-- Posted 22 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $582.30 | -$5.50 |
Silver | $10.24 | -$0.10 |
XAU | 131.30 | -0.86% |
HUI | 306.53 | -0.41% |
GDM | 967.21 | -0.79% |
JSE Gold | 2966.42 | +5.80% |
USD | 86.43 | +0.69 |
Euro | 125.82 | -0.90 |
Yen | 86.14 | -1.00 |
Oil | $70.84 | +$0.51 |
10-Year | 5.198% | +0.043 |
T-Bond | 105.96875 | -0.40625 |
Dow | 11019.11 | -0.54% |
Nasdaq | 2122.98 | -0.85% |
S&P | 1245.60 | -0.53% |
The Metals:
Gold rose to trade between $590 and $595 in Asia, but it started to fall off in the middle of trade in London and continued to drop in New York to end near its lows with a loss of 0.94%. Silver rose to over $10.50 in Asia and traded over $10.65 in early London trade, but it also fell off throughout the rest of trade in London and New York and ended with a loss of 0.97%.
Euro gold fell near €460, platinum lost $18 to $1,169, palladium lost $4 to $305, and copper lost about 5 cents to under $3.10.
Gold and silver equities fell about 2% in the first hour of trade, rebounded to find slight gains by late morning, and then fell off to trade just slightly lower for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | May | 308K | 305K | 297K |
Leading Indicators | May | -0.6% | -0.5% | -0.1% |
Tomorrow at 8:30AM EST brings Durable Goods Orders for May expected at 0.4%.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on geopolitical concerns over Iran, North Korea, and Nigeria. It also rose on worries over a strike in Norway that adds to supply worries in the face of what appears to be still strong demand.
The U.S. dollar index gained and treasuries, the Dow, the Nasdaq, and the S&P fell on the outlook for further interest rate increases.
Among the big names making news in the market today were Rite Aid, Federated and Lord & Talyor, Aetna and Teva, AT&T, Del Monte, British Airways, and Univision.
The Commentary:
“What surely is important to put on the burner is how few bulls there are out there … with even longer term bulls looking for gold to diddle all summer. Gold and silver have now moved impressively off their lows with little fanfare. That is a set-up for gold to move higher and faster than most think. After all, gold was slaughtered to the tune of $200 from high to low, losing 40% of the gains it made in five years in just a month. That is a stunning drop thanks to The Gold Cartel.
The question is do a faction of the BIG MONEY physical buyers sense the amount of physical gold dumped into the market has been absorbed to a great degree? There have been a number of queries sent my way asking, “Where are they?” Simple. These buyers were not born yesterday. If we know The Gold Cartel is bombing the market, so do they. Thus, they step back and wait to see where the carnage ends. They want to buy as low as possible. What turns a market like gold faster than normal is when those buyers come to the same conclusion at the same time and step up to the plate in unison.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“June Gold closed down 5.3 at 582.2. This was equal to the low and 5.8 off the high.
July Silver finished down 0.21 at 10.21, 0.28 off the high and 0.05 up from the low.
After forging an impressive early bid and then failing the gold market action from Thursday probably emboldened bear camp. With the US Dollar higher early and holding the gains in the face of slack economic numbers and a weakening of the stock market it is clear that a number of market forces turned negative throughout the session. It should also be noted that the US Dollar actually managed to rise above a critical level in the Dollar that was expected to undermine gold. With the recently improved macro economic outlook deteriorating slightly during the session Thursday and the rest of the metals markets also under renewed pressure, one gets the sense that renewed broad based commodity fund selling pressure was possibly venturing back into the equation.
Despite the fact that silver managed to forge a significant new high for the move, the action Thursday wasn't that helpful to the bull case. Furthermore, despite news stories during the session suggesting that silver might be set to come into favor over gold, it is clear that the outlook toward all metals was downgraded. Seeing the copper market fail to sustain support off the threat of a strike would seem to suggest that sentiment in that market was so negative that typically supportive developments were discounted. With US economic reports showing slack activity and the stock market also mounting a very damaging reversal it is possible that some broad based commodity fund sellers attempt to attack silver as a result of the action Thursday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Reg Howe: Gold derivatives and Da Goldman Code
The Statistics:
As of close of business: 06/21/2006
Gold Warehouse Stocks: | 8,031,420 | - |
Silver Warehouse Stocks: | 104,574,937 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 365.73 | 11,758,603 | US$ 6,755m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 76.99 | 2,475,214 | US$ 1,441m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.58 | 307,487 | US$ 179m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,091 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/21/2006 | |
Total Net Assets | $776,987,501 | 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 06/21/2006 | |
Total Net Assets | $733,711,239 | Ounces of Silver
in Trust | 71,463,337 |
Shares Outstanding | 7,150,000 | Tonnes of Silver
in Trust | 2,222.8 |
The Stocks:
Bema Gold’s (BGO) plans to list on the NYSE, Seabridge’s (SA) summer drilling program, Crystallex’s (KRY) new shareholder rights plan, Miramar’s (MNG) technical report on Hope Bay, Cumberland’s (CLG) drill results, and Kimber’s (KBX) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Fields | GFI +4.31% $20.35 |
2. Harmony Gold | HMY +3.3% $14.42 |
3. U.S. Energy | USEG +3.2% $4.19 |
LOSERS
1. Richmont Mines | RIC -3.8% $3.54 |
2. Meridian Gold | MDG -3.79% $29.19 |
3. Cambior Mines | CBJ -3.79% $2.54 |
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:
- Chris Mullen, Gold Seeker Report
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-- Posted 22 June, 2006 | |
