|
-- Posted 29 June, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $586.10 | +$7.90 | Silver | $10.40 | +$0.22 | XAU | 140.77 | +6.97% | HUI | 328.54 | +7.79% | GDM | 1027.52 | +7.01% | JSE Gold | 3078.84 | +2.73% | USD | 85.97 | -0.69 | Euro | 126.37 | +0.95 | Yen | 86.73 | +0.87 | Oil | $73.52 | +$1.33 | 10-Year | 5.2% | -0.045 | T-Bond | 105.875 | +0.40625 | Dow | 11190.80 | +1.98% | Nasdaq | 2174.38 | +2.96% | S&P | 1272.87 | +2.16% |
The Metals:  Gold rose to trade a bit over $580 in Asia and London before it surged to over $590 in late morning New York trade, but it then fell off a bit into the close and ended with a gain of 1.37%. Silver rose about 10 cents in Asia and London and surged to over $10.50 in late morning New York trade, but it also fell off into the close and ended with a gain of 2.16%. Both metals closed with those gains before the fed decision, which at the time of writing has sent both metals over 2% higher.
Euro gold rose above €470, platinum gained $10 to $1,186, palladium gained $5 to $310, and copper rose over 10 cents to above $3.30. Gold and silver equities rose about 3-4% before the fed and then surged higher after the fed to close with gains of about 7-8%. The Economy: Report | For | Reading | Expected | Previous | GDP | Q1 | 5.6% | 5.6% | 5.3% | Chain Deflator | Q1 | 3.1% | 3.3% | 3.3% | Initial Claims | 6/24 | 313K | 310K | 309K | Help-Wanted Index | May | 33 | 35 | 35 |
The fed rose interest rates ¼ point to 5.25% and noted moderating economic growth and elevated core inflation, but also said that inflation expectations remain contained. “The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.” The fed remains data dependent. Overall, expectations for another rate hike at the next meeting in August were lowered, but the possibility for further rate hikes still remain. ADVERTISEMENT
Join the Gold Rush: FREE Gold Traders Kit! FREE mini-sized Gold & Silver Fu tures Booklet FREE Electronic Gold OPTIONS Booklet (Don't forget - Electronic Gold launches March 3rd!) Access to Gold Live Book (Free Real-Time Prices) Access to Silver Live Book (Free Real-Time Prices) Plus a special Metals Complex Benefits Sheet
- Click Here - The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose for a seventh straight day in further reaction to yesterday’s inventory reports which showed bigger draws than expected in both crude and gasoline inventories. The U.S. dollar index gained in early trade on hopes for an indication of further interest rate hikes by the fed, but it then dropped markedly following the fed’s statement that reduced those expectations. Treasuries gained on GDP data and then extended those gains after the fed’s announcement. The Dow, Nasdaq, and S&P rose around 1% before the fed and then extended their gains after the fed to close about 2-3% higher. Among the big names making news in the market today were Winn-Dixie, Boeing, General Mills, Monsanto, Tenet, and American Greetings. The Commentary:  “The recent MIDAS scenario as to what the gold market is all about is playing out to a tee. Gold wants to go up, but The Gold Cartel can’t bear the thought of it moving up when they are trying to convince the investment world how vigilant the Fed is re their inflation fight.
The whole sham is more than childish and has little to do with reality and everything to do with spin and market manipulation. My disgust with this farce is predictable, as has been the gold action the past two days. Like yesterday gold ran up early to $586.60 and then was blasted by the bums. That takedown caused nervous specs to sell also. It does not take an Einstein to see that someone does not want the gold price to take out $600 per ounce.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com  “July Silver finished up 0.178 at 10.333, 0.167 off the high and 0.063 up from the low.
The gold market saw a significant back and forth type trade on Thursday and that comes compliments of the anticipation of the Fed and the Fed result. Early in the session the market was hopeful that the economy would remain solid even with a 25 basis point rate hike. The gold trade, particularly the Asian gold trade thought the gold could rally in the face of a standard rate hike and that is exactly what happened. In fact, the gold market managed a $10 to $11 rally in the hour after the Fed statement was floated and with the stock market rising and the energy market soaring a number of the bull themes are back in place. Like gold, the silver market anticipated a favorable outcome from the Fed early in the session but the market seemingly balked right ahead of the meeting results. With the markets mostly judging the outcome to leave the hope of growth and inflation alive a number of physical demand driven commodity markets showed some strength. Apparently the silver contract saw the $10.40 level as a solid support zone as that level seemingly launched the market toward the mid June highs. With stock prices, energy prices and copper all making significant gains, one almost gets the sense that the bull market mentality is trying to regain its footing.”- The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Nymex wants to replace real metal with paper gold in China Transcript of GATA Chairman Bill Murphy's interview on ROB-TV Now he tells us: U.S. Treasuries are actually junk, Summers says Goldman seeks stake in India's commodities and derivatives exchange That'll freak the Fed: 7 more miners to pay for fashion ads On TV in Canada, GATA chairman cites specifics of gold price suppression The Statistics: As of close of business: 06/28/2006 Gold Warehouse Stocks: | 8,031,225 | - | Silver Warehouse Stocks: | 102,723,564 | - 68,563 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange (NYSE) | Streettracks Gold Shares | 365.73 | 11,758,603 | US$ 6,850m | LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.24 | 2,515,410 | US$ 1,505m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,713 | US$ 185m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,060 | US$ 201m |
COMEX Gold Trust (IAU) Profile as of 06/28/2006 | | Total Net Assets | $764,758,187 | 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 06/28/2006 | | Total Net Assets | $860,763,853 | Ounces of Silver
in Trust | 82,953,516 | Shares Outstanding | 8,300,000 | Tonnes of Silver
in Trust | 2,580.1 |
The Stocks: Taseko’s (TGB) expanded management team, Golden Star’s (GSS) expansion project, and Aurizon’s (AZK) drill results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Silver Wheaton | SLW +10.86% $8.88 | 2. Freeport-McMoRan | FCX +10.21% $55.25 | 3. Northgate Minerals | NXG +10.15% $3.69 |
LOSERS 1. Almaden Minerals | AAU -2.74% $2.13 |
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: Exall Resources Limited: Gold Eagle Bruce Channel Discovery Continues to Expand 4.03 Metres '13.22 feet' at 23.80 Grams per ton Au '0.69 oz/t Au' - More
- June 29, 2006 | Item | E-mail
Southern Star Resources Inc.: Gold Eagle Bruce Channel Discovery Continues to Expand - More
- June 29, 2006 | Item | E-mail
Jourdan Resources Inc.: Resuming Work on the Exploration Properties - More
- June 29, 2006 | Item | E-mail
Robex - Important gold discovery at Wili-Wili - More
- June 29, 2006 | Item | E-mail
Lincoln Gold Corp.: Exploration to Begin on the La Bufa Gold-Silver Property, Mexico - More
- June 29, 2006 | Item | E-mail
Cabo announces drilling contract with Wallbridge Mining Inc. - More
- June 29, 2006 | Item | E-mail
Centerra Gold Announces Conference Call and Webcast of Second Quarter 2006 Financial and Operating Results - "Centerra Gold Inc. will host a conference call and webcast of its second quarter 2006 financial and operating results at 10:00 a.m. Eastern time on Friday, July 28, 2006. The results are scheduled to be released during the evening on Thursday, July 27, 2006." More
- June 29, 2006 | Item | E-mail
Former Placer Dome Exploration Manager Joins Amera's Management Team - More
- June 29, 2006 | Item | E-mail
Mega Uranium Ltd.: Gold-Copper Values Exposed on Deaty Project, Thunder Bay, Ontario - More
- June 29, 2006 | Item | E-mail
Northwestern announces departure of Chairman of the Board - More
- June 29, 2006 | Item | E-mail
Richview Receives Preliminary Metallurgical Report for the Thierry Deposit - More
- June 29, 2006 | Item | E-mail
Cash Minerals Reports Progress of Uranium Drilling at Lumina and Igor Properties - More
- June 29, 2006 | Item | E-mail
Freewest, Spider and KWG Confirm Chrome-Nickel-Platinum Group Element Assays at New Discovery on Freewest Option Property, Mcfauld's Lake Area, Northern Ontario - More
- June 29, 2006 | Item | E-mail
Asia Gold Share Purchase Warrants Exercised by World's Largest Diversified Resources Company - More
- June 29, 2006 | Item | E-mail
Franc-Or Closes $1,285,000 Non-Brokered Financing - More
- June 29, 2006 | Item | E-mail
MetalCORP to Resume Drilling at Big Lake Copper-Zinc-Silver-Gold Discovery - More
- June 29, 2006 | Item | E-mail
New Guinea Gold Corporation: Hole IMH 074 At Imwauna Intersects 6.45m At 20.87g/T Gold & 49.6g/T Silver - More
- June 29, 2006 | Item | E-mail
Update on Shahuindo Property: Final Decision from the Arbitration Tribunal to be Issued Within 30 Days - More
- June 29, 2006 | Item | E-mail
Emgold Mining announces appointment of Vice President, Operations - More
- June 29, 2006 | Item | E-mail
Northland Resources Retains Corus Consulting to Investigate Beneficiation and Marketing of Stora Sahavaara Magnetite Ore - More
- June 29, 2006 | Item | E-mail
Sao Luis Mining, Inc. Initiates Application Process for Listing on Frankfurt Stock Exchange - More
- June 29, 2006 | Item | E-mail
Aurora Gold Project Update, Detour Lake Area, Ontario - More
- June 29, 2006 | Item | E-mail
Atlas Mining Company Awarded Mining Contract at Stillwater Mining East Boulder Mine - More
- June 29, 2006 | Item | E-mail
Goliath Resources to Acquire Three Canadian Mineral Properties - More
- June 29, 2006 | Item | E-mail
Cloudbreak Resources Ltd. Announces Private Placement - More
- June 29, 2006 | Item | E-mail
AfriOre Announces Further Mineralized Drill Intersections for the Akanani Platinum Project - More
- June 29, 2006 | Item | E-mail
Paramount Gold Strengthens Andean Gold Alliance Team with Addition of 4 Key Geologists - More
- June 29, 2006 | Item | E-mail
Taseko Expands Management Team to Advance Projects - "Kim Barrowman will join Taseko, effective July 1, as General Manager of Taseko's Gibraltar Mine. Mr. Barrowman, a Professional Mining Engineer, has 30 years of mining industry experience encompassing a broad range of disciplines, including Mine and Mill Operations, Engineering and Maintenance." More
- June 29, 2006 | Item | E-mail
Golden Star Confirms Its Expansion Project at Bogoso/Prestea is Ahead of Schedule and Announces the Commencement of Inoculation - "Golden Star Resources Ltd. is pleased to report that positive progress is being made on its sulfide expansion project at its Bogoso/Prestea mine. Golden Star confirms that the construction is on budget and is expected to be completed and commissioning to commence ahead of schedule in the later part of the third quarter of 2006. The Company had originally targeted to complete construction in the fourth quarter." More
- June 29, 2006 | Item | E-mail
Aurizon Mines Ltd.: Significant Mineralization Intersected in Quartz Vein 900 Metres East of Zone 113 at Casa Berardi - "Aurizon Mines Ltd. is pleased to report exploration results from its ongoing underground and surface exploration program at its 100% owned Casa Berardi Gold Project located in north-western Quebec, Canada. The exploration program is part of an aggressive diamond drill program initiated in 2005 with the objective of expanding the current mineral resources." More
- June 29, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © Gold Seeker 2006 Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given. Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 29 June, 2006 | |
|
