-- Posted 13 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $652.50 | +$3.00 |
Silver | $11.44 | -$0.07 |
XAU | 142.60 | -3.08% |
HUI | 335.10 | -2.91% |
GDM | 1040.83 | -2.92% |
JSE Gold | 3228.82 | -5.17% |
USD | 85.83 | -0.07 |
Euro | 126.91 | -0.04 |
Yen | 86.75 | +0.22 |
Oil | $76.70 | +$1.75 |
10-Year | 5.071% | -0.029 |
T-Bond | 107.46875 | +0.21875 |
Dow | 10846.29 | -1.52% |
Nasdaq | 2054.11 | -1.73% |
S&P | 1242.29 | -1.30% |
The Metals:
Gold fell to about $645 in early Asian trade, rose back near $650 by the open of trade in London, and remained near $650 for most of trade in London before it fell back near $645 in late morning New York trade, but it then rallied into the close to end 0.46% higher on the day. Silver rose near $11.70 in late Asian/early London trade, but it then fell off throughout most of trade in London and New York before it rallied a bit at the close, but it still ended 0.61% lower on the day. At the time of writing, both metals are trading over 1% higher from their close in after hours Access trade.
Euro gold rose above €515, platinum lost $1 to $1,245, palladium gained $1 to $325, and copper added over 7 cents to above $3.60.
Uranium at record high, expected to rise further
Gold and silver equities fell about 3% in morning trade and remained near their lows into the close as a higher gold price was not able to overcome general market weakness.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/08 | 332K | 320K | 313K |
Treasury Budget | June | $20.5B | $20.0B | $22.9B |
Tomorrow at 8:30AM EST brings Export and Import Prices for June and Retail Sales for June expected at 0.4%. Excluding auto sales, Retail Sales are expected at 0.3%. At 9:50AM is Michigan Sentiment for July expected at 85.5 and at 10AM are Business Inventories for May expected at 0.4%.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to as high as $76.85, a new record intraday high, before falling off just slightly to end at a new all-time closing high at $76.60. Escalating violence between Israel and Lebanon added to geopolitical concerns over Iran, Iraq, North Korea, and Nigeria. Increased fears of supply disruptions in the face of still strong demand have been the two overriding factors driving the price of oil higher.
The U.S. dollar index remained near unchanged ahead of the Bank of Japan’s decision about interest rates tomorrow.
Treasuries gained and the Dow, Nasdaq, and S&P fell markedly on geopolitical concerns, worries about the economy and inflation, and concerns about company earnings. The Nasdaq fell to a 10 month low.
Among the big names making news in the market today were Merck, Ford, GM, Sony and BMG, EMI and Warner, Wal-Mart, Micron, Intel, Aviva and AmerUs, Honda, Sony Ericsson, PepsiCo, Tribune, Marriott, and Federated.
From today’s international section at CapitalUpdates.com:
Toronto stocks tumble as Mideast woes spur fears Reuters
Argentina stocks dive on world markets slump Reuters
Mexican stocks extend decline, down 3.5 pct Reuters
Bank of Canada remains dovish, sees cooler economy Reuters
Chile stocks, peso slip before expected rate hike Reuters
FTSE scores biggest loss in a month on oil fears Reuters
Nikkei sinks 1 pct on techs, some retailers slump Yahoo
Sensex down by 72 pts, investors cautious ahead BoJ meeting outlookindia
The Commentary:
“When institutions could only buy gold shares they were simply passengers on the gold price, not drivers. With the Gold and Silver Exchange Traded Funds they have become big drivers of the gold price!
Watch as they grow like a snowball! This is new and vigorous investment in gold giving strength to the upward trend"
We have seen this in the funds activity during the fall and consolidation of the prices of gold and silver of late.” - Julian D.W. Phillips, www.goldforecaster.com
“With what the price of oil is doing, Middle East tension escalating, and the weakness in the Arab stock markets, it makes sense they would be turning to their old standby, gold. Should the Arabs decide to purchase bullion in a significant way, we could make all time highs sooner than most anyone thinks.
Once again we see that the gold market is mostly about the physical market taking on The Gold Cartel, not about the dollar, news events, etc.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 3.2 at 654.4. This was 7.9 up from the low and 2.1 off the high.
July Silver finished down 0.07 at 11.405, 0.225 off the high and 0.05 up from the low.
Despite what could be called a "fast news day", the gold market spent the today inside Wednesday's wide range but managed to close towards the upper end of the range. War breaking out between Isreal and Lebanon, the US and its allies bracing for a showdown in the UN over Iran's nuclear program and a breakdown in talks between North and South Korea, soaring oil prices and falling stock market would all suggest that gold could gain on flight to quality concerns. The market seemed to fall back on some profit taking overnight in the wake of a $41 rally since June 14th, and that spilled into this morning. By the session's end, it appeared that world events were emboldening gold bulls.
Like gold, silver traded inside yesterday's range today but in the end did not appear to benefit as much from geopolitical concerns. It would appear that economic concerns, including some disappointing jobless numbers this morning and the declining stock market may have undermined the sentiment towards silver.” - The Hightower Report, Futures Analysis and Forecasting
A note from Charleston Voice:
Subject: Gold Stocks and the CRB Index
“Here's something that may entertain you in this period of being locked in "chains". If you're a sailor, you know what I mean. It is a nautical reference to a sailing vessel being without its wind power, the dead calm causing the ship to be "locked in chains", going nowhere. That seemingly is us with our gold/silver investments.
But, give this chart of the CRB a look-see. The candlestick action is the CRB. The dotted pink line is the HUI. The swooping dark line with the darker red line is the Stochastics which reflects the action of the HUI, not the CRB. The MACD sitting atop the chart applies to the CRB. As you can see we're in good shape here, and a lot of green bars (at least 4-5 weeks) are ahead of us before this cycle peaks!
The peculiar thing is that the cyclical peaks of the CRB have been about 4% or so from one peak to another, i.e., 323, 337, 350, and 366. You can clearly see how the HUI has been peaking at ever increasing highs relative to the CRB. This last one both peaked at almost equal peaks (not indexes!) when the CRB hit 366. If this present trend of CRB 4% expansion holds this go-round then we'll see 380 on the CRB by late August or so (if past time expansions apply). If the HUI does little more than match the expansion relationship of the CRB in the last cycle of 9% (401 vs. 366) then we should see an HUI cyclical peak of around 415 - 9% above the CRB target of 380.
Now, then, here's the grist of this exercise. We are going thru a mini-pullback right now in the miners. I have been stopped out of my SLW, SA, and KBX, all with good profits. At some point very near - maybe now, the juniors will kick in with their monster moves - I am redeploying my funds into selective junior producers/explorers with a silver emphasis, to ride the cyclical peak for this duration. Remember, the juniors peak late in the cycle, and may continue to advance while the majors and the HUI begin their correction! Do your own due diligence on the majors using the CRB chart I've given you, and you'll see they're quite advanced in their expansions. Then do the same analysis for the mining juniors, many of which have not yet bottomed, and you'll see the dynamics yet to come our way!
The next pullback will be timed to occur prior to the fall elections - - just in time for the incumbents to tell their voters of their heroics to slay inflation!
Once the Democruds get a hold of the congressional purse strings we'll charge ahead BIG TIME and spend (mortgage) our way into further prosperity like no other period in US history. We'll be ready for them. I bought my first K-Rand in 1976 when gold was $104 just before Jimmy Carter got elected, and it was all up from there. That was thirty years ago. The only regret you will ever have is that you didn't buy more.
When prayer is not enough, buy gold.” - Charleston Voice
The Statistics:
As of close of business: 07/12/2006
Gold Warehouse Stocks: | 8,030,544 | - |
Silver Warehouse Stocks: | 101,996,692 | +2,930 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 384.47 | 12,361,073 | US$ 8,034m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.23 | 2,515,021 | US$ 1,659m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,665 | US$ 204m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.89 | 349,980 | US$ 227m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 07/12/2006 | |
Total Net Assets | $858,676,679 | Ounces of Gold
in Trust | 1,322,429.544 |
Shares Outstanding | 13,300,000 | Tonnes of Gold
in Trust | 41.13 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 07/12/2006 | |
Total Net Assets | $1,073,993,411 | Ounces of Silver
in Trust | 91,417,377 |
Shares Outstanding | 9,150,000 | Tonnes of Silver
in Trust | 2,843.4 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) gold mine sale, Nevsun’s (NSU) Tabakoto mine update, Canyon Resources’ (CAU) Technical Report on its Briggs Mine Project, Pacific Rim’s (PMU) year-end results, Fortuna Silver’s (FVI.V) CFO appointment, and Sterling Mining’s (SRLM.PK) advanced tunnel and drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero Resource | CDY +4.71% $2.00 |
2. Minco Mining | MMK +3.97% $1.31 |
3. Banro Corp. | BAA +1.98% $10.30 |
LOSERS
1. Entree Gold | EGI -8.74% $1.18 |
2. Vista Gold | VGZ -5.43% $9.93 |
3. Gold Reserve | GRZ -5.31% $4.81 |
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:
Centurion's Partner Houston Independent Escopeta Gets Jones Act Waiver - More
- July 13, 2006 | Item | E-mail
Brownsville Enters Into Letter of Intent With Trimark Explorations Ltd. on Tanzanian Uranium-Au Property - More
- July 13, 2006 | Item | E-mail
Nevsun Resources Ltd.: Tabakoto Mine Update - "Nevsun Resources Ltd. is very pleased to report that the final stage of commissioning of the Tabakoto Mine processing plant is nearing completion. The commissioning of the milling operations commenced in February/March 2006 with soft low grade oxide ore being fed to the plant via an auxiliary crushing unit." More
- July 13, 2006 | Item | E-mail
Freewest Resources Announces Closing of Private Placement - More
- July 13, 2006 | Item | E-mail
Vinoble, Inc. Changes Name to Matrixx Resource Holdings, Inc. - More
- July 13, 2006 | Item | E-mail
Marathon Discovers Additional PGM/Copper Zone - More
- July 13, 2006 | Item | E-mail
Fortuna Silver Mines Appoints Chief Financial Officer - "Fortuna Silver Mines Inc., Mr. Jorge Ganoza, President of the Company, is pleased to announce the appointment of Mr. Luis Ganoza Durant to the position of Chief Financial Officer with the Company." More
- July 13, 2006 | Item | E-mail
MDN Northern Mining: Follow-Up Drilling of Gold Discoveries Tulawaka Region, Tanzania - More
- July 13, 2006 | Item | E-mail
Sterling Mining Advances Tunnel & Commences Underground Drilling - "Sterling Mining Company is pleased to report on the continued progress of its multi-phase program aimed at returning the Sunshine Mine in North Idaho's Silver Valley to long-term sustainable production. The company has advanced the new Sterling Tunnel over 900 feet, and has also initiated underground exploration drilling to define and identify mineralization at the past-producing silver mine." More
- July 13, 2006 | Item | E-mail
Kings Minerals NL and Andaurex Industries Propose Reverse Takeover Transaction - More
- July 13, 2006 | Item | E-mail
Diadem Completes Flow-Through Share Financing - More
- July 13, 2006 | Item | E-mail
Merrex Gold Reports Significant Gold Geochemical Anomalies on West Mali Gold Project - More
- July 13, 2006 | Item | E-mail
Eloro Acquires Strategic Property in James Bay District of Northern Quebec - More
- July 13, 2006 | Item | E-mail
Augyva Announces Completion of $1,2 Million Private Placement Financing - More
- July 13, 2006 | Item | E-mail
ValGold Resources Ltd., Announces Underwritten Private Placement - More
- July 13, 2006 | Item | E-mail
Drake Gold Resources Inc. Advances with the Acquisition of the Jackpot Placer Gold Project in Arizona with Estimated Gold of $36 Million - More
- July 13, 2006 | Item | E-mail
Copper Ridge Expands Copper Ace Project - More
- July 13, 2006 | Item | E-mail
Pele Mountain Enters Agreement to Sell Attawapiskat River Diamond Project to KWG Resources - More
- July 13, 2006 | Item | E-mail
Grandview Gold Inc.: Michael Hitch Appointed Interim CEO - More
- July 13, 2006 | Item | E-mail
Sea Green Capital Corp. to Commence Quebec Drilling, Awaiting Ogden, Ontario Drill Results - More
- July 13, 2006 | Item | E-mail
Wildcat Exploration Ltd. Grants 1,125,000 Options - More
- July 13, 2006 | Item | E-mail
Pioneer Responds to NovaGold's Statements Regarding the Grace Project - More
- July 13, 2006 | Item | E-mail
Farallon Resources Announces $30 Million Financing for Underground Exploration and Ongoing Work Programs at its Campo Morado Project in Guerrero State, Mexico - More
- July 13, 2006 | Item | E-mail
Altius Minerals Corporation: New High Grade Copper-Gold Zone Identified at the Rambler Project - More
- July 13, 2006 | Item | E-mail
Yukon Resources Initiates First Phase Exploration Program on its Highly Prospective Sagar Property - More
- July 13, 2006 | Item | E-mail
MetalCORP; DRILLING Commences on STRONG Off-Hole EM Conductor at BIG LAKE Cu-Zn-Ag-Au Discovery - More
- July 13, 2006 | Item | E-mail
Semafo Inc. announces closing of $25,625,000 bought deal financing - More
- July 13, 2006 | Item | E-mail
Exeter Discovers New High Grade Gold Vein at La Cabeza - More
- July 13, 2006 | Item | E-mail
GFM Completes Initial Atexcaco Drilling - More
- July 13, 2006 | Item | E-mail
Argentex drills 10.8 meters of 11% lead-zinc, 177 ppm indium in polymetallic massive sulphide at Pinguino, Argentina - More
- July 13, 2006 | Item | E-mail
Report on Drill Discoveries at Elmtree, New Brunswick - More
- July 13, 2006 | Item | E-mail
Franklin Mining Announces Cerro Rico Second Vein Shows Potential Reserves of Over 7 Million Ounces of Silver - More
- July 13, 2006 | Item | E-mail
Romarco Signs LOI with Miranda on Red Canyon - More
- July 13, 2006 | Item | E-mail
Skygold Ventures Ltd. and Wildrose Resources Ltd.: Main Zone Width and Depth Potential Expands at Spanish Mountain - More
- July 13, 2006 | Item | E-mail
Harte Gold Corp.: Private Placement - More
- July 13, 2006 | Item | E-mail
Miranda Gold Corp. Signs Letter of Intent to Joint Venture Red Canyon - More
- July 13, 2006 | Item | E-mail
Superior Diamonds and Forum Uranium Form the North Thelon Uranium Joint Venture - More
- July 13, 2006 | Item | E-mail
Osisko Expands Main Gold Zone at Canadian Malartic - More
- July 13, 2006 | Item | E-mail
ECPN Enters into Discussions to Acquire 100% Ownership of El Capitan Property - More
- July 13, 2006 | Item | E-mail
Clifton Financials Released - More
- July 13, 2006 | Item | E-mail
GoldSpring, Inc. Reaches Settlement With Second Defendant in State Court Lawsuit - More
- July 13, 2006 | Item | E-mail
Consolidated Gold Win Nevada Gold and Copper Property Exploration update - Elko County, Nevada - More
- July 13, 2006 | Item | E-mail
Pacific Rim Announces 2006 Year-End Results - "Pacific Rim's exploration emphasis during fiscal 2006 was to expand the El Dorado project through the delineation of the South Minita gold zone which was discovered during the previous fiscal year. The 18-month long South Minita delineation drill program culminated in June 2006, subsequent to the Company's 2006 fiscal year end, with the announcement of an updated resource estimate for the El Dorado gold project. The impetus for the updated resource estimate was primarily to quantify the gold and silver ounces at the South Minita deposit." More
- July 13, 2006 | Item | E-mail
Canyon Completes Technical Report Detailing Estimate of Mineralized Material at Briggs - "Canyon Resources Corporation, a Colorado-based mining company announced completion this week of a Technical Report on its Briggs Mine Project in Inyo County, California, detailing a current estimate of the mineralization at the property. This is an estimate of the currently known in-situ mineralization in the Briggs deposit within the current mine permit boundary and does not include satellite deposits such as Jackson and Cecil R." More
- July 13, 2006 | Item | E-mail
Newmont sells Sumatra gold mine to Australia's Agincourt - "The Indonesian unit of U.S. mining giant Newmont Mining Corp. has sold the Martabe gold mine on Sumatra island to Australia's Agincourt Resources Ltd for $76.5 million, Newmont said. Denver-based Newmont said in April it had decided to sell the Martabe gold mine because its gold deposits were deemed unprofitable." More
- July 13, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 July, 2006 | |
