-- Posted Tuesday, 24 June 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $889.00 | +$4.25 |
Silver | $16.66 | -$0.12 |
XAU | 179.62 | -0.50% |
HUI | 413.44 | -1.02% |
GDM | 1212.96 | -0.43% |
JSE Gold | 2124.46 | +14.07 |
USD | 73.25 | -0.19 |
Euro | 155.68 | +0.53 |
Yen | 92.77 | +0.07 |
Oil | $137.00 | +$0.26 |
10-Year | 4.105% | -0.053 |
T-Bond | 114.125 | +0.84375 |
Dow | 11807.43 | -0.29% |
Nasdaq | 2368.28 | -0.73% |
S&P | 1314.29 | -0.28% |
The Metals:
Gold rose roughly $5 to trade on either side of $890 in London before it dipped to $882.40 by midmorning in New York, but it quickly rose back to a new session high of $894.00 and closed $5 off that high with a gain of 0.48%. Silver rose over 1% to $16.95 by late trade in Asia, but it then fell back off for most of the rest of trade and ended near its low of $16.58 with a loss of 0.72%.
Euro gold remained at about €570, platinum lost $20 to $2018.5, and copper fell a couple of cents to about $3.79.
Gold and silver equities rose roughly 0.5% about an hour into trade and remained at about that level for much of the day, but they then fell back off in the last hour of trade and ended about 1% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Jun | 50.4 | 56.0 | 58.1 |
Also making economic news today was the S&P/Case-Shiller home price index that reported home prices in 20 cities dropped 15.3% in April from a year earlier. Tomorrow at 8:30AM EST brings the Durable Goods Orders report for May expected at 0.0% and at 10AM is the New Home Sales report for May expected at 510,000. At 2:15PM is the FOMC Policy Statement that is expected to keep rates unchanged, but most will be closely watching the rest of the statement for clues about what the fed may do later in the year.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher after a seesaw session as traders waited for tomorrow’s fed meeting and inventory reports.
The U.S. dollar index fell and treasuries rose after it was announced that Consumer Confidence fell to a 16-year low, housing prices fell 15.3%, and a 2-year note auction drew pretty good demand.
The Dow, Nasdaq, and S&P fell roughly 1% by midmorning on disappointing economic data before they rebounded to find modest gains by mid-afternoon on bargain hunting, but all three indices fell back off by the close and ended slightly lower.
Among the big names making news in the market today were UPS, Dow Chemical, Kroger, ConAgra, Kodak, FedEx, and CSX.
The Commentary:
“August Gold finished up 4.4 at 891.6, 4.4 off the high and 6.5 up from the low.
July Silver closed down 0.157 at 16.633. This was 0.018 up from the low and 0.277 off the high.
Clearly the gold market out performed the rest of the metals complex as it mostly favored positive ground on Tuesday in the face of generally weak price action in silver, platinum and copper. Given the weakness in the Dollar and the divergence in the precious metals markets, it would seem like the gold market was tracking financial or flight to quality issues while the rest of the precious metals markets might have been undermined by the flow of rather dismal US economic news. In short, gold seemed to benefit from financial related issues and in turn wasn't that concerned about the prospect of slumping physical demand. In fact, the gold market didn't even seem to be undermined as a result of the reversal in energy prices.
With silver, platinum and copper prices mostly weak throughout the trading session Tuesday and the gold market favoring the upside, some players got the sense that the quasi industrial metals markets were fretting over the prospect of US slowing. In short, silver seemed to fall victim to typical physical commodity market pressure in the face of conditions that seemed to be bordering on the recessionary theme again.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China agrees to 96% jump in iron prices -- as gold falls
The Statistics:
As of close of business: 6/23/2008
Gold Warehouse Stocks: | 7,605,231 | - |
Silver Warehouse Stocks: | 135,971,781 | -3,063 |
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 | 628.21 | 20,197,679 | US$ 17,788m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.52 | 3,649,639 | US$ 3,245m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,720 | US$ 309m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,077 | US$ 795m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added another 12.26 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/23/2008 | |
Total Net Assets | $1,741,363,438 | 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 6/23/2008 | |
Total Net Assets | $3,299,320,475 | Ounces of Silver
in Trust | 191,992,497.800 |
Shares Outstanding | 19,400,000 | Tonnes of Silver
in Trust | 5,971.63 |
Note: Change in Total Tonnes from yesterday’s data: 46.16 tonnes were removed from the trust.
The Stocks:
Keegan’s (KGN) drill results, Ecuador’s mining overhaul, Crystallex’s (KRY) discussions with Venezuela's environment ministry, Orko’s (OK.V) drill results, and Silver Wheaton’s (SLW) new common share purchase warrants were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY+62.03% $1.0694 |
2. Gold Reserve | GRZ +32.81% $1.70 |
3. Exeter | XRA +4.74% $4.20 |
LOSERS
1. Hecla | HL -8.85% $7.52 |
2. ITH | THM-7.41% $1.25 |
3. Coeur | CDE-5.83% $2.91 |
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:
BacTech Issues Options - More
- June 24, 2008 | Item | E-mail
Iberian Minerals Corp. Updates Project Financing - More
- June 24, 2008 | Item | E-mail
Northland Resources: Teleconference to Discuss Preliminary Economic Assessment of its Iron Ore Projects - More
- June 24, 2008 | Item | E-mail
Gravity West Acquires Quebec Iron Titanium Project With Historical Resource - More
- June 24, 2008 | Item | E-mail
Cavan Ventures Inc. Announces MOU with Zhangjiajie XiangTie Mining Ltd. - More
- June 24, 2008 | Item | E-mail
Keegan Continues to Hit Excellent Gold Grades on Stepout Holes at Esaase - "Keegan Resources Inc. ("Keegan") (CDNX:KGN.V - News)(AMEX:KGN - News) is pleased to announce results from step out drilling at the Esaase property. Highlights include 32 meters of 1.67 g/t Au in the B-1 zone, 25 meters of 1.51 g/t Au in the north extension, and 38 meters of 1.68 g/t Au in the south extension." More
- June 24, 2008 | Item | E-mail
Silvermet Inc.: Frame Mining Corporation Exercises Warrants - More
- June 24, 2008 | Item | E-mail
Eloro Grants Stock Options - More
- June 24, 2008 | Item | E-mail
Pacific Coast Nickel Commences Drilling at Big Nic - More
- June 24, 2008 | Item | E-mail
Tao Minerals to Acquire Colombian Subsidiary Company MINERA TAO SA - More
- June 24, 2008 | Item | E-mail
General Metals Drilling Finds Nearly Tenth opt Gold Equiv. in 20 Foot Intercept Included in 140 Foot Intercept Averaging 0.029 opt Gold Equiv. in Hole GM-46 - More
- June 24, 2008 | Item | E-mail
American Bonanza Receives $2 Million Cash Payment on Taurus Option - More
- June 24, 2008 | Item | E-mail
Ecuador assembly to accept resignation of chief - "Ecuador's constitutional assembly will accept the resignation of leader Alberto Acosta, a party leader said on Tuesday, complicating President Rafael Correa's bid to overhaul state institutions." More
- June 24, 2008 | Item | E-mail
SearchGold Grants Stock Options - More
- June 24, 2008 | Item | E-mail
MacDonald Appointed to Board of Directors - More
- June 24, 2008 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver End Mixed and Near Unchanged Before Fed Day