-- Posted Monday, 9 June 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $894.90 | -$0.85 |
Silver | $17.19 | -$0.23 |
XAU | 185.15 | +0.79% |
HUI | 433.01 | +0.32% |
GDM | 1286.98 | -0.30% |
JSE Gold | 2440.68 | +32.33 |
USD | 72.95 | +0.57 |
Euro | 156.36 | -0.38 |
Yen | 94.06 | -1.26 |
Oil | $134.35 | -$4.19 |
10-Year | 3.992% | +0.054 |
T-Bond | 114.9375 | -0.171875 |
Dow | 12280.32 | +0.58% |
Nasdaq | 2459.46 | -0.61% |
S&P | 1361.76 | +0.08% |
The Metals:
Gold rose to $909 by late trade in Asia before it fell throughout most of trade in London and New York and dropped to as low as $890.60 with about 15 minutes left in the session, but it then rallied back higher in the final minutes and ended with a loss of just 0.10%. Silver rose to $17.63 and fell to $17.10 before it closed with a loss of 1.32%.
Euro gold rose near €572, platinum lost $32 to $2042.50, and copper fell slightly to about $3.61.
Gold and silver equities rose about 1% by late morning, but they then fell off slightly in afternoon trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Pending Home Sales | Apr | 6.3% | -1.0% | -1.0% |
The fed’s Geithner had comments today defending the bailout of Bear Stearns and calling for “greater flexibility to respond to acute liquidity pressure in markets without undermining its capacity to manage the federal funds.” Bernanke also speaks tonight and tomorrow at 8:30 AM EST brings the Trade Balance for April expected at -$60.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after last week’s record gains, but it only retraced about $4 of the more than $16 gains seen on Thursday and Friday as geopolitical tensions remained relatively tame over the weekend.
The U.S. dollar index rose after Pending Home Sales came in better than expected and Treasury Secretary Paulson did not rule out currency intervention in an interview on CNBC.
Treasuries fell, especially on the short end, on inflation worries as Geithner hinted towards the need to raise interest rates to contain inflation.
The Dow and S&P traded mostly higher on optimism over lower energy prices, but worries over the financials capped any significant gains while the Nasdaq remained modestly weaker for most of the day.
Among the big names making news in the market today were Lehman Brothers, McDonald’s, and Honeywell.
The Commentary:
“August Gold finished down 0.9 at 898.1, 9.1 off the high and 4.1 up from the low.
July Silver closed down 0.22 at 17.21. This was 0.03 up from the low and 0.26 off the high.
The gold market did manage to initially add to last week's bounce in the early trade but it was clear that gold was seeing a divided trade. Clearly seeing the Dollar throw off the weakness generated in the wake of the disappointing US payroll report last Friday morning was undermining, but August gold did manage to recover and trade back deep into positive ground after the Dollar recovered and that hints at some resiliency in the marketplace. However, the gold market was clearly undermined as a result of the weakness in the rest of the metals market throughout most of the trading session Monday.
The silver market clearly exhibited more vulnerability than the gold market for most of the trading session Monday, perhaps because the quasi industrial/demand impacted metals markets of copper and platinum were mostly under pressure. It also seemed as if the recovery in the Dollar and strength in the US equity market served to knock the wind out of the bull camp in Monday’s trade.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China urges U.S. to stabilize dollar
NY Fed chief urges global bank framework
Peter Brimelow: Does surge in gold and commodities signal war?
U.S. Mint says its silver supply will be cut in half
Paulson tells China: Let our banks do for you what they've done for us
Al Korelin interviews GATA board member Ed Steer
Russia scolds U.S. for trying to control world markets
Bix Weir: U.S. mint issues false statement on bullion sourcing
A lawyer's open letter to a CFTC commissioner
The Statistics:
As of close of business: 6/6/2008
Gold Warehouse Stocks: | 7,598,783 | -98 |
Silver Warehouse Stocks: | 134,601,513 | +90,703 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | SPDR® Gold Shares | 597.55 | 19,211,764 | US$ 17,105m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.53 | 3,650,247 | US$ 3,266m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,778 | US$ 311m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,246 | US$ 804m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.18 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/6/2008 | |
Total Net Assets | $1,762,555,556 | Ounces of Gold
in Trust | 1,968,583.772 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.23 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/6/2008 | |
Total Net Assets | $3,308,585,517 | Ounces of Silver
in Trust | 192,486,971.000 |
Shares Outstanding | 19,450,000 | Tonnes of Silver
in Trust | 5,987.01 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
South Africa’s power crisis, Keegan’s (KGN) drill results, Polyus’ (PLZL.MM) earnings, Minefinders’ (MFN) initial production estimates, Silvercorp’s (SVM.TO) earnings, and Scorpio’s (SPM.TO) mine/mill inauguration were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +16.15% $3.20 |
2. US Energy | USEG +8.72% $2.99 |
3. Golden Star | GSS +3.49% $3.26 |
LOSERS
1. Gold Reserve | GRZ -8.25% $1.78 |
2. Rubicon | RBY -5.88% $1.28 |
3. Fronteer | FRG -5.49% $4.82 |
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:
Gravity Survey Enhances Potential of Nuinsco's Diabase Uranium Project - More
- June 09, 2008 | Item | E-mail
Nethery Appointed to Kinbauri's Board - More
- June 09, 2008 | Item | E-mail
Zoloto Resources Default Status Report - More
- June 09, 2008 | Item | E-mail
AXMIN Announces Closing of Second Tranche and Increase in Size of Non-Brokered Private Placement - More
- June 09, 2008 | Item | E-mail
Augen Gold closes its initial public offering raising $4,329,678.30 - More
- June 09, 2008 | Item | E-mail
Option/Joint Venture at McFauld's Lake, Ontario - More
- June 09, 2008 | Item | E-mail
Skyline Initiates Pre-Concentration Study - More
- June 09, 2008 | Item | E-mail
Evolving Gold Corp Appoints New CFO - More
- June 09, 2008 | Item | E-mail
Rockgate Completes Arrangement Agreement for Spin-Off of Northrock Resources Inc. - More
- June 09, 2008 | Item | E-mail
GoldSpring Discovers Potential Bonanza Grade Ore at the Hartford Complex - More
- June 09, 2008 | Item | E-mail
Uranium Bay Identifies on the Uskawanis Uranium Property More Than 40 Uranium Anomalies That are Worthy of Significant Ground Follow-Up - More
- June 09, 2008 | Item | E-mail
Benton identifies multiple anomalies from the Rim Property airborne survey - More
- June 09, 2008 | Item | E-mail
Stelmine is entering in to hydrocarbons exploration activities - More
- June 09, 2008 | Item | E-mail
Uruguay Mineral Exploration Inc.: Gold Production for 2008 Financial Year - More
- June 09, 2008 | Item | E-mail
Campbell Resources closes second tranche of $3.5 million financing - More
- June 09, 2008 |
Gold Seeker Closing Report: Gold and Silver Fall Slightly As Oil Drops from Record