-- Posted Friday, 20 June 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $901.70 | -$0.30 | +3.61% |
Silver | $17.375 | -$0.55 | +5.11% |
XAU | 178.60 | -0.01% | +1.79% |
HUI | 415.43 | +1.51% | +4.30% |
GDM | 1213.57 | +0.10% | +2.20% |
JSE Gold | 2175.63 | -18.96 | -2.28% |
USD | 73.05 | -0.44 | -1.46% |
Euro | 156.07 | +1.03 | +1.56% |
Yen | 93.18 | +0.58 | +0.82% |
Oil | $134.62 | +$2.69 | -0.18% |
10-Year | 4.137% | -0.062 | -2.91% |
Bond | 113.453125 | +0.203125 | +0.81% |
Dow | 11842.69 | -1.83% | -3.78% |
Nasdaq | 2406.09 | -2.27% | -1.97% |
S&P | 1317.93 | -1.85% | -3.10% |
The Metals:
Gold fell to $896.05 in Asia before it rose to as high as $907.90 in New York, but it then fell back off into the close and ended with a loss of 0.03%. Silver dropped to $17.29 and rose to $17.628 before it closed with a loss of 0.32%.
Euro gold fell to about €577, platinum gained $11.50 to $2053.50, and copper gained over 5 cents to about $3.83.
Gold and silver equities rose over 1% in the first hour of trade before they fell back off in afternoon trade, but they then rallied back higher into the close and ended mostly higher.
The Economy:
There were no major economic reports today.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Confidence on Tuesday, Durable Goods Orders, New Home Sales, and the FOMC Policy Statement on Wednesday, GDP, Initial Jobless Claims, and Existing Home Sales on Thursday, and Personal Income and Spending and PCE Core Inflation on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as Israel performed a mock air raid/dry run/practice attack of sorts on Iran and Shell declared force majeure in Nigeria after a militant attack. Attention now turns to Saudi Arabia’s meeting this Sunday that is expected to officially announce a production increase of 550,000 barrels a day in July as compared to May.
The U.S. dollar index fell and treasuries rose as more worries about the credit market and the financial sector dragged the Dow, Nasdaq, and S&P lower for most of the day and left them with roughly 2% losses.
Among the big names making news in the market Friday were Winnebago, Bear Stearns, Citigroup, Alcoa, Shell, Duke, Google, and Yahoo.
The Commentary:
“It was New York and COMEX that took the gold price back over $900, so long and short-term investors are behind gold's price rise today. With their eyes on the $ and oil they took it higher. Despite the oil producers conference this Sunday and despite the removal of subsidies on oil in China, the oil price has risen $3. On top of that the $ itself became anemic and fell back over $1.56 sending gold up as it fell.
If good news for oil doesn't push it down what will? It seems the market doesn't want talk, it wants action! Until it gets it, the prospects are good for gold and silver.”- Julian D.W. Phillips, www.goldforecaster.com
“August Gold finished down 0.5 at 903.7, 6.3 off the high and 2.1 up from the low.
July Silver closed down 0.073 at 17.397. This was 0.017 up from the low and 0.143 off the high.
Gold consolidated in the upper end of yesterday's trading range today after failing to make it through the June 9th peak on 912.50 on this week's run up. The market was supported all week by a steadily eroding dollar, but so far it has been held to a quasi double top. Higher crude oil prices today following yesterday's steep declines provided underlying support, but the fact that crude only consolidated this week and failed to move to higher ground after Monday may have limited gold's advances.
July silver traded both sides of unchanged today, staying inside yesterday's range. So far it has failed to follow through on yesterday's breakout above the June 9th highs and has since retreated below those levels. One would have expected the weaker dollar and stronger copper markets to lend support to silver on inflationary concerns and flight to quality issues, but the sharply lower stock market and its potential repercussions on industrial demand may have undermined that.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
U.S. government sued over seizure of Liberty Dollars
The Statistics:
As of close of business: 6/19/2008
Gold Warehouse Stocks: | 7,606,690 | +600 |
Silver Warehouse Stocks: | 134,780,089 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | SPDR® Gold Shares | 614.41 | 19,754,038 | US$ 17,832m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.52 | 3,649,801 | US$ 3,291m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,736 | US$ 313m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,117 | US$ 815m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 3.06 tonnes. SPDR added 9.2 tonnes on the week.
COMEX Gold Trust (IAU)
Profile as of 6/19/2008 | |
Total Net Assets | $1,774,710,273 | 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 6/19/2008 | |
Total Net Assets | $3,330,820,410 | 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:
Cardero’s (CDY) optioned properties, Paramount’s (PZG) joint venture with Garibaldi (GGI.V), Eldorado’s (EGO) off for Frontier, and Apogee’s (APE.V) stock options were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Coeur | CDE +11.3% $3.25 |
2. Golden Star | GSS +6.95% $3.23 |
3. Nevsun | NSU +6.93% $2.16 |
LOSERS
1. Gold Reserve | GRZ -13.42% $1.29 |
2. Orezone | OZN -8.70% $1.05 |
3. Apex Silver | SIL -6.64% $5.06 |
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:
Sego Resources Inc. - 11 Metres 1.75% Copper, 0.11 grams/tonne Gold - More
- June 20, 2008 | Item | E-mail
Eldorado Issues Notice of Variation and Extension-Offer Extended to July 2, 2008 - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) announced today that Eldorado has mailed to shareholders of Frontier Pacific Mining Corporation ("Frontier") a Notice of Variation and Extension dated June 20, 2008 in respect of its offer to purchase all of the outstanding common shares of Frontier (the "Offer") extending the expiry date of the Offer to July 2, 2008." More
- June 20, 2008 | Item | E-mail
Apogee Announces Stock Options - "Apogee Minerals Limited ("Apogee") (CDNX:APE.V - News) is pleased to announce that it has granted a total of 1,400,000 options under the stock option plan of the Company to various officers, directors and consultants of the Company. The options have an exercise price of $0.40 per option exercised and will vest immediately subject to the statutory four month hold. The options will expire five years from the date of grant and are subject to regulatory approval." More
- June 20, 2008 | Item | E-mail
Global Copper Reports Results From Ten Further Drill Holes at Relincho Including 756 and 626 Meters Grading 0.74% and 0.76% Copper Equivalent(ii) - More
- June 20, 2008 | Item | E-mail
Royal Roads announces graduation to Tier 1 of the TSX Venture Exchange - More
- June 20, 2008 | Item | E-mail
Inter-Citic Introduces New Board Members, Issues Options - More
- June 20, 2008 | Item | E-mail
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Over 3% and 5% on the Week