-- Posted Thursday, 21 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $650.60 | -$5.50 |
Silver | $13.05 | -$0.16 |
XAU | 139.97 | +1.03% |
HUI | 336.68 | +0.44% |
GDM | 1057.80 | +0.53% |
JSE Gold | 2615.93 | -0.24% |
USD | 82.69 | +0.12 |
Euro | 133.88 | -0.30 |
Yen | 80.84 | -0.06 |
Oil | $68.65 | -$0.21 |
10-Year | 5.163% | +0.040 |
T-Bond | 106.78125 | -0.40625 |
Dow | 13545.84 | +0.42% |
Nasdaq | 2616.96 | +0.65% |
S&P | 1522.19 | +0.62% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it rose back near unchanged in early New York trade, but it then fell back off after 9:30AM EST for a few hours and dropped to as low as $647.20 by early afternoon ahead of a small rally higher in the last hour of trade that took it over $3 off its low and left it with a loss of 0.84%. Silver dropped to as low as $12.92 by early afternoon before it rebounded about 1% off its low and ended with a loss of 1.21%.
Euro gold fell to about €486, platinum lost $2 to $1,298, palladium lost $1 to $377, and copper fell slightly to about $3.38.
Gold and silver equities fell nearly 2% in the first half hour of trade and remained near their lows for most of the morning, but they then rallied higher throughout the majority of afternoon trade and ended with about 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/16 | 324K | 310K | 314K |
Leading Indicators | May | 0.3% | 0.2% | -0.3% |
Philadelphia Fed | June | 18.0 | 8.0 | 4.2 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil initially rose near $70 on news of a strike in Nigeria, but it then fell back off and ended slightly lower as it appeared the strike has had no significant impact on production or exports.
The U.S. dollar index rose and treasuries fell after the Philadelphia fed’s factory activity index came in much stronger than expected and pushed interest rates higher.
The Dow, Nasdaq, and S&P traded mostly lower in morning trade as oil prices rose, but they then climbed back higher in afternoon trade and ended with decent gains as oil prices fell back off and economic data came in strong.
Among the big names making news in the market today were American Greetings, H&R Block, ICE and CBOT and CME, Bear Stearns, Blackstone, Dow Jones, and Luxottica and Oakley.
The Commentary:
“August Gold finished down 5.8 at 654.2, 5.3 off the high and 3.7 up from the low.
July Silver closed down 0.16 at 13.09. This was 0.12 up from the low and 0.16 off the high.
From the gold price reaction to the news on Thursday morning it was clear that the strength in the Dollar was a large portion of the bearish case. However, we also have to think that weakness in a host of physical commodity markets and in particular the weakness in grain prices contributed substantially to the washout in gold prices. Surprisingly the gold market wasn't the least bit supported from the partially upbeat US economic readings but when one considers the recent focus on the direction of the Dollar, it was clear that the bear fix was in. In fact, even with the Philly Fed reporting a large share of firms registered inflation concerns in their survey, it was clear that the inflation theme was not going to be able to support prices. With oil prices unable to sustain early gains and the stock market bordering on another failure, the bear camp had a number of forces working in their favor.
With a big range down extension in the silver market Thursday it seemed as if the market was getting hit from the strength in the Dollar and perhaps because of moderate selling pressure in the copper market. With platinum also showing heavy selling interest, the silver market was getting hit from both the financial side and the physical commodity side and that in turn seemed to add to the technical damage being seen on the charts.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Summer doldrums can be profitable for gold buyers
Jason Hommel reports on the Vancouver conference
Go regulate the U.S. dollar instead, China tells IMF
The Statistics:
As of close of business: 6/20/2007
Gold Warehouse Stocks: | 7,486,281 | - |
Silver Warehouse Stocks: | 130,982,357 | + 785,674 |
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$ 10,032m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.80 | 2,919,254 | US$ 1,901m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.04 | 386,788 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,908 | US$ 276m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/20/2007 | |
Total Net Assets | $968,278,777 | 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 6/20/2007 | |
Total Net Assets | $1,850,415,140 | Ounces of Silver
in Trust | 138,749,346.100 |
Shares Outstanding | 13,950,000 | Tonnes of Silver
in Trust | 4,315.59 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
A free, new stock report on Excellon Resources posted at goldreview.com here, Exeter’s (XRA) project put on hold, Miramar’s (MNG) drill results, Great Basin’s (GBN) management appointments, ECU’s (ECU.V) #1 ranking in the “TSX Venture 50,” and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +3.74% $4.44 |
2. Miramar | MNG+3.25% $4.45 |
3. Great Basin | GBN +2.71% $2.65 |
LOSERS
1. Exeter | XRA -21.33% $2.95 |
2. Arizona Star | AZS -4.08% $10.35 |
3. U.S. Gold | UXG -4.07% $5.18 |
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:
Avalon Announces New Executive Appointments and Grants of Incentive Stock Options - More
- June 21, 2007 | Item | E-mail
Glencairn Closes Sale of Manitoba Nickel Royalties to Independent Nickel - More
- June 21, 2007 | Item | E-mail
Franc-Or Receives NI 43-101 Report on Mario, Peru Property and Plans Additional Drilling and Underground Exploration and Bulk Sampling - More
- June 21, 2007 | Item | E-mail
Uracan announces closing of its previously announced $3.8 million financing - More
- June 21, 2007 | Item | E-mail
Win-Eldrich's Shareholders Approve Amendment to Stock Option Plan and Options are Granted To Directors and Investor Relations Consultant - More
- June 21, 2007 | Item | E-mail
High Grade Gold (86.92 g/t Au over 0.50 m) and Silver (170.00 g/t Ag over 0.50 m) Mineralization Intersected at Coringa Project, Brazil. - More
- June 21, 2007 | Item | E-mail
Duluth Metals announces drill results confirming large mineralized horizon over 3.5 sq. kms. - More
- June 21, 2007 | Item | E-mail
Buffalo Gold Releases New Resource Estimate for Mt. Kare - More
- June 21, 2007 | Item | E-mail
Coronado Stockpiles Gold Ore Averaging 0.38 Ozs per Ton - More
- June 21, 2007 | Item | E-mail
Baja Mining Corp. Advances Engineering and Financing - More
- June 21, 2007 | Item |
Gold Seeker Closing Report: Gold and Silver Lose About 1%, But Miners Gain