-- Posted Thursday, 7 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $660.00 | -$8.80 |
Silver | $13.39 | -$0.28 |
XAU | 134.50 | -3.38% |
HUI | 325.36 | -3.32% |
GDM | 1033.35 | -3.20% |
JSE Gold | 2656.11 | -0.72% |
USD | 82.31 | +0.43 |
Euro | 134.30 | -0.73 |
Yen | 82.61 | -0.05 |
Oil | $66.93 | +$0.97 |
10-Year | 5.099% | +0.129 |
T-Bond | 107.03125 | -1.34375 |
Dow | 13266.73 | -1.48% |
Nasdaq | 2541.38 | -1.77% |
S&P | 1490.72 | -1.76% |
The Metals:
Gold traded mostly slightly higher in Asia and London and traded within a couple dollars of either side of unchanged in morning New York trade, but it then fell off markedly in afternoon trade and dropped to as low as $657.40 before it rebounded in the last half hour of trade and ended with a loss of 1.32%. Silver dropped to as low as $13.36 in afternoon trade before it also came slightly off its low in the last minutes of trade, but it still ended with a notable loss of 2.05%.
Euro gold fell near €490, platinum lost $2 to $1,294, palladium lost $5 to $369, and copper remained at about $3.26.
Gold and silver equities steadily fell throughout most of trade and ended with over 3% losses.
World Gold Council Reports Demand for Gold Thirty-One Percent Higher Than Last Year eMediaWire
Gold seen riding out rising central bank sales FXSTREET
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/02 | 309K | 312K | 310K |
Wholesale Inventories | Apr | 0.3% | 0.3% | 0.4% |
Consumer Credit | Apr | $2.6B | $6.0B | $14.0B |
Tomorrow at 8:30AM EST brings the Trade Balance for April expected at -$63.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on violence in Nigeria, slow refinery output, and worries over an active hurricane season. Natural gas fell over 3% on ample supplies as storage grew by 110 billion cubic feet last week according to today’s inventory report.
The U.S. dollar index rose noticeably as bond yields rose over 5% and pushed treasuries markedly lower on the view that the fed will not need to cut interest rates this year as many had previously hoped for. New Zealand raised interest rates to 8% in a surprise move while the Bank of England kept rates unchanged at 5.5%.
The Dow, Nasdaq, and S&P fell for the third straight session on worries over interest rates and ended with large losses as the entire yield curve rose over 5% for the first time since July 2006.
Among the big names making news in the market today were Netflix and Amazon, Macy’s, J.C. Penney, Smithfield Foods, PepsiCo, Wal-Mart, Biomet, and Tierney and Dow Jones.
The Commentary:
“August Gold finished down 9.4 at 665.2, 10.3 off the high and 2.7 up from the low.
July Silver closed down 0.237 at 13.48. This was 0.035 up from the low and 0.32 off the high.
Apparently the gold market couldn't tolerate the weight of the Dollar rise and with the Dollar giving off signs of a sustained run up it would seem like a larger portion of last week's buyers are deciding to liquidate rather than face more outside market adversity. While a rise in energy prices and a sharp slide in equity prices could provide the gold market with some flight to quality buying interest it seems clear that the market is currently more concerned about deflation or slowing than flight to quality. Certainly the failure to hold above a critical level of $670 in August gold resulted in classical technical stop loss selling but one gets the sense that the slide in prices was partly technical and partly fundamental in nature.
It was clear that the sharp slide in the gold market and the rise in the Dollar contributed to the slide in silver prices on Thursday, but the market was also put under pressure as a result of sagging physical and industrial demand concerns that typically surface in the face of a sharp equity market slide. However, many traders are concerned that the Asian equity markets would follow through with the slide in equities and that in turn could leave silver and gold vulnerable to even more selling in the action Friday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China may buy commodity giant Billiton, researcher says
The Statistics:
As of close of business: 6/06/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,348,362 | - 20,254 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 477.77 | 15,360,769 | US$ 10,283m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,707 | US$ 1,925m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,348 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,973 | US$ 281m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/6/2007 | |
Total Net Assets | $987,911,723 | Ounces of Gold
in Trust | 1,476,134.274 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.91 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/6/2007 | |
Total Net Assets | $1,885,713,932 | Ounces of Silver
in Trust | 137,754,970.100 |
Shares Outstanding | 13,850,000 | Tonnes of Silver
in Trust | 4,284.66 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Yamana’s (AUY0 move to the London Stock Exchange Main Market, Eldorado Gold’s (EGO) drilling, Exeter’s (XRA) drill results, Miramar’s (MNG) site preparation, Glencairn’s (GLE) operating team appointments, Aquiline’s (AQI.TO) ownership of Navidad, Silver Dragon’s (SDRGE.OB) exploration program, Apex Silver’s (SIL) project update, and Coeur’s (CDE) presentation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +22.03% $3.60 |
2. Allied Nevada | ANV +4.89% $4.72 |
3. Seabridge | SA +2.67% $16.53 |
LOSERS
1. Endeavour | EXK -7.23% $4.75 |
2. Rubicon | RBY -6.49% $1.73 |
3. International Royalty | ROY -6.29% $7.15 |
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:
Yamana Gold Announces Move to the London Stock Exchange Main Market - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU) today announced that admission of its common shares on the main market of the London Stock Exchange is expected to occur on Tuesday, June 12, 2007 and trading will commence at 8:00 a.m. that day. The Company wishes to notify that trading of its common shares on AIM will be cancelled simultaneously with its admission to the main market of the London Stock Exchange." More
- June 07, 2007 | Item | E-mail
Consolidated Spire Ventures Stakes Four Properties (Over 76,800 Hectares) Within the El Oro-Tlalpujahua Epithermal Gold/Silver Belt in Mexico - More
- June 07, 2007 | Item | E-mail
CMQ Announces Results of AGM - More
- June 07, 2007 | Item | E-mail
Eldorado Gold Corporation: Efemcukuru Drilling Continues to Provide Excellent Results, Including 35.3 Meters (True Width) at 41.54 g/t - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to announce an update on our infill drill program at the Efemcukuru Project (the "Project") along the South and Middle Ore Shoots of the Kestane Beleni vein in Western Turkey." More
- June 07, 2007 | Item | E-mail
Energy Metals to Call Outstanding Warrants - More
- June 07, 2007 | Item | E-mail
Sparton Resources Inc. Amendment to Agreement SBD Gold Project, Nevada - More
- June 07, 2007 | Item | E-mail
Drilling to start at Okeover Copper-Molybdenum property, coastal British Columbia - More
- June 07, 2007 | Item | E-mail
Consolidated Puma Minerals Corp.: Corporate Update and 2006 Recap. - More
- June 07, 2007 | Item | E-mail
North American Gem Inc. Begins the Drill Permitting Process for the Mosquito Gulch Uranium Property - More
- June 07, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Fall Over 1% and 2% While Stocks Plunge Again