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-- Posted Thursday, 3 July 2008 | Digg This Article | Source: GoldSeek.com
| Close | Gain/Loss | On Week | Gold | $931.60 | -$12.95 | +0.38% | Silver | $18.18 | -$0.135 | +3.35% | XAU | 188.73 | -0.85% | -2.97% | HUI | 435.95 | -1.68% | -3.35% | GDM | 1299.03 | -1.99% | -2.65% | JSE Gold | 2313.22 | -70.55 | -2.34% | USD | 72.72 | +0.65 | +0.62% | Euro | 156.93 | -1.86 | -0.61% | Yen | 93.66 | -0.80 | -0.60% | Oil | $145.29 | +$1.72 | +3.44% | 10-Year | 3.973% | +0.014 | -0.43% | Bond | 115.875 | -0.25 | +0.19% | Dow | 11288.54 | +0.65% | -0.51% | Nasdaq | 2245.38 | -0.27% | -3.03% | S&P | 1262.90 | +0.11% | -1.21% |
Note: US Markets Closed Early Today And Will Be Closed Tomorrow For Independence Day The Metals:  Gold remained near unchanged in Asia and London before it dropped to $927.55 after Trichet was not as hawkish going forward as most expected in his comments after the ECB’s rate hike, but the yellow metal then rallied back higher into the close and ended about $4 off that low with a loss of 1.37%. Silver dropped to $17.96 before it also rallied back higher and ended with a loss of 0.74%.
Euro gold remained at about €593, platinum lost $49.50 to $2021.50, and copper lost over 11 cents to about $3.96. Gold and silver equities fell roughly 1% in the first half hour of trade and remained near that level for the rest of the day. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 6/28 | 404K | 385K | 388K | Nonfarm Payrolls | June | -62K | -60K | -62K | Unemployment Rate | June | 5.5% | 5.4% | 5.5% | Average Workweek | June | 33.7 | 33.7 | 33.7 | Hourly Earnings | June | 0.3% | 0.3% | 0.3% | ISM Services | June | 48.2 | 51.0 | 51.7 |
The BLS net birth/death adjustment added 177,000 payrolls to June’s data. All of this week’s economic reports: Next week’s economic highlights include Pending Home Sales, Wholesale Inventories, and Consumer Credit on Tuesday, Initial Jobless Claims on Thursday, and Export and Import Prices, the Trade Balance, Michigan Sentiment, and the Treasury Budget on Friday. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose to a new record high of $145.85 on geopolitical concerns before it pulled back after the dollar rebounded, but it still ended with a gain heading into the long weekend. Crude will continue trading in electronic trade tomorrow. The U.S. dollar index rose after Trichet implied that the ECB will not continue to raise interest rates after today’s hike to 4.25%. Treasuries fell as the Dow and S&P found gains after economic data came in about as expected, but the Nasdaq ended lower on worries over the strength of the tech sector. Among the big names making news in the market Friday were GM, Nvidia, Continental Airlines, and Gannett. The Commentary: “August Gold finished up 2 at 946.5, 1 off the high and 10 up from the low. September Silver closed up 0.135 at 18.425. This was 0.285 up from the low and 0.005 off the high. August gold ended sharply lower on the day but did manage to bounce some off of the early lows. Strength in the dollar sparked long liquidation selling to pressure futures after the market pushed to the highest level since April 18th in overnight trade. Employment numbers were not a big surprise but the news was not negative enough to drive the dollar lower. Metals also saw some pressure from ideas that global growth could slow. The crude oil market made new all time highs over $146 which helped provide some support but weakness in other metals was seen as a negative. September silver pushed to the highest level since mid-April before the employment numbers sparked profit-taking selling and a lower close. Strength in the US dollar along with "less" strike concerns in Peru helped to pressure. Industrial metals came under pressure from talk that some miners had agreed to come back to work and some mines were re-opening. This helped ease supply concerns and the market saw some pressure from weakness in international stock markets on global demand concerns due to record high energy and food prices in many countries.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics: As of close of business: 7/2/2008 Gold Warehouse Stocks: | 7,613,190 | +1,600 | Silver Warehouse Stocks: | 136,382,904 | +425,237 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) | SPDR® Gold Shares | 658.57 | 21,173,635 | US$ 19,794m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.84 | 3,724,271 | US$ 3,472m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,186 | US$ 326m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 902,988 | US$ 844m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 14.41 tonnes and the SE added 1.25 tonnes. COMEX Gold Trust (IAU) Profile as of 7/2/2008 | | Total Net Assets | $1,859,299,694 | Ounces of Gold
in Trust | 1,967,972.052 | Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.21 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 7/2/2008 | | Total Net Assets | $3,456,766,763 | Ounces of Silver
in Trust | 192,905,122.800 | Shares Outstanding | 19,500,000 | Tonnes of Silver
in Trust | 6,000.02 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Peru’s mining strike, Gold Fields (GFI) mine deaths, Pacific Rim’s (PMU) suspended drilling, Eldorado’s (EGO) bid for frontier, Great Panther’s (GPR.TO) appointment, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. US Gold | UXG +4.31% $2.18 | 2. Anglo American | AAUK +3.02% $32.37 | 3. Northgate | NXG +2.90% $2.84 |
LOSERS 1. Entree | EGI -7.89% $1.75 | |
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Gold Seeker Weekly Wrap-Up: Gold and Silver End Higher on the Week