-- Posted Friday, 4 June 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $1216.30 | +$8.25 | +0.34% |
Silver | $17.35 | -$0.60 | -5.40% |
XAU | 169.06 | -2.40% | -2.80% |
HUI | 444.46 | -2.18% | -2.04% |
GDM | 1346.41 | -2.02% | -1.78% |
JSE Gold | 2505.41 | -26.95 | +0.32% |
USD | 88.25 | +1.01 | +1.72% |
Euro | 119.61 | -1.97 | -2.57% |
Yen | 109.05 | +1.13 | -0.85% |
Oil | $71.51 | -$3.10 | -3.33% |
10-Year | 3.195% | -0.184 | -3.21% |
Bond | 124.90625 | +2.40625 | +1.37% |
Dow | 9931.22 | -3.16% | -2.03% |
Nasdaq | 2219.17 | -3.64% | -1.68% |
S&P | 1064.88 | -3.44% | -2.25% |
The Metals:
Gold dropped down to as low as $1196.62 in London and spiked up to as high as $1209.00 following the release of the jobs report in early New York trade before it fell back to $1197.18 by about 10AM EST, but it then climbed to a new session high of $1218.50 a little after noon EST and closed with a gain of 0.68%. Silver pretty much ignored gold’s late session rise and instead fell throughout most of trade in New York to end the day with a loss of 3.34%.
Euro gold rose to a new all-time closing high at about €1013 (after a new record intraday day high of €1015.68), platinum lost $18.60 to $1517.90, and copper fell nearly 13 cents to about $2.81.
Gold and silver equities fell about 2% in the first half hour of trade before they rallied back to roughly unchanged by midday, but they then fell back off in afternoon trade and ended with over 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | May | 431K | 500K | 290K |
Unemployment Rate | May | 9.7% | 9.8% | 9.9% |
Hourly Earnings | May | 0.3% | 0.1% | 0.0% |
Average Workweek | May | 34.2 | 34.2 | 34.1 |
The BLS net birth/death adjustment added 215,000 jobs to May’s payrolls.
All of this week’s other economic reports:
Next week’s economic highlights include Consumer Credit on Monday, Wholesale Inventories and the fed’s Beige book on Wednesday, Initial Jobless Claims, the Trade Balance, and the Treasury Budget on Thursday, and Retail Sales, Michigan Sentiment, and Business Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over 4% on increased worries over tepid energy demand after the worse than expected jobs report.
The U.S. dollar index rose markedly as the euro dropped below $1.20 for the first time in four years after concerns about Hungary’s fiscal problems added to those seen in many other European nations.
Treasuries climbed higher as the Dow, Nasdaq, and S&P dropped over 3% on worries over the poor jobs data.
Among the big names making news in the market Friday were BP, McDonald’s, AIG, and J&J.
The Commentary:
“Dear CIGAs,
If you do not see the hand of intervention in the gold market early this morning you are either wearing welders gear or are simply inept in this field.
Like the euro intervention being useless in the grand scheme of things, so is the gold intervention this morning.
Above $1224 the manipulators will lose their influence in the price of gold. We sure witnessed that last US night in the euro.
The real numbers now that you will not hear on F-TV are $1.19 and then $1.10, below which the euro will collapse. This will return us to the dark ages in Forex, but will be good for the business of Forex trading.
With regards to our newest sovereign problem, if you were Hungarian would you prefer to own gold or paper of any kind? That is assuming you had any money in the first place to buy gold.”- Jim Sinclair, JSMineset.com
“Dear Friends,
If you want to know the cross currents that are at work in gold, consider the chart of the CCI (Continuous Commodity Index). One can clearly see that there has been a rather significant bout of selling across the entire commodity complex as speculators have pared back their long side bets out of concerns that the sovereign debt issues in Europe are going to have a negative effect on the overall global economy.
The fear is that credit contraction will dampen demand for commodities as growth slows. That in conjunction with a rising Dollar which results in dollar-priced commodities becoming more expensive for many end users has sent the complex down into levels on the charts which have tripped the hedge fund algorithms into the sell mode, and gold gets impacted by that selling.
The flip side however is that these same fears and especially the woes of the Euro, have induced strong buying of physical gold as a safe haven. That is allowing gold to buck the trend of sharp weakness which is being seen in the vast majority of the various commodity futures markets. Considering the extent to which many of those markets are falling, gold is holding relatively well.
What this tells me is that the speculative long liquidation in gold is being met with large scale buying, unlike what is occurring in most of the commodity markets, where very few are willing to step into those markets in the face of such huge selling. Last week the Swap Dealers were once again busy reducing their net short side exposure, a trend which is now 4 weeks long. I fully expect to see this pattern continue when we get this week’s Commitment of Traders report.
In times past, fund liquidation would have seen gold knocked sharply lower as the large bullion banks were at no rush to cover profitable shorts, leisurely buying back as price dropped lower and lower. This time it appears that they do not have this luxury as others are rushing to cover shorts. This bodes well for gold as we move forward since the large exodus of speculative money is reducing the total open interest while price is holding not far off of all time highs. Once the hedge fund algorithms have completed their selling, gold will be well positioned to commence another leg higher as this same crowd which is now fleeing in droves, will return in much the same manner going the opposite direction.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Jim Sinclair: This morning's blatant gold market intervention
James Turk: Germans are voting with their pocketbook
The Statistics:
Activity from: 6/03/2010
Gold Warehouse Stocks: | 10,735,994 | - |
Silver Warehouse Stocks: | 117,919,678 | +574,293 |
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 Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1289.839 | 41,469,622 | US$49,887m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 122.37 | 3,934,436 | US$4,764m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 476,052 | US$557m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 45.51 | 1,463,232 | US$1,778m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,975 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 21.3 tonnes to a new record high holding and the LSE added 0.24 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 84.19 -0.03 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,254.55: -3.87 change from yesterday’s data.
The Miners:
Gold Fields’ (GFI) mechanization, Royal Gold’s (RGLD) updated estimates for ore reserves, additional mineralization, and calendar 2010 production for its royalty portfolio, Randgold’s (GOLD) total voting rights, Entree’s (EGI) approved Schemes of Arrangement, South American Silver’s (SAC.TO) AGM and Board changes, Avino’s (ASM.V) successfully intersected vein, and MAG’s (MVG) assay results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Vista Gold | VGZ +3.30% $1.88 |
2. Capital Gold | CGC+1.97% $3.63 |
3. Alexco | AXU +0.66% $3.06 |
LOSERS
1. Solitario | XPL -11.35% $2.03 |
2. Mines MGMT | MGN -7.96% $1.85 |
3. Ivanhoe | IVN -6.92% $13.31 |
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:
Salazar Authorized to Recommence Exploration at Curipamba - More
- June 04, 2010 | Item | ShareThis
G4G Resources Ltd. Assigns Sarnia-Lambton Synthetic Fuels Opportunity to AlterNRG Ltd. - More
- June 04, 2010 | Item | ShareThis
Delta Mutual Begins Drilling in Guemes and Receives Results for Boron Contents in Guayatayoc - More
- June 04, 2010 | Item | ShareThis
South American Silver Corp.'s Announces Annual General Meeting and Changes in Board of Directors - "South American Silver Corp. (TSX:SAC - News)(PINK SHEETS:SOHAF - News) invites interested investors and shareholders to attend its Annual and Special meeting of shareholders to be held on Tuesday, June 8, 2010 in Toronto at 4:00 PM (Toronto time) at the National Club. Shareholders are reminded that proxy votes must be submitted by 5:00 pm (Toronto time) Friday June 4. 2010 to be counted. A corporate and project update presentation will be given following the formal meeting of shareholders by Greg Johnson, President and CEO of South American Silver Corp." More
- June 04, 2010 | Item | ShareThis
Artha Resources Corporation: Pirquitas Prospects Expand With Gold and Silver Anomaly - More
- June 04, 2010 | Item | ShareThis
Exploration Orbite V.S.P.A. Inc.: Private Placement of $600,000 Including 480 000$ Flow-Through - More
- June 04, 2010 | Item | ShareThis
Trueclaim Exploration Inc.: Scadding Gold Exploration Program Update - More
- June 04, 2010 | Item | ShareThis
Nanika Closes Herb Lake Manitoba Property Acquisition - More
- June 04, 2010 | Item | ShareThis
Millrock Announces Amended Alaskan Exploration Alliance With Altius Minerals - More
- June 04, 2010 | Item | ShareThis
Kodiak Exploration Announces Board Changes - More
- June 04, 2010 | Item | ShareThis
G. Fields mining machines improve safety, output - "South Africa's Gold Fields (GFIJ.J) said mechanisation at its big South Deep mine had reduced fatalities and boosted output compared with its other more labour-intensive operations." More
- June 04, 2010 | Item | ShareThis
Cache Closes Private Placement Financing - More
- June 04, 2010 | Item | ShareThis
Frontera Copper Announces Update on Election Results to Date and Non-Listing of New Series 2A Notes - More
- June 04, 2010 | Item | ShareThis
PBX to Carry Out Titan 24 Deep Penetration IP Survey at Copaquire - More
- June 04, 2010 | Item | ShareThis
GoldSpring Receives FINRA Approval for Reverse Stock Split - More
- June 04, 2010 | Item | ShareThis
Solid Announces Option to Acquire Peru Gold & Copper Property - More
- June 04, 2010 | Item | ShareThis
Diamond Frank Closes a Non Flow-Through Private Placement of $1,031,000 CDN - More
- June 04, 2010 | Item | ShareThis
Lawrence Page, Q.C., Directly and Indirectly, Acquires Securities of Fortune River Resource Corp. - More
- June 04, 2010 | Item | ShareThis
Duncastle Initiates Airborne Survey and Grants Stock Options - More
- June 04, 2010 | Item | ShareThis
Anthony (Tony) Floyd Joins the Board of Toro Resources Corp. - More
- June 04, 2010 | Item | ShareThis
Messina Minerals Boomerang (Tulks South) Exploration Update - More
- June 04, 2010 | Item | ShareThis
AXMIN Announces AfNat Shareholder Approval of Transaction and Proposed Change of Management and Directors of AXMIN - More
- June 04, 2010 | Item | ShareThis
Homeland Uranium Inc. Closes $1 Million Private Placement Financing - More
- June 04, 2010 | Item | ShareThis
Liberty Star Receives Notification from Collateral Agent of Default - More
- June 04, 2010 | Item | ShareThis
Goldrich Gears Up for Gold Production and Exploratory Drilling at Chandalar, Alaska - More
- June 04, 2010 | Item | ShareThis
Standard & Poor's Initiates Factual Stock Report Coverage on Novus Gold Corp. - More
- June 04, 2010 | Item | ShareThis
Rocky Mountain to Present and Exhibit at World Resource Investment Conference - More
- June 04, 2010 | Item | ShareThis
U3O8 Corp. Appoints John Ross as Chief Financial Officer - More
- June 04, 2010 | Item | ShareThis
Ur-Energy Receives Permit For Holding Ponds at Lost Creek - More
- June 04, 2010 | Item | ShareThis
Foundation Resources Closes Brokered Equity Financing for $2.2 Million - More
- June 04, 2010 | Item | ShareThis
Coral to Commence 2010 Drilling Program at Robertson Property, Crescent Valley, Nevada - More
- June 04, 2010 | Item | ShareThis
Dagilev Capital Changes Name to Astur Gold and Provides Corporate Update - More
- June 04, 2010 | Item | ShareThis
Lithium One and Korea Resources Corporation Announce Development Joint Venture at Sal de Vida Lithium Brine Project, Argentina - More
- June 04, 2010 | Item | ShareThis
Salares Lithium Provides Project Update Including Execution of a Drill Contract - More
- June 04, 2010 | Item | ShareThis
Marathon Resumes Drilling at Valentine Lake - More
- June 04, 2010 | Item | ShareThis
Mountain Lake Resumes Drilling at Valentine Lake and the Leprechaun Gold Deposit - More
- June 04, 2010 | Item | ShareThis
Alamos Provides Exploration Update and Announces Results of Annual General Meeting - More
- June 04, 2010 | Item | ShareThis
Simmer and Jack Reviewing Financing Options - More
- June 04, 2010 | Item | ShareThis
Terra Ventures Update Regarding Terrex Energy Spin-Out Transaction - More
- June 04, 2010 | Item | ShareThis
Royal Gold Announces Substantial Reserve Increases and Production Forecasts Associated with Its Royalty Interests - "Royal Gold, Inc. (NASDAQ: RGLD - News) (TSX: RGL - News), a leading precious metals royalty company, today announced updated estimates for ore reserves, additional mineralization, and calendar 2010 production for its royalty portfolio, as of December 31, 2009. These are the most recent figures provided to the Company by the operators of its royalty properties or have been obtained by Royal Gold through publicly available information." More
- June 04, 2010 | Item | ShareThis
Randgold Resources Announces Total Voting Rights - "Randgold Resources Limited announces that, in accordance with FSA's Disclosure Rules and Transparency Rules, its issued share capital at 31 May 2010 consists of 90,565,098 (ninety million five hundred and sixty five thousand and ninety eight) ordinary shares of US$0.05 each." More
- June 04, 2010 | Item | ShareThis
Avino Decline Intersects San Gonzalo Zone - "Avino Silver and Gold Mines ("Avino") (TSX VENTURE:ASM - News; OTCBB:ASGMF - News; BERLIN:GV6 - News; FRANKFURT:GV6 - News) is pleased to announce that our program to access the San Gonzalo vein via a 4 x 4 metre decline has after the planned 4 months successfully intersected the San Gonzalo vein." More
- June 04, 2010 | Item | ShareThis
MAG Silver Intercepts More Molybdenum-Gold at Pozo Seco and New Intercepts of Zinc-Lead-Copper-Silver-Gold - "MAG Silver Corp. (TSX:MAG - News)(AMEX:MVG - News) ("MAG") announces additional gold and molybdenum ("moly") assay results from on-going drilling (17 diamond drill holes) of the Pozo Seco moly-gold discovery on its 100% owned Cinco de Mayo (or "Cinco") property in northern Chihuahua State, Mexico. Results confirm that Pozo Seco not only represents an emerging moly deposit target in its own right, but also represents an important indicator of nearby significant lead-zinc-silver mineralization typical of the Carbonate Replacement Deposits (CRDs) in this part of Mexico. A step out of 1.1 kilometres from Pozo Seco also intercepted the system with indications that the potential lead-zinc-silver root of the system may be near. Drilling continues with 4 machines conducting step out and in-fill drilling." More
- June 04, 2010 | Item | ShareThis
Entrée-PacMag Schemes of Arrangement Overwhelmingly Supported - "Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entrée" or the "Company") is pleased to announce that the Shareholders and Optionholders of PacMag Metals Limited (ASX:PMH.ax - News) have overwhelmingly voted in favour of implementing the Australian Schemes of Arrangement ("Schemes") as announced in November 2009. One hundred percent of Optionholders and over ninety-nine percent of voting Shareholders supported the acquisition of all outstanding PacMag shares and options by Entrée." More
- June 04, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 4 June 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver End Mixed on the Week
