-- Posted Monday, 30 June 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $926.10 | -$2.00 |
Silver | $17.42 | -$0.17 |
XAU | 195.25 | +0.39% |
HUI | 449.88 | -0.26% |
GDM | 1335.12 | +0.08% |
JSE Gold | 2398.14 | +29.57 |
USD | 72.53 | +0.24 |
Euro | 157.45 | -0.45 |
Yen | 94.17 | -0.13 |
Oil | $140.00 | -$0.21 |
10-Year | 3.979% | -0.011 |
T-Bond | 115.59375 | -0.0625 |
Dow | 11350.01 | +0.03% |
Nasdaq | 2292.98 | -0.98% |
S&P | 1280.00 | +0.13% |
The Metals:
Gold rose to $935.25 in London before it dropped to as low as $918 by about noon in New York, but it then rallied back higher into the close and ended with a loss of just 0.22%. Silver rose to $17.87 and fell to $17.18 before it also rallied back higher and closed with a loss of 1%.
Euro gold remained at €588, platinum gained $6 to $2064.50, and copper gained a penny to $3.89.
Gold and silver equities rose over 1% at the open before they fell to see over 1% losses by about halfway into the trading session, but they then rallied back higher into the close and ended near unchanged on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Chicago PMI | June | 49.6 | 48.0 | 49.1 |
Tomorrow at 10AM EST is the ISM Index for June expected at 48.6 and Construction Spending for May expected at -0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high of $143.67 on worries over a possible conflict between Iran and Israel, but it fell back off to find a slight loss by the close as the EIA revised downward its demand figure for April.
The U.S. dollar index rose as traders positioned themselves ahead of Thursday’s ECB meeting that is expected to announce an increase in rates, but may signal steady monetary policy going forward.
Treasuries fell “amid signs of rising inflation overseas that may help steel central banks' resolve to increase interest rates.”
The Dow and S&P traded modestly higher for most of the day after oil came off its new record high, but the Nasdaq turned lower in afternoon trade and ended with a nearly 1% loss and the Dow and S&P fell back off in the final minutes of trade and ended barely higher . The Dow turned in its worst performance for June since 1930.
Among the big names making news in the market today were H&R Block, Anheuser-Busch, and EBay
The Commentary:
“August Gold finished down 3 at 928.3, 5.7 off the high and 7.8 up from the low.
July Silver closed down 0.2 at 17.42. This was equal to the low and 0.05 off the high.
Gold rallied early today on follow through from last week's gains and an early steep break in the US Dollar and sharply higher crude oil prices, but as crude oil sold off from its highs and the dollar bounced off of its lows, gold gave back its gains and spent most of the session lower on the day. The month and quarter ending may have sparked some profit taking on all fronts, but also a slight easing of commodity price inflation may have kept investment interest at bay. Crude oil may have dropped on indications of reductions in US demand estimates after earlier gaining on threatening statements out of Iran.
After breaking through the June highs early in the session, silver sold off sharply and ended the session well off the highs of the day. A spike bottom and sharp recovery in the dollar and weaker crude oil prices took some of the luster off of silver and other precious metals as investment vehicles and as hedges against commodity inflation. Profit taking in the wake of last week's strong gains lent support as well. As has been the case recently, the silver market seems more focused on its role as an investment vehicle and less as and industrial metal, as a slightly higher stock market and a late recovery in copper failed to provide a lift to silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
BIS seeks higher world interest rates
Peter Brimelow: Fed's flinch galvanizes gold
IMF undertakes audit of U.S. financial system
Miners to strike major producers in Peru
Asian nations may buy shares to aid sagging markets
Max Keiser and Frank Holmes talk about gold on Internet TV
James Turk: Dollar is on the precipice
Top market riggers to huddle privately Tuesday in Frankfurt
Options traders bet oil could rise another 40%
The Statistics:
As of close of business: 6/27/2008
Gold Warehouse Stocks: | 7,611,590 | -481 |
Silver Warehouse Stocks: | 136,553,695 | -12,775 |
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) AND Tokyo Stock Exchage (TSE) | SPDR® Gold Shares | 644.16 | 20,710,314 | US$ 19,036m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.60 | 3,684,394 | US$ 3,413m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,197 | US$ 324m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,038 | US$ 830m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 15.95 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/27/2008 | |
Total Net Assets | $1,828,888,482 | 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 6/27/2008 | |
Total Net Assets | $3,356,674,819 | Ounces of Silver
in Trust | 192,981,804.200 |
Shares Outstanding | 19,500,000 | Tonnes of Silver
in Trust | 6,002.41 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Peru’s labor strike, Jaguar’s (JAG) increase in shares available for purchase, Timberline’s (TLR) inclusion in the Russell Microcap Index, Gold Fields’ (GFI) power investment, and New Gold’s (NGD) completed business combination were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI+13.22% $1.97 |
2. Ivanhoe | IVN+8.56% $10.91 |
3. Cardero | CDY +5.42% $2.14 |
LOSERS
1. Crystallex | KRY -5.88% $1.12 |
2. Mines MGMT | MGN-5.44% $2.78 |
3. Minco | MGH-5.26% $1.08 |
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:
Feasibility Model for Platinum Group Metals' Project 1 Delivered to Partners by Independent Engineering Team on Time: Publication Expected July 7, 2008 - More
- June 30, 2008 | Item | E-mail
Douglas Lake Minerals Successfully Closes Acquisition of Mbwemkuru Project - More
- June 30, 2008 | Item | E-mail
Jaguar Mining announces increase in shares available for purchase under its normal course issuer bid - "Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE Arca, JAG.NT: TSX) announced today that it has received approval from the Toronto Stock Exchange ("TSX") to increase the number of common shares that it may purchase under its current normal course issuer bid by up to an additional Cdn.$10,000,000 worth of shares." More
- June 30, 2008 | Item | E-mail
Goldrich Provides Marisol, Mexico Drilling Update - More
- June 30, 2008 | Item | E-mail
Canadian Royalties Creates In-house Investor Relations Department - More
- June 30, 2008 | Item | E-mail
Tamerlane closes C$2 million financing - More
- June 30, 2008 | Item | E-mail
Romarco Intercepts 17.8 Meters of 3.1 g/t at Haile - More
- June 30, 2008 | Item | E-mail
Ecuador mine law to have community input, no veto - "Ecuador's new mining law will call for community consultation over projects but villagers will not have veto powers to shut them down, Mining Minister Galo Chiriboga said Monday." More
- June 30, 2008 | Item | E-mail
Sherwood Finalizes Exploration Agreement with Northern Tiger Resources - More
- June 30, 2008 | Item | E-mail
Cartier Confirms Extension of North Gold Zone With 7.3 g/t Au Over 1.0 Metres - More
- June 30, 2008 | Item | E-mail
Lake Victoria Mining Company, Inc.: Exploring for Gold in Tanzania-New International Board Appointed - More
- June 30, 2008 | Item | E-mail
Drill contract signed for Medicine and Silver Queen Projects - M
Gold Seeker Closing Report: Gold and Silver End Slightly Lower After Early Gains