-- Posted Thursday, 28 June 2007 | Digg This Article
| Close | Gain/Loss |
Gold | $647.90 | +$6.10 |
Silver | $12.36 | +$0.17 |
XAU | 134.85 | -0.13% |
HUI | 326.32 | +0.64% |
GDM | 1019.66 | +0.37% |
JSE Gold | 2481.80 | -0.67% |
USD | 82.32 | -0.01 |
Euro | 134.53 | +0.12 |
Yen | 81.21 | -0.46 |
Oil | $69.57 | +$0.60 |
10-Year | 5.118% | +0.048 |
T-Bond | 106.78125 | -0.34375 |
Dow | 13422.28 | -0.04% |
Nasdaq | 2608.37 | +0.12% |
S&P | 1505.71 | -0.04% |
The Metals:
Gold rose about $2 in Asia, added another $2 in London, and gained almost $4 more in morning New York trade to near $650 by late morning before it fell back off slightly in afternoon trade, but it still ended with a gain of 0.95%. Silver followed a similar pattern and rose near $12.50 before it also fell back off a bit, but it still ended with a gain of 1.39%.
Euro gold rose over €483, platinum gained $1 to $1,274, palladium gained $6 to $366, and copper gained nearly 6 cents to about $3.48.
Gold and silver equities rose over 1% at the open, but they then steadily fell off for the rest of trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
GDP-Final | Q1 | 0.7% | 0.8% | 0.6% |
Chain Deflator | Q1 | 4.2% | 4.0% | 4.0% |
Initial Claims | 6/23 | 313K | 315K | 326K |
Help-Wanted Index | May | 27 | 29 | 29 |
FOMC policy | 6/28 | 5.25% | 5.25% | 5.25% |
Fed comments noted that economic growth is moderate despite the ongoing adjustment in the housing sector and the economy will likely to continue to expand at a moderate pace. Readings on core inflation have improved modestly in recent months; however a sustained moderation in inflation has yet to be shown. One notable changed in the statement was the removal of “elevated” in their description of core inflation.
Tomorrow at 8:30AM EST brings Personal Income for May expected at 0.6%, Personal Spending expected at 0.7%, and Core PCE Inflation expected at 0.1%. At 9:45 is Chicago PMI for June expected at 58.0, and at 10AM are Michigan Sentiment for June expected at 84.0 and Construction Spending for May expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil continued to gain on supply concerns after yesterday’s disappointing inventory report and topped $70 in morning trade for the first time since September before it pulled back a bit, but it still ended with nearly a 1% gain.
The U.S. dollar index remained near unchanged and treasuries fell on the day after the Personal Consumption Expenditures price index came in a bit higher than expected at 2.4% and the fed reiterated concerns over inflation heading forward.
The Dow, Nasdaq, and S&P remained mixed and near unchanged throughout trade as the fed’s statement came in about as expected.
Among the big names making news in the market today were Carlyle Group, KB Home, Monsanto, Constellation Brands, and Apple.
The Commentary:
“August Gold finished up 5.6 at 650.4, 1.9 off the high and 2.4 up from the low.
July Silver closed up 0.169 at 12.379. This was 0.019 up from the low and 0.081 off the high.
It seemed as if the gold market was being supported by inflation hedge buying since the 1st quarter implicit price deflator saw a surprisingly large jump compared to the preceding quarter. Also with energy prices moving mostly higher and Aug crude oil at times over $70 per barrel may have rekindled some inflation concerns. It may have been a relief to gold to see the Fed leave interest rates unchanged as expected and removed the reference of "elevated" when describing the core inflation rate since it suggests the Fed stance remains neutral and may be less likely to raise rates down the road. The stock market kept a positive tone initially after the release of the Fed statement which was likely another factor providing support to gold. Physical buying interest seems to have picked up in gold now that prices have fallen over $60 from the April highs. News of a merger between three gold companies (Yamana, Meridian Gold and Northern Orion Resources) might have contributed to the fresh wave of gold buying.
Silver was able to trade higher on short covering as the market appeared to have fallen too far too fast given that the firmer action in the stock market has improved the forward macro economic outlook. Also, there appears to be some relief buying in silver with the Fed leaving interest rates unchanged while hinting that core inflation is no longer elevated. The Press also cited physical buying has returned to the precious metals following the price washout from the April and June highs. Although the 1st quarter GDP was soft, the higher 1st quarter inflation number and gains in crude oil seem to be reviving the metal's appeal as an inflation hedge.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Yamana, Northern Orion would merge, take over Meridian
The Statistics:
As of close of business: 6/27/2007
Gold Warehouse Stocks: | 7,451,134 | - |
Silver Warehouse Stocks: | 134,065,948 | + 7,230,233 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 463.45 | 14,900,324 | US$ 9,564m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.12 | 2,994,023 | US$ 1,944m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,437 | US$ 256m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,834 | US$ 272m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/27/2007 | |
Total Net Assets | $946,948,686 | 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 6/27/2007 | |
Total Net Assets | $1,669,917,508 | Ounces of Silver
in Trust | 136,263,706.600 |
Shares Outstanding | 13,700,000 | Tonnes of Silver
in Trust | 4,238.28 |
Note: Change in Total Tonnes from yesterday’s data: 77.21 tonnes were removed from the trust.
The Stocks:
Yamana’s (AUY) acquisition of Northern Orion (NTO) and bid for Meridian (MDG), Minco Gold’s (MGH) spin-off, Rubicon’s (RBY) appointment, Royal Gold’s (RGLD) increase in reserves, New Gold’s (NGD) closed financing, Entree Gold’s (EGI) exercised warrants by Rio Tinto, Newmont’s (NEM) case in Indonesia, South American Silver’s (SAC.TO) drilling results, Silver Dragon’s (SDRG.OB) drill results, and Bear Creek’s (BCM.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Meridian | MDG+12.91% $27.55 |
2. Exeter | XRA +9.22% $3.79 |
3. U.S. Gold | UXG +7.19% $5.37 |
LOSERS
1. Yamana | AUY-8.32% $11.13 |
2. Mines MGMT | MGN -3.20% $3.33 |
3. Cyrstallex | KRY -2.44% $4.10 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Belvedere Resources Ltd. - Hitura Nickel Mine NI 43-101 Technical Report filed on SEDAR - More
- June 28, 2007 | Item | E-mail
Copper Fox Metals Inc. announces second quarter results - More
- June 28, 2007 | Item | E-mail
GWR welcomes Dr. David Bailey, reports assay results - More
- June 28, 2007 | Item | E-mail
Tagish Undertakes Non-Brokered Private Placement of Units, Terminates Flow-Through Unit Offering and Grants Stock Options - More
- June 28, 2007 | Item | E-mail
Pro-Or Closes 900,000$ Private Placement - More
- June 28, 2007 | Item | E-mail
Yankee Hat Minerals Increases Non Brokered Private Placement - More
- June 28, 2007 | Item | E-mail
Initial Two-Year Water Supply Already Stored for Augusta's Rosemont Copper - More
- June 28, 2007 | Item | E-mail
Uranium Resources Announces Investor Seminar Webcast - More
- June 28, 2007 | Item | E-mail
Tentative Agreement for Stillwater Mine and Processing Facilities Rejected by Union Vote - More
- June 28, 2007 | Item | E-mail
Etruscan makes gold discovery at Kobokotosou in Mali West - More
- June 28, 2007 | Item | E-mail
Copper Mountain closes IPO, trading starts Friday June 29, 2007 - More
- June 28, 2007 | Item | E-mail
Duran SEDAR Files Aguila 43-101 Report and Launches Drill Program - More
- June 28, 2007 | Item | E-mail
Copper Ridge farms out Willoughby Gold Property - More
- June 28, 2007 | Item | E-mail
Amarillo Commences Preliminary Assessment (Scoping Study) at the Posse Deposit, Mara Rosa Project, Goias, Brazil - More
- June 28, 2007 | Item | E-mail
Vior Retains CoMarCon for Services in Europe - More
- June 28, 2007 | Item | E-mail
South American Silver Corp. Announces First Drilling Results at the Malku Khota Silver Project in Bolivia - "These results are highly encouraging and continue to demonstrate both the continuity and grade of silver mineralization at Malku Khota. We are pleased to see the silver assays in the sixth drill hole in the Limosna Zone as being somewhat higher than the average grade from the previous drilling in the Zone". More
- June 28, 2007 | Item | E-mail
Silver Dragon Cuts 2750 Grams per Tonne/88.7 Ounces Silver in Newly Discovered Sulfide Chimney at Cerro Las Minitas Project, Mexico - "Drill Hole LM-20 was drilled to a depth of 332.1 meters at an angle of -48 degrees to intercept a projected mineralized body indicated by intercepts in holes LM-17 and LM-18. Drill Hole LM-20 cut a 70-meter mineralized intercept. Assay results have been lagging as all laboratories in the region are serving excessive demand. The company has received assays for the first 31 meters of the intercept and has elected to report these assays as it may be some time yet before the rest of the assays are received. Six intercepts cut in the currently assayed portion of the hole, which are summarized in the table below, returned grades of economic interest. Reported intervals are measured core lengths, and their true widths have yet to be determined." More
- June 28, 2007 | Item | E-mail
Pacific North West Capital Corp. - Phase II Nickel Acquisition, Saskatchewan - New Project Acquired Adjacent to Nickel Plats - More
- June 28, 2007 | Item | E-mail
Marathon drilling discovers mineralization outside of resource open pit, 8 m of 7.86 g/t PGM and gold and 0.42% copper - More
- June 28, 2007 | Item | E-mail
High grade intersections at MacLellan Mine - More
- June 28, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "$0.3125 per share of FCX's Common Stock (NYSE: FCX - News). $13.75 per share of FCX's 5 1/2% Convertible Perpetual Preferred Stock." More
- June 28, 2007 | Item | E-mail
Open letter to Mantis Mineral Corp Shareholders - More
- June 28, 2007 | Item | E-mail
Rubicon Appoints Vice President-Exploration - "We are very pleased to have Matthew aboard the new Rubicon to add his expertise and experience to our existing exploration team which is embarking on an $8.0 million exploration program this year, focused in Red Lake, Ontario and in Alaska." More
- June 28, 2007 | Item | E-mail
Anaconda Mining Announces Appointment of Mario Caron to Board of Directors - More
- June 28, 2007 | Item | E-mail
Yamana, Northern Orion to combine, eyeing Meridian - "Yamana Gold (YRI.TO: Quote, Profile , Research) struck a deal on Thursday to acquire Northern Orion Resources (NNO.TO: Quote, Profile , Research) and the two miners plan to make a bid for Meridian Gold (MNG.TO: Quote, Profile , Research) in a three-way deal aimed at creating a mid-tier gold producer.
Yamana and Northern Orion said if they cannot reach an agreement with Meridian within 30 days, they will launch a joint tender offer aimed at acquiring 100 percent of its outstanding shares." More
- June 28, 2007 | Item | E-mail
Temoris Resources: Announcement - More
- June 28, 2007 | Item | E-mail
Golden Phoenix Reduces Liabilities and Retires Over $520,000 in Debt - More
- June 28, 2007 | Item | E-mail
New Jersey Mining Company Finds High-Grade in Coleman Vein - More
- June 28, 2007 | Item | E-mail
Birim Concludes Agreement With Pan African Resources plc on the Akrokerri Property, Ghana - More
- June 28, 2007 | Item | E-mail
Royal Gold Announces Substantial Increases in Reserves At Penasquito Royalty Property - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the world's leading precious metals company, today announced that ongoing exploration and development drilling by Goldcorp Inc. ("Goldcorp") at the Penasquito project in Zacatecas, Mexico has allowed Goldcorp to update its reserve estimate of 13 million contained ounces of gold and 864 million contained ounces of silver. These new reserve estimates reflect a 31% and 50% increase in gold and silver reserves, respectively, over the June 2006 reserve update." More
- June 28, 2007 | Item | E-mail
Plexmar Resources Inc.: High Grade Results from Bolsa del Diablo - More
- June 28, 2007 | Item | E-mail
Forsys Receives Updated NI 43-101 Report on the Valencia Uranium Deposit, Namibia - More
- June 28, 2007 | Item | E-mail
Plexmar Resources Inc.: High Grade Results from Bolsa del Diablo - More
- June 28, 2007 | Item | E-mail
Soho Resources Announces Drilling Results From the Cinco De Mayo Zone and Trend Plus Three Additional Holes From the El Creston Zone - More
- June 28, 2007 | Item | E-mail
First Narrows Increases Size of Susana D'Oro Property in Sonora, Mexico - More
- June 28, 2007 | Item | E-mail
Golden Eagle Purchases and Delivers Essential Equipment for Gold Production Mill on C Zone Project - More
- June 28, 2007 | Item | E-mail
Kimberly Signs Memorandum of Understanding on Silver King - More
- June 28, 2007 | Item | E-mail
PAIM Gold Team Update: XYZ Gold Project to Start Mobilization in a Few Days; Aroroy Gold Project Increases Stock Piling of Gold Ores - More
- June 28, 2007 | Item | E-mail
New Gold Announces Closing of Financing Gross Proceeds of C$375 Million - "New Gold Inc. is pleased to announce that it has closed its previously announced (May 29, 2007, May 30, 2007 and June 14, 2007) offering (the "Offering") of Units, Debentures, Flow-Through Shares and Shares for aggregate gross proceeds of $375,286,500. Pursuant to the Offering, New Gold issued and sold 55,000 Debentures for a total of $55 million, 220,000 Units for a total of $220 million, and 10,700,000 Shares and 2,055,000 Flow-Through Shares for a total of $100,286,500." More
- June 28, 2007 | Item | E-mail
Sparton Grants Additional Options - More
- June 28, 2007 | Item | E-mail
Unico, Inc. Reports Further Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine and Additional Screening Plant Activity - More
- June 28, 2007 | Item | E-mail
Sulliden objects to Commercial Chamber hearing - More
- June 28, 2007 | Item | E-mail
Madison Minerals Inc.: Drill Contract Signed for Lewis Property - More
- June 28, 2007 | Item | E-mail
FNX Mining Cancels 490,004 Shares - More
- June 28, 2007 | Item | E-mail
Champion Bear acquires Alcona gold property in Dryden area - More
- June 28, 2007 | Item | E-mail
Romios Announces Appointment of New C.F.O. and Grant of Stock Options - More
- June 28, 2007 | Item | E-mail
Anvil and its Employees Acquitted in Kilwa Incident - More
- June 28, 2007 | Item | E-mail
Explorator Resources Announces Positive Phase 2 Drill Results From El Espino Project, Chile - More
- June 28, 2007 | Item | E-mail
AuEx Ventures, Inc.: Significant Drill Offset to Gold Mineralization at West Pequop - More
- June 28, 2007 | Item | E-mail
Sirios Resources Inc.: Additional Drilling Results From the Pontax Silver Property - More
- June 28, 2007 | Item | E-mail
Midland Exploration Inc.: Acquisition of Strong Molybdenum Anomalies in the James Bay Region - More
- June 28, 2007 | Item | E-mail
Trade Winds Drills 10.66 g/t Gold Over 5.0 Metres Within 86 Metres of Surface at Block A, Detour Lake, Ontario - More
- June 28, 2007 | Item | E-mail
Capstone Reports Q3 Results: Operating Profit of $7.8 Million, $0.09 Per Share - More
- June 28, 2007 | Item | E-mail
Crowflight's Scoping Study on Expanded Throughput Scenario at Bucko Nickel Mine Boosts Annual Cash Flow to $78 Million - More
- June 28, 2007 | Item | E-mail
John Knowles Appointed President, CEO and Director of Wildcat Exploration Ltd. - More
- June 28, 2007 | Item | E-mail
Additional Positive Diamond Drill Results at Shirotnaia - More
- June 28, 2007 | Item | E-mail
Cambridge Mineral Resources plc: Uranium Deposits Under Evaluation by CMR - More
- June 28, 2007 | Item | E-mail
Odyssey Resources Signs Exclusivity Agreement with Ariana Resources for Odyssey's Tavsan Gold Property in Turkey - More
- June 28, 2007 | Item | E-mail
Blue Sky Appoints New Director - More
- June 28, 2007 | Item | E-mail
Permitting progresses at Mawson's Don Benito Project in Spain - More
- June 28, 2007 | Item | E-mail
Mega Uranium and Red Hill Energy to Drill Test Multiple Surface Uranium Anomalies on the Emeelt Property in Southeastern Mongolia - More
- June 28, 2007 | Item | E-mail
Red Hill Energy and Mega Uranium to Drill Test Multiple Surface Uranium Anomalies on the Emeelt Property in Southeastern Mongolia - More
- June 28, 2007 | Item | E-mail
Powertech Receives State Approval for Additional Monitor Wells at Centennial - More
- June 28, 2007 | Item | E-mail
CanAlaska forms new Advisory Board and appoints new Board Director and V.P. Exploration - More
- June 28, 2007 | Item | E-mail
Crescent Resources Signs Drilling Contract for Oviedo Uranium Project, Paraguay - More
- June 28, 2007 | Item | E-mail
Meridian Gold Responds to Announcement by Yamana - "The Board of Directors of Meridian Gold will consider this announcement as well as any formal offer actually made. Until the Company completes its review, it will not comment further or speculate as to any future course of action it might take." More
- June 28, 2007 | Item | E-mail
Bear Creek announces positive step-out drill results; Growth continues at Corani silver-base metal deposits - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from an additional 29 holes (5,725 meters) completed at the Corani silver-base metals project in Peru. This brings the total drilling completed on this world-class deposit to 484 holes (81,678 meters)." More
- June 28, 2007 | Item | E-mail
Entree Gold Inc.: Rio Tinto Exercises Share Purchase Warrants - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") reports that Rio Tinto Group has exercised warrants to purchase a total of 6,306,920 common shares of Entree for proceeds to the Company of $18,132,395. Following the warrants exercise, Rio Tinto owns approximately 16.3% of the outstanding common shares of the Company." More
- June 28, 2007 | Item | E-mail
Newmont responds to prosecutor in Indonesia case - "An Indonesian unit of Newmont Mining Corp. (NEM.N: Quote, Profile , Research) has asked the country's top court to reject an appeal by Indonesian prosecutors against a ruling clearing the firm in a pollution case, a court official said on Thursday.
On April 24, a court in the Indonesian city of Manado cleared PT Newmont Minahasa Raya and its American president Richard Ness of charges related to dumping of toxic waste into a bay near a gold mine in North Sulawesi and making people sick." More
- June 28, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted Thursday, 28 June 2007 | Digg This Article
Gold Seeker Closing Report: Gold and Silver Gain About 1%; Fed Holds
