-- Posted 28 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $578.20 | -$3.50 |
Silver | $10.18 | -$0.05 |
XAU | 131.60 | +0.02% |
HUI | 304.80 | -0.16% |
GDM | 960.18 | -0.37% |
JSE Gold | 2997.04 | -2.59% |
USD | 86.66 | +0.17 |
Euro | 125.42 | -0.42 |
Yen | 85.86 | -0.17 |
Oil | $72.19 | +$0.27 |
10-Year | 5.245% | +0.035 |
T-Bond | 105.46875 | -0.40625 |
Dow | 10973.56 | +0.45% |
Nasdaq | 2111.84 | +0.55% |
S&P | 1246.00 | +0.55% |
The Metals:
Gold fell in Access trade late yesterday, rose to find small gains in Asia and London, and climbed near $587 in early New York trade, but it then dropped to as low as 576.30 before it rebounded slightly into the close to end with a loss of 0.6%. Silver dropped near $10.10 in Access trade late yesterday and rose to trade in a range of about $10.20 to $10.40 in Asia and London before it dropped back near $10.10 in New York and then rebounded slightly to close with a loss of 0.49%.
Euro gold remained above €460, platinum lost $1 to $1,176, palladium lost $3 to $305, and copper rose over 5 cents to get back above $3.20.
Gold and silver equities rose about 1% at the open before falling off to find about 1% losses by early afternoon trade, but they then rebounded into the close and ended mixed and near unchanged.
The Economy:
There were no major economic reports today. Tomorrow at 8:30AM EST brings the final reading for 1st quarter GDP expected at 5.6%, the Chain Deflator expected at 3.3%, and Initial Jobless Claims for 6/24 expected at 310,000. At 10AM is the Help-Wanted Index for May expected at 35 and at 2:15PM is the FOMC policy statement which concludes their 2 day meeting that started today.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil started the day off higher due to further shipment disruptions in the Gulf of Mexico, but gains were limited ahead of inventory reports which showed crude inventories fell 3.4 million barrels, gasoline inventories fell 1.0 million barrels, and distillates built 1.8 million barrels. Both crude and gasoline inventories fell more than expected, but any further gains were limited as traders took the opportunity to take profits from the past 5 sessions and word came of a partial reopening of a shipping channel in the Gulf.
The U.S. dollar index rose to find decent gains on hopes for indications of further interest rate hikes by the fed tomorrow.
Treasuries fell in morning trade on the outlook for further interest rate hikes by the fed and then extended their losses in late trade after a five-year note auction drew poor demand.
The Dow, Nasdaq, and S&P remained near unchanged for most of trade as most waited for the fed, but all 3 indices then rose sharply in the last 2 hours of trade and finished with decent gains.
Among the big names making news in the market today were Warner Music and EMI Group, Honda, J. Crew, ConAgra, McCormick, and the SEC and hedge funds.
The Commentary:
“Not much else to say on top of what has been presented the past few days. Gold wants to go up, however a bunch of criminals in The Gold Cartel are intent on not letting it take out $600. It all gets down to whether physical market demand overpowers them, which could easily happen. It is only a matter of time. This sordid gold affair is way beyond disgusting.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“June Gold closed down 3.3 at 578.3. This was equal to the low and 7.7 off the high.
July Silver finished down 0.04 at 10.155, 0.165 off the high and 0.085 up from the low.
The gold market seems to be establishing a pattern of early gains and weak closes. With the market seeing the Dollar mostly crawl higher during the session and energy prices weaken it is not surprising that a portion of the longs (in off the $54 June rally decided to move to the sidelines ahead of the Fed. With the US market facing a coming holiday period ahead and the market fixated on the FOMC decision, it is likely that volatility will become quite extensive during the session on Thursday. A number of gold players are set to watch for a breakout in the Dollar, while others are set to watch the direction of stocks and therefore there is the potential for a variety of opinions.
A pattern of higher lows continues to surface on the charts but some traders are a little concerned about the loss of upside momentum in silver. Other traders have noted a slowing of trade in cash silver instruments but that is probably to be expected ahead of the coming volatility event. The jury remains out on the platinum and copper markets, as platinum is seeing its classically bullish fundamental outlook tempered while copper is finding it difficult to establish a consensus opinion. In other words, the platinum and copper market until recently have been patently supportive outside markets and now the silver trade is without that leadership.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Lawsuits target brokers' role in 'naked shorting' -- and there's Goldman Sachs!
Ted Butler: The silver shorts weren't able to cover
The Statistics:
As of close of business: 06/27/2006
Gold Warehouse Stocks: | 8,031,225 | - |
Silver Warehouse Stocks: | 102,792,127 | + 391,913 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 365.73 | 11,758,603 | US$ 6,921m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.24 | 2,515,438 | US$ 1,455m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,716 | US$ 179m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,091 | US$ 196m |
COMEX Gold Trust (IAU)
Profile as of 06/27/2006 | |
Total Net Assets | $769,131,949 | 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 06/27/2006 | |
Total Net Assets | $825,194,079 | Ounces of Silver
in Trust | 80,455,778 |
Shares Outstanding | 8,050,000 | Tonnes of Silver
in Trust | 2,502.4 |
The Stocks:
Aurizon’s (AZK) drill results, U.S. Energy’s (USEG) update on Green River, Eldorado’s (EGO) update on Vila Nova, and Kimber’s (KBX) block model estimate were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro Corp. | BAA +2.78% $9.25 |
2. Claude Resources | CGR +2.68% $1.15 |
3. Cumberland | CLG +2.35% $4.35 |
LOSERS
1. Minco Mining | MMK -5.34% $1.24 |
2. Nevsun Resources | NSU -4.21% $2.50 |
3. Aurizon Mines | AZK -3.64% $2.6 |
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:
Tao Minerals Announces Completion of Preliminary Project Report for Camelia Gold Property Confirming Positive Results - More
- June 28, 2006 | Item | E-mail
Aurizon Mines Ltd.: Positive Definition Drill Results from the Lower Inter Zone at Casa Berardi - "These results are significant because they indicate the potential for higher grades than the 7.27 grams per tonne gold resource grade previously estimated for the Lower-Inter Zone," stated David Hall President and CEO of Aurizon, "We have long believed that Casa Berardi had significant potential for additional value. Today's results, while clearly preliminary, confirm that we have only begun to scratch the surface of its full potential." More
- June 28, 2006 | Item | E-mail
Globex Mining Enterprises Inc.: Shareholder Update-June 28, 2006 - More
- June 28, 2006 | Item | E-mail
Yale Finishes Drill Program at the Makuru Gold Property and Is Set to Start Phase 2 Drilling at the Leicester Copper Property - More
- June 28, 2006 | Item | E-mail
PGM Ventures Corporation-Press Release - More
- June 28, 2006 | Item | E-mail
U.S. Energy Corp./ Crested Corp. Provide Update on Green River Projects - "Work is progressing towards the implementation of a drilling program. All old logs for the Sahara deposit have been scanned and digitized. In addition all old maps have been scanned. Once the data has been compiled and interpreted, a drilling program will be designed with two objectives." More
- June 28, 2006 | Item | E-mail
St Andrew Announces Share Consolidation and Trading on Post Consolidated Basis - More
- June 28, 2006 | Item | E-mail
Au Martinique Silver Inc. Acquires High-Grade Silver Prospect, Nunavut - More
- June 28, 2006 | Item | E-mail
Plexmar: Significant Gold Results From Bolsa Del Diablo - More
- June 28, 2006 | Item | E-mail
Hansa Corporation: News Release - More
- June 28, 2006 | Item | E-mail
Fortune Minerals completes $7.2 million financing - More
- June 28, 2006 | Item | E-mail
Golden Valley Mines Ltd.: Abitibi Project Drilling Update, Property Transaction with Quinsam Capital Corporation - More
- June 28, 2006 | Item | E-mail
Valdez Gold to pursue development of Mexican property and elects new director - More
- June 28, 2006 | Item | E-mail
Lakota Management Changes and Grant of Stock Options - More
- June 28, 2006 | Item | E-mail
New Jersey Mining Company Provides Update - More
- June 28, 2006 | Item | E-mail
East Asia Minerals appoints Kohlmann to Corporate Communications - More
- June 28, 2006 | Item | E-mail
Normabec: Highlights From the 43-101 Report on the Real de Catorce Silver Mining District - More
- June 28, 2006 | Item | E-mail
Emgold Mining reports on Annual General Meeting and the appointment of two new independent directors - More
- June 28, 2006 | Item | E-mail
Freegold Discovers Extension of the Cleary Hill Mine Shear at Golden Summit - More
- June 28, 2006 | Item | E-mail
Koillismaa - Naranka Nickel-Copper-PGE Project, Finland - Option Agreement Signed - More
- June 28, 2006 | Item | E-mail
SearchGold Options the Blondeau-Guillet Gold Property From Niogold in Quebec, Canada - More
- June 28, 2006 | Item | E-mail
Paramount Gold Identifies 5 High Priority Properties in Argentina and Chile - More
- June 28, 2006 | Item | E-mail
Pelangio advised of drill results from M Zone Corridor at Detour Lake Block A - More
- June 28, 2006 | Item | E-mail
Linux Gold Corp. Announces an Agreement with Khandaker Partners & Co., N.Y. to Provide Valuation Research Coverage - More
- June 28, 2006 | Item | E-mail
Exeter Resource Corporation: Exploration Identifies Potential for Large Scale Gold System at Caspiche in Chile - More
- June 28, 2006 | Item | E-mail
Fieldex buys Cambior 50% interest in the Stadacona Gold Deposit in Rouyn township - More
- June 28, 2006 | Item | E-mail
Etruscan statement on share price increase - More
- June 28, 2006 | Item | E-mail
Franklin Mining, Inc. Has Been Approved by the Board of Directors of COMIBOL to Move Forward - More
- June 28, 2006 | Item | E-mail
Newgold, Inc. Submits Drilling Permit Application for Eureka - Cortez - Battle Mountain Trend Project - More
- June 28, 2006 | Item | E-mail
Trade Winds Ventures Reports Results Including 5.93 g/tonne Gold Over 11.0 Metres Along M Zone Structural Corridor at Detour Lake, Ontario - More
- June 28, 2006 | Item | E-mail
Wits Basin Completes Due Diligence on Vianey Silver Mine in Mexico - More
- June 28, 2006 | Item | E-mail
Journey Enters into Option Agreement to Option Interest in Vianey Mine Consession - More
- June 28, 2006 | Item | E-mail
EuroZinc Arranges Aljustrel Debt Financing - More
- June 28, 2006 | Item | E-mail
Magnus International Resources, Inc. Exploration Update on the Mangshi Property, Purchase of Option on Mining License Interest, and Change in Board of Directors - More
- June 28, 2006 | Item | E-mail
Paramount Gold Identifies 5 High Priority Properties in Argentina and Chile - More
- June 28, 2006 | Item | E-mail
Eldorado Gold Corporation: Vila Nova Gold Project Update - "Norman S. Pitcher, Chief Operating Officer of Eldorado Gold Corporation, is pleased to provide an update on exploration activities at the Vila Nova Gold Project, Brazil. The Project is located in Amapa State, Brazil where Eldorado holds an option to acquire 84% of the Project as part of a joint venture agreement with DSI Consult & Mineracao Amapa." More
- June 28, 2006 | Item | E-mail
Kimber announces block model estimate - "Kimber is pleased to announce the completion of an independently-generated block model resource estimate on the Carmen deposit at the Monterde Project in Chihuahua, Mexico. The estimate was calculated by Micon International ("Micon") using the same database as was used for the polygonal estimate released on April 20, 2006." More
- June 28, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 June, 2006 | |
