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-- Posted Monday, 2 July 2007 | Digg This Article
Note: U.S. trading closes early tomorrow and will remained closed through the 4th of July Holiday on Wednesday. | Close | Gain/Loss | Gold | $656.30 | +$8.80 | Silver | $12.60 | +$0.30 | XAU | 139.16 | +2.36% | HUI | 337.23 | +2.39% | GDM | 1053.58 | +2.39% | JSE Gold | 2484.27 | +0.58% | USD | 81.40 | -0.52 | Euro | 136.23 | +0.93 | Yen | 81.77 | +0.56 | Oil | $71.09 | +$0.41 | 10-Year | 4.998% | -0.035 | T-Bond | 108.03125 | +0.28125 | Dow | 13535.43 | +0.95% | Nasdaq | 2632.30 | +1.12% | S&P | 1519.43 | +1.07% |
The Metals:  Gold jumped about $3 higher at the open in Asia before it fell back near unchanged a few hours into trade, but it then rose back above $650 in London, gained over 1% more in morning New York trade, and closed not far off its high with a gain of 1.36%. Silver jumped about 15 cents higher at the open in Asia before it added another 15 cents in New York and ended near its high with a gain of 2.44%.
Euro gold rose over €482, platinum gained $17 to $1,292, palladium gained $6 to $371, and copper gained roughly 5 cents to about $3.54. Gold and silver equities jumped about 1% at the open, continued to move higher throughout the day, and closed with over 2% gains. The Economy: Report | For | Reading | Expected | Previous | ISM Index | June | 56.0 | 55.0 | 55.0 |
ISM came in at the highest since April, 2006. Tomorrow at 10AM EST brings Factory Orders for May expected at -1.2% and Pending Home Sales for May expected at 0.3%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell in early trade on profit taking from last week’s respectable gains, but it then rose in late trade and closed at a new 10-month high on continued worries over terrorist attacks ahead of the 4th of July holiday in the U.S. that also brings strong demand for gasoline during the busy summer driving season. The U.S. dollar index fell dramatically to an over 2 month low as both the euro and yen found nice gains on worries over the U.S. financial sector stemming from potential problems with subprime mortgages. The British Pound rose to a 26 year high versus the U.S. dollar and the New Zealand dollar rose above $0.78 “for the first time since being floated 22 years ago.” Treasuries rose and interest rates fell despite a stronger than expected ISM reading as buying was spurred on both by terror anxiety and general worries over the health of the entire U.S. financial sector. Of special note is the yield on the 10-year closing back under 5% for the first time in nearly a month. The Dow, Nasdaq, and S&P rose on a new batch of takeover news and lower interest rates in the face of decent economic data. Among the big names making news in the market today were Och-Ziff, Apple, Bear Stearns, Manor Care and Carlyle Group, and Linn Energy and Dominion. The Commentary:  “August Gold finished up 8.3 at 659.2, 2.1 off the high and 5.2 up from the low.
July Silver closed up 0.269 at 12.622. This was 0.022 up from the low and equal to the high. With a very impressive three day up pattern, the August gold contract has at least partially turned the tables on the bear camp. While some players suggested that the gold market was being lifted by renewed terrorism concerns and others suggested that the statements from Putin regarding Iran were cause for flight to quality buying in the gold market, the main reason behind the gold rally was probably mostly the slide in the Dollar. In fact, with the regularly scheduled US economic information on the day slightly better than expected and the Dollar falling, the gold market was able to get a lift from several different angles. In the end, seeing the US and Russia united against Iran could certainly increase the odds of severe sanctions against Iran and Iran has indicated that some economic sanctions will be considered by Iran as a military threat. With the stock market strong and the equity market strong, the outside market environment was simply conducive to the bull case and with the gold market climbing back above the 200 day moving average it is possible that even the technical players were turning fresh buyers of gold. While the September silver was a long way from regaining its 200 day moving average, it did fashion an impressive range up extension and that probably prompted some short to cover. With the rest of the metals complex higher, the energies recovering and the US equity market seeing some strength it wasn't surprising to the silver market regain its footing. Certainly the silver market benefits from the potential for a united front against Iran, but we suspect that silver, platinum and copper could see another round of sanctions against Iran as a negative demand factor.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Rob Peebles: The CDO flying circus S&P, Moody's masking $200 billion of subprime bond risk With CDOs, Wall Street sold the world a box of sewage Peter Brimelow: Gold bugs disappointed but keep the faith A year after defeat, Mexican leftist fades away Move away from U.S. dollar reserves is still all talk Avoiding 'made in China' labels isn't easy No inflation in U.S.? There's plenty in China The Statistics: As of close of business: 6/29/2007 Gold Warehouse Stocks: | 7,276,068 | -74,204 | Silver Warehouse Stocks: | 139,934,854 | -525,635 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 464.37 | 14,930,016 | US$ 9,709m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.12 | 2,993,890 | US$ 1,971m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,420 | US$ 260m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,815 | US$ 275m |
Note: No change in Total Tonnes from yesterday’s data. COMEX Gold Trust (IAU) Profile as of 6/29/2007 | | Total Net Assets | $956,375,096 | 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 6/29/2007 | | Total Net Assets | $1,708,025,287 | Ounces of Silver
in Trust | 136,263,706.600 | Shares Outstanding | 13,700,000 | Tonnes of Silver
in Trust | 4,238.28 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: A 6% wage hike offer to South African workers to potentially avoid a strike, U.S. Energy’s (USEG) stock buy back program, Apollo Gold’s (AGT) NI 43-101 mineral reserve and resource estimate showing 1,000,000 ounces at Black Fox, and MAG Silver’s (MAG.V) listing on the AMEX were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Entree | EGI +21.4% $2.95 | 2. Eldorado | EGO+7.89% $6.29 | 3. Rubicon | RBY+6.11% $1.91 |
LOSERS 1. Arizona Star | AZS -2.56% $10.65 | 2. Fronteer | FRG -2.10% $11.65 | 3. Pacific Rim | PMU -1.87% $1.05 |
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: Agreement Reached on Labor Contract at Stillwater Mine and Processing Facilities - More
- July 02, 2007 | Item | E-mail
U.S. Energy Corp. Announces a Stock Buy Back Program; Reviews Corporate Development Plans - "U.S. Energy Corp. (Nasdaq: USEG - News), a diversified natural resource exploration company announced today that it will initiate a share buy back program. The Company is also pleased to provide its corporate development strategy along with several project updates as follows." More
- July 02, 2007 | Item | E-mail
MAG Silver Corp. to List on the American Stock Exchange Under the Symbol "MVG" - "MAG Silver Corp. (CDNX:MAG.V - News)(Toronto:MVG.TO - News) announces that the Company has received formal approval to list its common shares on the American Stock Exchange ("AMEX"). The AMEX has advised that the approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards. Effective July 9, 2007 the Company expects its shares will be listed for trading on the AMEX under the symbol MVG. The Company will continue to trade on the TSX Venture Exchange under the symbol MAG." More
- July 02, 2007 | Item | E-mail
Tara Gold Negotiates Full Return of La Millonaria Groupings - More
- July 02, 2007 | Item | E-mail
U Mining Resources Inc. Announces Nomination of Mr. Jean-Michel de Montigny as Chief Executive Officer and Member of Board of Directors - More
- July 02, 2007 | Item | E-mail
General Metals Annual Meeting Receives Over 75% Votes in Favor of Board of Directors, Independent Auditor and 11:10 Forward Split - More
- July 02, 2007 | Item | E-mail
Western Goldfields Announces Completion of Corporate Re-Domestication to Ontario, Canada and Implementation of Shareholder Rights Plan - More
- July 02, 2007 | Item | E-mail
Utah Uranium Announces Acquisition of the "Hat" Property - More
- July 02, 2007 | Item | E-mail
Antofagasta approves Esperanza copper-gold project - More
- July 02, 2007 | Item | E-mail
Cambridge Mineral Resources plc: Mina del Sol Project Update - More
- July 02, 2007 | Item | E-mail
Yellowcake Mining on Forbes.com - More
- July 02, 2007 | Item | E-mail
Apollo Gold Announces 1,000,000 Ounces of Gold Reserves at Its Black Fox Project - "Apollo Gold Corporation ("Apollo" or the "Company") (TSX:APG - News; AMEX:AGT - News) is pleased to announce the results of a new Canada National Instrument 43-101 ("43-101") mineral reserve and resource estimate at its 100% owned Black Fox Project ("Black Fox") located near Timmins, Ontario, Canada. The NI 43-101 demonstrates the continued expansion of Black Fox since the last published NI 43-101 dated August 14, 2006." More
- July 02, 2007 | Item | E-mail
Gold firms offer 6% wage hike - "The three biggest gold firms in South Africa, the world's biggest producer of the precious metal, offered workers a 6 percent wage hike on Monday, a union official said." More
- July 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2007 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted Monday, 2 July 2007 | Digg This Article
Previous Articles by Chris Mullen, Gold-Seeker.com
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Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2% as Dollar Drops
