-- Posted 20 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $577.20 | +$8.00 |
Silver | $10.28 | +$0.31 |
XAU | 127.10 | +2.21% |
HUI | 292.78 | +2.94% |
GDM | 932.76 | +2.34% |
JSE Gold | 2639.51 | +0.81% |
USD | 86.20 | -0.09 |
Euro | 125.93 | +0.16 |
Yen | 87.07 | +0.39 |
Oil | $68.94 | -$0.04 |
10-Year | 5.157% | +0.012 |
T-Bond | 106.4375 | -0.0625 |
Dow | 10974.84 | +0.30% |
Nasdaq | 2107.06 | -0.16% |
S&P | 1240.12 | -0.00% |
The Metals:
Gold briefly fell under $560 in Asia but rose back above $570 by the open of trade in London. It then fell under $565 in New York before a steep rally in the last half hour of trade led it to close near its highs with a gain of 1.41%. Silver briefly dropped under $9.80 in Asia and traded near $10 in London and early New York trade before it rallied in the last 2 hours of trade and ended near its highs with a gain of 3.11%.
Euro gold rose above €455, platinum gained $29 to $1,161, palladium gained $8 to $297, and copper remained at about $3.10.
Gold and silver equities steadily rose in morning trade to find about 3% gains before they fell back off a bit in afternoon trade, but they still ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Building Permits | May | 1932K | 1950K | 1973K |
Housing Starts | May | 1957K | 1870K | 1863K |
Housing Starts rose 5% and came in better than expected to ease worries about the housing market, but lower than expected Building Permits showed that the trend may not continue. There are no major economic reports due out tomorrow.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded about 50 cents higher in morning New York trade on geopolitical concerns over North Korea, Iran and Nigeria, but it then fell off to find slight losses in afternoon trade on signs of falling demand. Trade was volatile as the most forward contract moves from July to August and traders prepared for inventory reports tomorrow.
The U.S. dollar index fell despite strong U.S. economic data as the yen rose on news that the Bank of Japan indicated that they will hike interest rates soon.
Treasuries fell on better than expected economic data that increased the possibility for further fed interest rate hikes.
The Dow, Nasdaq, and S&P rose in morning trade on a better than expected Housing Starts number that eased concerns about the housing market, but all three indices fell off throughout afternoon trade and ended mixed and near unchanged as worries about interest rates and the economy returned to the market.
Among the big names making news in the market today were GM, J.M. Smucker, Kroger, GE, Deutsche Boerse and Euronext, McDonald’s and Sinopec, and IBM.
The Commentary:
“The gold markets are still awash with emotion and volatility, making it hard for any Investor to focus and in danger of seizing on the minor or irrelevant to base his ongoing views on. Now is the time for a steady hand on the Tiller.
Gold is consolidating with a higher degree of volatility than any market likes. Right now it is directionless, in the very short-term. Global liquidity tightening is not changing the fundamentals. It is changing the mood of the market, leaving the best opportunities in the hands of the wise.
We have no doubt whatsoever that in the end, the Fed will not sacrifice growth to tame a low level of inflation. If the pull-back goes too far we expect the Fed's policy to soften to maintain growth. Add another oil crisis [it could come from the Middle East or the weather] and the Fed will need to support growth. Such a change will turn all the markets, affected at the moment, around.
In gold, we note the steady accumulation by professional, long-term Investors on the falls.” - Julian D.W. Phillips, www.goldforecaster.com
- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“Our STALKER source called. Seems the STALKER trading group (one we believe is Chinese) has been trading the market … selling the market above $700 and buying back at these levels and below.
He went on to say that the buying out of India and China is actually being underreported and not exaggerated as claimed by various pundits. Also of interest is his former Board member of a Fed bank increased his gold holdings on this break to the tune of another $200,000, which puts him well over the $1 million mark. For newer Café members, this prominent individual in the Federal Reserve Banking System told us early last Fall that the Fed had "lost control" of the gold market.”
“June Gold closed up 8.1 at 576.9. This was 8.9 up from the low and equal to the high.
July Silver finished up 0.3 at 10.27, 0.01 off the high and 0.37 up from the low.
The gold market flopped around on both sides of unchanged on Tuesday after starting out modestly higher and then tracking lower after the opening. However, into mid session the gold market had regained positive territory and was seeing a number of outside markets providing support. However, the primary focus of the trade seemed to come from a weakening Dollar. In the end, the Dollar seemed to fail despite news that could have supported it and that seemed to suggest to the gold market that a change of trend might be developing in the Dollar. With the silver and platinum markets mostly positive throughout the session and the stock market at times up sharply, the recent selling bias was reversed. In fact, some Press outlets were suggesting that short covering buying was being seen in the early afternoon action. Late in the session sagging oil prices could have undermined market sentiment but instead the gold market seemed to gain a slight windfall from the action.
It seems that silver gained upside interest as the day progressed Tuesday but silver seemed to track closer to platinum than to gold. While the gold market gyrated on both sides of unchanged, the silver market made its lows early and then ground its way up. It is possible that consistently higher equity market action gave would-be buyer's confidence to step back into silver and it's also possible that better than expected US housing starts information downplayed the ongoing threat of economic slowing. In the end, a very weak close in the Dollar, prompted talk of a change in the daily currency impact on the metals and the specs were quick to respond.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
S. Africa's Mining Weekly reports GATA's exposure of double-counted
Goldman Sachs' domination of U.S. government intensifies
The Statistics:
As of close of business: 06/19/2006
Gold Warehouse Stocks: | 8,031,420 | - |
Silver Warehouse Stocks: | 105,003,079 | +33,545 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 363.88 | 11,698,979 | US$ 6,679m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 76.99 | 2,475,268 | US$ 1,423m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.58 | 307,493 | US$ 177m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,094 | US$ 197m |
COMEX Gold Trust (IAU)
Profile as of 06/19/2006 | |
Total Net Assets | $752,267,234 | 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 06/19/2006 | |
Total Net Assets | $706,575,161 | Ounces of Silver
in Trust | 71,463,337 |
Shares Outstanding | 7,150,000 | Tonnes of Silver
in Trust | 2,222.8 |
The Stocks:
Cardero’s (CDY) participation in a new Alaskan exploration venture, Miramar’s (MNG) drill results at Madrid, BacTech’s (BM.V) offer to acquire Goldcorp’s (GG) 56.7% interest in Agua de la Falda, Canyon Resources’ (CAU) Sand Creek Joint Venture, Kinross Gold’s (KGC) sale of the Blanket Mine to Caledonia Mining (CAL.TO), and NovaGold’s (NG) bid for Pioneer Metals (PSM.TO) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar Mining | MNG +7.16% $3.59 |
2. Metallica | MRB +5.97% $2.84 |
3. Golden Star | GSS +5.45% $2.71 |
LOSERS
1. Crystallex | KRY -2.22% $3.08 |
2. IMA Exploration | IMR -1.38% $2.85 |
3. Buenaventura | BVN -1.35% $24.92 |
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:
MGM Mineral Resources Announces Corporate Update - More
- June 20, 2006 | Item | E-mail
Gold Hawk Resources Announces Board Appointments - More
- June 20, 2006 | Item | E-mail
Olympus- Addition of Missing Drill Hole 156 Information - More
- June 20, 2006 | Item | E-mail
CZM Capital Corp.: TAG Property Main Zone Drilling Encounters Gold-Silver Mineralization - More
- June 20, 2006 | Item | E-mail
New Guinea Gold Corporation: Sinivit Gold Project Development Update - More
- June 20, 2006 | Item | E-mail
Canarc Reports High Grade Gold Intercepts from First Seven Drill Holes of Phase 3 Infill Drill Program on New Polaris Property, B.C. - More
- June 20, 2006 | Item | E-mail
GLR Resources Announces Major Drilling Campaign on the Athona Gold Deposit and Provides Update on the Goldfields Feasibility Study - More
- June 20, 2006 | Item | E-mail
Cardero to Participate with Anglogold Ashanti and International Tower Hill Mines Ltd. in New Alaskan Exploration Venture - "Cardero Resource Corp. is pleased to announce that it has agreed to invest a minimum of $2,240,000 in International Tower Hill Mines Ltd. by way of participation in the private placement announced by ITH on June 14, 2006. The private placement is being carried out in conjunction with the acquisition and option by ITH of a portfolio of mineral properties in Alaska from a subsidiary of AngloGold Ashanti Limited, one of the worlds foremost gold producers." More
- June 20, 2006 | Item | E-mail
Miramar Reports Further Progress in Outlining Pit Possibility at Madrid - "Miramar Mining Corporation today announced more significant results from the 2006 drilling program at its Hope Bay Project in Nunavut. The program is focussed on the Madrid district, where drills were testing for newly defined mineralization that would enhance the possibility of a large pit concept at Madrid. The latest shallow Suluk infill drilling as well as drilling along the southern extension of Suluk has exceeded expectations." More
- June 20, 2006 | Item | E-mail
Intrepid Offers to Acquire Jeronimo Gold Deposit from Goldcorp in Partnership with Bactech - More
- June 20, 2006 | Item | E-mail
BacTech Offers to Acquire Jeronimo Gold Deposit from Goldcorp in Partnership with Intrepid - "BacTech Mining Corporation today announced that it has offered to jointly acquire Goldcorp Inc.'s 56.7% interest in Agua de la Falda S.A. which owns the Jeronimo gold deposit located in northern Chile. BacTech has partnered with Intrepid Minerals Corporation, to acquire Goldcorp's interest in ADLF, which is subject to rights of first refusal held by 43.3% owner, Corporacion Nacional del Cobre de Chile. The acquisition is also subject to due diligence by both BacTech and Intrepid." More
- June 20, 2006 | Item | E-mail
Klondike Star Drill Program Mounted as Spice Project Enters New Phase on Expanded Land Base - More
- June 20, 2006 | Item | E-mail
Drilling Intersects More Gold at Houston Lake's Angel Hill - More
- June 20, 2006 | Item | E-mail
Sirios Resources Inc.: Exploration Update Aquilon Extension Property, James Bay, Quebec - More
- June 20, 2006 | Item | E-mail
Uranium One Added to S&P/TSX Composite Index - More
- June 20, 2006 | Item | E-mail
Gold Reserve Postpones Annual and Special Shareholders' Meeting - "Gold Reserve Inc. announced today that the Annual and Special Shareholders Meeting, previously scheduled for June 21, 2006, has been rescheduled for 10:00 a.m. on June 30, 2006 at 926 W. Sprague, Suite 200, Spokane, WA." More
- June 20, 2006 | Item | E-mail
GBS Gold International Inc.: Long Term Incentive Plan - More
- June 20, 2006 | Item | E-mail
Duluth Metals Receives 43-101 Report with New Drill Results - More
- June 20, 2006 | Item | E-mail
Olympus-Excellent Drilling Results At Phuoc Son Indicates Potential Strike Continuity - More
- June 20, 2006 | Item | E-mail
Pioneer asks shareholders to defer action on offer - "NovaGold, which wants Pioneer so that it can consolidate activities around its Galore creek project in northwestern British Columbia, launched the bid on Monday, offering 57 Canadian cents (51 cents) for every Pioneer share it does not already own." More
- June 20, 2006 | Item | E-mail
Exploration Update Aquilon Extension Property, James Bay, Quebec - More
- June 20, 2006 | Item | E-mail
Apolo Starts Its Summer Drill Programs - More
- June 20, 2006 | Item | E-mail
Gemco commences work program on Burns Mountain gold property - More
- June 20, 2006 | Item | E-mail
Fieldex starts summer work program with Lake Shore Gold on Noranda North property - More
- June 20, 2006 | Item | E-mail
Michigan Gold Announces Confidentiality Agreement to Broker Sale of Massive Copper/Molybdenum Mine in Peru - More
- June 20, 2006 | Item | E-mail
Silver Dragon Report of Development and Exploration Program at Erbahuo Silver Project, Northern China - More
- June 20, 2006 | Item | E-mail
Simberi Gold Corporation: Press Release - More
- June 20, 2006 | Item | E-mail
Corumel Minerals Corp. Changes Its Name to ''Prospero Minerals Corp.'', and Increases Its Authorized Shares - More
- June 20, 2006 | Item | E-mail
Romios Commences Work on the Trek and Royce/Porc Properties in the Galore Creek Area, Northwestern British Columbia - More
- June 20, 2006 | Item | E-mail
Carpathian Gold Inc. - European investor relations - More
- June 20, 2006 | Item | E-mail
European Goldfields retains Renmark Financial Communications - More
- June 20, 2006 | Item | E-mail
Pioneer Receives Hostile Bid From NovaGold - "Pioneer Metals Corporation has been advised that NovaGold Resources Inc. has filed documents with Canadian securities regulators regarding a hostile bid to acquire all of the outstanding common shares of Pioneer. Pioneer shareholders have been offered CDN$0.57 per common share. Pioneer understands that NovaGold's bid is open until July 25, 2006." More
- June 20, 2006 | Item | E-mail
Pioneer Receives Hostile Bid From NovaGold - More
- June 20, 2006 | Item | E-mail
U.S. Antimony Announces Another Antimony and Silver Concession in Mexico - More
- June 20, 2006 | Item | E-mail
Alexis Discovers New Zone Returning 5.82 gAu/t Over 32.5 metres at Lac Herbin - More
- June 20, 2006 | Item | E-mail
Miranda Gold Corp.: JV Partner Now Drilling Redlich Project - More
- June 20, 2006 | Item | E-mail
Caledonia Mining Purchases Blanket Mine - More
- June 20, 2006 | Item | E-mail
AuEx Attracts Tournigan to Joint Venture Three Projects and Grants Stock Options - More
- June 20, 2006 | Item | E-mail
Mengold Resources Inc.: Joel Scodnick Appointed President and Chief Executive Officer and Shareholders Approve New Option Plan - More
- June 20, 2006 | Item | E-mail
Clifton Mining Company Inc. - Management Letter June 20th 2006 - More
- June 20, 2006 | Item | E-mail
Equitable Mining Operating Finances in Escrow Account - More
- June 20, 2006 | Item | E-mail
Candente Resource Corp.: Mitsui Drilling on Candente's El As de Zinc Property in Peru - More
- June 20, 2006 | Item | E-mail
Canyon Resources Announces Sand Creek Uranium Joint Venture - "Canyon Resources Corporation, a Colorado-based mining company, is pleased to announce that its Converse Joint Venture, has executed a Letter of Intent to form the Sand Creek Joint Venture with High Plains Uranium. The Sand Creek JV covers an area of interest of approximately 92,000 acres (37,300 hectares), located east and south of Douglas, in Converse County, Wyoming. The objective of the Sand Creek JV is to move as rapidly as possible to explore and develop uranium resources in this area of known uranium occurrences." More
- June 20, 2006 | Item | E-mail
Kinross Sells Blanket Mine to Caledonia Mining - "Kinross Gold Corporation today announced that it has entered into a definitive agreement with Caledonia Mining to exchange Kinross' Blanket Mine located in Zimbabwe for 20 million common shares of Caledonia and US$1 million in cash. The sale does not impact Kinross' production profile or cash flow in the future as the asset was written down in 2002." More
- June 20, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 June, 2006 | |
