-- Posted 10 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $623.40 | -$9.20 |
Silver | $11.02 | -$0.36 |
XAU | 144.94 | -0.21% |
HUI | 337.58 | -0.54% |
GDM | 1051.35 | -0.66% |
JSE Gold | 3277.41 | -1.67% |
USD | 85.49 | +0.49 |
Euro | 127.34 | -0.86 |
Yen | 87.60 | -0.11 |
Oil | $73.61 | -$0.48 |
10-Year | 5.13% | -0.002 |
T-Bond | 106.875 | +0.0625 |
Dow | 11103.55 | +0.12% |
Nasdaq | 2116.93 | -0.62% |
S&P | 1267.34 | +0.15% |
The Metals:
Gold traded slightly lower in Asia before dropping further in London to fall as low as $619.90 in early New York trade, but it did rebound a bit into the close to cut its losses by the end of trade. Silver fell under $11 in London before also rebounding in New York trade, but it still ended with a loss of 3.16%.
Euro gold fell under €490, platinum lost $11 to $1,212, palladium lost $2 to $316, and copper fell over 2 cents to about $3.45.
Gold and silver equities dropped about 2% at the open before rebounding to find slight gains by late morning, but they then fell back off slightly into the close and ended with losses of less than 1%.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | May | 0.8% | 0.5% | 1.3% |
Consumer Credit | May | $4.4B | $3.2B | $9.3B |
There are no major economic reports due out tomorrow.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil continued to fall from last week’s record highs as geopolitical tensions eased over Iran and North Korea and traders took profits from recent gains.
The U.S. dollar index gained as traders awaited word from the Bank of Japan on whether they will raise interest rates or not.
Treasuries fell in early trade as stocks gained, but they then rose to close slightly higher as stocks ended well off of their early highs.
The Dow, Nasdaq, and S&P opened nicely higher on hopes for strong earnings, but they then fell off to close mixed and near unchanged as investors became more uncertain.
Among the big names making news in the market today were Foot Locker, Kimco and Pan Pacific, WPS Resources and Peoples Energy, Federated and Vornado, Lehman Brothers, JPMorgan, Morgan Stanley, Citigroup, Centro and Heritage Property, GM, Renault, Nissan, and Kraft Foods and United Biscuits.
The Commentary:
“The blatant manipulation of the gold price just goes on and on. The tip-off was the negative action of the gold shares yesterday. They would not follow the market up and acted noticeably weak. Time and time again we have seen this pattern, only to have gold get clocked the next day, or day after.
Market participants have been awaiting the US jobs report and it was a gold friendly one. But, as mentioned here so often, gold almost ALWAYS goes down following an economic, or other kind of report, emanating out of Washington. This consistently counter-intuitive action can only be a result of market manipulation.” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed down 8.7 at 626.1. This was 4.2 up from the low and 3.9 off the high.
July Silver finished down 0.295 at 11.03, 0.12 off the high and 0.05 up from the low.
The gold market might have been lucky to have avoided more significant liquidation on Monday as the recent positioning report showed the market to be moderately overbought. With the Dollar also sharply higher to start the week, energy prices down sharply at times and the macro economic outlook for the US economy still suspect, the environment could have been ripe for an aggressive washout. However, a number of other physical commodity markets like, copper and the grain markets were higher and with the equity market also higher to start the week, the bear camp just didn't the setup to force the market into a broad decline.
A big range down extension in silver could have propagated a moderate long liquidation given the recent positioning report but with the mid morning bounce of 24 cents the bear camp seemed to be put off from attacking the market. Favorable copper, equity and grain market action probably helped the silver market throw off the liquidation effort but given the negative start to the week, many traders think the bear camp has a slight edge. Certainly ongoing gains in the US Dollar will keep the pressure on gold and in turn keep pressure on the silver market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
He got everything right except the safe-deposit box
Ted Butler: Silver shorts tell CFTC to drop dead
GATA improves its Internet site and dispatch system
Gold council acts again amid worldwide economic imbalances
GATA is cited in Dubai again, this time in silver market analysis
The Statistics:
As of close of business: 07/07/2006
Gold Warehouse Stocks: | 8,030,608 | - |
Silver Warehouse Stocks: | 102,578,061 | -357,525 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 383.54 | 12,331,268 | US$ 7,718m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.23 | 2,515,104 | US$ 1,570m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,675 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.89 | 346,991 | US$ 221m |
COMEX Gold Trust (IAU)
Profile as of 07/07/2006 | |
Total Net Assets | $836,770,186 | Ounces of Gold
in Trust | 1,322,429.544 |
Shares Outstanding | 13,300,000 | Tonnes of Gold
in Trust | 41.13 |
Silver Trust (SLV)
Profile as of 07/07/2006 | |
Total Net Assets | $1,011,878,303 | Ounces of Silver
in Trust | 87,920,982 |
Shares Outstanding | 8,800,000 | Tonnes of Silver
in Trust | 2,734.6 |
The Stocks:
Rio Narcea’s (RNO) approval for closure of its Spanish gold operations, Ivanhoe’s (IVN) talks with Mongolia over Oyu Tolgoi, Gammon Lake’s (GRS) production update, Fronteer’s (FRG) exploration program, Kimber’s (KBX) June Newsletter, Seabridge’s (SA) share sales announcement, Newmont’s (NEM) possible closure of an Indonesian Mine, and IMA Exploration’s (IMR) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree Gold | EGI +5.45% $1.16 |
2. Kimber Resources | KBX +2.91% $2.12 |
3. Minco Mining | MMK +2.5% $1.23 |
LOSERS
1. Aurizon Mines | AZK -7.41% $2.50 |
2. Crystallex | KRY -7.19% $2.97 |
3. Northern Dynasty | NAK -5.49% $8.27 |
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:
Gold Standard Inc. Announces a One (1) for Eight (8) Reverse Split of Its Outstanding Common Stock - More
- July 10, 2006 | Item | E-mail
Garuda Capital Corp. announces option agreement to acquire mining prospect - More
- July 10, 2006 | Item | E-mail
Medoro Resources Closes Acquisition of Venezuelan Gold Properties - More
- July 10, 2006 | Item | E-mail
NFX Issues Shares to Maximus Ventures Limited - More
- July 10, 2006 | Item | E-mail
/C O R R E C T I O N from Source -- Goldmarca Limited/ - More
- July 10, 2006 | Item | E-mail
Goldmarca Announces Closing of $10.35 Million Private Placement - More
- July 10, 2006 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Exploration Underway for 2006 - More
- July 10, 2006 | Item | E-mail
International Gold Resources Update on Mahtin Property - More
- July 10, 2006 | Item | E-mail
More positive drill results; Corani resource estimate update commenced; drilling started at Santa Ana - More
- July 10, 2006 | Item | E-mail
Gold Hawk Resources Inc.: Appointment of Vice President Finance And Chief Financial Officer - More
- July 10, 2006 | Item | E-mail
Verena Minerals Corporation: Project Updates, July 2006 - More
- July 10, 2006 | Item | E-mail
Shareholder Approval at Birim's Annual and Special Meeting - More
- July 10, 2006 | Item | E-mail
High River Gold Mines Ltd.: Drilling Underway at High River's Prognoz Silver Project - More
- July 10, 2006 | Item | E-mail
Woodruff announces name change to Cogitore Resources Inc. and appointment of new director. - More
- July 10, 2006 | Item | E-mail
Golden Odyssey Receives 43-101 Report Recommending Significant Exploration at its Morningstar Property, Walker Lane Belt, Nevada - More
- July 10, 2006 | Item | E-mail
sxr Uranium One Enters into an Exclusivity Agreement with Rio Tinto to Acquire the Sweetwater Uranium Mill and Green Mountain Uranium Properties - More
- July 10, 2006 | Item | E-mail
Continental Minerals Corporation and Great China Mining Inc.: Drilling Continues to Expand Xietongmen Deposit - More
- July 10, 2006 | Item | E-mail
New Island Resources Inc.: Activity Report - More
- July 10, 2006 | Item | E-mail
Little Squaw Notes Chandalar Progress - More
- July 10, 2006 | Item | E-mail
Moto Goldmines to Withdraw from ASX Listing on 13 October 2006 - More
- July 10, 2006 | Item | E-mail
Reese Corp. Appoints Investor Relations Firm - More
- July 10, 2006 | Item | E-mail
Teryl Resources Corp. Announces Drilling to Commence on Gil Joint Venture - More
- July 10, 2006 | Item | E-mail
GBS Gold International Inc.: Plant Commissioning Brought Forward Positive Drilling Results - More
- July 10, 2006 | Item | E-mail
Everton Investors Rob McEwen and Sprott Asset Management Exercise 2,575,000 Warrants Early to Fund Ongoing Exploration Programs - More
- July 10, 2006 | Item | E-mail
Corriente Resources Inc.: Mirador Norte Drilling Identifies Significant Copper Deposit Adjacent to Mirador Copper-Gold Project - More
- July 10, 2006 | Item | E-mail
Goldcrest to Option its Gaoua Copper-Gold Permits in SW Burkina Faso to Phelps Dodge Exploration Corporation - More
- July 10, 2006 | Item | E-mail
Avnel Gold Outlines Additional Prospective Drill Targets from a Soil Geochemistry Program at its Kalana Exploitation Permit, South Mali - More
- July 10, 2006 | Item | E-mail
Waseco Finances Labrador Trough Uranium Exploration - More
- July 10, 2006 | Item | E-mail
Robex - Drilling results on the Diangounte property in West Mali - More
- July 10, 2006 | Item | E-mail
SIERRA Provides Update on its Acquisition of the Cerro Colorado Gold Mine, Mexico - More
- July 10, 2006 | Item | E-mail
YGC Resources reports spectacular results from the Nu-Zone at its Ketza River property - More
- July 10, 2006 | Item | E-mail
Enterayon Signs Letter of Intent to Acquire Platinum Claims - More
- July 10, 2006 | Item | E-mail
Franklin Mining, Bolivia Signs Contract With COMIBOL for Partnership in the Cerro Rico Mines - More
- July 10, 2006 | Item | E-mail
El Capitan Announces Additional Tonnage - More
- July 10, 2006 | Item | E-mail
Resource Finance & Investment Limited Reverse Takeover of Cadillac West by Eclipse Concluded - More
- July 10, 2006 | Item | E-mail
Equitable Mining Corp. Finalizing China Project - More
- July 10, 2006 | Item | E-mail
Rio Narcea Receives Approval From Spanish Labour Authority for Closure of its Spanish Gold Operations - "Rio Narcea Gold Mines, Ltd. has reached a collective redundancy agreement (ERE agreement) with the local unions and mine workers regarding the closure of the El Valle and Carles gold operations and has received approval from the Spanish Labour Authority for this agreement. This approval is required by the labour laws of Spain when redundancy affects more than 10% of the workforce." More
- July 10, 2006 | Item | E-mail
Ivanhoe sees talks with Mongolia on Oyu Tolgoi - "Ivanhoe Mines Ltd. expects to resume investment contract talks with the Mongolian government for its big Oyu Tolgoi copper and gold project after the country's parliament approved a revised minerals law on Saturday. No date for the talks has been set as yet, but the Canadian-based company said on Monday, it expects final negotiations to resume after a national holiday ends in about a week." More
- July 10, 2006 | Item | E-mail
BacTech and Partner Intrepid Move Forward on Proposed Acquisition of Jeronimo Gold Deposit from Goldcorp - "BacTech Mining Corporation today announced that, pursuant to the Memorandum of Understanding, the due diligence period has expired and that it remains committed to the acquisition of Goldcorp Inc.'s interest in the Agua de la Falda Jeronimo, Chile, gold property announced June 20, 2006." More
- July 10, 2006 | Item | E-mail
Goldcorp Declares Seventh Monthly Dividend Payment for 2006 - "GOLDCORP INC. is pleased to declare its seventh monthly dividend payment for 2006 of $0.015 per share. Shareholders of record at the close of business on Friday, July 21, 2006 will be entitled to receive payment of this dividend on Friday, July 28, 2006." More
- July 10, 2006 | Item | E-mail
Silver Wheaton to Release Second Quarter Results August 3, 2006 - "A conference call will be held Friday, August 4, 2006 at 11:00 am (Eastern Time) to discuss these results. You may join the call by dialling toll free 1-877-888-4605 or (416) 695-7848 for calls from outside of Canada and the US." More
- July 10, 2006 | Item | E-mail
Gammon Lake Resources and Mexgold Resources provide production update - "Precious metals production from the heap leach at Ocampo continues to ramp up toward full commercial production. The Ocampo heap leach produced 6,214 ounces of gold and 122,958 ounces of silver in the month of June, equaling 8,401 gold equivalent ounces, based on actual gold and silver prices realized upon sale. During the month of June, Gammon Lake mined an average of 15,071 tonnes of ore per day, and moved an average of 38,461 tonnes of waste per day, representing an average waste to ore strip ratio of 2.55:1 for the month." More
- July 10, 2006 | Item | E-mail
Fronteer Kicks off Copper-Gold-Uranium Program on Olympic Dam Targets in Yukon - "Fronteer has established a prominent foothold in this emerging district, which has become Canada's newest area play. The region is grossly under-explored with vast untapped mineral potential," says Dr. Mark O'Dea, Fronteer President & CEO. "We believe this district has the potential to host both Olympic Dam-style copper-gold-uranium deposits and stand alone uranium deposits." More
- July 10, 2006 | Item | E-mail
Phase IV Drilling at Navidad Intersects More Silver at Loma de la Plata for IMA Exploration Inc. - "Loma de la Plata is one of several zones along the 8km long Argenta Trend, located 3km southwest of the known Navidad deposits. Significant results from the new Loma de la Plata drilling include 11.0m of 897 grams per tonne (g/t) silver in hole 319 and 24.0m of 217 g/t silver in hole 323. Of the remaining eleven holes eight were drilled at Calcite NW and three at Calcite Hill." More
- July 10, 2006 | Item | E-mail
Kimber Resources Inc. - Newsletter for June - "June closed without a clear leader in the presidential election. It would now appear at the time of writing that Calderon the PAN candidate has been declared the winner by a narrow margin. The contending issues appear to be: stay the course towards a growing market-based economy, or address the concerns of the poor first. Mexico has continued to demonstrate the importance placed on the mining industry. This, combined with the NAFTA agreement, provides a strong footing for the future." More
- July 10, 2006 | Item | E-mail
Revised taxation and minerals laws in Mongolia set the stage for conclusion of an Investment Contract for Ivanhoe's Oyu Tolgoi Project - "The Mongolian Parliament approved a revised Minerals Law on Saturday. The revised Minerals Law, and previously approved amendments to the Tax Law, have set the stage for finalization of negotiations on a formal, long-term agreement with Ivanhoe." More
- July 10, 2006 | Item | E-mail
Funds Managed by Friedberg Mercantile Complete Previously Announced Sale of Seabridge Shares - "Seabridge Gold announced today it has been advised by Friedberg Mercantile Group Ltd. that three fixed income funds managed by Friedberg have completed their previously announced intention to sell common shares of Seabridge (see news release dated January 17, 2006)." More
- July 10, 2006 | Item | E-mail
Newmont may shut an Indonesian mine - paper - "PT Newmont Nusa Tenggara, a unit of Newmont Mining Corp, may shut its copper and gold mine on the Indonesian island of Sumbawa if a request for more land for ore stockpiling is turned down, a newspaper reported." More
- July 10, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 July, 2006 | |
