-- Posted Monday, 21 June 2010 | Digg This Article
| | Source: GoldSeek.com
| Close | Gain/Loss |
Gold | $1238.95 | -$17.70 |
Silver | $18.80 | -$0.31 |
XAU | 181.60 | -2.17% |
HUI | 479.14 | -2.95% |
GDM | 1447.10 | -2.92% |
JSE Gold | 2569.23 | -23.84 |
USD | 85.94 | +0.36 |
Euro | 123.22 | -0.69 |
Yen | 109.84 | -0.39 |
Oil | $77.82 | +$0.64 |
10-Year | 3.243% | +0.020 |
T-Bond | 124.28125 | -0.1875 |
Dow | 10442.41 | -0.08% |
Nasdaq | 2289.09 | -0.90% |
S&P | 1113.20 | -0.39% |
The Metals:
Gold rose to a new all-time intraday high of $1265.07 in Asia before it fell back to around unchanged in London, but it then dropped even further in the last couple of hours of trade in New York and ended near its late session low of $1237.83 with a loss of 1.41%. Silver climbed to as high as $19.443 by about 8AM EST, but it then fell back off for most of the rest of trade and ended near its late session low of $18.665 with a loss of 1.62%.
Euro gold fell to about €1005, platinum gained $3 to $1586.50, and copper rose 6 cents to about $2.94.
Gold and silver equities remained near unchanged for most of the morning, but they then fell back off in afternoon trade and ended with over 2% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Existing Home Sales for May expected at 6,100,000 and the FHFA Housing Price Index for April.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Treasuries fell while oil, the U.S. dollar index, and the Dow, Nasdaq, and S&P all rose on news that China eased its currency peg, but all three indices then turned lower in afternoon trade and ended with modest losses on uncertainty headed forward.
Among the big names making news in the market today were Corn Products, Vonage, Toshiba, Ralcorp, BP, and Valeant Pharma and Biovail.
The Commentary:
“Dear CIGAs,
Welcome to the first day of summer. What a start!
It goes without much saying that the news out of China dominated today’s 24 hour trading period. The hedge funds went wild in the commodity complex early on with the thinking that any appreciation in the yuan will stimulate economic activity and thus be good for business globally. They scarfed up tangibles and unloaded gold on the thought that there is no longer any need for a safe haven.
All of this is longer term stuff but that does not matter in today’s markets where the entire business cycle is now complete in 24 hours. Funds unload positions in a matter of hours or reload them in the same period of time. Today they were unloading gold.
Sadly for the friends of gold, the spike into a new record high overnight followed by a drop down below Friday’s low on the price charts has resulted in a bearish downside reversal day. The candlestick charts refer to it as a bearish engulfing pattern. With open interest at record levels, it is going to take a Herculean effort by the longer term oriented bulls to prevent a technically related long liquidation bout. We will have to see what develops overnight and into tomorrow’s trading session. Everything will hinge on the attitude toward risk in the next couple of days.
For now, the news out of China has knocked the sovereign credit woes off the radar screen for the investment community. Again, keep in mind that any appreciation in the yuan and subsequent economic effects are not going to occur overnight. Even at that, it does nothing to change the fiscal condition of any of the nations involved at the center of these concerns nor the fact that the West is spending too much money.
Still, technicals dominate the markets short term and they have to be respected if we are to avoid being hurt by the “skilled” traders at the hedge fund desk (note this is pure sarcasm on my part as unloading all or most of one’s entire position in one trade is not skill).
The HUI is also seeing selling today in spite of the higher equity markets and it too is threatening the same bearish chart pattern as the metal itself. I think the fact that silver, while its short term chart pattern turned negative today, has not put in a downside reversal (yet) might be helping to keep the HUI from looking even worse. The close is going to be important to see how the technicals look at the end of trading today.
I am not the least bit concerned about gold longer term but wanted to comment on the short term charts for the trading element. Don’t let the Elliot Wavering Prechterites who will now come out of the closet like the roaches they are scare you into throwing away your insurance. We will wait to see where the buying support emerges in gold and then can have a better feel for the charts at that point.”- Dan Norcini, More at JSMineset.com
GATA Posts:
Gene Arensberg: Gold poised to make history
Saudis hoard twice as much gold as thought
Ambrose Evans-Pritchard: Gold reclaims currency status as global system unravels
New monetary system may use gold at much higher price, Tocqueville's Hathaway says
Mike Kosares: The true inflation-adjusted price of gold
Jeff Nielson: Collapse of official gold sales heralds much higher price
Metals more bullish than COT data, Butler tells King World News
Russia pushes again for new reserve currencies
James Turk: Gold's rise against major currencies is accelerating
Dollar peg is dead as China announces yuan's flexibility
Brien Lundin: Gold's (almost) free at last
The Statistics:
Activity from: 6/18/2010
Gold Warehouse Stocks: | 10,857,574 | +62,575 |
Silver Warehouse Stocks: | 117,178,282 | -516,522 |
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 | 1307.963 | 42,052,307 | US$52,740m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 122.49 | 3,938,116 | US$4,936m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,966 | US$565m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.18 | 1,549,045 | US$1,912m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,974 | US$6m |
Note: No change in Total Tonnes from yesterday’s data.
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:
Great Basin’s (GBG) exploration results, Fronteer’s (FRG) drill results, U.S. Silver’s (USA.V) mine fatality, Silvermex’s (SMR.V) update, and Sabina’s (SBB.V) new discoveries were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN +5.38% $9.21 |
2. Freeport | FCX+3.31% $68.08 |
3. Capital Gold | CGC +2.56% $4.00 |
LOSERS
1. Nevsun | NSU-9.75% $3.61 |
2. Rubicon | RBY -7.97% $3.58 |
3. Alexco | AXU-7.20% $3.22 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Fancamp Closes Financing - More
- June 21, 2010 | Item | ShareThis
Western Lithium Reports on Results of Annual Meeting - More
- June 21, 2010 | Item | ShareThis
Victory Nickel Improves Economics at Minago - More
- June 21, 2010 | Item | ShareThis
Crescent Resources Returns Rattlesnake Hills Project - More
- June 21, 2010 | Item | ShareThis
Trelawney Intersects 202.50 Metres of 0.87 g/t Gold on 100-Metre Step-Out at the Cote Lake Deposit - More
- June 21, 2010 | Item | ShareThis
Olympus Announces Closing of US$ 21.96 Million Private Placement of Gold Delivery Notes - More
- June 21, 2010 | Item | ShareThis
SLAM drills Williamson Zone at Reserve Creek - More
- June 21, 2010 | Item | ShareThis
17,000 Meter Drill Program Begins on Mountain Boy's BA Project - More
- June 21, 2010 | Item | ShareThis
U.S. Silver Reports Fatality at the Galena Mine - "U.S. Silver Corporation (TSX-V: USA, US OTCQX: USSIF, Frankfurt: QE2) (“U.S. Silver” or “the Company”) regrets to announce a contractor’s employee, Timothy Allen Bush, was fatally injured underground Friday, June 18th at the Company’s Galena mine near Wallace, Idaho. Mr. Bush was from Pinehurst, Idaho and had immediate family and many friends who are employees of the Company. The Company and all of the employees extend our deepest sympathies and condolences to his fiancée and family." More
- June 21, 2010 | Item | ShareThis
Mantis hires MarketSmart - More
- June 21, 2010 | Item | ShareThis
Catalyst Copper Corp. - 2010 drill program commences on La Verde project - More
- June 21, 2010 | Item | ShareThis
Treasury Metals Intersects 10.50 metres of 7.47 g/t Gold and Continues to Define Multiple High-Grade Gold Structures on the Goliath Gold Project - More
- June 21, 2010 | Item | ShareThis
Cardero Secures 49.5% Interest in Coalhunter Mining Corporation Through Participation in Equity Financing - More
- June 21, 2010 | Item | ShareThis
Benton Appoints Thomas Weisel Partners as Strategic Advisor - More
- June 21, 2010 | Item | ShareThis
Upper Canada Gold Corporation Announces Assay Results from the Dingman Property 2010 Drilling - More
- June 21, 2010 | Item | ShareThis
Great Basin Gold reports significant advances in Hollister geological evaluation & corporate updates - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (TSX: GBG; NYSE Amex: GBG; JSE: GBG) announces additional positive exploration results from its Hollister property in Nevada as well as the completion of a corporate acquisition, a disposition and the settlement of a dispute." More
- June 21, 2010 | Item | ShareThis
Sierra Resource Group, Inc. Acquires Chloride Copper Mine Project in Arizona - More
- June 21, 2010 | Item | ShareThis
Mr. Darin Wagner Announces Acquisition of Common Shares of Balmoral Resources Ltd. - More
- June 21, 2010 | Item | ShareThis
Kria Resources Enters Into Revised Royalty Agreement - More
- June 21, 2010 | Item | ShareThis
Golden Goliath Resources Ltd.: Contract Signed, Major Drill Program to Begin at Las Bolas/Los Hilos - More
- June 21, 2010 | Item | ShareThis
Apella Resources Receives Positive Results From Phase 3 Drilling Program on Iron-T Vanadium-Iron-Titanium Project - More
- June 21, 2010 | Item | ShareThis
Canadian Zinc Corporation: Vatukoula Gold Mines Third Quarter Operational Results - More
- June 21, 2010 | Item | ShareThis
Laurion Creates U.S. Subsidiary With Intent To Identify Near-Term Production U.S. Gold Properties - More
- June 21, 2010 | Item | ShareThis
Mesa Uranium Receives Drilling Permit at Moonshine Springs, Arizona - More
- June 21, 2010 | Item | ShareThis
Redzone Resources Ltd. Announces Commencement of TSX Listing - More
- June 21, 2010 | Item | ShareThis
Corex Announces Positive Results From Airborne Survey - More
- June 21, 2010 | Item | ShareThis
Northern Gold Announces $2,500,000 Brokered Private Placement - More
- June 21, 2010 | Item | ShareThis
Minera Andes Reports Mineral Resource Increase at Los Azules Project - More
- June 21, 2010 | Item | ShareThis
Geologix Commences Drilling at Tepal and Libertad Projects in Mexico - More
- June 21, 2010 | Item | ShareThis
Canadian Mining Appoints Mr. John Livermore as Advisor to Board - More
- June 21, 2010 | Item | ShareThis
Silvermex Provides Update on Exploration and Project Developments at Rosario - "Silvermex Resources Ltd. (TSX-V:SMR - News) is pleased to provide a corporate update and progress report on its 2010 project exploration and development programs. The company is currently focusing its efforts on the newly consolidated Rosario/San Marcial silver project in south eastern Sinaloa State, Mexico." More
- June 21, 2010 | Item | ShareThis
Oremex Advances Gold Discovery Zone at San Lucas - More
- June 21, 2010 | Item | ShareThis
Strathmore Completes NI 43-101 Technical Report for the Marquez Uranium Property, New Mexico - More
- June 21, 2010 | Item | ShareThis
USPR Additional Update on Closing of Investment - More
- June 21, 2010 | Item | ShareThis
North Atlantic Sell Its 20% Interest in Niger Resources Ltd. to Brighton Energy Limited, for CAD$1 Million - More
- June 21, 2010 | Item | ShareThis
Fission Energy Corp.: J-Zone High Grade Mineralization Continues to West & Remains Open to the North & South; Vertical Step-Out Hole Intersects 3.50m of 21.58% - More
- June 21, 2010 | Item | ShareThis
African Metals Corporation Enters Into a Letter of Intent to Purchase Up to a Further 33% Interest in the Luisha Project - More
- June 21, 2010 | Item | ShareThis
GoldSpring Receives Enhanced Commitment: Funding Increased to $5.6 Million - More
- June 21, 2010 | Item | ShareThis
Star Gold Is Pleased to Announce That a Drill Is On Site at Its Excalibur Project in Mineral County, Nevada - More
- June 21, 2010 | Item | ShareThis
Altius Reports on 2010 Exploration Season - More
- June 21, 2010 | Item | ShareThis
Stratabound continues to hit sulphides in CNE drilling - More
- June 21, 2010 | Item | ShareThis
AQM Copper Inc. Intersects 358m of 0.7% Cu Expanding Mineralization East - More
- June 21, 2010 | Item | ShareThis
Witwatersrand Consolidated Gold Resources Limited - Cautionary announcement - More
- June 21, 2010 | Item | ShareThis
San José de Gracia Recognized as Most Significant Gold Project by the State of Sinaloa, Mexico - More
- June 21, 2010 | Item | ShareThis
AmeriLithium's Commitment to Lithium Production from Domestic & US-Friendly Sources - More
- June 21, 2010 | Item | ShareThis
Anooraq Provides an Operational Update for Bokoni Mines - More
- June 21, 2010 | Item | ShareThis
Ironwood Gold Reviews Drilling Bids for Cobalt Canyon Exploration Program - More
- June 21, 2010 | Item | ShareThis
Dauntless Capital Corp. announces appointment of President and proposed name change to "Tigris Uranium Corp." - More
- June 21, 2010 | Item | ShareThis
Brazilian Gold Signs Letter of Intent on the Ouro Mil Gold Project - More
- June 21, 2010 | Item | ShareThis
Azimut starts $1.8-million exploration program at the REX Property (Copper-REE) in Nunavik, Quebec - More
- June 21, 2010 | Item | ShareThis
Fire River Gold Announces 498 g/t (14.52 opt) Gold Over 3.0 m (9.8 ft) Nixon Fork, Alaska - More
- June 21, 2010 | Item | ShareThis
Extorre Updates Exploration at Cerro Moro - More
- June 21, 2010 | Item | ShareThis
Sultan Minerals Commences Exploration to Expand the Gold Resource at Its Kena Gold Property, BC - More
- June 21, 2010 | Item | ShareThis
Arco Announces Financing for 2,075 Metre Drill Program in Oaxaca - More
- June 21, 2010 | Item | ShareThis
Ironwood Gold Reviews Drilling Bids for Cobalt Canyon Exploration Program - More
- June 21, 2010 | Item | ShareThis
Tara Minerals Subsidiary Adit Resources Identifies New Gold Bearing Veins at Picacho - More
- June 21, 2010 | Item | ShareThis
SLAM to air on BNN - More
- June 21, 2010 | Item | ShareThis
B2Gold Corp. Announces Additional Positive Exploration Results at La Libertad and Limon Properties in Nicaragua - More
- June 21, 2010 | Item | ShareThis
Successful stack test No. 4 for Yukon-Nevada Gold Corp. - More
- June 21, 2010 | Item | ShareThis
Geneva Resources, Inc. Announces Reverse Split - More
- June 21, 2010 | Item | ShareThis
Midlands Moves to JV Diamond Assets in Tanzania - More
- June 21, 2010 | Item | ShareThis
Northern Superior Resources Inc. Signs Option/Joint Venture Agreement with Rainy River Resources Ltd. Respecting Ti-pa-haa-kaa-ning Gold Property - More
- June 21, 2010 | Item | ShareThis
American Lithium Commences Field Work on the Borate Hills Project - More
- June 21, 2010 | Item | ShareThis
Canada's Cameco buys 4.1 million additional UEX Corp shares - More
- June 21, 2010 | Item | ShareThis
Western Copper Appeals Yukon Water Board's Decision - More
- June 21, 2010 | Item | ShareThis
Guyana Goldfields extends high grade gold zones at Sulphur Rose - More
- June 21, 2010 | Item | ShareThis
Augen Gold reports significant intersection at Jerome area - More
- June 21, 2010 | Item | ShareThis
Grande Portage Resources Ltd. Announces Update - More
- June 21, 2010 | Item | ShareThis
Metals Creek Intersects 8.22 g/t Gold Over 4.40 Metres at Thomas Ogden Zone in Timmins, Ontario - More
- June 21, 2010 | Item | ShareThis
Reservoir Signs Earn-In Agreement With Freeport-McMoRan Exploration Corporation and Acquires Licenses From Euromax - More
- June 21, 2010 | Item | ShareThis
Hathor Exploration Limited: Summer Exploration Planned at Henday to Follow Up Alteration and Mineralization Outlined during the 2010 Winter Drill Program - More
- June 21, 2010 | Item | ShareThis
HudBay Announces Appointment of David Garofalo as President and Chief Executive Officer - More
- June 21, 2010 | Item | ShareThis
Carpathian Announces All Land Has Been Acquired for the Riacho dos Machados Gold Project, Brazil - More
- June 21, 2010 | Item | ShareThis
CanAlaska Reports West McArthur Uranium Project Winter Drilling Results - More
- June 21, 2010 | Item | ShareThis
Greystar Resources Announces Drilling at Los Laches Continues to Find High Grade Gold-Silver Mineralization at Depth 13.6 Metres Grading 11.30 g/t Gold - More
- June 21, 2010 | Item | ShareThis
Minera IRL Announces the Withdrawal of Its Proposed Equity Offering and a New US$20million Finance Facility With Macquarie Bank - More
- June 21, 2010 | Item | ShareThis
Sabina Gold & Silver Announce Another Exciting New Discovery at Umwelt Lake at Back River Project, Nunavut - "Sabina Gold & Silver Corp (TSX:SBB - News) is pleased to announce another significant new gold discovery, Umwelt Lake, south of the recently announced Llama Lake discovery at the Goose property on its 100% owned Back River project in Nunavut, Canada." More
- June 21, 2010 | Item | ShareThis
Sabina Gold & Silver Continues to Extend Strike Length at Exciting Llama Lake Gold Discovery at Back River Project, Nunavut - "Llama Lake could very well shift the centre of gravity at Back River from the Goose deposit," said Tony Walsh, President & CEO. "We continue to be excited about the potential of this new discovery to add to the critical mass of ounces we believe we need to advance the project to economic studies." More
- June 21, 2010 | Item | ShareThis
Fronteer Gold Inc.: Drilling Hits 2.35 Ounces/Ton Gold and 33.18 Ounces/Ton Silver Over 9.6 Feet at Sandman, Nevada - "Fronteer Gold (TSX:FRG - News)(AMEX:FRG - News) reports additional intersections of near-surface, high-grade oxide gold at Sandman, demonstrating the Nevada deposit's strong open-pit development potential." More
- June 21, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Monday, 21 June 2010 | Digg This Article | Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Fall About 1.5%
