-- Posted Monday, 26 June 2006 | Digg This Article
| Close | Gain/Loss |
Gold | $584.80 | -$0.20 |
Silver | $10.25 | -$0.05 |
XAU | 134.90 | +1.12% |
HUI | 315.47 | +1.22% |
GDM | 993.84 | +0.91% |
JSE Gold | 3094.60 | +2.73% |
USD | 86.47 | -0.40 |
Euro | 125.86 | +0.68 |
Yen | 85.99 | +0.16 |
Oil | $71.80 | +$0.93 |
10-Year | 5.239% | +0.011 |
T-Bond | 105.5625 | -0.125 |
Dow | 11045.28 | +0.51% |
Nasdaq | 2133.67 | +0.58% |
S&P | 1250.56 | +0.49% |
The Metals:
Gold remained in a tight range on either side of unchanged in Asia and London before it dropped to $577.00 in late morning New York trade, but it then rallied into the close and ended back near unchanged on the day. Silver traded nicely higher in Asia and London before it fell near $10.00 in late morning New York trade, but it also rallied into the close and ended just slightly lower on the day.
Euro gold remained above €465, platinum gained $11 to $1,175, palladium gained $11 to $314, and copper rose about 7 cents near $3.30.
Gold and silver equities jumped about 1% higher at the open, quickly fell to near unchanged, and then rallied into the close to end near their highs of the session with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
New Home Sales | May | 1234K | 1145K | 1180K |
New Home Sales unexpectedly rose 4.6%, but many did not seem to believe the highly volatile number that is often revised. April’s 1.18 million sales were revised down from 1,198,000. Tomorrow at 10AM brings Consumer Confidence for June expected at 103.9 and Existing Home Sales for May expected at 6.61 million.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on concerns over Iran and on “a shipping snag along the U.S. Gulf Coast that was having some impact on refinery operations.”
The U.S. dollar index fell as the euro rose on hawkish talk from the European Central Bank that stated inflation concerns and hinted towards further interest rate hikes in Europe.
Treasuries fell slightly on the reportedly strong New Home Sales report, but trade was calm ahead of the fed’s meeting on Thursday.
The Dow, Nasdaq, and S&P rose slightly on merger and acquisition news.
Among the big names making news in the market today were Boston Scientific, Kraft, Walgreen, Warren Buffet and Bill Gates, Mittal and Arcelor, Phelps Dodge and Inco and Falconbridge, Johnson & Johnson and Pfizer, and Lennar.
The Commentary:
“You never know, but the technical action this week with gold closing more than $40 off of its overnight correction low of $543 or so, suggests the bottom has been put in. This would coincide with the MIDAS fundamental analysis that the major physical buyers (Russians, Iranians, Chinese, Arabs and Indians) stepped away from the market in order not to be hit by a freight train. They wanted to see the extent of the carnage on the downside, which eventually turned out to be considerable. Most will probably be stepping up to the plate on the long side, competing with each other and The Gold Cartel for available gold supply.”- From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“June Gold closed unchanged at 584.8. This was 4.8 up from the low and equal to the high.
July Silver finished down 0.045 at 10.24, 0.11 off the high and 0.22 up from the low.
The gold market seemed to be poised to start the week out on a positive note but as the session progressed, the trade turned increasing more negative toward prices. However, around mid session the gold market did manage to rise back into positive territory and that had to temper the bear attitude slightly. With the early equity market gains reversed and US economic readings prompting some players to fear even more aggressive action from the Fed it wasn't surprising that the gold market was generally off balance for most of the session. In a positive note, the Press was circulating a story suggesting that Pension fund holders of gold would probably be strong holders of gold and in the current liquidative posture that is an important suggestion. Furthermore, with the Fed suggesting that the US economy remained solid despite high energy costs there is the potential to see inflation remain in the markets focus, even if the general consensus is that the Fed is set to contain inflation.
The silver market made an impressive recovery after being on the technical ropes early in the action Monday. In fact for the market to rebound so aggressively probably made some of the fresh shorts a little leery. We also suspect that a weakening of the Dollar and a recovery in both copper and platinum markets off their lows of the day, added to the short covering mentality in silver. In the end, the bull camp seemed to dodge a bullet in the action Monday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Eric Sprott and Sasha Solunac: The central bank gambit
The Statistics:
As of close of business: 06/23/2006
Gold Warehouse Stocks: | 8,031,225 | -195 |
Silver Warehouse Stocks: | 102,610,597 | +1,524,685 |
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$ 6,813m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 76.98 | 2,475,104 | US$ 1,450m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.58 | 307,473 | US$ 180m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,091 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/23/2006 | |
Total Net Assets | $773,398,909 | 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 06/23/2006 | |
Total Net Assets | $791,398,944 | Ounces of Silver
in Trust | 78,457,554 |
Shares Outstanding | 7,850,000 | Tonnes of Silver
in Trust | 2,440.3 |
The Stocks:
Gammon Lake’s (GRS) agreement with Mexgold Resources (MGR.V), Canyon Resources’ (CAU) drill results, and Pioneer’s (PSM.TO) update on NovaGold’s (NG) hostile takeover bid were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Northern Orion | NTO +5.45% $4.84 |
2. Cumberland | CLG +4.72% $4.44 |
3. Taseko Mines | TGB +3.9% $2.40 |
LOSERS
1. Crystallex | KRY -7.3% $2.92 |
2. Nevsun Resources | NSU -5.74% $2.79 |
3. Banro Corp. | BAA -2.45% $9.15 |
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:
Yankee Hat Minerals Ltd.: Drilling Started on Fran Property - More
- June 26, 2006 | Item | E-mail
HE-5 Resources, Corp. Receives Permit for Overman Property - More
- June 26, 2006 | Item | E-mail
Uranium One Announces Aflease Gold Agreement to Acquire Shares of Randgold and Exploration - More
- June 26, 2006 | Item | E-mail
Normabec: Definitive Agreement Signed on the Real de Catorce Silver Mining District - More
- June 26, 2006 | Item | E-mail
Wildcat Exploration Ltd. - Summer Exploration Initiated in Foster River Property, Saskatchewan - More
- June 26, 2006 | Item | E-mail
Pioneer Update on Novagold Hostile Takeover Bid - "The Board of Directors of Pioneer have met and an independent committee has been formed to review and give its opinion on the particulars of the hostile takeover with the assistance of Dundee Securities Corporation, which has been retained as financial advisor, and Gowling Lafleur Henderson LLP, special counsel to Pioneer. However, an initial review of NovaGold's Bid Circular has revealed a number of misleading statements which Pioneer wishes to immediately comment on in order to ensure its shareholders are not deceived." More
- June 26, 2006 | Item | E-mail
Gryphon Gold Receives Production Permits - More
- June 26, 2006 | Item | E-mail
Vangold Announces Rare Metal Acquisition - More
- June 26, 2006 | Item | E-mail
Asia Gold Corp.: Drilling Outlines Gold Shoots in Quartz Veins at Naran Bulag, Mongolia - More
- June 26, 2006 | Item | E-mail
Gammon Lake and Mexgold announce definitive business combination agreement - "The Boards of Directors of Gammon Lake Resources Inc. and Mexgold Resources Inc. are pleased to announce that the two companies have entered into a definitive business combination agreement which supersedes the binding letter of intent announced on May 29, 2006 and provides that Gammon Lake will acquire all of the outstanding common shares and options of Mexgold in exchange for Gammon Lake shares and options." More
- June 26, 2006 | Item | E-mail
Augyva Mining Resources has Completed the First Part of a Sampling Campaign - More
- June 26, 2006 | Item | E-mail
Galantas Gold Corporation-Omagh Gold Mine: Operational Update - More
- June 26, 2006 | Item | E-mail
Michigan Gold Preparing to Drill Its Canadian Deadmoose Lake Platinum/Palladium Property - More
- June 26, 2006 | Item | E-mail
Wildcat Exploration Ltd. Completes $1,260,000 Equity Private Placement - More
- June 26, 2006 | Item | E-mail
Canyon Resources Announces Encouraging Drill Results at Its Cecil R. Property - "Canyon Resources Corporation, a Colorado-based mining company is pleased to announce encouraging results from its reverse circulation (RC) drilling program at the Company's Cecil R. deposit located in the Panamint Mountains of southern Inyo County, approximately four miles north of its Briggs Mine." More
- June 26, 2006 | Item | E-mail
Madison Minerals Inc.: Drill Results from Mt. Kare - More
- June 26, 2006 | Item | E-mail
Buffalo Gold Intersects 114.8 m of 4.03 g/t Gold at Mt. Kare Gold Project - More
- June 26, 2006 | Item | E-mail
Northland Resources Inc.: Base of Till Samples at Palotieva Project Assay up to 11.8% Cu and 5.67g/t Au - More
- June 26, 2006 | Item | E-mail
Intrepid Minerals Reports NuStar Shareholders Approve Merger - More
- June 26, 2006 | Item | E-mail
Internal Geologic Report Confirms MGM Mineral Resources' La Esperanza Mine Contains More Than 800,000 Ounces of Gold - More
- June 26, 2006 | Item | E-mail
Crew to Acquire New Gold Project in the Philippines - More
- June 26, 2006 | Item | E-mail
Kimberly Gold Mines Signs Agreement on Camacho Gold/Silver Property in Zacatecas, Mexico - More
- June 26, 2006 | Item | E-mail
Bullion River Gold Corp.: Joint Venture Announced with Silver Quest for Corcoran Canyon Silver Project, Nevada - More
- June 26, 2006 | Item | E-mail
Patricia Mining Corp. Update to Shareholders - More
- June 26, 2006 | Item | E-mail
Terex Resources Signs Formal Agreement on Sudbury Base Metal Property - More
- June 26, 2006 | Item | E-mail
Gold Summit Stakes Sediment Hosted 'Carlin Type' Gold Target - More
- June 26, 2006 | Item | E-mail
Aurora Gold Corporation Announces That It Has Entered Into a Memorandum of Understanding on the Santa Lúcia Property in the Tapajos Gold Province, State of Pará - More
- June 26, 2006 | Item | E-mail
Romarco Signs Agreement for Epithermal Gold District in Mexico - More
- June 26, 2006 | Item | E-mail
GoldSpring, Inc. Reaches Settlement With Defendant in State Court Lawsuit - More
- June 26, 2006 | Item | E-mail
Globex Options Uranium-Gold Properties to Noront Resources Ltd. - More
- June 26, 2006 | Item | E-mail
Inter-Citic Improves Access to Dachang Gold Project: Travel Time Reduced By Three Hours - More
- June 26, 2006 | Item | E-mail
ECPN Announces Hiring of Houlihan Lokey as Financial Advisor - More
- June 26, 2006 | Item | E-mail
Probe Mines Options Lumby Lake Base and Precious Metal Property, Northwestern Ontario - More
- June 26, 2006 | Item | E-mail
De Beira to Prepare Technical Reports for Colombia and Ecuador Properties - More
- June 26, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 26 June 2006 | Digg This Article
Gold Seeker Closing Report – Gold & Silver Drop Slightly
