-- Posted 27 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $581.70 | -$3.10 |
Silver | $10.23 | -$0.02 |
XAU | 131.58 | -2.46% |
HUI | 305.28 | -3.23% |
GDM | 963.74 | -3.03% |
JSE Gold | 3076.57 | -0.58% |
USD | 86.49 | +0.02 |
Euro | 125.84 | -0.02 |
Yen | 86.03 | +0.04 |
Oil | $71.92 | +$0.12 |
10-Year | 5.21% | -0.029 |
T-Bond | 105.875 | +0.3125 |
Dow | 10924.74 | -1.09% |
Nasdaq | 2100.25 | -1.57% |
S&P | 1239.19 | -0.91% |
The Metals:
Gold rose about $5 to around $590 in Asia before it fell off a bit in London, but it still came into New York a couple dollars higher on the day. Gold soon rose in midmorning trade to over $595 at one point, but it then sold off sharply in the last 2 and ½ hours of trade and ended 0.53% lower on the day. Silver rose slightly in Asia before it fell off a bit in London, but it also rallied sharply higher in midmorning New York trade before it sold off into the close and ended with a minor loss.
Euro gold fell near €460, platinum gained $2 to $1,177, palladium lost $6 to $308, and copper fell over 10 cents to about $3.15.
Gold and silver equities rose about 1% in the first hour of trade, but they then fell off throughout most of the rest of trade and ended with about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Jun | 105.7 | 103.9 | 104.7 |
Existing Home Sales | May | 6.67M | 6.61M | 6.75M |
There are no major economic reports tomorrow. Most are looking ahead to the fed meeting that starts tomorrow and ends on Thursday with their policy announcement at 2:15 PM EST.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose slightly on concern about shipping delays in the Gulf of Mexico and on worries over Iran.
The U.S. dollar index remained near unchanged as most wait for the fed’s decision on Thursday.
Treasuries found slight gains on the somewhat disappointing New Home Sales report. The yield on the 10-year fell for the first time in 10 sessions to break its longest winning streak in over 30 years.
The Dow, Nasdaq, and S&P fell throughout trade and ended about 1% lower on worries about the fed’s decision on interest rates.
Among the big names making news in the market today were GM, Citizens Banking and Republic Bancorp, Delphi, Sara Lee and Smithfield, Nortel, Univision and Saban Group, and Barr and Pliva.
The Commentary:
“The easy to figure analysis of what is going on re the US financial markets, real estate market and political situation in the US is coming center stage. Reports are proliferating presently about the deteriorating housing situation in the US … to the point of the word "depressing" showing up.
Thus, the Fed is in a horrific predicament as one Fed Governor after another pronounces concern over inflation. Yet, if they raise rates from here and talk about the possibility of further rate increases, the US housing market will swoon further … and take the stock market down with it. If those markets go south, so will the poll numbers for the Bush Administration and the election prospects this Fall for political incumbents, especially Republicans.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“June Gold closed down 3.2 at 581.6. This was equal to the low and 7.4 off the high.
July Silver finished down 0.045 at 10.195, 0.425 off the high and 0.015 up from the low.
The gold market posted some violent trade on Tuesday with the market starting out positive, fading slightly and then forging a very impressive rally into mid session. However, as the market got out from under the residue of the options expiration and the US equity market weakened it seemed that many longs were content to bank long profits rather than facing the Fed some $42 an ounce above the June lows. The market might have been supported by a London Bullion Market Association projection of $698 gold pricing into November of 2007 as the recent has price of gold was $112 per ounce below the price targeting. Some traders stand by the idea that the Dollar won't actually be supportive to gold until the September Dollar Index falls below 85.40.
Into mid session the silver market was supposedly lifting the gold market. While the options expiration might have had some impact on silver and gold pricing we also think that a number of longs were enticed into taking profits around the highs Tuesday because of the threat of the Fed directly ahead. While the setback off the highs into the close was disappointing the fact that the silver market actually managed the mid day rally keeps the bear track from asserting itself. All things considered the silver market was lucky not to come under extreme pressure in the face of a sharp slide in copper prices and the deterioration in the equity market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Dizard: Every cloud for the stock market has a golden lining
Don't rely on a single reserve currency, Chinese central banker says
John Crudele: Former Clinton aide confirmed rigging of stock market
GATA chairman goes on ROB-TV Wednesday; meanwhile, watch Peter Grand
The Statistics:
As of close of business: 06/26/2006
Gold Warehouse Stocks: | 8,031,225 | - |
Silver Warehouse Stocks: | 102,400,214 | -210,383 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 365.73 | 11,758,603 | US$ 6,859m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.24 | 2,515,465 | US$ 1,463m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,720 | US$ 180m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,091 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/26/2006 | |
Total Net Assets | $773,373,475 | 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 06/26/2006 | |
Total Net Assets | $812,549,079 | Ounces of Silver
in Trust | 78,457,554 |
Shares Outstanding | 7,850,000 | Tonnes of Silver
in Trust | 2,440.3 |
The Stocks:
Tanzanian Royalty’s (TRE) laboratory probe results, Fronteer’s (FRG) drill program, Miramar’s (MNG) C$80 million offering and C$15 million flow-through private placement, Kennecott’s plans to acquire 9.9% of Northern Dynasty (NAK), Bema Gold’s (BGO), Arizona Star’s (AZS), and Barrick’s (ABX) completed agreement on Cerro Casale, Endeavour Silver’s (EDR.TO) drill results, and Minefinders’ (MFN) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon Minerals | RBY +2.44% $1.26 |
2. Arizona Star | AZS +1.07% $10.80 |
3. Mines Management | MGN +0.70% $7.20 |
LOSERS
1. Miramar | MNG -8.27% $3.66 |
2. DRDGOLD | DROOY-7.46% $1.24 |
3. Vista Gold | VGZ -6.73% $8.46 |
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:
Canadian Zinc Corporation: Stock Options Granted - More
- June 27, 2006 | Item | E-mail
Pan African Mining Adds Dr. Reinhard Ramdohr to Expanding Madagascar Uranium Team - More
- June 27, 2006 | Item | E-mail
Campbell Resources announces approval and sanction of the plans of arrangement - More
- June 27, 2006 | Item | E-mail
Pelangio intersects additional high grade gold from M Zone on Detour Mine block - More
- June 27, 2006 | Item | E-mail
King's Bay Gold Closes Non-Brokered Private Placement - More
- June 27, 2006 | Item | E-mail
AGA Resources, Inc. Closes Acquisition Agreement for a Media and Entertainment Joint Venture in China - More
- June 27, 2006 | Item | E-mail
Tanzanian Royalty Reports that Laboratory Probe Results Confirm the Presence of Diamondiferous Indicator Minerals in its Nzega and Igunga Pipes south of Mwadui - "The Company is pleased to report that a range of diamondiferous kimberlite indicator minerals, including G10 and G3 garnets, have been identified in four kimberlite pipes on its Nzega and Igunga Project Areas in Tanzania." More
- June 27, 2006 | Item | E-mail
Metalex Ventures Ltd - Exploration Update - More
- June 27, 2006 | Item | E-mail
Endeavour Drilling Returns Best Hole Yet at Guanacevi Mines Project, Durango, Mexico - "Endeavour Silver Corp. announces that drilling at the Guanacevi Mines Project in Durango, Mexico has returned the best hole yet. Drill hole DSC-16 intersected 663 gpt silver and 1.08 gpt gold over 21.5 meters (21.1 oz per ton silver equivalent over 70.5 feet) in the Santa Cruz Zone." More
- June 27, 2006 | Item | E-mail
Western Copper: Carmacks Copper Project 2006 Drilling Program and Project Update - More
- June 27, 2006 | Item | E-mail
International Wayside Gold Mines Ltd.: Update on Permitting Process for Bonanza Ledge - More
- June 27, 2006 | Item | E-mail
Klondike Star Scoping Study Expanded to Assess Energy Alternatives for Lone Star Mine Development - More
- June 27, 2006 | Item | E-mail
Robex goes ahead with phase three on Mininko - More
- June 27, 2006 | Item | E-mail
NioGold completes Camflo West Phase 1 drilling, initiates Marban Mine Block exploration - More
- June 27, 2006 | Item | E-mail
Magnus International Resources, Inc. Commences Drilling at Eastern Portion of Huidong Project - More
- June 27, 2006 | Item | E-mail
Palladon Iron Project Update: Test Shipments Underway - More
- June 27, 2006 | Item | E-mail
Reef Open Pit Zone extended toward the west Phase Two exploration program set to begin - More
- June 27, 2006 | Item | E-mail
Franklin Mining, Inc. Under Its Bolivian Subsidiaries Has Engaged the Law Firm of Salazar and Salazar in Bolivia - More
- June 27, 2006 | Item | E-mail
Fronteer Starts Drill Program on the Clara Gold-Silver Project, Mexico - "Fronteer Development Group Inc. has started an initial 3,000 metre drill program on the Clara Property testing a large gold-silver plus base metal vein system that is over 2,000 metres long and 30 metres wide. This vein system has numerous shallow artisinal workings along its length, but has never been drilled before. Sampling conducted by Fronteer earlier this year returned positive surface results with grades of up to 6.02 ounces per tonne silver and 4.90 grams per tonne gold over 7.5 metres." More
- June 27, 2006 | Item | E-mail
Newmont Announces Second Quarter Earnings Call - "Newmont Mining Corporation announced that it will report Second Quarter 2006 results on, July 27th, 2006. A conference call will be held that day at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time) to discuss the quarter's results. The conference call will be carried on the Company's web site." More
- June 27, 2006 | Item | E-mail
Nevada Star Resource Corp.: Appointment of Investor Relations Firm - More
- June 27, 2006 | Item | E-mail
Inspection of the B & C Zone Gold Anomalies by Golden Eagle Director and Geological Consultant - More
- June 27, 2006 | Item | E-mail
UC Resources Ltd.: Visible Gold Intersected at Historically Productive La Soledad Target at Copalquin Property, Durango, Mexico - More
- June 27, 2006 | Item | E-mail
Eagle Plains Receives 5700 Stream-Sediment Samples From Mackenzie Valley Zinc Project Area, NWT - More
- June 27, 2006 | Item | E-mail
Atna Obtains Drill Permits at Jarbidge - More
- June 27, 2006 | Item | E-mail
Full Metal Intersects 51.5 g/t Gold Over 4.53 m at Lucky Shot - More
- June 27, 2006 | Item | E-mail
Trend Announces Lease of Lake Owen Platinum Project to RMP Resources Corp. - More
- June 27, 2006 | Item | E-mail
Alturas Minerals Commencing Drill Program in Southern Peru - More
- June 27, 2006 | Item | E-mail
QGX launches coal-conversion initiative with Nexant - More
- June 27, 2006 | Item | E-mail
Stratabound Minerals Corp. - Private Placement Announced - More
- June 27, 2006 | Item | E-mail
New Directors and Option Grant - More
- June 27, 2006 | Item | E-mail
Volcanic changes name to ENERGY FUELS INC. - More
- June 27, 2006 | Item | E-mail
CZM Capital Corp.: TAG Property Bearox Zone Drilling Encounters Gold-Silver Mineralization - More
- June 27, 2006 | Item | E-mail
RETRANSMISSION/Plexmar Signs Letter of Intent to Acquire 907 km2 of Land in Ecuador - More
- June 27, 2006 | Item | E-mail
El Capitan President/CEO Chuck Mottley Holds Conference Call - More
- June 27, 2006 | Item | E-mail
AXMIN Expands The Kofi Project, Mali - More
- June 27, 2006 | Item | E-mail
Golden Patriot Receives Strong Upgrade by Respected Research Firm - More
- June 27, 2006 | Item | E-mail
Kennecott to Acquire 9.9% of Northern Dynasty - "Northern Dynasty Minerals Ltd. announces that Kennecott Canada Exploration Inc., an affiliate of international mining company Rio Tinto plc, has signed an agreement to purchase 8,745,845 Northern Dynasty shares at C$10 each for aggregate proceeds of C$87,458,450." More
- June 27, 2006 | Item | E-mail
Bema, Arizona Star and Barrick Complete Agreement on Cerro Casale - "Bema Gold Corporation is pleased to announce that it has entered into definitive agreements with Barrick Gold Corporation and Arizona Star Resource Corp. and that Bema and Arizona Star are proceeding to complete the acquisition of Barrick's (formerly Placer Dome Inc.'s) 51% of the shares of Compania Minera Casale, the owner of the Aldebaran Property in northern Chile." More
- June 27, 2006 | Item | E-mail
Minefinders Corporation Ltd.: Resource Expansion Drilling at Dolores Cuts 104 Metres Averaging 2.92 gpt Gold and 52.9 gpt Silver - "Minefinders Corporation Ltd. reports that exploration drilling at its development-stage Dolores gold/silver project in Chihuahua, Mexico continues to encounter wide, bulk-minable intercepts surrounding narrower, high-grade feeder zones, beyond the limits of the current feasibility-designed open-pit." More
- June 27, 2006 | Item | E-mail
Miramar Announces CDN$15 Million Flow-Through Private Placement - "Miramar Mining Corporation is pleased to announce that it has entered into an underwriting agreement with a Canadian underwriter under which the underwriter has agreed to purchase on a bought deal private placement basis and sell to qualified Canadian resident investors 2,900,000 common shares of Miramar to be issued as "flow-through shares" (each, a "Flow-Through Share") at a price of Cdn$5.20 per Flow-Through Share for total gross proceeds to Miramar of Cdn$15,080,000." More
- June 27, 2006 | Item | E-mail
Miramar Announces CDN$80 Million Offering - "Miramar Mining Corporation announced today that it has entered into an underwriting agreement for a bought deal financing with BMO Capital Markets for the issuance of 19,200,000 common shares at a price of Cdn$4.17 per common share for gross proceeds of Cdn$80,064,000." More
- June 27, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 June, 2006 | |
