-- Posted 30 June, 2006 | | Source: SilverSeek.com
Next week’s schedule:
On Monday, Canadian stock markets are closed for Canada Day. US markets are open on Monday, but they will close early at 1PM EST. On Tuesday, US markets are closed for Independence Day, but Canadian markets are open as usual. NYMEX (energy and metals trading) will remain closed through the extended weekend until everything resumes as normal on Wednesday. Electronic trading reopens at 6:00 PM on July 4. There will be no Gold Seeker Reports for the entire week.
| Close | Gain/Loss | On Week |
Gold | $613.40 | +$27.30 | +4.85% |
Silver | $10.97 | +$0.57 | +6.50% |
XAU | 143.57 | +1.99% | +7.62% |
HUI | 337.18 | +2.63% | +8.18% |
GDM | 1050.75 | +2.26% | +6.69% |
JSE Gold | 3272.25 | +6.28% | +8.63% |
USD | 85.17 | -0.80 | -1.96% |
Euro | 127.83 | +1.46 | +2.12% |
Yen | 87.38 | +0.65 | +1.81% |
Oil | $73.93 | +$0.41 | +4.32% |
10-Year | 5.138% | -0.062 | -1.72% |
Bond | 106.65625 | +0.78125 | +0.92% |
Dow | 11150.22 | -0.36% | +1.47% |
Nasdaq | 2172.09 | -0.11% | +2.39% |
S&P | 1270.20 | -0.21% | +2.07% |
The Metals:
CoT Reports: Gold | Silver
Gold jumped about $15 higher in reaction to the fed’s statement in after hours Access trade late Thursday and traded near $600 in Asia and London before it furthered its gains throughout most of trade in New York and ended with a gain of 4.66%. Gold’s gain marks its largest since 2001. Silver rose near $10.80 late Thursday, fell back near $10.60 in London, and then surged to over $11 in New York before it fell back off a bit, but it still ended with a gain of 5.48%.
Euro gold rose above €480, platinum gained $34 to $1,220, palladium gained $2 to $312, and copper added a few cents to about $3.35.
Gold and silver equities rose about 2% at the open and remained near that level for the rest of trade.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | May | 0.4% | 0.2% | 0.7% |
Personal Spending | May | 0.4% | 0.4% | 0.7% |
Michigan Sentiment | June | 84.9 | 82.5 | 82.4 |
Chicago PMI | June | 56.5 | 59.0 | 61.5 |
“Core U.S. consumer prices rose a moderate 0.2 percent last month, as expected, but inflation-adjusted spending advanced just 0.1 percent as high energy prices ate into disposable income, a government report showed on Friday… The personal saving rate - saving as a percentage of disposable income - slipped to a negative 1.7 percent, the lowest since a hurricane-related record low in August.”
ADVERTISEMENT
Your Chance to See Profits up to 257% - Or Your Money Back!
Don't wait another second. Get the details on the massive move they see ahead... and discover 5 specific investments that could help you cash in!
- Click Here -
All of this week’s economic reports:
Next week’s economic highlights include Construction Spending and the ISM Index on Monday, Factory Orders on Wednesday, ISM Services and Initial Jobless Claims on Thursday, and June’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose yet again as traders looked at falling gasoline supplies heading into a high demand holiday weekend.
The U.S. dollar index furthered Thursday’s losses and treasuries gained as inflation data came in tame and further supported a pause in interest rate hikes by the fed.
The Dow, Nasdaq, and S&P opened up nicely higher on tame inflation data, but they soon fell off to trade near unchanged for the rest of trade and closed slightly lower as the indices digested Thursday’s large gains.
Among the big names making news in the market Friday were Cendant, GM and Renault and Nissan, Sony, MasterCard, RIM, Palm, Delta, Apple, Barr and Pliva, and GM and GMAC.
The Commentary:
"We believe the Fed has moved from acting to reacting on interest rates.
We believe this latest statement does point to a confirmation that growth is a higher priority than inflation.
The over-burdened consumer is beginning to feel the impact on his pocket as interest rates and a more gas price rises threatening him, forcing the Fed onto the back foot.
As a result, the gold price appears to have found a Trade Wind in these summer doldrums! The gold price is now on the front foot!
What's our opinion of the future of gold? We went in on June 14th when the signals came and took our subscribers in with us." - Julian D.W. Phillips, www.goldforecaster.com
“Paulson knows the Strong Dollar Policy is DEADSKI more than anyone else because he knows the US does not have the gold ammunition to carry out the cornerstone of Rubin's Strong Dollar Policy, which was to manage the gold price. What fun to appreciate the GATA camp gets this, while the mainstream gold world and Planet Street are clueless. They are so out of it.
Funny how things play out and when they happen, so what is the surprise? The big picture for the US financial scene could not be clearer. Inflation is out of control, yet the economy is far weaker than Planet Wall Street will admit to. So, the Fed and US Treasury will talk tough on inflation and cave in on it at the same time. They will flood the system with liquidity, as EXPECTED AND PREDICTED by our camp. Gold and silver are going to go bonkers, "baked in the cake," to borrow a John Embry expression.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 27.1 at 616. This was 14 up from the low and 2 off the high.
July Silver finished up 0.5 at 10.833, 0.217 off the high and 0.283 up from the low.
All things considered the gold market managed to post an impressive week of action. While some might suggest that shift in the outlook for the economy was over done, it is probably safe to suggest that the market was guilty of too much macro economic pessimism around the June lows in gold. With the Dollar showing signs of reversing this week and the energy complex in some cases making fresh new highs a large portion of the bull case that was in effect prior to the May top seems to be back in place. One might also suggest that the flight to quality element off geopolitical developments in the Middle East is returning to the market with the potential for a UN/Iran showdown.
Perhaps the most significant development for silver over the last week is the fact that the commodity sellers were potentially thrown back on their heels with last week's news. The silver and gold markets might be supported by the fact that hedge funds and metals funds finished the 1st half of 2006 as top performers and with the recent macro economic revival it is possible that investment interest in silver continues to improve in the weeks ahead. In fact, there would seem to be a number of weekend talk shows poised to trumpet the virtues of metals as an investment class and with a number of other physical commodity markets rising on Friday it seems that the outlook toward all commodities is improving.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Paper silver likely next month on Shanghai exchange
No mention of 'strong dollar' policy from new Treasury secretary
The Statistics:
As of close of business: 06/29/2006
Gold Warehouse Stocks: | 8,031,193 | -32 |
Silver Warehouse Stocks: | 102,704,002 | - 19,562 |
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$ 6,926m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.24 | 2,515,382 | US$ 1,547m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,709 | US$ 190m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.76 | 346,056 | US$ 203m |
COMEX Gold Trust (IAU)
Profile as of 06/29/2006 | |
Total Net Assets | $775,596,989 | 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 06/29/2006 | |
Total Net Assets | $860,752,058 | Ounces of Silver
in Trust | 82,953,516 |
Shares Outstanding | 8,300,000 | Tonnes of Silver
in Trust | 2,580.1 |
The Stocks:
A decision by the Supreme Court of British Columbia to halt Northgate’s (NXG) bid for Aurizon (AZK), Rio Narcea’s (RNO) completed financing arrangement for Tasiat, Cambior’s (CBJ) project update, Seabridge’s (SA) closed C$3.6 million follow-through financing, and Mines Management’s (MGN) submitted plan to reopen the Montanore Tunnel were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Gold Reserve | GRZ +12.52% $5.75 |
2. Orezone Resources | OZN +7.35% $1.46 |
3. U.S. Energy | USEG +7.35% $4.38 |
LOSERS
1. Kimber Resources | KBX -2.75% $2.12 |
2. Northern Dynasty | NAK -1.46% $8.79 |
3. Aurizon Mines | AZK -1.41% $2.80 |
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:
Palladon Announces Non-Brokered Private Placement - More
- June 30, 2006 | Item | E-mail
Duran Ventures Corporate Update - More
- June 30, 2006 | Item | E-mail
PGM Ventures Corporation-News Release - More
- June 30, 2006 | Item | E-mail
Mena Resources Inc.: Phase Two Regional Exploration - More
- June 30, 2006 | Item | E-mail
Barrick Gold Corporation Second Quarter 2006 Results Release, Conference Call and Webcast - "Second Quarter Results Release: August 2nd after market close. Conference Call and Webcast: August 3rd at 10:00 am EDT" More
- June 30, 2006 | Item | E-mail
Oriel Resources plc: Final Results for the Year Ended 31 December 2005 - More
- June 30, 2006 | Item | E-mail
Mines Management Submits Plan to Reopen Montanore Tunnel - "Mines Management, Inc. is pleased to announced it has submitted a plan for approval to Montana's Department of Environmental Quality for reopening the Libby adit at the Montanore Silver-Copper Project in northwestern Montana. The Company also announces the effectiveness, as of June 27, 2006, of its universal shelf registration statement on Form S-3, for up to $65 million of securities." More
- June 30, 2006 | Item | E-mail
Timberline Resources Acquires East Camp Douglas Gold Project on Nevada's Walker Lane Mineral Belt - More
- June 30, 2006 | Item | E-mail
ECU Silver Mining Inc.: Technical Report on the Velardena Property - More
- June 30, 2006 | Item | E-mail
New Island Resources Inc.: Phase II Drilling Extends North-South Zone at Nugget Pond - More
- June 30, 2006 | Item | E-mail
YSV Ventures Inc.: Press Release - More
- June 30, 2006 | Item | E-mail
Rio Narcea Completes Financing Arrangement for Tasiast Gold Project - "Rio Narcea Gold Mines, Ltd. announces that, after comprehensive technical and legal due diligence, a non-recourse debt facility agreement has been reached with Macquarie Bank Ltd. for a $42.5 million. The facility, which has been fully drawn down, will be available for construction expenditures to bring the Company's 100% owned Tasiast property, located in Mauritania, West Africa, into production." More
- June 30, 2006 | Item | E-mail
MacMillan Gold And First Star Resolve All Issues - More
- June 30, 2006 | Item | E-mail
Shareholders Approve Business Combination - More
- June 30, 2006 | Item | E-mail
Canadian court halts Northgate bid for Aurizon - "Northgate said it will appeal the decision by the Supreme Court of British Columbia to issue an injunction against the bid. It said it was disappointed with the ruling, which means Aurizon shareholders are unable to respond to the offer pending outcome of the appeal." More
- June 30, 2006 | Item | E-mail
Michelago Shareholders Vote in Favour of Business Combination with Golden China - More
- June 30, 2006 | Item | E-mail
CORRECTION FROM SOURCE: Jinshan Appoints Chief Operating Officer - More
- June 30, 2006 | Item | E-mail
SUPREME COURT OF BRITISH COLUMBIA PREVENTS NORTHGATE'S OFFER - "Northgate Minerals Corporation announced today that the Honorable Madam Justice Allan of the Supreme Court of British Columbia granted a permanent injunction preventing Northgate from pursuing its offer for all of the outstanding shares of Aurizon Minerals Ltd. until October 19, 2006." More
- June 30, 2006 | Item | E-mail
Cambior: Update Camp Caiman Project - "Cambior Inc. has been informed that a joint mission of the Ministere de l'Ecologie et du Developpement durable ("Ministry of Environment and Sustainability") and the Ministere de l'Industrie ("Ministry of Industry") of the French Republic was mandated to review the objections raised by certain stakeholders of the Project during the public consultation process. As a consequence, the issuance of the required operating permits will not be finalized in next July as anticipated." More
- June 30, 2006 | Item | E-mail
Seabridge Gold Closes C$3.6 Million Flow-Through Financing - "Seabridge Gold announced today that it has closed its previously announced private placement financing of 325,000 flow-through shares at C$11.25 per share for gross proceeds of C$3,656,250. This financing will be used to fund a 7,500 meter core drilling program at the Company's 100% owned Kerr-Sulphurets gold/copper project located in British Columbia, Canada." More
- June 30, 2006 | Item | E-mail
Aurizon Mines Ltd.: B.C. Supreme Court Upholds Standstill Agreement; Northgate's Inadequate Takeover Bid Terminated - "Aurizon reports that the Supreme Court of British Columbia today granted a permanent injunction enforcing the confidentiality and standstill agreement entered into between Northgate Minerals Corporation and Aurizon Mines Ltd. in October 2005. The decision effectively prevents Northgate from proceeding with its inadequate takeover bid for Aurizon." More
- June 30, 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 30 June, 2006 | |
