-- Posted Monday, 11 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $654.80 | +$9.20 |
Silver | $13.23 | +$0.24 |
XAU | 136.36 | +0.72% |
HUI | 326.73 | +0.18% |
GDM | 1036.22 | +0.24% |
JSE Gold | 2622.25 | +1.59% |
USD | 82.73 | +0.07 |
Euro | 133.55 | -0.05 |
Yen | 82.08 | -0.10 |
Oil | $65.97 | +$1.21 |
10-Year | 5.137% | +0.019 |
T-Bond | 106.71875 | -0.15625 |
Dow | 13424.96 | +0.00% |
Nasdaq | 2572.15 | -0.05% |
S&P | 1509.12 | +0.10% |
The Metals:
Gold quickly rose over $5 in Asia and held over $650 in London and early New York trade before it added to its gains in late morning and early afternoon trade and ended near its high of the session with a gain of 1.43%. Silver followed a similar pattern and gained 1.85%.
Euro gold rose back near €490, platinum gained $10 to $1,297, palladium gained $1 to $372, and copper rose roughly 13 cents to about $3.33.
Gold and silver equities remained near unchanged in early trade before they followed gold and silver higher in late morning and early afternoon trade and saw with over 1% gains by about 2PM EST, but they then fell back off into the close and ended just slightly higher.
The Economy:
There were no major economic reports today. Tomorrow at 2PM EST brings the Treasury Budget for May expected at -$68.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after Iran’s oil minister said OPEC has no plans to increase production before its next meeting in September.
The U.S. dollar index rose and treasuries fell as interest rates continued to rise, but moves were limited ahead of economic data later in the week.
The Dow, Nasdaq, and S&P traded mostly slightly higher as interest rates came off their early highs midday, but the three indices then fell back off into the close and ended near unchanged as interest rates crept back up by the end of trade.
Among the big names making news in the market today were Blackstone, Nucor, and Rexam.
The Commentary:
“August Gold finished up 8.7 at 659, 0.2 off the high and 5.2 up from the low.
July Silver closed up 0.235 at 13.275. This was 0.165 up from the low and 0.015 off the high.
While the gold market didn't hold all of its gains, the magnitude of the bounce on Monday gave off the impression of something more than simple short covering. As was suggested in the mid session coverage, the rally in gold was accompanied by a broad based physical commodity wave of higher prices and that seemed to add to the bullish mix. With the Dollar giving back its early gains and then actually going negative just ahead of the metals close, it is possible that the gold market was seeing fresh speculative buying from the currency markets. With oil prices rising and broad based commodity indexes ratcheting sharply higher during the session it would seem as if the inflation theme is surfacing in a number of markets and that could be providing the gold market with fresh flight to quality buying interest.
The silver market managed to claw its way back above the $13.25 level and also managed to rise above the 200 day moving average of $13.19. With a number of physical commodity markets showing broad based fund buying interest during the session and the July silver contract rising back above the 200 day moving average the Press and trade were anticipating increased fund buying activity. With the US equity market countervailing part of the negative macro economic sentiment from last week and the ancillary markets of platinum and copper managing distinct rallies, it would seem like a number of fundamentals in silver shifted back into the bull camp on Monday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Chinese government company buys Peru Copper
M.R. Venkatesh: The coming collapse of the U.S. dollar
China's trade surplus surges 73 percent
James Turk: Will history repeat?
Russian president criticizes the imperialism of the currencies
Peter Grandich: Gold's fundamentals will trump technicals
Gold isn't profitable anymore, Spanish economy minister says
Spanish Internet newspaper cites GATA and John Embry
The Statistics:
As of close of business: 6/8/2007
Gold Warehouse Stocks: | 7,632,932 | -200 |
Silver Warehouse Stocks: | 130,353,361 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 469.91 | 15,108,150 | US$ 9,898m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,578 | US$ 1,910m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,331 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,954 | US$ 275m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 7.7 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/8/2007 | |
Total Net Assets | $952,758,223 | 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 6/8/2007 | |
Total Net Assets | $1,833,315,456 | 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:
NovaGold’s (NG) Rock Creek update and new director, Exeter’s (XRA) clarification, Aurelian’s (ARU.TO) CFO search, ECU’s (ECU.V) assay results, Metalline’s (MMG) CFO addition, Aura Silver’s (AUU.V) private placement, and Silvercorp’s (SVM.TO) financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH +6.51% $1.47 |
2. Ivanhoe | IVN +5.53% $14.32 |
3. Banro | BAA+3.74% $10.27 |
LOSERS
1. Exeter | XRA -6.67% $3.22 |
2. Allied Nevada | ANV -4.66% $4.50 |
3. Cardero | CDY -3.72% $1.81 |
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:
NovaGold Provides Rock Creek Update, Appoints New Director - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that the United States District Court for the District of Alaska has denied a request for a temporary restraining order and preliminary injunction against NovaGold's Rock Creek project in Alaska. Construction at the project continues, with first production targeted for Q3-2007.' More
- June 11, 2007 | Item | E-mail
257 Huantajaya Samples Return an Average Grade of 68 g/t Ag and 0.90 % Cu - More
- June 11, 2007 | Item | E-mail
High River Gold to Be Added to S&P/TSX Indices - More
- June 11, 2007 | Item | E-mail
Zambia says plans to cancel unused mining licences - "Copper-rich Zambia plans to cancel mining licences that have not been used since they were obtained -- years ago in some cases -- and reassign them to new investors, the country's mining minister said on Monday." More
- June 11, 2007 | Item | E-mail
Quinsam Capital Corporation terminates Churn option - More
- June 11, 2007 | Item | E-mail
Armistice Resources Corp. signs drilling contract with Heath and Sherwood Drilling Inc. a subsidiary of Cabo Drilling Corp. - More
- June 11, 2007 | Item | E-mail
Renforth Provides Exploration Update - More
- June 11, 2007 | Item | E-mail
Tagish draws down C$750,000 on closing of previously announced feasibility finance facility with Macquarie Bank Limited - More
- June 11, 2007 | Item | E-mail
Latin American Minerals Commences Drilling on its La Carolina Gold Project, San Luis, Argentina - More
- June 11, 2007 | Item | E-mail
Unitronix Corporation and Clasby Reach Agreement - More
- June 11, 2007 | Item | E-mail
Positive Metallurgical Results from Abacus's Afton Project - More
- June 11, 2007 | Item | E-mail
Copper Fox announces its request for a trading halt - More
- June 11, 2007 | Item | E-mail
Hinterland Hires Downshire Capital Inc. - More
- June 11, 2007 | Item | E-mail
Rusoro Mining Intersects 37m of 9.34 g/t Au and 21m of 4.72 g/t Au in Separate Zones at Increible 6 - More
- June 11, 2007 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Gain Over 1%