-- Posted Friday, 8 June 2007 | Digg This Article
| Close | Gain/Loss | On Week |
Gold | $645.60 | -$14.40 | -2.39% |
Silver | $12.99 | -$0.40 | -5.11% |
XAU | 135.39 | +0.66% | -4.86% |
HUI | 324.26 | -0.34% | -5.42% |
GDM | 1034.19 | +0.08% | -5.10% |
JSE Gold | 2581.12 | -2.82% | -5.345% |
USD | 82.66 | +0.35 | +0.41% |
Euro | 133.60 | -0.70 | -0.58% |
Yen | 82.18 | -0.43 | +0.32% |
Oil | $64.76 | -$2.17 | -0.49% |
10-Year | 5.118% | +0.019 | +3.27% |
Bond | 106.875 | -0.15625 | -1.53% |
Dow | 13424.39 | +1.19% | -1.78% |
Nasdaq | 2573.54 | +1.27% | -1.54% |
S&P | 1507.67 | +1.14% | -1.87% |
The Metals:
CoT Reports: Gold | Silver
Gold fell nearly 1% in Asia and London and remained near $655 for most of morning trade in New York, but it then plummeted about $10 more shortly after 11AM EST and dropped to as low as $644.10 by early afternoon before it rebounded slightly into the close, but it still ended with a loss of 2.18%. Silver plunged to $12.89 before it also rebounded in the last half hour of trade, but it still ended with a loss of 2.99%.
Euro gold fell to about €485, platinum lost $7 to $1,287, palladium gained $2 to $371, and copper fell over 5 cents to about $3.20.
Gold and silver equities fell over 1% by early afternoon, but they then rallied back higher in the last 3 hours of trade and ended mixed and near unchanged despite gold and silver’s notable weakness.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Apr | -$58.5B | -$63.5B | -$62.4B |
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Tuesday, Export and Import Prices, Retail Sales, Business Inventories, and the fed’s Beige Book on Wednesday, Initial Jobless Claims and PPI on Thursday, and CPI, the NY Empire State Index, Net Foreign Purchases, Capacity Utilization, Industrial Production, and Michigan Sentiment on Friday.
The Markets:
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Charts Courtesy of http://finance.yahoo.com/
Oil fell after yesterday’s rally as the Persian Gulf storm passed without any major damage and news of refineries coming back on line encouraged traders to take profits heading into the weekend.
The U.S. dollar index continued to rise with interest rates as treasuries fell on the view that economic data has been coming in better than expected along with steady inflation which will influence the fed to not only not cut interest rates as previously thought, but perhaps even hike interest rates in the future along with most of the rest of the world.
The Dow, Nasdaq, and S&P rebounded from 3 days of losses and rose over 1% as oil fell markedly and interest rates eased from the morning’s highs by the close.
Among the big names making news in the market Friday were Vail resorts, Norilsk Nickel, Marriott, McDonald’s and Tyco.
The Commentary:
“August Gold finished down 14.9 at 650.3, 10.9 off the high and 1.8 up from the low.
July Silver closed down 0.44 at 13.04. This was 0.07 up from the low and 0.38 off the high.
The session started out badly for the bull camp and then conditions worsened throughout the session as stop loss selling and ongoing strength in the Dollar kept the bulls on the run. With the Dollar Index reaching the highest level since April 10th and the US Trade Balance readings serving to embolden the Dollar's fundamental structure, it would seem like the market had a number of stories to justify the pummeling of prices. One might even suggest that the sharp slide in oil prices contributed to the sustained weakness in the gold market but some technical traders thought that August gold might find natural support around the even number $650 level, especially since that level managed to support the gold market on the early March washout.
The silver market logically fell in sync with the sharp slide in the gold market on Friday and with the Dollar showing signs of a sustained upward march it is not surprising that more and more spec longs in silver have decided to move back to the sidelines. With the copper market falling violently in the back ground and the recent break in the stock market rekindling concern for physical and investment demand, one had a number of bearish items to choose from on Friday. In fact, a massive slide in oil prices simply added into the deflationary environment and that might have pushed some silver bulls out of position.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Embry: Gold's foes fighting losing battle
If the concentrated position had been short, would the LME have cared?
The Statistics:
As of close of business: 6/7/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,353,361 | +4,999 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 477.61 | 15,355,634 | US$ 10,268m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,675 | US$ 1,887m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,344 | US$ 249m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,968 | US$ 280m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/7/2007 | |
Total Net Assets | $974,320,461 | 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 6/7/2007 | |
Total Net Assets | $1,880,177,901 | 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:
Banro’s (BAA) increased indicated and inferred resources and Coeur’s (CDE) extended due diligence period from Bolnisi were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Anglo American | AAUK +3.05% $29.38 |
2. Solitario | XPL +2.65% $4.65 |
3. Freeport-McMoRan | FCX +2.20% $76.18 |
LOSERS
1. Vista Gold | VGZ-4.76% $5.00 |
2. Exeter | XRA -4.17% $3.45 |
3. Crystallex | KRY -3.96% $4.12 |
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:
Sierra Provides Status Report - More
- June 08, 2007 | Item | E-mail
Uranium One on lookout for assets as demand grows - More
- June 08, 2007 | Item | E-mail
Grandview Welcomes Two Geologists to Canadian Exploration Team - More
- June 08, 2007 | Item | E-mail
Explor Increases Kidd Township Property - More
- June 08, 2007 | Item | E-mail
CanAm Uranium Corp. Announces Completion of Nine Drill Holes On the Amalgamated Rare Earth No. 2 Project in Bancroft - More
- June 08, 2007 | Item |
Gold Seeker Weekly Wrap-Up: Gold and Silver Lose Over 2% and 5% on the Week