-- Posted Monday, 7 July 2008 | Digg This Article
| Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $926.70 | -$4.90 |
Silver | $17.815 | -$0.365 |
XAU | 185.86 | -1.52% |
HUI | 424.99 | -2.51% |
GDM | 1270.72 | -2.18% |
JSE Gold | 2244.96 | -11.76 |
USD | 72.73 | +0.01 |
Euro | 157.20 | +0.27 |
Yen | 93.30 | -0.36 |
Oil | $141.37 | -$3.92 |
10-Year | 3.930% | -0.043 |
T-Bond | 116.296875 | +0.421875 |
Dow | 11231.96 | -0.50% |
Nasdaq | 2243.32 | -0.09% |
S&P | 1252.31 | -0.84% |
The Metals:
Gold fell $17 from Thursday’s pre-holiday close to as low as $914.60 by midmorning in New York on Monday, but it then stormed back higher in the last hour and a half of trade and ended near its high of $928 with a loss of just 0.53%. Silver traded about 2% lower in Asia and London before it fell even further to as low as $17.54 by a little after noon EST in New York trade, but it also rallied back higher into the close and ended $0.275 of its low with a loss of 2%.
Euro gold fell to about €588, platinum lost $49.50 to $1972, and copper lost nearly ten cents from Thursday’s close to about $3.86.
Gold and silver equities fell roughly 2% at the open and remained at about that level for the rest of the day.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings the Pending Home Sales report for May expected at -2.8% and the Wholesale Inventories report for May expected at 0.6%. At 3PM is Consumer Credit for May expected at $7.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on profit taking as geopolitical fears eased following the long weekend that saw no new action with Iran, but nearly $6 losses did pare by the close as the U.S. dollar index came off its earlier highs and treasuries rose after Federal Reserve Bank of San Francisco President Yellen commented that housing and banking problems would likely get worse before they get better.
The Dow, Nasdaq, and S&P opened higher on markedly lower oil prices, but all three indices fell off by early afternoon on worries over the credit market that sent the financials lower. Fannie Mae and Freddie Mac were especially hurt by rumors that they need to raise large amounts of capital.
Among the big names making news in the market today were Microsoft and Yahoo, Fresnius and APP, and InBev and Anheuser-Busch.
The Commentary:
“August Gold finished down 4.8 at 928.8, 0.2 off the high and 12.2 up from the low.
September Silver closed down 0.45 at 17.92. This was 0.25 up from the low and 0.19 off the high.
A recovery bounce in the Euro clearly prompted a bounce in the gold market just ahead of mid session. With the US Fed seemingly fomenting concern for the US economy and suggesting that the ECB was in a mode to hike interest rates while the US was apparently closer to cutting rates, it certainly seemed like the strength in the Dollar was yanked out of the marketplace. While the gold market saw early selling off talk that Iranian geopolitical tensions were moderating, it is possible that the Yellen comments about the US economy being closer to a disaster than the Euro zone, seemed to foment a fresh flight to quality mentality.
Like the gold market, the silver market was under early liquidation pressure but managed to throw off some of that pressure in the wake of a reversal in the US Dollar. In the end, seeing sharply falling oil prices, falling equity prices, weak grain prices and weakness in a host of other physical commodity markets seemed to leave the silver market in a mostly deflationary environment. As in gold, the silver market clearly discounted potentially supportive demand side stories and instead focused intently on currency market action.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
TIPS flunk inflation test as fuel, food overtake CPI
AP notes currency intervention option and monetization of oil
Jason Hommel: Without gold and silver, you're already confiscated
Fed official admits inflation figures are phony
The Statistics:
As of close of business: 7/03/2008
Gold Warehouse Stocks: | 7,697,923 | +84,733 |
Silver Warehouse Stocks: | 136,382,904 | - |
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 | 658.38 | 21,167,477 | US$ 19,768m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 116.50 | 3,745,742 | US$ 3,463m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,170 | US$ 323m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 902,968 | US$ 840m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.19 tonnes and the LSE added 0.66 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/3/2008 | |
Total Net Assets | $1,833,892,478 | 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 7/3/2008 | |
Total Net Assets | $3,531,952,408 | 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:
Buenaventura's (BVN) resumed operations, Paramount’s (PZG) assay results, Taseko’s (TGB) Environmental Assessment Review, Banro’s (BAA) pre-feasibility study, Randgold’s (GOLD) Long-term commitment to development, Mega Silver’s (MSR.V) drill results, Aquiline’s (AQI.TO) comments from the Chubut Government, Oro Silver’s (OSR.V) drilling, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Almaden | AAU+16.07% $1.95 |
2. Entree | EGI +14.29% $2.00 |
3. Ivanhoe | IVN +6.52% $10.79 |
LOSERS
1. Paramount | PZG -13.77% $1.44 |
2. Metalline | MMG -13.64% $1.33 |
3. DRDGOLD | DROOY-10.84% $6.50 |
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:
Peru mining strike is over - "Peru's largest federation of mining workers decided on Sunday to end its nationwide strike after nearly one week, union leaders and the country's vice minister for labor said." More
- July 07, 2008 | Item | E-mail
Longview Capital Partners Acquires Additional Position in Buffalo Gold Ltd. - More
- July 07, 2008 | Item | E-mail
Mega Silver Inc.: High Grade Silver-Gold Intercepts From Promontorio Drilling - "Mega Silver Inc. ("Mega Silver") (CDNX:MSR.V - News) is pleased to announce analytical results from the first five drill holes completed on the Promontorio silver-gold property located in the El Oro municipality in north central Durango State, Mexico. The Promontorio property is under option from Silverstone Resource Corp. ("Silverstone") (CDNX:SST.V - News)." More
- July 07, 2008 | Item | E-mail
Trend Mining Reports Further Drill Results from Diabase Peninsula Uranium Project - More
- July 07, 2008 | Item | E-mail
Sabina Silver Announces Results of Winter Drill Program in Red Lake, Ontario - More
- July 07, 2008 | Item | E-mail
Buenaventura says Peru strike will not hurt results - "Peruvian miner Buenaventura (BUEv.LM: Quote, Profile, Research, Stock Buzz) (BVN.N: Quote, Profile, Research, Stock Buzz) said Monday it lost 250,000 ounces of silver output at its Uchucchacua mine because of a strike last week, but the loss would not negatively affect its financial results." More
- July 07, 2008 | Item | E-mail
Petaquilla soars on Inmet bid; reviewing offer - "Shares of Petaquilla Copper (PTC.TO: Quote, Profile, Research, Stock Buzz) more than doubled on Monday, after joint venture partner Inmet Mining (IMN.TO: Quote, Profile, Research, Stock Buzz) said it would make an all-cash offer worth C$345 million ($338 million) for the company.
Petaquilla said it was reviewing the C$2-a-share offer, which would allow Inmet to take control of the C$3.5 billion Petaquilla copper project in Panama. If successful, the bid would also clear up an ownership dispute between Petaquilla and other project partner Teck Cominco (TCKb.TO: Quote, Profile, Research, Stock Buzz)." More
- July 07, 2008 | Item | E-mail
Nord Resources Amends Credit Agreement - More
- July 07, 2008 | Item | E-mail
Beaufield Resources Inc.: Airborne Survey on the Raglan Property - More
- July 07, 2008 | Item | E-mail
North American Palladium Settles Crusher Litigation Collects Additional $14.5 Million - More
- July 07, 2008 | Item | E-mail
Simberi Announces Results From Their Annual General and Special Meeting & Appoints New Chairman of the Corporation - More
- July 07, 2008 | Item | E-mail
Gulfside Minerals Ltd.: Erdenetsogt Acquistion Update - More
- July 07, 2008 | Item | E-mail
Matamec Elects New Director and Grants Stock Options - More
- July 07, 2008 | Item | E-mail
Lyle Davis Appointed Chairman of Hard Creek Nickel - More
- July 07, 2008 | Item | E-mail
Talon Metals reports final results from Phase II drill program at Agua Branca Gold Project - More
- July 07, 2008 | Item | E-mail
Aquiline Resources Inc.: Chubut Government in Favour of Re-Introduction of Responsible Mining - "Aquiline Resources Inc. (Toronto:AQI.TO - News) ("Aquiline" or "the Company") is pleased to provide its shareholders and other interested parties, excerpted transcripts of a speech given on June 25 at the Canadian Embassy in Buenos Aires, by Mr. Mario Das Neves, Governor of Chubut Province, Argentina." More
- July 07, 2008 | Item | E-mail
Lithic Intersects 5.4 Metres of 10.02% Zinc and 10.13 Metres of 0.46% MoS2 at Crypto - More
- July 07, 2008 | Item | E-mail
Gold Seeker Closing Report: Gold and Silver Cut Early Losses and End Slightly Lower