-- Posted 12 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $649.50 | +$8.60 |
Silver | $11.51 | +$0.02 |
XAU | 147.13 | -0.82% |
HUI | 345.14 | -0.58% |
GDM | 1072.13 | -0.67% |
JSE Gold | 3404.72 | +3.15% |
USD | 85.90 | +0.57 |
Euro | 126.95 | -0.67 |
Yen | 86.53 | -1.04 |
Oil | $74.95 | +$0.79 |
10-Year | 5.100% | UNCH |
T-Bond | 107.25 | +0.0625 |
Dow | 11013.18 | -1.09% |
Nasdaq | 2090.24 | -1.81% |
S&P | 1258.60 | -1.09% |
The Metals:
Gold remained near unchanged in Asia, gained about $5 in London, and then added around $10 more in late morning New York trade to over $655 at one point, but it then sold off markedly in early afternoon trade to under $645 before it rebounded into the close and ended back near $650. Silver rose to over $11.80 in late morning New York trade before it sold off to under $11.40 in early afternoon trade, but it also rebounded into the close and ended slightly higher on the day.
Euro gold rose above €510, platinum gained $10 to $1,246, palladium gained $3 to $324, and copper gained over 8 cents to about $3.53.
Gold and silver equities rose about 2% in morning trade, but they then sold off with the metals in early afternoon trade and ended slightly lower on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | May | -$63.8B | -$65.0B | -$63.4B |
While the Trade Deficit came in smaller than expected, it still increased from June and is the sixth largest on record. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/08 expected at 320,000. At 2PM is the Treasury Budget for June expected at $20.0 billion.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil remained near unchanged ahead of inventory reports which showed crude inventories fell 6 million barrels, gasoline inventories fell 400,000 barrels, and distillates built 2.6 million barrels. Crude inventories fell more than expected and gasoline inventories fell slightly rather than an expected build, but distillates built more than expected and demand was shown as slowing so overall it was a mixed report. Oil prices rose by the end of trade, however, as tensions over Iran and the Middle East spurred buying in the market.
The U.S. dollar index rose on the Trade Balance that was not as bad as expected and on speculation that the Bank of Japan may not hike interest rates.
Treasuries fell in early trade, but they then rose to find slight gains by the end of trade as the major indices fell and most looked ahead to economic data at the end of the week.
The Dow, Nasdaq, and S&P fell throughout trade and ended over 1% lower on worries over earnings, inflation, and interest rates.
Among the big names making news in the market today were Dell, Gilead and Bristol-Myers, Apple, Campbell Soup, Genzyme, Halliburton, Lionsgate and Debmar-Mercury, Gannett, Boeing and Airbus, and Microsoft.
The Commentary:
“For the obvious reasons many of us view the naming of Goldman Sachs’ Paulson as the new Treasury Secretary as a negative because GS has been the main hit man for The Gold Cartel for so long. However, there is another way to look at his appointment. No one out there would know the precarious position of The Gold Cartel more than Paulson. He has to be as plugged in as anyone as to how much central bank gold the cabal has used up to do what they did. He has to know what is coming gold price wise and why. The longer the gold price manipulators keep gold too cheap, which it is the case by miles, the worse they are making their problem in the months and years ahead. THAT problem is going to have to be dealt with on his watch.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 8.1 at 651.2. This was 8.1 up from the low and 5.8 off the high.
July Silver finished up 0.005 at 11.475, 0.305 off the high and equal to the low.
The gold managed a pretty volatile trade on Wednesday, with the market sharply extending the rally in the first half of the session, giving back the gains around mid session but in general managing to stay "mostly" positive during the session. The gold was certainly held back by the rise in the Dollar and possibly by the slide in equity prices but with the equity market sliding aggressively it is even possible that equity market was ended up prompting some gold buying. However, the Dollar continued to rise and in the process managed to get beyond a potentially critical US Trade Balance report. In the end, the ongoing strength in energy prices seems to have enhanced the whole inflation argument but the metals markets more importantly seem to be turning their focus toward issues other than the currency and oil.
The silver market fluctuated wildly in the wake of a two sided trade in the gold market. While the market was short term overbought and due for a correction the width of the range (just under 50 cents) might have been larger than the bull camp would like to have seen. In retrospect the silver market was fresh off an 88 cent three day rally (to the highs Wednesday) and therefore one should not be surprised with the volatility. However, even the copper market showed signs of forging a temporary top and with the US equity market also showing significant declines, fundamental sentiment toward silver has deteriorated somewhat.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 07/11/2006
Gold Warehouse Stocks: | 8,030,544 | - |
Silver Warehouse Stocks: | 101,993,762 | -456,655 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 384.47 | 12,361,073 | US$ 7,796m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.23 | 2,515,048 | US$ 1,638m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,668 | US$ 201m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.89 | 349,984 | US$ 220m |
COMEX Gold Trust (IAU)
Profile as of 07/11/2006 | |
Total Net Assets | $847,842,168 | 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 07/11/2006 | |
Total Net Assets | $1,031,956,132 | Ounces of Silver
in Trust | 91,417,377 |
Shares Outstanding | 9,150,000 | Tonnes of Silver
in Trust | 2,843.4 |
The Stocks:
Gold Fields’ (GFI) increased stake in Western Areas, Fronteer’s (FRG) uranium intersections, Miramar’s (MNG) completed C$15 million private placement and closed C$80 million offering, and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Fronteer | FRG +9.59% $4.80 |
2. DRDGOLD | DROOY+9.09% $1.56 |
3. Rio Narcea | RNO +5.15% $2.04 |
LOSERS
1. Seabridge | SA -4.82% $12.63 |
2. Northgate | NXG -3.98% $3.62 |
3. Gold Reserve | GRZ -3.79% $5.08 |
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:
Beartooth Platinum Commences 2006 Drill Program at Stillwater Property in Montana - More
- July 12, 2006 | Item | E-mail
Solid Resources Ltd. - More
- July 12, 2006 | Item | E-mail
Goldmarca acquires property 300 metres west of Aurelian discovery - More
- July 12, 2006 | Item | E-mail
Pearl Asian Mining Industries (PAIM) Issues Clarification on 90% Buyback of Its Common Shares and Conversion of Debentures to Common Stock - More
- July 12, 2006 | Item | E-mail
Golden Arrow Resources Corporation: Soil and Talus Fines Anomalies Identified on the Antiguyo Gold Property - More
- July 12, 2006 | Item | E-mail
Cabo awarded drilling contract from Procon Mining and Tunnelling to drill Canadian Zinc's Prairie Creek project - More
- July 12, 2006 | Item | E-mail
Two Court Cases Decided in Favor of Rosia Montana - More
- July 12, 2006 | Item | E-mail
Golden Phoenix Reports $5 Million Earn-in at Ashdown Molybdenum/Gold Mine; Qualifies for 60% Ownership - More
- July 12, 2006 | Item | E-mail
Yukon Gold Corporation, Inc. Announces Negotiation to Acquire Zinc Project in the Mayo Mining District, Yukon Territory - More
- July 12, 2006 | Item | E-mail
Golden Odyssey Begins Drilling on Morningstar Property, Walker Lane Belt, Nevada - More
- July 12, 2006 | Item | E-mail
Northwestern negotiates new option agreement for silver-gold Picachos Project, Mexico - More
- July 12, 2006 | Item | E-mail
San Gold Corporation Reports Operations and Exploration Update - More
- July 12, 2006 | Item | E-mail
Douglas Lake Minerals Completes Morogoro Acquisition - More
- July 12, 2006 | Item | E-mail
Vantex Reports Good Drilling Results From Lake Expanse - More
- July 12, 2006 | Item | E-mail
Reese Corp. Information Now Available Through Standard & Poor's Market Access Program - More
- July 12, 2006 | Item | E-mail
Linux Gold Corp. Announces a Drilling Contract is Signed for Granite Mountain to Commence the $1.4 Million Exploration Program, Nome, Alaska - More
- July 12, 2006 | Item | E-mail
Tournigan Re-Starts Exploration Drilling at Curraghinalt Gold Project - More
- July 12, 2006 | Item | E-mail
HuntMountain Resources Appoints Former Hecla Executive to Board of Directors - More
- July 12, 2006 | Item | E-mail
Campbell Resources Announces The Appointment Of 2 New Directors - More
- July 12, 2006 | Item | E-mail
Bayfield Ventures Corp. Announces Forte a la Corne Diamond Properties Acquisition, Central Saskatchewan - More
- July 12, 2006 | Item | E-mail
Marifil Acquires Porphyry Molybdenum Property - More
- July 12, 2006 | Item | E-mail
Lateegra Adds Depth and International Experience to the Board - More
- July 12, 2006 | Item | E-mail
Gold Fields Increases Stake in Western Areas to 18.9% - "Western Areas Limited owns 50% of the developing South Deep gold mine, which is adjacent to Gold Fields' Kloof Gold Mine, near Westonaria in South Africa. The other 50% of South Deep is owned by Barrick Gold of Canada." More
- July 12, 2006 | Item | E-mail
Fronteer Sees Aurora Return Best Uranium Intersections to Date at Michelin - "Fronteer Development Group Inc. announces that Aurora Energy Resources Inc. in which Fronteer holds a 49.3% interest, has reported new wider and higher grade drill intersections that continue to expand the heart of the Michelin uranium deposit. Results from M-06-16 and M-06-13 returned the best grade-thickness intervals ever intersected at Michelin, all within 420 metres of surface:" More
- July 12, 2006 | Item | E-mail
Miramar Completes Cdn. $15 Million Private Placement - "Miramar Mining Corporation today announced completion of the previously announced underwritten flow-through private placement financing. Through a syndicate of Canadian investment dealers, Miramar has completed the sale of 2,900,000 flow-through common shares at a price of $5.20 per share to raise gross proceeds of $15,080,000." More
- July 12, 2006 | Item | E-mail
Miramar Mining Closes Cdn. $80 Million Offering - "Miramar Mining Corporation announced today that it has closed its previously-announced public offering of 19,200,000 common shares at the purchase price of Cdn. $4.17 per share for gross proceeds of Cdn. $80,064,000, through a syndicate of underwriters. Miramar plans to use the net proceeds of this financing towards advancement of the Hope Bay Project and for general corporate purposes." More
- July 12, 2006 | Item | E-mail
Silver Standard Reports 842 Feet of 6.4 oz./ton Silver, 2.26% Zinc and 1.26% Lead in Deeper Drilling at Pitarrilla, Mexico - "Silver Standard Resources Inc. is pleased to report that a 250 meter step-out drill hole intersected thick intervals of high-grade silver and base metal mineralization at the Breccia Ridge Zone of the Pitarrilla silver project. The wholly-owned project is located approximately 150 kilometers (90 miles) north of Durango City in the state of Durango, Mexico." More
- July 12, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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© Gold Seeker 2006
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-- Posted 12 July, 2006 | |
