-- Posted Wednesday, 20 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $657.00 | -$3.50 |
Silver | $13.23 | -$0.04 |
XAU | 138.54 | -1.86% |
HUI | 335.20 | -1.69% |
GDM | 1052.25 | -1.78% |
JSE Gold | 2622.14 | +1.56% |
USD | 82.57 | +0.03 |
Euro | 134.18 | -0.05 |
Yen | 80.90 | -0.14 |
Oil | $68.19 | $0.91 |
10-Year | 5.123% | +0.037 |
T-Bond | 106.78125 | -0.40625 |
Dow | 13489.42 | -1.07% |
Nasdaq | 2599.96 | -1.02% |
S&P | 1512.84 | -1.36% |
The Metals:
Gold traded mostly slightly lower in Asia and London ahead of a small rally in early New York trade, but it then fell sharply a little after 9AM EST and dropped to as low as $655.60 by late morning trade before it rebounded slightly into the close, but it still ended with a loss of 0.67%. Silver rose over $13.30 in early New York trade before it dropped to as low as $13.16 and then rebounded into the close and ended with a loss of 0.45%.
Euro gold fell to about €487, platinum gained $4 to $1,300, palladium gained $5 to $378, and copper rose roughly 5 cents to about $3.39.
Gold and silver equities steadily fell throughout most of trade and ended with nearly 2% losses.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/16 expected at 310,000. At 10AM are Leading Economic Indicators for May expected at 0.2% and at noon is the Philadelphia fed report for June expected at 8.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell noticeably after inventory reports showed supplies built much more than expected, though some were concerned that refinery utilization fell another 1.6% to 87.6% rather than expected build and some short covering took oil well off its low by the close, though it still ended with an over 1% loss. Crude inventories built 6.9 million barrels, gasoline inventories built 1.8 million barrels, and distillates built 100,000 barrels.
The U.S. dollar index found slight gains on yen weakness as minutes from the Bank of Japan's May meeting suggested interest rates will rise only “gradually.”
U.S. Treasuries followed the German Bund lower “after central banks in Europe signaled concerns over inflation.”
The Dow, Nasdaq, and S&P fell over 1% by the close on concerns over interest rates as they edged back up after three previous falling sessions.
Among the big names making news in the market today were News Corp. and Yahoo, Circuit City, Morgan Stanley, Nuveen and Madison Dearborn, FedEx, and Kerkorian and MGM Properties.
The Commentary:
“August Gold finished down 4.7 at 660, 5 off the high and 0.4 up from the low.
July Silver closed down 0.075 at 13.25. This was 0.03 up from the low and 0.165 off the high.
The gold market came under selling pressure as Treasury yields turned higher in the US and abroad. Indications European Central Banks remain in a tightening mode with Sweden raising rates and the Bank of England likely to hike rates again next month somewhat diminished gold's appear. While there seems to be fresh concerns over global inflation, the higher bond yields are diminishing gold's appeal as an inflation hedge investment. Also, there is concern rising US interest rates may provide a lift to the Dollar which has also encourage profit taking. Recent weak numbers in the US housing market and weak action in equities raises questions about the strength of the macro economy which may have undermined gold bulls this session. The sharp break in energy markets was an added negative gold traders' had to absorb.
Silver followed gold lower as the rise in interest rates seemed to have the dominate influence on metals markets. Recent housing data has been weak and with the stock market seeing a steep decline, the macro economic environment seems to be a little worse off and that may be diminishing silver's appear as an industrial metal. However, silver has seen some solid gains recently and we suspect some of today's weakness was simply profit taking. To some degree it seemed as if strong gains in copper helped to limit the weakness in the silver market, but if interest rates keep rising all metals markets will certainly be affected.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Republican presidential longshot: Ditch Fed, go back to gold
Japan says it can't sell dollars without wrecking markets
Central bankers turn to BIS as markets ignore risk
U.S. regulators would rely on the 'principles' of sharks who have none
Ted Butler: The raptors rule
Unprecedented dishoarding by central banks fails to push gold down
GATA officers allowed near world's largest gold coin
Bob Bishop cites GATA at Vancouver conference
Rig markets our way or don't rig them at all, IMF tells China
Supreme Court lifts anti-trust liability for banks' stock manipulation
An also-ran in Republican polls, Ron Paul is huge on the Internet
Vancouver conference opens with good support for GATA
James Turk: So far, history is repeating
World could go on forever with U.S. as massive parasite, study claims
The Statistics:
As of close of business: 6/19/2007
Gold Warehouse Stocks: | 7,486,281 | - |
Silver Warehouse Stocks: | 130,196,683 | - 2,495,021 |
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 | 474.53 | 15,256,630 | US$ 10,011m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.80 | 2,919,286 | US$ 1,908m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.04 | 386,792 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,913 | US$ 27m |
Note: Change in Total Tonnes from Friday’s data: The NYSE/SGX added1.54 tonnes and the ASX added 0.05 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/19/2007 | |
Total Net Assets | $975,079,680 | 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 Friday’s data.
Silver Trust (SLV)
Profile as of 6/19/2007 | |
Total Net Assets | $1,829,627,801 | Ounces of Silver
in Trust | 138,749,346.100 |
Shares Outstanding | 13,950,000 | Tonnes of Silver
in Trust | 4,315.59 |
Note: Change in Total Tonnes from Friday’s data: 30.93 tonnes were added to the trust.
The Stocks:
Gold Reserve’s (GRZ) equipment purchase agreement, Freeport’s (FCX) share action, Esperanza’s (EPZ.V) drilling update, Excellon’s (EXN.V) selection as one of the TSX Venture 50, and Fury’s (FUR.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Orezone | OZN +5.30% $1.59 |
2. Claude | CGR +4.32% $1.45 |
3. Gammon Gold | GRS +3.12% $13.20 |
LOSERS
1. Endeavour | EXK -4.69% $4.67 |
2. Minefinders | MFN-4.61% $11.59 |
3. Great Basin | GBN -4.44% $2.58 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of the last three day’s gold and silver stock news:
Longview Capital Partners Inc. Receives Top Ranking in 2007 TSX Venture 50 - More
- June 20, 2007 | Item | E-mail
Saturn Minerals Retains The Windward Agency to Provide Investor Relations Services - More
- June 20, 2007 | Item | E-mail
Simberi Mining Corporation Grants Stock Options - More
- June 20, 2007 | Item | E-mail
Dynamite Resources Announces Grant of Options - More
- June 20, 2007 | Item | E-mail
Cameco, union in talks as strike deadlines looms - More
- June 20, 2007 | Item | E-mail
Metanor Resources Inc. Intends To Proceed With A Private Placement Of A Maximum Of $2 M - More
- June 20, 2007 | Item | E-mail
Southampton Announces Appointment of Directors and Grant of Options - More
- June 20, 2007 | Item | E-mail
Aurora Gold Corporation Is Pleased to Announce Drilling Is Scheduled to Begin in Early to Mid July 2007 to Upgrade and Increase the Resource Estimate - More
- June 20, 2007 | Item | E-mail
Aranka Gold Inc./Guyana Goldfields Inc. Announce Commencement of Drilling at Aranka - More
- June 20, 2007 | Item | E-mail
Molycor Gold Corp.: Private Placement - More
- June 20, 2007 | Item | E-mail
Anglo Swiss Resources Announces Results of Annual General Meeting - More
- June 20, 2007 | Item | E-mail
Assays of 3.17% Cu Over 11.2 Meters (36.75 ft) and 10.76% Zn Pb Over 7.2 Meters (23.62 ft) Continue to Confirm High Grade Mineralization at First Narrows' Chest - More
- June 20, 2007 | Item | E-mail
Osisko Drilling on Golden Valley's Malartic CHL Property -
Gold Seeker Closing Report: Gold Falls For the First Time in Six Sessions