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Gold Seeker Closing Report: Gold and Silver Gain Roughly 1%
By: Chris Mullen, Gold-Seeker.com


-- Posted Tuesday, 15 June 2010 | Digg This ArticleDigg It! | | Source: GoldSeek.com

 

Close

Gain/Loss

Gold

$1232.00

+$9.30

Silver

$18.56

+$0.19

XAU

176.95

+2.49%

HUI

465.42

+2.67%

GDM

1411.08

+2.54%

JSE Gold

2532.25

+15.60

USD

85.96

-0.63

Euro

123.40

+1.22

Yen

109.34

+0.13

Oil

$77.91

+$1.63

10-Year

3.310%

+0.035

T-Bond

123.3125

-0.50

Dow

10404.77

+2.10%

Nasdaq

2305.88

+2.76%

S&P

1115.23

+2.35%

 
 

 

The Metals:

 

Gold waffled near unchanged in Asia and saw only slight gains in London, but it then surged higher in late morning New York trade and ended near its early afternoon high of $1234.95 with a gain of 0.76%.  Silver climbed to as high as $18.67 by early afternoon in New York before it fell back off a bit in the last hour of trade, but it still ended with a gain of 1.03%.

 

Euro gold fell to about €998, platinum gained $13.40 to $1571.15, and copper rose slightly to about $3.00.

 

Gold and silver equities rose throughout most of trade and ended with about 2.5% gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

Export Prices

May

0.7%

-

1.2%

Export Prices ex-ag.

May

0.6%

-

1.3%

Import Prices

May

-0.6%

-

1.1%

Import Prices ex-oil

May

0.5%

-

0.6%

Empire Manufacturing Survey

June

19.57

20.0

19.11

Net Long-Term TIC Flows

Apr

$83.0B

-

$140.5B

 

Tomorrow at 8:30AM EST brings Building Permits for May expected at 631,000, Housing Starts expected at 655,000, PPI for May expected at -0.5% and Core PPI expected at 0.1%.  At 9:15 is Capacity Utilization for May expected at 74.4% and Industrial Production expected at 0.8%.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil rose as the U.S. dollar index and treasuries fell on continued optimism over economic growth that sent the Dow, Nasdaq, and S&P over 2% higher.

 

Among the big names making news in the market today were BSkyB and News Corp, Best Buy, CBOE, and BP.

 

The Commentary:

 

Dear Comrades In Golden Arms,

 

The observation that I called to your attention two days ago concerning a shift in the relationship between the euro and gold was in the marketplace the next day until the COMEX knee jerk reaction early in their gold trading session.

 

It is clearly there today.

 

It is the relationship that matters in terms of price regardless of the reasons created by the marketplace commentators.

 

At this moment the euro is at 1.2340 while gold is plus $11.40. We live in a currency world which is purely a mirror image of traders positions lacking fundamental reason for dollar appreciation.

 

$1.17 was a point of no return for the euro. Repeated intervention at 1.19 has caused the short covering which is now taking place.

 

There is however another possibilities that must be considered. India's clear return to inflation has caught the attention of major money. The volatility of currencies cannot be overcome by creating an index of every currency in the world.

 

The volatility of currencies has enhanced the attraction of gold. Please note that China always talks its case and is quite gold positive commercially and in a government sense.

 

So the combination of inflation returning to any significant country anywhere improves gold's price in that country's perception, increasing demand in a long established bull market.

 

The mirror image trading of the euro and the dollar means that the two could, without fundamental reasons, fluctuate against each other VIOLENTLY up and down.

 

This is Gold's move to $1650 amid its normal drama.

 

When the talking heads focus on inflation they focus only on the US like the US was the center of all world economics. Since the creation of the global economy and prevalence of OTC derivatives in the Western world, the US no longer commands center stage.

 

Do not fear gold falling on a stronger euro for the reasons given above.

 

Respectfully,”- Jim Sinclair, JSMineset.com

 

Dear CIGAs,

 

There has once again been another “flip” in the psychology of the gold pit. Over the years we have seen gold trading inversely to the US Dollar, get jettisoned along with a host of other commodities during the Yen carry trade unwind of late 2008, be considered a “risky” asset and get sold off when investors were nervous about the global economy, swing back to being a “risk averse”, safe haven asset during the sovereign debt crisis that began with Greece, and today we are now back to gold trading as the “anti-Dollar” instead of the “anti-Euro”. In other words, we have come full circle with gold now moving higher as the Dollar moves lower.

 

Throughout the entire gamut of swings in investor psychology, gold has moved from $250 to over $1,250 in spite of the Priesthood of Prechterite’s Prognostications Pronouncing its demise. The reason is really not complicated – it has entered into the minds of many that it is something tangible, that has value, that cannot be corrupted by monetary authorities or their willing accomplices in the political realm and that has stood the test of time weathering every economic storm in history. In other words, it is now clearly seen as the prime currency. Try as they will, Western monetary elites and their accomplices in economic circles, cannot scrub this out of the minds of the citizenry or nervous investors who watch in dismay at the ridiculous, mindless, irrational and inexplicable wild price swings in the equity markets. Although they may not be able to explain it, they instinctively understand that something is terribly wrong with a stock market that adds and then erases billions of dollars in market capitalization in a 24 hour period and a foreign exchange market that sees movements in currencies that at times past would have taken months to occur.

 

This is the single biggest reason that gold continues to shine – it gives its buyers and owners peace of mind and an anchor of some sort in the midst of the roaring waves of turmoil, instability and unpredictability that surround them.

 

To the price charts – gold is attracting buying on dips in price but still attracting sellers on moves toward the $1,240 region. Until that changes, gold will remain range-bound. It will take a closing push through $1,245 to run out the new shorts who have come in. See the chart for the levels of resistance and support. I might add here that this is not unusual for gold. It runs higher, then tracks sideways for a period of time consolidating its gains giving end users and buyers time to become acclimated to the new and higher price level building a base of support before it then breaks into a new leg higher as conditions deteriorate and another rush to its safety kicks in. We have seen this pattern again and again and again since 2001 and therefore see no reason for anything to be different.

 

Contrary to some of the insipid comments I have seen, gold is nowhere near a “bubble” or craze. When we see anything with the word “gold” in it moving higher in price, whether it is a bakery, a headhunter service or a computer service, then we can safely say that gold has entered a parabolic phase. Even at that, who can really say how high a market can go when fear is driving it? Personally I feel it will continue moving higher until it is brought back into the monetary system in some form or fashion as the current monetary system is now in its death throes, having been abused to death by its keepers.

 

The HUI chart looks a bit better as it has moved back up into a zone of congestion between 465 and 445. It too is trading sideways and will need a closing push through the 470 region to change the current dynamic.

 

Crude oil has broken out of its recent malaise and is threatening to push up into the 50 day moving average near $78. If speculative money can take that out, many of the shorts in the market are going to cover. I would look for resistance there but first it needs to close above $76.50.

 

The S&P is at a crucial juncture. Technicians are watching the 1106 – 1108 price level to see how it fares there. Bulls will be giddy if it can close through that region. Failure there will embolden the shorts who have been waiting for a higher level from which to enter after having given up on expecting downside momentum to continue on days of sharp weakness.

 

Bonds failed at 125^00 and are now attempting to find buyers as they work lower. They are in a consolidation pattern much like gold is and need an upside push through that level to kick off another move higher or a close below 121^17 to spark a round of long liquidation.

 

The Dollar needs to hold 86 to keep the speculative long side happy and worry-free. While the net speculative long position is not as large as it has been at times past, there are enough of them that a technical wash out could take it down to 84.50 – 84.00 rather quickly. We’ll see how things shake out in the next couple of sessions.- Dan Norcini, More at JSMineset.com

 

GATA Posts:

 

 

James Turk: A signal from the stock market

More fantastic money creation, then gold backing, Rickards tells King World News

U.S. Gold's McEwen expects higher gold and mergers, fears higher taxes

 

The Statistics:

Activity from: 6/14/2010

Gold Warehouse Stocks:

10,791,877

-708

Silver Warehouse Stocks:

118,760,248

+610,673

 

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$51,431m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

123.18

3,960,196

US$4,877m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

475,996

US$564m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.06

1,545,219

US$1,885m

NASDAQ Dubai

Dubai Gold Securities

0.155

4,974

US$6m

 Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.31 tonnes.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 84.96 - No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9208.83 - No change from yesterday’s data.

 

The Miners:

 

Kirkland’s (KGI.TO) drill results, Endeavour’s (EXK) drill results, and Silver Quest’s (SQI.V) commenced drilling were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Nevsun

NSU +7.76% $3.75

2.  Entree

EGI +7.32% $2.20

3.  Northern Dynasty

NAK +7.30% $7.64

 

LOSERS

1.  Capital Gold

CGC-2.50% $3.51

2.  Gammon Gold

GRS -0.52% $7.61

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:

UPDATE: Li3 Energy, Inc. Announces the Initial Closing of Its Private Placement and Presents a Work Program Update - More
- June 15, 2010 | Item | ShareThis


Rodinia Minerals Inc. Receives Shareholders Approval for Name Change to Rodinia Lithium Inc. and Announces Election of Daniel Bruno to Board of Directors - More
- June 15, 2010 | Item | ShareThis


Andean American Appoints David Rae as President - More
- June 15, 2010 | Item | ShareThis


Starcore Reports Financial Results From the Third Quarter of 2010 - More
- June 15, 2010 | Item | ShareThis


Solitaire Minerals Corp. Announces Private Placement - More
- June 15, 2010 | Item | ShareThis


Abcourt Mines inc.: Excellent Results Obtained in Surface Diamond Drilling on Elder Gold Property - More
- June 15, 2010 | Item | ShareThis


Zoloto Resources Ltd proposes termination of transaction with Grafton Resource Investments Ltd - More
- June 15, 2010 | Item | ShareThis


MERCATOR GOLD plc: Renewable Energy Partnership - More
- June 15, 2010 | Item | ShareThis


Laurion Engages San Diego Torrey Hills Capital, Inc. as Investor Relations Consultants - More
- June 15, 2010 | Item | ShareThis


Lincoln Mining updates progress on the Pine Grove Gold Project, Nevada - More
- June 15, 2010 | Item | ShareThis


Crazy Horse to Acquire Taysan Copper-Gold Project and Update on Kayapa Copper-Gold Project - More
- June 15, 2010 | Item | ShareThis


Prophecy Resource Corp. and Northern Platinum Ltd. Sign Business Combination Agreement - More
- June 15, 2010 | Item | ShareThis


Orocan Announces Approval of Qualifying Transaction - More
- June 15, 2010 | Item | ShareThis


Frontera Copper Announces Completion of Recapitalization - More
- June 15, 2010 | Item | ShareThis


Skyline Gold Posts Bronson Slope Property Data to Corebox.net - More
- June 15, 2010 | Item | ShareThis


Redhawk Announces Issuing of Drilling Contracts and Appointment of VP Business Development - More
- June 15, 2010 | Item | ShareThis


Element92 Closes Acquisition of Two Gold Mines - More
- June 15, 2010 | Item | ShareThis


Gold in Assay Results From Montrose Diamond Drilling - More
- June 15, 2010 | Item | ShareThis


Search Minerals Options Strange Lake Area Ree Property, Labrador to Quest Rare Minerals Ltd. - More
- June 15, 2010 | Item | ShareThis


Quest Rare Minerals Options Strange Lake Area REE Property, Labrador - More
- June 15, 2010 | Item | ShareThis


Rio Tinto to Invest $469 Million in Development of Kennecott Eagle Nickel and Copper Mine and Milling Facility - More
- June 15, 2010 | Item | ShareThis


Mukuba Mobilizes First Drill Rig and Begins Drilling Program on Zambian Copper Project - More
- June 15, 2010 | Item | ShareThis


Golden Band Resources Inc. - La Ronge Gold Project development update - More
- June 15, 2010 | Item | ShareThis


Decade Resources Announces Discovery of Copper Gold Porphyry Mineralization at Kitimat, British Columbia - More
- June 15, 2010 | Item | ShareThis


Stans Energy Receives $2,000,000 by Warrant Exercise - More
- June 15, 2010 | Item | ShareThis


Superior Mining Announces Drilling Update on Mangalisa Project in South Africa - More
- June 15, 2010 | Item | ShareThis


Pro Minerals Inc.: Shining Tree Gold Project-Geophysical Results Received and Follow Up Program Initiated - More
- June 15, 2010 | Item | ShareThis


Tyhee Development Corp Reports Final Drill Results from its Spring Drill Program, Yellowknife Gold Project, NWT, Canada. - More
- June 15, 2010 | Item | ShareThis


Titan Uranium Advances Permitting at Sheep Mountain Project, Wyoming - More
- June 15, 2010 | Item | ShareThis


New Global Samples Return 153.5 g/t Gold - More
- June 15, 2010 | Item | ShareThis


Cline's shareholders elect new Director to the board - More
- June 15, 2010 | Item | ShareThis


Stellar Pacific Completes a $265,000 Financing - More
- June 15, 2010 | Item | ShareThis


Prophecy Resource Corp. and Northern Platinum Ltd. Sign Business Combination Agreement - More
- June 15, 2010 | Item | ShareThis


Darnley Bay Resources Receives Positive Environmental Screening Decision - More
- June 15, 2010 | Item | ShareThis


Typhoon Exploration Completed the First Private Placement With Aurizon Mines at a Price of $0.82 - More
- June 15, 2010 | Item | ShareThis


Strategic Metals Announces Multiple Property Farm-Outs - More
- June 15, 2010 | Item | ShareThis


Norsemont Provides Constancia Project Update - More
- June 15, 2010 | Item | ShareThis


PBX Continues to Intersect Wide Intervals of Hypogene Copper Mineralization at Copaquire Property, Chile - More
- June 15, 2010 | Item | ShareThis


Golden Queen Engages Norwest Corporation to Update Feasibility Study - More
- June 15, 2010 | Item | ShareThis


Aquila and HudBay Announce Additional Drilling Results-Expanding Massive Sulfides and Gold Zones Near Surface LK-430 Intercepts 122.4 Meters at 2.0 g/t Gold - More
- June 15, 2010 | Item | ShareThis


European Goldfields Limited - Final credit approval for Certej financing - More
- June 15, 2010 | Item | ShareThis


U.S. Natural Nutrients and Minerals, Inc. Announces New Member to Special Advisory Board - More
- June 15, 2010 | Item | ShareThis


SearchGold Recommends a Vote for The Share Consolidation to Its Shareholders - More
- June 15, 2010 | Item | ShareThis


Grass Roots Research Initiates Coverage of Liberty Silver Corporation - More
- June 15, 2010 | Item | ShareThis


Dauntless Capital Corp. Receives Resource Estimates on Uranium Properties Totalling 34.467 Million Pounds U(3)O(8) Indicated - More
- June 15, 2010 | Item | ShareThis


Argentex discovers new silver-gold zone at Pinguino, Tranquilo Trend returns 6.40 meters of 486.6 g/t silver and 1.91 g/t gold - More
- June 15, 2010 | Item | ShareThis


Nortec Submits Business Proposal to National Mining Corporation (ENAMI EP), Ecuador - More
- June 15, 2010 | Item | ShareThis


African Gold Group, Inc. Near Surface Drill Hole RPA10-048A Intercepts 74 Meters of 2.32 g/t Au, Includes 10 Meters of 13.81 g/t Au - More
- June 15, 2010 | Item | ShareThis


Puma Increases Its Strategic Holdings in Turgeon Area, New Brunswick - More
- June 15, 2010 | Item | ShareThis


Tamerlane Intersects 71.24 Feet Grading 9.68% Lead-Zinc at the N-204 Open Pit Deposit - More
- June 15, 2010 | Item | ShareThis


Platinum Group Metals Set To Join Russell Global Index - More
- June 15, 2010 | Item | ShareThis


Amex Exploration Starts a New Exploration Program On its Cameron Property, Northern Quebec - More
- June 15, 2010 | Item | ShareThis


Rare Earth Metals Inc. Discovers New Rare Earth Element Showings at Clay Howells With Results Up to 3.59% TREO and Updates Exploration Plans for Its Properties - More
- June 15, 2010 | Item | ShareThis


Sunward Resources Ltd. - Exploration update - More
- June 15, 2010 | Item | ShareThis


SLAM and Beatrix Drilling Gold Targets - More
- June 15, 2010 | Item | ShareThis


Mantis announces drilling to begin on Cree Lake gold discovery, Swayze Belt, Ontario - More
- June 15, 2010 | Item | ShareThis


Premier Gold Mines Limited to be added to S&P/TSX Composite Index - More
- June 15, 2010 | Item | ShareThis


Stonegate Agricom Appoints Vice Presidents of Exploration and Investor Relations - More
- June 15, 2010 | Item | ShareThis


Merc Releases Further Gold Intersections at BIF Island Zone - More
- June 15, 2010 | Item | ShareThis


Alexis Discovers Two New High-Grade Gold Zones at Snow Lake Mine, Manitoba-Including 63.59 g.Au/t Over 1.92 Metres - More
- June 15, 2010 | Item | ShareThis


Uranium Energy Corp Initiates Wellfield Development and Construction at Palangana - More
- June 15, 2010 | Item | ShareThis


Kiska Metals Corporation: Drilling Resumes at Island Mountain Gold Discovery-Whistler Project, Alaska - More
- June 15, 2010 | Item | ShareThis


East Asia Extends Miwah Further West With 2.19 g/t Gold Over 43 Metres and 1.62 g/t Gold Over 37.6 Metres, and Remains Open - More
- June 15, 2010 | Item | ShareThis


Brazauro Announces Receipt of Interim Order and Expected Date for Mailing of Information Circular - More
- June 15, 2010 | Item | ShareThis


Northern Superior Reports: Reverse Circulation Drill Program Defines High Priority Targets, Ti-pa-haa-kaa-ning Gold Project, Northwestern Ontario-Follow-up - More
- June 15, 2010 | Item | ShareThis


Continental Nickel Commences Diamond Drilling and an Airborne Survey at the Nachingwea Nickel-Copper Sulphide Project in Tanzania - More
- June 15, 2010 | Item | ShareThis


Purepoint Uranium Group Inc: Turnor Lake Update - More
- June 15, 2010 | Item | ShareThis


Melkior Continues to Intersect High-Grade Gold Mineralization in Timmins; Identifies Porphyry Style Mineralization - More
- June 15, 2010 | Item | ShareThis


Appleton Intersects 31 Metres of 2.79 g/t Au at Manalo - More
- June 15, 2010 | Item | ShareThis


Probe Mines to Begin Summer Drilling Operations - More
- June 15, 2010 | Item | ShareThis


Salazar Commences Phase 2 Drill Program at Curipamba, Ecuador - More
- June 15, 2010 | Item | ShareThis


Colorado Goldfields' President and CEO Lee R. Rice Receives Lifetime Achievement Award, Permit Amendment Complete - More
- June 15, 2010 | Item | ShareThis


Northern Gold Announces Assay Results of New Mineralized Zone-Samples Grading Up to 93.89 g/t Gold - More
- June 15, 2010 | Item | ShareThis


Formation Metals Finalizes Agreement for Powerline Right of Way on Idaho Cobalt Project - More
- June 15, 2010 | Item | ShareThis


Royal Nickel Corporation Announcement: Mark Selby Joins Royal Nickel as Senior Vice-President, Business Development - More
- June 15, 2010 | Item | ShareThis


Pitchstone Provides Uranium Exploration Update - More
- June 15, 2010 | Item | ShareThis


First Two Holes of Spring Campaign Hit Gold Mineralization Near Surface at Leprechaun - More
- June 15, 2010 | Item | ShareThis


Aberdeen Reports Shareholders' Equity of $1.19 Per Share and Quarter End Financial Results - More
- June 15, 2010 | Item | ShareThis


MGOL Announces Preliminary Results of Independent Sampling on its Anorí Project - More
- June 15, 2010 | Item | ShareThis


Temex significantly increases the gold resource estimate - Juby Main Zone, Shining Tree Area, Ontario - More
- June 15, 2010 | Item | ShareThis


Marathon Hits 47 g/t (1.38 oz/ton) Gold Across 2.5 m (8.2 feet) at Leprechaun Gold Deposit - More
- June 15, 2010 | Item | ShareThis


Black Hawk Exploration Receives Notice of Acceptance of Environmental Bond Financial Guarantee for Phase 2 Dun Glen Gold Drilling Exploration - More
- June 15, 2010 | Item | ShareThis


American Manganese Inc. to Recieve Contribution Through NRC-IRAP - More
- June 15, 2010 | Item | ShareThis


Li3 Energy, Inc. Announces the Initial Closing of Its Private Placement and Presents a Work Program Update - More
- June 15, 2010 | Item | ShareThis


Highland Park distribution of Mantra securities to non-key investors - More
- June 15, 2010 | Item | ShareThis


European Goldfields Limited: FINAL CREDIT APPROVAL FOR CERTEJ FINANCING - More
- June 15, 2010 | Item | ShareThis


Endeavour Silver Drill Program Intersects High Grade Silver-Gold Mineralization at Lucero Extension/South Zones, Guanajuato Mine, Mexico - "Endeavour Silver Corp. (TSX:EDR - News)(AMEX:EXK - News)(DBFrankfurt: EJD) announces that exploration drilling south of the Bolanitos mine, part of Endeavour's Guanajuato Mines project in Guanajuato State, Mexico has now connected the Lucero Extension and Lucero South mineralized zones, thereby extending the high grade, silver-gold mineralization in the Lucero vein a full 500 meters south of the Lucero mine workings." More
- June 15, 2010 | Item | ShareThis


Silver Quest Commences Drilling at Capoose Project, BC - "Silver Quest Resources Ltd. (TSX VENTURE:SQI - News; the "Company") is pleased to announce that the 2010 Exploration and Drill program has commenced at the Capoose Project ("Capoose"). Capoose is located 185 km southwest of Prince George, in central British Columbia. The property is 25 km northwest of Silver Quest's Davidson Project and 30 km north of Silver Quest's 3Ts property. For more information on these properties please visit Silver Quest's website at www.silverquest.ca." More
- June 15, 2010 | Item | ShareThis


Kirkland Lake Gold Inc.: New Drilling Continues to Extend the South Mine Complex; Expansion More Than 300 Feet East of Previous Limit - "Kirkland Lake Gold Inc. (TSX:KGI - News; AIM:KGI) (the Company), an operating and exploration gold mining company, is pleased to announce that recent underground exploration drilling has resulted in the further expansion of the South Mine Complex (SMC) on the Company's 100% owned Macassa property. The SMC now consists of 25 or more mineralized zones, some of which are now in production while others are being explored and developed under the Company's exploration and ore-body definition programs." More
- June 15, 2010 | Item | ShareThis

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2010

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

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-- Posted Tuesday, 15 June 2010 | Digg This Article | Source: GoldSeek.com




 



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