-- Posted 16 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $578.40 | +$11.60 | -4.90% |
Silver | $10.13 | +$0.16 | -9.63% |
XAU | 128.06 | -0.85% | -0.28% |
HUI | 294.38 | -1.16% | -1.78% |
GDM | 940.90 | -0.92% | -1.18% |
JSE Gold | 2514.85 | UNCH | -3.87% |
USD | 85.97 | +0.04 | +0.24% |
Euro | 126.43 | +0.32 | +0.05% |
Yen | 86.89 | -0.04 | -0.99% |
Oil | $69.88 | +$0.38 | -2.44% |
10-Year | 5.128% | +0.030 | +2.95% |
Bond | 106.6875 | -0.34375 | -1.33% |
Dow | 11014.55 | -0.01% | +1.13% |
Nasdaq | 2129.95 | -0.66% | -0.24% |
S&P | 1251.54 | -0.37% | -0.06% |
The Metals:
CoT Reports Released: Gold | Silver
Gold rose over $10 in after hours trade late yesterday and furthered its gains to over $580 in Asia and London, but it then fell throughout most of trade in New York to under $570 at one point before a rally into the close brought it back near $580 to close with a gain of 2.05%. Silver rose to $10.35 in London before falling to under $9.85 in New York, but it also rallied into the close and ended with a gain of 1.6%.
Euro gold rose near €460, platinum lost $22 to $1,136, palladium gained $3 to $302, and copper rose over 10 cents to above $3.20.
Gold and silver equities fell about 2% in morning trade before they rallied into the close and ended with losses of about 1%.
The Economy:
Report | For | Reading | Expected | Previous |
Current Account | Q1 | -$208.7B | -$233.0B | -$233.1B |
Michigan Sentiment | Jun | 82.4 | 79.0 | 79.1 |
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All of this week’s economic reports:
Next week’s economic highlights include Building Permits and Housing Starts on Tuesday, Initial jobless Claims and Leading Economic Indicators on Thursday, and Durable Goods Orders on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade as tensions with Iran eased and supplies were deemed as adequate, but a rally into the close left oil higher on the day to end just under $70.
The U.S. dollar index traded lower overnight before rallying in New York on the Current Account data that was not as bad as expected, but the index still ended just slightly higher on the day.
Treasuries fell on strong economic data that increased chances for further interest rate hikes.
The Dow traded mostly slightly lower while the Nasdaq and S&P traded notably lower as traders digested impressive gains from the past 2 sessions. Trade was volatile in high volume as it was quadruple witching Friday in which options of all sorts expire.
Among the big names making news in the market Friday were Carnival, Home Depot, Microsoft, Ford, Energy Partners and Stone, Winnebago, Fannie Mae, Oracle, General Motors, and Bear Stearns.
The Commentary:
“What we have witnessed recently from the Orwellians is truly staggering in its longer term implications. The orchestrated manipulations to engender the Stepfordville mantra that "Everything is fine," will backfire some day … US stock and real estate markets will collapse and stay that way … wiping out the assets of unsuspecting Americans.
Conversely, the price of gold is likely to go bonkers overnight, say $200 per ounce, and accelerate from there. Those not onboard will find it very difficult to pay up so much to get onboard. Financial life will change as we know it today and that change might last a generation. This is why it is important to stay with your gold, silver and share positions. “- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com:
“June Gold closed up 11.5 at 578. This was 6 up from the low and equal to the high.
July Silver finished up 0.16 at 10.13, 0.03 off the high and 0.36 up from the low.
After starting out very strong the gold market failed to hold the majority of the gains in the last trading session of the week. While the Dollar started out weak it managed to pare the early declines in the wake of slightly better than expected Current account deficit readings and the University of Michigan Consumer sentiment readings. Therefore, the net currency impact on gold for the day was muted to partially negative. Even though the market didn't seem to get any support from the news it should be noted that Asian bullion traders remained upbeat to gold. In fact a London based firm that manages a gold ETF fund suggested that gold holdings in its ETF rose to 452 tons as of June 15th from just 443 tons on June 1st. In other words, investment interest in gold in at least 1 fund continued to rise despite the rather dismal flat price performance in gold in the month of June. However, the Press continued to carry stories about the end of the commodities bull market (Financial Times) while an Australian newspaper warned investors about the ongoing threat of steep corrections in physical commodity markets.
The silver market started out strong and then faded into mid session in a similar fashion as gold but in the early afternoon action the silver seemed to fare better than gold. In fact, the silver market at times managed to return to the general vicinity of the highs, even though gold and copper failed to provide much in the way of outside market support. In the end, slack equity market action seemed to undermine the market but many traders continued to suggest that the $10.00 level was seen as a key psychological price level by the trade.” - The Hightower Report, Futures Analysis and Forecasting:
GATA Posts:
If he had kept digging, he really would have found the gold ...
Gold isn't the currency of terrorist group Hamas -- it's U.S. dollar
The Statistics:
As of close of business: 06/15/2006
Gold Warehouse Stocks: | 8,032,005 | - |
Silver Warehouse Stocks: | 105,812,484 | - 1,832,917 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 361.71 | 11,629,418 | US$ 6,622m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 76.99 | 2,475,378 | US$ 1,437m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.43 | 302,907 | US$ 176m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.77 | 346,113 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/15/2006 | |
Total Net Assets | $749,257,814 | Ounces of Gold
in Trust | 1,322,842.091 |
Shares Outstanding | 13,300,000 | Tonnes of Gold
in Trust | 41.14 |
Silver Trust (SLV)
Profile as of 06/15/2006 | |
Total Net Assets | $694,766,955 | Ounces of Silver
in Trust | 68,465,627 |
Shares Outstanding | 6,850,000 | Tonnes of Silver
in Trust | 2,129.5 |
The Stocks:
Venezuela’s plans to take over inactive mines, U.S. Energy’s (USEG) received marketable securities in Enterra Energy Trust, Pacific Rim’s (PMU) COO appointment, Centerra Gold’s (CG.TO) resumed operations at Boroo, and IMA Exploration’s (IMR) motions passed at their general meeting were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Great Basin | GBN +12.12% $1.85 |
2. Tanzanian Royalty | TRE +9.58% $7.78 |
3. Nevsun Resources | NSU +6.27% $2.88 |
LOSERS
1. Lihir Gold | LIHRY -7.45% $40.85 |
2. Metallica Resources | MRB -6.21% $2.72 |
3. Eldorado Gold | EGO -6.14% $4.28 |
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:
Palmarejo Announces New Drilling Results From Guadalupe Project - More
- June 16, 2006 | Item | E-mail
Western Sierra Forms Separate Corporate Finance Group - More
- June 16, 2006 | Item | E-mail
Mediterranean Resources Ltd. - Grant of stock options - More
- June 16, 2006 | Item | E-mail
China Diamond Corp. Announces Consultant Agreement with York Street Capital - More
- June 16, 2006 | Item | E-mail
Freeport announces Inco to recommence work at Notakwanon - More
- June 16, 2006 | Item | E-mail
Global Gold Corporation Reviews Progress in Both Chile and Armenia at Annual Meeting -- Geologist Hrayr Agnerian Elected as a New Director - More
- June 16, 2006 | Item | E-mail
Venezuela to take over inactive mines - "Venezuela plans to take over all inactive mining areas to form new joint ventures with a state majority stake and state-backed small mining groups foreseen under a mine law reform, Mining Minister Victor Alvarez said on Friday. The mine reforms follow measures by Venezuelan President Hugo Chavez to increase state control over the energy industry of the world's No. 5 crude exporter, where foreign and local companies were this year forced to accept new joint ventures giving the state oil firm PDVSA majority control." More
- June 16, 2006 | Item | E-mail
Exall Appoints Simon Lawrence Director - More
- June 16, 2006 | Item | E-mail
Eagle Plains Plans $4M in Exploration Spending During 2006 - More
- June 16, 2006 | Item | E-mail
Freewest Acquires Additional Claims Within the George River Area in Northeastern Quebec and Western Labrador and Newfoundland - More
- June 16, 2006 | Item | E-mail
Amera Resources Corporation: New Copper-Silver Mineralization Discovered and Soil Anomaly Expanded on Cocha Project - More
- June 16, 2006 | Item | E-mail
Galantas Gold Corporation: Result of AGM - More
- June 16, 2006 | Item | E-mail
Melvin Williams joins Searchlight Minerals Corp. as Chief Financial Officer - More
- June 16, 2006 | Item | E-mail
Conquest Resources Limited: Appointment of Investor Relations Manager - More
- June 16, 2006 | Item | E-mail
Armistice obtains conditional approval to list on TSX; appoints new directors and officers - More
- June 16, 2006 | Item | E-mail
U.S. Energy Corp. Receives Marketable Securities in Enterra Energy Trust - "U.S. Energy Corp., a natural resources exploration and development company, today announced that the transfer agent for Enterra Energy Trust has issued to U.S. Energy Corp. new certificates in the amount 436,586 Enterra Energy Trust Units, which trade on the Toronto Stock Exchange." More
- June 16, 2006 | Item | E-mail
Pete Neilans Joins Pacific Rim as Chief Operating Officer - "The board of directors of Pacific Rim Mining Corp. is extremely pleased to announce the appointment of Mr. Peter Neilans to the position of Chief Operating Officer, effective immediately." More
- June 16, 2006 | Item | E-mail
All Motions Passed at IMA's Annual General Meeting - "IMA Exploration Inc. is pleased to announce the results of the Company's Annual General Meeting held on Wednesday, June 14, 2006. The Shareholders approved all motions put forth at the meeting including an ordinary resolution to ratify the Company's 2003 Stock Option Plan." More
- June 16, 2006 | Item | E-mail
Centerra Resumes Normal Operations at Boroo - "Centerra Gold reported today that normal operations have resumed at its Boroo mine in Mongolia. On June 14 Centerra suspended operations as a precaution in response to an illegal political demonstration at the site. Some protestors were removed by Mongolian police and most others have left the site voluntarily. Centerra is closely monitoring the situation and taking appropriate measures in the event of any further attempt by protestors to interfere with operations." More
- June 16, 2006 | Item | E-mail
PGM Completes Surface Rights Acquisition at Aguas Tenidas - More
- June 16, 2006 | Item | E-mail
Franc-Or Announces Approval for Drilling Permit on Mario, Peru Property - More
- June 16, 2006 | Item | E-mail
Cambodian Ventures Prepares for Joint Venture on Gold Mining Sites - More
- June 16, 2006 | Item | E-mail
St Andrew Announces Re-Statement and Re-Filing of First Quarter Financial Results - More
- June 16, 2006 | Item | E-mail
Keegan Drills New Discovery Hole at Asumura Gold Property - More
- June 16, 2006 | Item | E-mail
Norsemont extends mineralized zone at the Constancia Project - More
- June 16, 2006 | Item | E-mail
De Beira Announces Loi for Multi-Million oz Minanca Mining Gold Project in the El Oro Province of Ecuador - More
- June 16, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 June, 2006 | |
