-- Posted Thursday, 19 June 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $902.00 | +$10.90 |
Silver | $17.43 | +$0.13 |
XAU | 178.61 | -0.76% |
HUI | 409.26 | -0.99% |
GDM | 1212.32 | -0.98% |
JSE Gold | 2194.59 | -10.69 |
USD | 73.49 | +0.06 |
Euro | 155.01 | -0.32 |
Yen | 92.61 | -0.10 |
Oil | $131.93 | -$4.75 |
10-Year | 4.199% | +0.045 |
T-Bond | 113.25 | -0.328125 |
Dow | 12063.09 | +0.28% |
Nasdaq | 2462.07 | +1.33% |
S&P | 1342.83 | +0.38% |
The Metals:
Gold fell nearly $5 to $886.45 by midday in London, but it then spiked over $20 higher at the New York open and made a high of $908.25 before it fell back off slightly into the close and ended with a gain of 1.22%. Silver fell to $17.12 and rose to $17.722 before it closed with a gain of 0.75%.
Euro gold rose to about €579, platinum lost $46 to $2042, and copper gained a few cents to about $3.78.
Gold and silver equities rose roughly 2% by midmorning, but they then fell back off for most of the rest of trade and ended nearly 1% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/14 | 381K | 375K | 386K |
Leading Indicators | May | 0.1% | 0.0% | 0.1% |
Philadelphia Fed | Jun | -17.1 | -10.0 | -15.6 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell nearly $5 after China announced it will reduce its subsidies and effectively raise gas prices for its citizens by 17-18%. This was a surprise move and is expected to reduce global demand growth while Saudi Arabia also announced plans for another 200,000 barrel per day increase in output.
The U.S. dollar index rose slightly and treasuries fell while the Dow, Nasdaq, and S&P eventually rose after oil closed markedly lower.
Among the big names making news in the market today were Kerkorian and Ford, Circuit City, Bear Stearns, and J.M Smucker.
The Commentary:
“August Gold finished up 10.7 at 904.2, 5.3 off the high and 10.7 up from the low.
July Silver closed up 0.13 at 17.47. This was 0.205 up from the low and 0.15 off the high.
The gold market broke through resistance at $900 today despite a weaker crude oil price and traded in a choppy, sideways pattern, albeit at the higher price level, throughout the session. Overnight gains in crude oil in the wake of an attack on petroleum infrastructure in Nigeria appeared to be the spark that sent gold higher, but gold held its own when crude oil went lower on the day later in the session. A better than expected jobs report this morning increases the market's confidence that the Fed would raise rates, which would be supportive to the dollar and therefore tend to pressure the metals. Crude oil was weaker and the stock market and dollar both found modest support today, but none of these moves appeared to be dramatic enough to shake gold's confidence.
July silver broke out above the recent trading range today and, unlike gold, even traded above the June highs. Silver appeared to be trading off of the copper market, which traded to its highest level since mid-May early on. Copper managed to hold those gains even after an announcement of a settlement to a 2-day strike in Peru, as well as a possible resolution to a "blockade" by local residents in Monquegua, which has blocked access to a copper mine and smelter there.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 6/18/2008
Gold Warehouse Stocks: | 7,606,090 | - |
Silver Warehouse Stocks: | 134,780,089 | -31,550 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | SPDR® Gold Shares | 611.35 | 19,655,447 | US$ 17,439m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.52 | 3,649,842 | US$ 3,283m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,740 | US$ 312m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,127 | US$ 801m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 6.13 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/18/2008 | |
Total Net Assets | $1,753,468,785 | 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 6/18/2008 | |
Total Net Assets | $3,288,300,608 | Ounces of Silver
in Trust | 193,476,580.400 |
Shares Outstanding | 19,550,000 | Tonnes of Silver
in Trust | 6,017.79 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Yamana’s (AUY) exploration update, Alexco’s (AXU) permitting, Excellon’s (EXN.TO) mine reactivation, MAG’s (MVG) assay 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. ITH | THM +5.43% $1.36 |
2. Paramount | PZG +4.44% $1.88 |
3. Anglo American | AAUK+3.01% $34.61 |
LOSERS
1. Gold Reserve | GRZ -12.87% $1.49 |
2. Cardero | CDY -6.38% $2.20 |
3. US Gold | UXG -5.80% $1.95 |
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:
Golden Share Increases Available Financing to $800,000 - More
- June 19, 2008 | Item | E-mail
GWR Resources announces additional assays, Aurizon and Peach 1 Zones, Lac La Hache Project - More
- June 19, 2008 | Item | E-mail
Alexco Secures Permitting to Commence Underground Development of the Bellekeno Mine, Keno Hill Silver District - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco") is pleased to announce that it has received the mining land use permit required to commence re-development of the historic Bellekeno Mine in order to complete an advanced underground exploration program, extract a bulk sample from the silver rich Southwest Zone, and rehabilitate the historic workings in preparation for a production decision in early 2009." More
- June 19, 2008 | Item | E-mail
Mineral Hill Industries Ltd. - Non-Brokered Private Placement - More
- June 19, 2008 | Item | E-mail
Verena Closes Bonfim Sale - More
- June 19, 2008 | Item | E-mail
Silvermet Appoints W.S. (Steve) Vaughan as a Director - More
- June 19, 2008 | Item | E-mail
Klondex Announces AGM Voting Results - More
- June 19, 2008 | Item | E-mail
Eagle Plains Resources Commences Summer Field Programs - More
- June 19, 2008 | Item | E-mail
Golden Hope Mines Launches Drill Program in Bellechasse-Chaudiere Quebec: Serpentinites and Timmins are Priority Targets - More
- June 19, 2008 | Item | E-mail
Ventana Announces New Gold Discovery in Colombia-106.5 Meters of 7.81 g/t Au - More
- June 19, 2008 | Item | E-mail
Taranis Starts Drilling at Thor Project - More
- June 19, 2008 | Item | E-mail
MacDonald Mines Named to 2008 TSX Venture 50(TM) - More
- June 19, 2008 | Item
Gold Seeker Closing Report: Gold and Silver Gain About 1% Despite Oil Drop and Dollar Gain