding on Financing of Luz del Cobre Copper Project - More
- June 23, 2006 | Item | E-mail
Drilling to commence at Yamba Lake, Northwest Territories - More
- June 23, 2006 | Item | E-mail
Newgold Announces Initial Results From Heap Reprocessing Study at Relief Canyon - More
- June 23, 2006 | Item | E-mail
CORRECTING and REPLACING El Capitan Hyperspectral Survey Shows 4 New Anomalies - More
- June 23, 2006 | Item | E-mail
Vior Completes Two Private Placements Totalling $250,000 With Sodemex Ii and Societe de Developpement de la Baie James - More
- June 23, 2006 | Item | E-mail
/C O R R E C T I O N from Source -- Marathon PGM Corporation/ - More
- June 23, 2006 | Item | E-mail
Marathon Intersects Wide-Spread Copper Mineralization in the Dunlop Zone - More
- June 23, 2006 | Item | E-mail
Eagle Plains/Blind Creek Commence Extensive Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- June 23, 2006 | Item | E-mail
Richview Resources Inc.: Press Release - More
- June 23, 2006 | Item | E-mail
YSV Ventures Inc.: Press Release - More
- June 23, 2006 | Item | E-mail
Simberi Gold Corporation: Press Release - More
- June 23, 2006 | Item | E-mail
Keegan Begins Exploration on Esaase Gold Property, Ghana - More
- June 23, 2006 | Item | E-mail
Garibaldi Resources Corp.: Morelos Project Update-Follow Up Exploration Work on Satellite Image Anomalies Defines Multiple High Priority Targets, Chihuahua Stat - More
- June 23, 2006 | Item | E-mail
Callinan Mines Limited - Summer program underway at Coles Creek - More
- June 23, 2006 | Item | E-mail
Lake Shore Gold Corp. Options Northeast Price Property in Timmins West Camp - More
- June 23, 2006 | Item | E-mail
El Capitan Hyperspectral Survey Shows 4 New Anomalies - More
- June 23, 2006 | Item | E-mail
European Minerals Corporation-Varvarinskoye Project Update Continued Progress: First Ore Scheduled to be Mined in August 2006 - More
- June 23, 2006 | Item | E-mail
Equitable Mining Corp. expects interim results from Red Lake Properties - More
- June 23, 2006 | Item | E-mail
Amerix Precious Metals Reports on NI 43-101 Results - More
- June 23, 2006 | Item | E-mail
Aurizon Mines Ltd.: Casa Berardi Production Improvements Anticipated at Start Up - "Aurizon Mines Ltd. is pleased to present results from the ongoing definition drilling of Zone 113 and a progress report on development activities at its 100 percent owned Casa Berardi Gold Project located in north-western Quebec, Canada." More
- June 23, 2006 | Item | E-mail
Newmont JV faces back tax claim in Uzbekistan - "A court in Uzbekistan has ruled to extract $36 million in back taxes from a gold deposit half owned by Newmont Mining Corp., the U.S. firm said. The claim came at a time when relations between the United States and Uzbekistan are on the downswing following strong U.S. condemnation of a bloody crackdown on a rebellion in the town of Andizhan in May 2005." More
- June 23, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Sunday, 25 June 2006 | Digg This Article
Gold Seeker Weekly Wrap-Up – Gold Gains for the first Week in 6
