-- Posted Monday, 25 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $651.20 | -$2.40 |
Silver | $12.83 | -$0.20 |
XAU | 136.18 | -2.15% |
HUI | 329.07 | -2.08% |
GDM | 1030.29 | -1.97% |
JSE Gold | 2585.49 | -0.44% |
USD | 82.33 | -0.02 |
Euro | 134.57 | -0.08 |
Yen | 80.81 | +0.06 |
Oil | $69.18 | +$0.04 |
10-Year | 5.078% | -0.060 |
T-Bond | 106.78125 | -0.40625 |
Dow | 13352.05 | -0.06% |
Nasdaq | 2577.08 | -0.46% |
S&P | 1497.74 | -0.32% |
The Metals:
Gold fell slightly in Asia, continued to move lower in London, and dropped to as low as $648.30 by about 10AM EST in New York before it rebounded in late morning trade to back near unchanged on the day above $652, but it then fell back off slightly in the last half hour of trade and ended with a loss of 0.37%. Silver dropped to as low as $12.77 before it rebounded back near $13.00 by late morning, but it also fell back off in afternoon trade and ended with a loss of 1.53%.
Euro gold fell under €484, platinum lost $19 to $1,287, palladium lost $6 to $372, and copper gained over 6 cents to about $3.43.
Gold and silver equities fell over 1% at the open before they rebounded back near unchanged by early afternoon, but they then fell back off in the last two hours of trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | May | 5.99M | 6.00M | 6.01M |
Existing Home Sales came in at the slowest pace in four years as inventories rose 5% to the highest level since 1992 despite the fact that “the median home price fell for a record 10th consecutive month.”
Tomorrow at 10AM EST brings New Home Sales for May expected at 925,000 and Consumer Confidence for June expected at 106.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil dropped over a dollar to under $68 in early trade as the strike ended in Nigeria, but prices edged back up to find a small gain by the close as Venezuela increased its nationalization terms to 60% which may be unacceptable for some foreign oil companies and influence them to leave the country altogether.
The U.S. dollar index remained near unchanged ahead of official cues from the fed over interest rates in their policy announcement later this week.
Treasuries rose on safe haven buying after more weak hosing data and concerns over hedge fund problems reignited talk over a possible fed rate cut by the end of the year.
The Dow, Nasdaq, and S&P rose markedly by early afternoon with the Dow up over 125 points at one point, but all three indices fell off pretty dramatically around 2PM EST and ended slightly lower on concerns over brokerages and their involvement with subprime hedge funds.
Among the big names making news in the market today were Blackstone, Walgreen, Dow Jones, Amaranth, Bear Sterns, and Delphi and GM.
The Commentary:
“August Gold finished down 2.3 at 654.7, 1.7 off the high and 3.1 up from the low.
July Silver closed down 0.143 at 12.877. This was 0.067 up from the low and 0.163 off the high.
It seems as if gold is being weighed down by economic uncertainty and concerns that the economy is slowing amid rising price pressures that could keep interest rates relatively high and make it a poor environment for gold. In fact, with the Bank for International Settlements warning of global inflation pressures and advising central banks to keep on raising rates was likely another factor dampening investor's appetite for gold. Continued fallout from the sub-prime mortgage sector and weaker existing home sales kept the stock market on the defensive and with that action reflecting more of an economic slowing threat ahead, it's not too surprising to see gold under pressure. More key economic data is due out later this week and some traders may be moving out of metals and to the sidelines until a clearer economic picture emerges. The Fed policy meeting mid-week is another limiting factor for the gold market since the Fed's focus on inflation has some in the trade raising the odds the bias is shifting toward a tightening stance. With several commodities coming under pressure, it looked as if the action in gold was part of a liquidation move in a broad range of physical commodity markets. News of negotiations between union representatives and management of a South African gold mine may have also pressured gold on ideas supplies may not be disrupted by a strike.
With Sept silver failing to hold support around the $13 level, the market is now in a position to test the January lows. A call by the Bank for International Settlements for world central banks to continue raising rates to curb inflation may have spooked metals investors. A Rising interest rate environment, the sub-prime mortgage problems and weak housing data keep the industrial demand outlook for the metal weak. Outside market action mostly had a bearish influence on silver as early weakness in copper and softer equity markets raise doubts over the macro economic condition. Even a late short covering recovery in copper didn't release silver from the bear's grip.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
BIS celebrates the obvious while missing the big irony
Gulf Arabs seem less sure of sticking with dollar peg
Russia tightens hold on strategic oil and gas industry
The Statistics:
As of close of business: 6/22/2007
Gold Warehouse Stocks: | 7,451,134 | - |
Silver Warehouse Stocks: | 136,590,051 | + 4,984,427 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 474.53 | 15,256,630 | US$ 9,958m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.13 | 2,994,122 | US$ 1,948m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,450 | US$ 257m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,848 | US$ 276m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 2.33 tonnes and the ASX added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/22/2007 | |
Total Net Assets | $964,419,694 | 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 6/22/2007 | |
Total Net Assets | $1,824,696,138 | 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:
Gold Fields’ (GFI) new Head of Exploration, Allied Nevada’s (ANV) private placement, Miramar’s (MNG) licensing progress, Goldcorp’s (GG) and Silver Wheaton’s (SLW) updated reserve and resource estimates, Palmarejo’s (PJO.V) announcement, Oremex’s (ORM.V) progress update on the Tejamen silver property, and Silvercorp’s (SVM.TO) favorable tax ruling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +8.33% $3.25 |
2. Nevsun | NSU +7.87% $2.33 |
3. Buenaventura | BVN+1.21% $36.02 |
LOSERS
1. Kimber | KBX -6.85% $1.36 |
2. Metalline | MMG -5.44% $3.81 |
3. International Royalty | ROY -4.41% $6.07 |
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:
Geoinformatics Announces Notice of Reorganization of Major Shareholder - More
- June 25, 2007 | Item | E-mail
Kimberly Prepares for Drilling at the Rescue Gold Mine - More
- June 25, 2007 | Item | E-mail
Mantis Mineral Corp. acquires King Dodds Gold Discovery - More
- June 25, 2007 | Item | E-mail
Sparrowtech Completes Due Diligence on Porvenir Mining Property in Southern Ecuador - More
- June 25, 2007 | Item | E-mail
Little Squaw Gold Mining Featured on "Steve Crowley's American Scene" - More
- June 25, 2007 | Item | E-mail
Olympus' 50 Metre Stepout Intersects High-Grade Gold & Copper at Capcapo, Northern Philippines - More
- June 25, 2007 | Item | E-mail
Salazar Resources Ltd. Retains Cronus Capital Markets for Strategic Consulting - More
- June 25, 2007 | Item | E-mail
Tommy McKeith to Head up Exploration at Gold Fields - "Gold Fields Limited (Gold Fields) (NYSE, JSE, DIFX: GFI) is pleased to announce that Tommy McKeith will replace Craig Nelsen as Executive Vice President and Head of Exploration with effect 1 October 2007." More
- June 25, 2007 | Item | E-mail
El Nino Ventures & Xstrata Zinc to Commence 25,000 m Drill Program on Bathurst Mining Camp - More
- June 25, 2007 | Item | E-mail
Pelangio Announces Appointment of Warren Bates as Vice President Exploration - More
- June 25, 2007 | Item | E-mail
Standard & Poor's Initiates Factual Stock Report Coverage on Great Western Minerals Group Ltd. - More
- June 25, 2007 | Item | E-mail
Norsemont Mining Appoints New Directors - More
- June 25, 2007 | Item | E-mail
Uranium Resources, Inc. Joins Russell 3000 Index - More
- June 25, 2007 | Item | E-mail
Marathon drilling hits mineralization at WD zone 3 km south of Malachite zone - More
- June 25, 2007 | Item | E-mail
North Atlantic Resources Ltd.: Drilling Results From the Kourouba Gold Project, Mali - More
- June 25, 2007 | Item | E-mail
Strathmore & Yellowcake Advance Sky ISR Uranium Project - More
- June 25, 2007 | Item | E-mail
Tara Minerals Corp. Announces Evaluation and Design Work Under Way at Don Ramon and Lourdes - More
- June 25, 2007 | Item | E-mail
Amerix Reports on Very High-Grade Channel Sampling at Vila Porto Rico Gold Property - More
- June 25, 2007 | Item | E-mail
Sulliden continues legal maneuvering tactics over Shahuindo - More
- June 25, 2007 | Item | E-mail
Pearl Asian Mining Steps Closer to Becoming A Large Scale Mining Company, with the Resolution of Right-of-Way Concerns Over XYZ Gold Project - More
- June 25, 2007 | Item | E-mail
Crosshair Begins Expansion Drilling of High Grade Gold Zone at Golden Promise - More
- June 25, 2007 | Item | E-mail
Emgold Mining achieves important permitting milestone for the Idaho-Maryland Mine - More
- June 25, 2007 | Item | E-mail
Kodiak Acquires 7100 Hectares Adjacent to New Golden Chalice Nickel Discovery - More
- June 25, 2007 | Item | E-mail
Behre Dolbear Report Provides Favorable Preliminary Indications on Brazilian Assets of International Gold Resources, Inc. - More
- June 25, 2007 | Item | E-mail
Bellhaven Copper & Gold Completes 6 Month Objectives, Increases Land Position by 82%, Announces Next 6 Month's Objectives - More
- June 25, 2007 | Item | E-mail
Lakota Announces Appointment of Director and Officer - More
- June 25, 2007 | Item | E-mail
Unico, Inc. Announces Easement Agreement With PacifiCorp and Additional Updates on Electrical Substation Work That Will Supply Power to the Deer Trail Mine - More
- June 25, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Construction Equipment Scheduled for Delivery to Tulsequah Chief Mine Site - More
- June 25, 2007 | Item | E-mail
GLR Clarifies Recent Details of Recent Final Feasibility Study for Goldfields Project - More
- June 25, 2007 | Item | E-mail
Franklin Mining, Inc. Retains 3D Capital, AG - More
- June 25, 2007 | Item | E-mail
NewWest Gold Corporation Files NI 43-101 Technical Report for Sandman Project - More
- June 25, 2007 | Item | E-mail
Scorpio Mining Corporation Makes Production Decision on its 100% Owned Nuestra Senora Project, Sinaloa State, Mexico - More
- June 25, 2007 | Item | E-mail
Gold Resource Corporation Returns Additional High-Grade Surface Samples From Its Las Margaritas Property - More
- June 25, 2007 | Item | E-mail
Cambridge Mineral Resources Plc: Quintana Gold Mine Economics - More
- June 25, 2007 | Item | E-mail
Mustang Reports Nickel Mineralization at Maskwa Project - More
- June 25, 2007 | Item | E-mail
Marifil Mines Ltd.: Correction Re Investor Relations Contract - More
- June 25, 2007 | Item | E-mail
Lakota Announces Private Placement Financing - More
- June 25, 2007 | Item | E-mail
AmMex Gold Reports Progress at Bailey Hills in Nevada and El Tiliche in Mexico - More
- June 25, 2007 | Item | E-mail
Ur-Energy Inc. Ventures With Trigon Uranium Corporation - More
- June 25, 2007 | Item | E-mail
Mawson drills 0.1% U(3)O(8) over 56 metres at Klappibacken - More
- June 25, 2007 | Item | E-mail
Denison Makes a New Bid to Acquire OmegaCorp Limited - More
- June 25, 2007 | Item | E-mail
CanAlaska progresses exploration venture with Korean Consortium - More
- June 25, 2007 | Item | E-mail
Trigon Announces Wyoming Venture with Ur-Energy - More
- June 25, 2007 | Item | E-mail
Yellowcake & Strathmore Advance Sky ISR Uranium Project - More
- June 25, 2007 | Item | E-mail
Oremex Provides Update on Tejamen Silver Property - "Oremex Resources Inc. (TSX-V: ORM - News; the "Company") today announced an update on progress at its Tejamen Silver Property in the State of Durango, Mexico. The Company's representatives are continuing discussions with the Ejido of Tejamen, which holds the surface rights to the Tejamen Silver Property. Discussions are progressing well and the Company is confident that a settlement that will benefit both parties can be achieved." More
- June 25, 2007 | Item | E-mail
Allied Nevada Gold Corp. Announces Non-Brokered Private Placement - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX & AMEX: ANV) is pleased to announce that it intends to complete a non-brokered private placement to raise gross proceeds of CDN$15,000,000 through the issuance of an aggregate of up to 3,260,870 units ("Units") at a price of CDN$4.60 per Unit (the "Offering"). Each Unit will be comprised of one share of common stock (a "Common Share") and one common share purchase warrant (a "Warrant")." More
- June 25, 2007 | Item | E-mail
Silvercorp Receives US$11.264 Million Dividend Payment and Favorable Income Tax Holiday Ruling for its Ying Silver Project, China - "Silvercorp Metals Inc. (the "Company") (Toronto:SVM.TO - News) announces that it has received a notification from the Chinese tax authorities which confirms that the Company's 77.5% subsidiary company, Henan Found Mining Co. Ltd. ("Henan Found"), is a qualified Foreign Investment Enterprise that can enjoy a zero income tax rate for its first two years from its first year of recording a profit, and a 15% income tax rate for the 3rd to 5th year." More
- June 25, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation: Announcement - "Further to their announcements of June 22, 2007, Palmarejo Silver and Gold Corporation (TSX VENTURE:PJO - News) and Bolnisi Gold NL, its majority shareholder, are issuing this release to clarify that the effect of the extension announced is to extend the notice period under section 8.3 of the Merger Implementation Agreement between Bolnisi and Coeur d'Alene Mines Corporation to 5:00pm on July 3, 2007 (Idaho, USA time)." More
- June 25, 2007 | Item | E-mail
Miramar Reports Licensing for Doris North Gold Mine Progresses - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced the progress of an important step in the licensing procedure for Doris North. After technical meetings held last week in Cambridge Bay, Nunavut, The Nunavut Water Board ("NWB") has confirmed that the Doris North Water License application will proceed to public hearings in Cambridge Bay on August 13 - 15, 2007." More
- June 25, 2007 | Item | E-mail
Silver Wheaton Announces 50% Increase in Proven and Probable Silver Reserves at Penasquito Project - "Silver Wheaton Corp. ("Silver Wheaton") (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce that Goldcorp Inc. ("Goldcorp") has released updated reserves and resources for their Penasquito Project located in Zacatecas, Mexico. Proven and probable silver reserves have increased by 50% to 864 million ounces, while measured and indicated silver resources, exclusive of reserves, have increased by 67% to 413 million ounces. The calculation is based on assays from an additional 240 drill holes (including condemnation drill holes) completed since the previous reserve update in June, 2006." More
- June 25, 2007 | Item | E-mail
Goldcorp Announces Significant Increase to Reserves at Penasquito and Initial Resource Estimate at Eleonore - "Goldcorp Inc. (Toronto:G.TO - News)(NYSE:GG - News) today announced updated reserve and resource estimates for two of the Company's key projects-Penasquito in Zacatecas, Mexico and Eleonore in Quebec, Canada. The Company today also released drilling results subsequent to the calculation of reserves and resources at Penasquito and Eleonore and updated development progress at both properties as well as the Los Filos mine in Guerrero State, Mexico." More
- June 25, 2007 | Item | E-mail
Silver Wheaton Silver Reserves Jump - "Canada-based silver miner Silver Wheaton Corp. announced a 50 percent increase in proven and probable silver reserves at the Zacatecas, Mexico-based Penasquito Project on Monday. In April, Silver Wheaton agreed to acquire 25 percent of the silver production from the Penasquito Project from precious metals miner Goldcorp Inc. Silver Wheaton and Goldcorp expect to close the agreement in August." More
- June 25, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 25 June 2007 | Digg This Article
Gold Seeker Closing Report: Gold and Silver End Off Lows, But Still Fall
