-- Posted Friday, 11 June 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss | On Week |
Gold | $1228.10 | +$8.40 | +0.97% |
Silver | $18.25 | -$0.05 | +5.19% |
XAU | 175.31 | +0.18% | +3.70% |
HUI | 462.16 | +0.49% | +3.98% |
GDM | 1401.21 | +0.43% | +4.07% |
JSE Gold | 2506.29 | -18.08 | +0.04% |
USD | 87.38 | +0.41 | -0.99% |
Euro | 120.98 | -0.12 | +1.15% |
Yen | 109.09 | -0.35 | +0.04% |
Oil | $73.78 | -$1.70 | +3.17% |
10-Year | 3.216% | -0.103 | +0.66% |
Bond | 124.6875 | +1.59375 | -0.18% |
Dow | 10211.07 | +0.38% | +2.82% |
Nasdaq | 2243.60 | +1.12% | +1.10% |
S&P | 1091.60 | +0.44% | +2.51% |
The Metals:
Gold rose to as high as $1228.55 at 9AM EST before it fell back to $1220 an hour later, but it then climbed back higher for most of the rest of trade and ended near its late session high of $1229.55 with a gain of 0.69%. Silver climbed to as high as $18.52 at 8:30 before it dropped back to as low as $18.05 at about 9:45 and then bounced back higher into the close, but it still ended with a loss of 0.27%.
Euro gold rose to about €1018, platinum gained $0.50 to $1529.50, and copper gained 4 cents to about $2.90.
Gold and silver equities traded mostly slightly higher and ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | May | -1.2% | 0.2% | 0.6% |
Retail Sales ex-auto | May | -1.1% | 0.1% | 0.6% |
Michigan Sentiment | June | 75.5 | 74.5 | 73.6 |
Business Inventories | April | 0.4% | 0.5% | 0.7% |
All of this week’s other economic reports:
Next week’s economic highlights include Import and Export Prices, the Empire Manufacturing Survey, and New Long Term TIC Flows on Tuesday, Housing Starts, Building Permits, PPI, Capacity Utilization, and Industrial Production on Wednesday, and Initial Jobless Claims, CPI, the Current Account Balance, Leading Economic Indicators, and the Philadelphia Fed on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back below $75 a barrel as the U.S. dollar index and treasuries rose on worse than expected Retail Sales data that held the Dow, Nasdaq, and S&P mostly slightly lower for the majority of the day, but all three indices turned higher in the final hour of trade and ended with decent gains.
Among the big names making news in the market Friday were Motorola and Research In Motion, BP, and CVS.
The Commentary:
“Dear Friends,
Dismal retail sales were apparently shrugged off by the equity markets today as they seem reluctant to move much lower after yesterday’s decent performance. What is happening is that would-be short sellers in the equities are coming in on weakness expecting follow through to the downside and instead are getting squeezed out and shredded to pieces in the process. There is just enough wavering of conviction among these shorts that the market will not take out downside support below 1050 in the S&P. They are sick and tired of getting burned and having to cover as they watch profits turn into losses. I find the inability of the S&P to break down mighty suspicious I might add.
Either way, that is bringing a bit of selling into gold as safe haven allure dims a bit; however, the fact that the Euro is weak alongside the other major currencies, is lending support to gold on dips. What we have is a classic setup for a consolidating market where bullish forces and bearish forces for the near term are in a relative state of equilibrium. I say “relative” because as I mentioned yesterday, today’s markets have become schizophrenic in nature with fear giving rise to greed and back to fear and then back to greed so rapidly that it is difficult to gauge the true psychology of any market with any degree of confidence on a day to day basis. One day risk is in; the next it is out. On a day like today, it seems to be both in and out. Traders are running so fast that the short term charts are almost useless for formulating any sound views of what is coming next. The longer term charts are much better during periods like this as at least you can see the major trend. When it comes to gold, that remains strongly bullish.
The HUI will need a closing push above this week’s high near 470 to get anything going in there to the upside. As long as it stays above 440 on a closing basis it will range trade. A drop below that targets a move down towards 425 while a push through resistance at 470 sets it up for a move towards 480-482.
The Dollar continues to hover near the 88 level on the USDX. A drop through this week’s low should send it to 86.25 while it needs a closing push through the recent peak at 89.10 to send it into another leg higher. The Euro will need to maintain its footing above 11900 to keep from dropping down towards 11700.”- Dan Norcini, More at JSMineset.com
GATA Posts:
SEC accuses 6 in gold mining investment Ponzi scheme
Adrian Douglas: Financial system creaking under rising gold offtake
Time to buy? Now even China is trying to talk gold down
Buying gold in June and July has been very profitable for years
The Statistics:
Activity from: 6/10/2010
Gold Warehouse Stocks: | 10,721,781 | -129 |
Silver Warehouse Stocks: | 118,575,849 | +639,708 |
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 | 1306.137 | 41,993,616 | US$51,223m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 122.57 | 3,940,859 | US$4,828m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 476,017 | US$562m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.06 | 1,545,236 | US$1,881m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,974 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.01 tonnes and the JSR added 0.85 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 84.96: +0.77 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9208.83 - No change from yesterday’s data.
The Miners:
Nevsun’s (NSU) status update and Capital Gold’s (CGC) closing bell ringing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Nevsun | NSU+16.56% $3.52 |
2. US Gold | UXG +4.99% $4.21 |
3. IAMGOLD | IAG +4.50% $17.65 |
LOSERS
1. Paramount | PZG -4.05% $1.42 |
2. Gammon Gold | GRS -2.93% $7.61 |
3. Northgate | NXG -2.65% $2.94 |
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:
Western Uranium Grants Stock Options - More
- June 11, 2010 | Item | ShareThis
Ateba Announces Private Placement - More
- June 11, 2010 | Item | ShareThis
Sage Closes Second Tranche of Private Placement - More
- June 11, 2010 | Item | ShareThis
Rusoro Announces Closing of the Restructuring of its Senior Secured Exchangeable Loan and Payment of $20 Million Principal and Interest - More
- June 11, 2010 | Item | ShareThis
Arianne Completes a $497,000 Financing - More
- June 11, 2010 | Item | ShareThis
Nevsun Resources Ltd.: Status Update - "At the request of Market Surveillance of the Investment Industry Regulatory Organization of Canda (IIROC), on behalf of the Toronto Stock Exchange, the Company wishes to advise that it is not aware of any material undisclosed development that would cause the significant upward movement of the Company's share price." More
- June 11, 2010 | Item | ShareThis
Franconia Minerals Corporation: Trading Update - More
- June 11, 2010 | Item | ShareThis
Palladon Shareholder Update Regarding CML Offtake Agreement - More
- June 11, 2010 | Item | ShareThis
Rockhaven Resources Ltd. Announces 2010 Exploration Plans at the Klaza and Mount Hinton Properties - More
- June 11, 2010 | Item | ShareThis
Eaglecrest Updates on Bolivia and Colombia Projects - More
- June 11, 2010 | Item | ShareThis
Capstone Makes Contribution in Support of Whitehorse General Hospital - More
- June 11, 2010 | Item | ShareThis
Dorato Signs Option Agreement For Additional Land Package in Cordillera del Condor District, NW Peru - More
- June 11, 2010 | Item | ShareThis
New Guinea Gold Announces That Convertible Note Repaid NMC Mining Corp Deal Closes - More
- June 11, 2010 | Item | ShareThis
Volta Receives Proceeds of $3,291,928 from the Exercise of Warrants Held By International Finance Corporation (Member of the World Bank Group) and Randgold - More
- June 11, 2010 | Item | ShareThis
San José de Gracia Phase II Drilling Encounters 20.51 g/t Au Over 5.5 Meters - More
- June 11, 2010 | Item | ShareThis
Columbus Completes Permiting at Two Nevada Gold Projects; Prepares for Drilling - More
- June 11, 2010 | Item | ShareThis
Soltoro Engages T2W Market Liquidity Inc. - More
- June 11, 2010 | Item | ShareThis
Forsys Trading Update - More
- June 11, 2010 | Item | ShareThis
Eskay Mining Announces Closing First Tranche of Its Flow-Through and Working Capital Private Placement - More
- June 11, 2010 | Item | ShareThis
Aura Silver DrillS High-Grade VMS Targets at Greyhound, Nunavut - More
- June 11, 2010 | Item | ShareThis
Seafield Resources Ltd. Announces Completion of Over-Subscribed Private Placement - More
- June 11, 2010 | Item | ShareThis
Anaconda Mining Commences Formal Takeover Bid to Acquire New Island Resources - More
- June 11, 2010 | Item | ShareThis
Copper Fox advances feasibility study and reports 2010 second quarter financial results - More
- June 11, 2010 | Item | ShareThis
Temex provides exploration update on Juby North JV Property - More
- June 11, 2010 | Item | ShareThis
Harte Announces $1,394,500 Final Closing Under Private Placement - More
- June 11, 2010 | Item | ShareThis
Bullion Monarch Mining Completes Plan to Protect Shareholder Rights - More
- June 11, 2010 | Item | ShareThis
Mandalay Resources receives conditional approval to graduate to TSX - More
- June 11, 2010 | Item | ShareThis
Capital Gold Corporation to Ring The Closing Bell® at the New York Stock Exchange - "Capital Gold Corporation (NYSE AMEX: CGC; TSX: CGC) announced today that its Chairman, Stephen M. Cooper, will ring The Closing Bell® at the New York Stock Exchange on Friday, June 18, 2010 at 4PM EDT. Mr. Cooper will be joined by members of the Company's board of directors and management team in the bell-ringing ceremony, which will celebrate the Company's recent listing on NYSE AMEX." More
- June 11, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Friday, 11 June 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Weekly Wrap-Up: Gold and Silver Gain Roughly 1% and 5% on the Week
