-- Posted Wednesday, 22 June 2011 | | Disqus
| Close | Gain/Loss |
Gold | $1552.40 | +$7.40 |
Silver | $36.66 | +$0.29 |
XAU | 198.26 | +0.77% |
HUI | 521.13 | +1.01% |
GDM | 1515.45 | +1.09% |
JSE Gold | 2393.30 | +26.70 |
USD | 74.91 | +0.32 |
Euro | 143.49 | -0.60 |
Yen | 124.49 | -0.10 |
Oil | $95.41 | +$1.24 |
10-Year | 2.993% | +0.008 |
T-Bond | 126.9375 | -0.15625 |
Dow | 12109.67 | -0.66% |
Nasdaq | 2669.19 | -0.67% |
S&P | 1287.14 | -0.65% |
The Metals:
Gold fell $4 to $1541.00 at about 6:30AM EST, but it then rose to as high as $1558.09 by late morning in New York and ended with a gain of 0.48%. Silver fell to $35.878 in London, but it then climbed to as high as $36.763 in New York and ended with a gain of 0.8%.
Euro gold climbed to about €1078, platinum gained $3.25 to $1749, and copper remained at about $4.09.
Gold and silver equities rose about 2% by midmorning before they fell back off a bit in the last couple of hours of trade, but they still ended with about 1% gains.
UBS Gold Sales to India Rise 23% So Far in 2011; Demand ‘Robust’ Bloomberg
Silver-Coin Sales ‘Booming’ at Perth Mint as Investors Desert Paper Money Bloomberg
The Economy:
“The Federal Reserve acknowledged Wednesday that the economy is growing more slowly than it expected. But it said it will complete its $600 billion Treasury bond buying program by June 30 and announced no further efforts to boost the economy.
Ending a two-day meeting, the Fed repeated a pledge to keep interest rates at record lows near zero for "an extended period," a promise it's made for more than two years.”
Bernanke says some economic problems may persist Yahoo
Mortgage applications declined last week: MBA Reuters
FHFA Home Prices Rise After Six Months of Declines totalmortgage
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/18 expected at 413,000 and at 10AM is the New Home Sales report for May expected at 305,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil remained higher after the Energy Information Administration reported that crude inventories fell 1.7 million barrels, gasoline inventories fell 500,000 barrels, and distillates rose 1.2 million barrels.
The U.S. dollar index rose and treasuries fell in late trade in reaction to Bernanke’s press conference that ultimately sent the Dow, Nasdaq, and S&P modestly lower.
Among the big names making news in the market today were Apple, FedEx, Goldman Sachs, JPMorgan, Yahoo, Adobe, Ford, and Transocean.
The Commentary:
“The FOMC release this morning basically reaffirmed what most of the market has been thinking for some time now, namely, that the economic "recovery" is proceeding at a moderate pace though "somewhat more slowly" than had previously been expected. What a surprise? It is more like "YAWN".
The translation - they will be keeping interest rates near zero for the next few months, or in their words, "an extended period of time".
They repeated that the QE2 program would come to an end this month but at this point they had no intention of actually reducing their balance sheet or selling any of the $600 billion in Treasuries which they have purchased over the last 6 months or so. What they will do however is to reinvest the proceeds from maturing Treasury bonds. That will give some stimulus but compared to the massive sum of $600 billion, amounts to a drop of water into the bucket.
Gold liked what it heard and shot higher taking out the sellers who had been stalking the $1550 level. They were forced to retreat towards $1560.
From a technical perspective, the strong move past this solid resistance level, takes the market out of the recent tight range trade bounded by $1550 on the top and supported at $1520 on the bottom. It is now poised to make a run towards $1570-$1575. Downside support moves up initially towards $1540 followed by good support near $1530.
Keep in mind that this is occurring during the summer, not a time in which one generally expects to see a very strong gold market. A grinding move higher during this time frame would set this market up for a move to a fresh all time high later this year when the seasonally stronger period of the metal arrives. This just further underscores how currency concerns are moving gold as distrust in paper currencies continues to increase. Gold is signaling investors' lack of confidence in their monetary authorities and political leaders.
By the way, Gold priced in British Pounds set another all time record high price today.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
Gene Arensberg: Have junior miners stopped underperforming?
Dodd-Frank claims niche form of gold trading
Fed could buy gold to devalue dollar, ease debt, Rickards tells CNBC
If your interest is really piqued, try questioning central banks yourself
Appeals brief for Liberty Dollar examined by WorldNet Daily
Greek savers rush for gold
The Statistics:
Activity from: 6/21/2011
Gold Warehouse Stocks: | 11,365,171 | - |
Silver Warehouse Stocks: | 100,116,105 | -330,618 |
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 | 1209.142 | 38,875,115 | US$60,337m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$5,758m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 126.23 | 4,058,350 | US$6,289m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,066 | US$708m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.11 | 1,546,676 | US$2,388m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,954 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 142.06 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,535.12 - No change from yesterday’s data.
The Miners:
Richmont’s (RIC) drill results, AuRico’s (AUQ) drill results, and Aurizon’s (AZK) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +6.58% $1.62 |
2. Banro | BAA +6.51% $3.60 |
3. Minco | MGH+6.29% $1.69 |
LOSERS
1. Solitario | XPL -3.37% $2.87 |
2. Comstock | LODE-3.18% $3.04 |
3. Paramount | PZG -2.86% $3.74 |
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:
Caza Gold Holds Annual General Meeting - More
- June 22, 2011 | Item | ShareThis
Capella Identifies New Copper-Gold Porphyry Targets on its Peru Properties - More
- June 22, 2011 | Item | ShareThis
VLM Ventures Ltd. Announces Agreement for Qualifying Transaction - More
- June 22, 2011 | Item | ShareThis
North American Nickel Announces Assay Results From Exploration on its Woods Creek Nickel-Copper-Cobalt-PGM Property, Sudbury Area - More
- June 22, 2011 | Item | ShareThis
Taipan Resources Inc.: Appointment of a New Director - More
- June 22, 2011 | Item | ShareThis
Cricket Resources Inc.: Appointment of a New Director - More
- June 22, 2011 | Item | ShareThis
Mesa Exploration Receives Metallurgical Report for Lithium, Potash Project - More
- June 22, 2011 | Item | ShareThis
IAMGOLD Receives $667 Million Cash From the Sale of Its Interest in Tarkwa and Damang - "IAMGOLD Corporation (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) ("IAMGOLD" or the "Company") announced today the closing of the sale of its 18.9% interest in the Tarkwa and Damang gold mines in Ghana, West Africa to Gold Fields Limited ("Gold Fields") for $667 million ("the Transaction") in cash. Gold Fields already owned 71.1% of the mines and the Government of Ghana the remaining 10%." More
- June 22, 2011 | Item | ShareThis
Soho Resources Corp. Non-Brokered Private Placement - More
- June 22, 2011 | Item | ShareThis
Cassius Ventures Ltd. Announces the Appointment of Chief Executive Officer and Independent Director - More
- June 22, 2011 | Item | ShareThis
Major High Grade Limestone Discovery Confirmed by Drilling - More
- June 22, 2011 | Item | ShareThis
Crowflight Announces Name Changed and Provides Business Updates - More
- June 22, 2011 | Item | ShareThis
Sutter Gold Announces Positive Production Decision for the Lincoln Mine Gold Project and Agrees to A US$ 20 Million Prepaid Gold Project Finance Facility - More
- June 22, 2011 | Item | ShareThis
Wolverine Commences Work on Finlayson District Properties - More
- June 22, 2011 | Item | ShareThis
ISS Recommends Klondex Shareholders Vote For Incumbent Klondex Director Slate - More
- June 22, 2011 | Item | ShareThis
Williams Creek Gold Limited Provides Notice of Annual General Meeting of Shareholders - More
- June 22, 2011 | Item | ShareThis
Mill City Completes First Phase Exploration at Ham, Black, Ross & Hobo Properties, Tombstone Gold Belt - More
- June 22, 2011 | Item | ShareThis
Ashburton to Start Work in the Yukon - More
- June 22, 2011 | Item | ShareThis
Prospero Drills 3.04 Meters of 40 g/t Au, 530 g/t Ag at El Dorado Project, Nayarit - More
- June 22, 2011 | Item | ShareThis
DIOS Started its Polymetallic and Silver-Rare Earth Field Program on Hotish - More
- June 22, 2011 | Item | ShareThis
Virginia Mines: Signing of a CA$6 Million Agreement With IAMGOLD on the Lac Pau Project; Update on Current Partnerships - More
- June 22, 2011 | Item | ShareThis
ValGold Announces Further Positive Drill Results From the Tower Mountain Gold Project, NW Ontario - More
- June 22, 2011 | Item | ShareThis
SearchGold Reminds Shareholders About its Annual General Meeting of June 28 2011 - More
- June 22, 2011 | Item | ShareThis
Asia Now Responds to Publication of Resource Estimate for its Beiya Gold Project by the Chinese Government - More
- June 22, 2011 | Item | ShareThis
Auriga Gold Provides Further Assay Results From Its Confirmation Drill Program at the Maverick Gold Project, Manitoba; Including 4.7 Meters of 7.85 g/t Gold - More
- June 22, 2011 | Item | ShareThis
Deeper Drilling at Marban Reveals Added Upside With 5.3 G/T Au Over 12.8 Metres - More
- June 22, 2011 | Item | ShareThis
Golden Predator and Seabridge Gold Agree to Contribute Select US Gold Assets to Wolfpack Gold Corp. - More
- June 22, 2011 | Item | ShareThis
Sparton Signs Option Agreement for Sale of Nevada Gold Project - More
- June 22, 2011 | Item | ShareThis
Ensurge, Inc. Provides Update on Rondon Project in Brazil - More
- June 22, 2011 | Item | ShareThis
Aben Resources Mobilizes Crews to Rusty Springs Silver-Copper Project, Yukon, Update on Yukon and NWT Exploration Projects - More
- June 22, 2011 | Item | ShareThis
Atna Completes Leach Pad Expansion at Briggs - More
- June 22, 2011 | Item | ShareThis
Lithium One Engages Engineering Firm to Complete PEA on Sal de Vida Lithium and Potash Brine Project - More
- June 22, 2011 | Item | ShareThis
Metals Creek Resources Corp. Acquires 100 Claims Through Staking and Samples Up to 59.4 g/t Gold at Yellow Fox Property - More
- June 22, 2011 | Item | ShareThis
Solitaire's Partner Terra Ventures Inc. Commences Drilling on Uranium Properties Adjoining Denison's Phoenix High-Grade Uranium Discovery, Athabasca Basin - More
- June 22, 2011 | Item | ShareThis
G4G Resources Ltd. Enters Into an Option Agreement With Almaden Minerals Ltd. - More
- June 22, 2011 | Item | ShareThis
Mill Bay Ventures Announces Private Placement - More
- June 22, 2011 | Item | ShareThis
Andover Ventures Announces Resource Estimate for Burgin Extension Deposit, East Tintic Mining District, Utah, USA - More
- June 22, 2011 | Item | ShareThis
Redhill Resources Corp.: Mutiny Extends Deflector Deposit - More
- June 22, 2011 | Item | ShareThis
Almaden Options Yago Project Mexico to G4G Resources - "Almaden Minerals Ltd. ("Almaden" or "the Company") (TSX:AMM - News)(AMEX:AAU - News) is pleased to announce that, subject to regulatory approval, it has agreed to terms with G4G Resources Ltd. ("G4G") (TSX-V:GXG - News) whereby G4G can acquire a 70% interest in Almaden's 100% owned Yago gold-silver project located in Nayarit State Mexico." More
- June 22, 2011 | Item | ShareThis
Sonora Resources%u2019 Geophysics Program Identifies Multiple Targets at Los Amoles Silver Prospect - More
- June 22, 2011 | Item | ShareThis
Lac a Paul Project: Manouane Zone Drilling Extends Mineralized Area - More
- June 22, 2011 | Item | ShareThis
AQM Copper Drills 231.7 Metres of 0.28% Cu at its Sicera Norte Copper Porphyry Discovery and 99.4 Metres of 0.54% Cu at the Eastern Extension of the Zafranal - More
- June 22, 2011 | Item | ShareThis
Forrester Enters Into Joint Venture Agreement to Option Las Princesas Property, Peru - More
- June 22, 2011 | Item | ShareThis
Nuinsco Provides Update on Status of Receivership Proceedings With Respect to Assets Owned by Campbell Resources Inc. - More
- June 22, 2011 | Item | ShareThis
Northern Vertex Announces Phase 1 Drilling Program Intercepts 45.72 Meters Grading 1.97 gpt Gold Eqv; Including 9.14 Meters Grading 5.74 gpt Gold Eqv - More
- June 22, 2011 | Item | ShareThis
Yale Identifies Multiple Geophysical Targets at Los Amoles - More
- June 22, 2011 | Item | ShareThis
More Positive Drill Results From Richmont's Monique Project - "Richmont Mines Inc. (TSX:RIC - News)(AMEX:RIC - News), ("Richmont") is pleased to provide updated drill results from the completed 8,117 metre exploration drill program on the G and J zones of the Monique project (the "Property"), located near Val-d'Or, Quebec." More
- June 22, 2011 | Item | ShareThis
AM Gold Increases Land Position and Commences 2011 Drill Program at Red Mountain Property, Yukon Territory, Canada - More
- June 22, 2011 | Item | ShareThis
Southern Arc Adds Senior Indonesian Government Official to Board of Advisors - More
- June 22, 2011 | Item | ShareThis
AuRico Gold Reports 26.8 Metres at 12.36 Grams Per Tonne Gold Equivalent(1) and 8.5 Metres at 25.90 Grams Per Tonne Gold Equivalent(1) at Ocampo - "AuRico Gold Inc. (TSX:AUQ.to - News) (NYSE:AUQ - News), ("AuRico") is pleased to provide an update of drill results from the Ocampo surface drill exploration program during May. The drilling results are among the best results reported to date and include 55 new ore-grade drill intercepts from a wide variety of drill projects on the property." More
- June 22, 2011 | Item | ShareThis
Hondo Minerals Announces Quarterly Review Ending 04/30/11 - More
- June 22, 2011 | Item | ShareThis
NEVADO to Re-Assay All Drill Core Samples From its Winter 2011 Drilling Campaign After Quality Control Tests Revealed Significantly Higher Vanadium Grades - More
- June 22, 2011 | Item | ShareThis
Rockland Retty Lake Cu-Ni-PGE Drilling Complete - More
- June 22, 2011 | Item | ShareThis
Harte Gold Corp.: Richard R. Faucher P.Eng. Appointed to Board of Directors - More
- June 22, 2011 | Item | ShareThis
Great Western Minerals Group Announces Management Appointments at Steenkampskraal Rare Earth Project - More
- June 22, 2011 | Item | ShareThis
Probe Mines Announces Assay Results for the Cree Lake Gold Project, Swayze Belt, Ontario - More
- June 22, 2011 | Item | ShareThis
Apogee Intersects 4.0 Meters Grading 350.75 g/t Silver and 8.0 Meters Grading 242.38 g/t Silver at the Pulacayo Deposit - More
- June 22, 2011 | Item | ShareThis
Thundermin and Cornerstone Announce 66% Increase in Indicated and 61% Increase in Inferred NI 43-101 Compliant Mineral Resources at the Little Deer Copper Dep. - More
- June 22, 2011 | Item | ShareThis
PC Gold Drills 373 Metres of 0.58 g/t Gold at Central Pat East, Including 97.85 m of 1.03 g/t and 11.00 m of 4.28 g/t - More
- June 22, 2011 | Item | ShareThis
Sulliden Announces Further Positive Drilling Results-Intersects 1.42 g/t Gold over 86 Metres and 1.75 g/t Gold over 58.5 Metres - More
- June 22, 2011 | Item | ShareThis
RockBridge Corporate Update - More
- June 22, 2011 | Item | ShareThis
Aurizon Mines Ltd.: Deeper Drilling at Marban Reveals Added Upside With 5.3 Grams of Gold Per Tonne Over 12.8 Metres - "Aurizon Mines Ltd. ("Aurizon") (TSX:ARZ - News)(AMEX:AZK - News) is pleased to report the latest drilling results at the Marban Block property, located in the Malartic gold camp, Abitibi region of Quebec." More
- June 22, 2011 | Item | ShareThis
Search Minerals Announces Continued Exploration Funding by Quest on Strange Lake Ree Joint Venture, Labrador - More
- June 22, 2011 | Item | ShareThis
Drilling Commences on Wheeler River Uranium Project - More
- June 22, 2011 | Item | ShareThis
Hathor Exploration Limited: Economic Assessment is Underway at Roughrider - More
- June 22, 2011 | Item | ShareThis
Bridgeport Ventures Inc. Updates its Gold Exploration Activities in Nevada, USA - More
- June 22, 2011 | Item | ShareThis
Willow Creek Updates Drilling Progress at Hercules Gold & Silver Property, Nevada - More
- June 22, 2011 | Item | ShareThis
James Hutton Appointed Director of Salazar Resources Ltd. - More
- June 22, 2011 | Item | ShareThis
INV Metals Announces 10.2 Million Tonne 1.12% Copper Inferred Resource at Kaoko - More
- June 22, 2011 | Item | ShareThis
RX Exploration Mining and Milling Operations at Drumlummon Mine Exceeding Expectations - More
- June 22, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted Wednesday, 22 June 2011 | Digg This Article
| Source: GoldSeek.com
Gold Seeker Closing Report: Gold and Silver Gain Once More
