-- Posted 14 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $666.30 | +$13.80 | +5.33% |
Silver | $11.47 | +$0.03 | +0.79% |
XAU | 145.05 | +1.72% | -0.14% |
HUI | 340.18 | +1.52% | +0.23% |
GDM | 1056.54 | +1.51% | -0.17% |
JSE Gold | 3254.07 | +0.78% | -2.37% |
USD | 86.15 | +0.32 | +1.35% |
Euro | 126.41 | -0.50 | -1.40% |
Yen | 86.08 | -0.67 | -1.86% |
Oil | $77.03 | +$0.33 | +3.97% |
10-Year | 5.059% | -0.012 | -1.42% |
Bond | 107.46875 | UNCH | +0.61% |
Dow | 10739.35 | -0.99% | -3.17% |
Nasdaq | 2037.35 | -0.82% | -4.35% |
S&P | 1236.20 | -0.49% | -2.31% |
The Metals:
CoT Reports Released: Gold | Silver
Gold rose over $10 to about $665 in Access trade late yesterday before it fell back off a bit to trade near $660 in Asia and London, but it then added to its gains in New York and closed near its high of the session with a gain of 2.11%. Silver rose to over $11.60 in Access trade late yesterday and traded between $11.60 and $11.70 in Asia and London, but it then fell off throughout most of trade in New York and ended near its lows with only a slight gain.
Euro gold rose to about €525, platinum gained $2 to $1,247, palladium lost $1 to $324, and copper rose over 10 cents to above $3.70.
Gold and silver equities jumped about 2% higher at the open, but they then fell off to near unchanged by early afternoon before a rally into the close that left them with about 1.5% gains on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | June | -0.1% | 0.4% | 0.1% |
Retail Sales ex-auto | June | 0.3% | 0.3% | 0.7% |
Import Prices | June | 0.1% | 0.4% | 1.7% |
Import Prices ex-oil | June | 0.4% | - | 0.6% |
Export Prices | June | 0.8% | - | 0.6% |
Export Prices ex-ag. | June | 0.6% | - | 0.6% |
Michigan Sentiment | July | 83.0 | 85.5 | 84.9 |
Business Inventories | May | 0.8% | 0.4% | 0.7% |
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 -
All of this week’s economic reports:
Next week’s economic highlights include PPI and Net Foreign Purchases on Tuesday, CPI and housing data on Wednesday, and the Philadelphia Fed survey and FOMC minutes on Thursday. Bernanke will also be speaking before both houses of congress on Wednesday and Thursday to testify on monetary policy.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to as high as 78.40 in electronic trading on escalating geopolitical worries before it fell off a bit, but it still ended at a new record closing high.
The U.S. dollar index rose despite mostly disappointing economic data as the Bank of Japan rose interest rates but indicated only a slow pace of future rate hikes.
Treasuries remained near unchanged as traders digested gains from earlier in the week. The yield on the 10-year fell to a 1 month low.
The Dow, Nasdaq, and S&P again fell throughout most of trade on geopolitical worries. Poor earnings and disappointing economic data also contributed to selling pressure.
Among the big names making news in the market Friday were D.R. Horton, Samsung, Petco, Rosneft, GE, Texas Pacific, and EMC.
The Commentary:
“Yesterday The Gold Cartel was stuffed in the physical market, but stayed all over the gold shares, which they seem to control at their whim. The reason is they don’t have the opposition they have in the physical market, which is all the foreign buyers who want to accumulate bullion. Worse, The Gold Cartel has actually recruited gold funds to assist them, as these funds loan out their shares to be shorted into the market by the cabal forces. Is that bizarre and corrupt, or what! …
There are a number in the GATA camp, like myself, which believe the gold price is going to go bananas one day, like soaring $80 in a single trading session ... most likely while we are asleep in the States. The shares will go berserk overnight, quickly doubling in price. Those not onboard will find it hard to buy in, or buy back in, as most will not wish to pay way up to do so.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 13.6 at 668. This was 6 up from the low and 1 off the high.
July Silver finished up 0.045 at 11.45, 0.18 off the high and equal to the low.
The gold market started out firm, added to the early gains and for a change only showed minimal corrective action into mid session. In fact, the August gold actually managed to make a new high after 12:00 and that suggests to us that a number of traders weren't the least bit discouraged by the run up in prices and the potential overbought status of the metals markets. It is also pretty clear that the flight to quality buying interest off the heightening tensions in the Middle East was providing the lion's share of the buying interest. Pounding home the idea that the gold market is rising strictly off flight to quality ideas, is the fact that gold maintained a positive track despite a rising Dollar and despite softer than expected US economic readings from the US!
The silver market was simply unable to follow gold higher and was also unable to manage a rise above the week's high. With the gold market getting a full bullish kick from the fight to quality theme and the silver market lagging on that focus, one has to think that the slackening macro economic environment is holding back or discouraging would-be buyers. With the US retail sales and Michigan sentiment readings both soft and the US equity market in a hard dive it is not surprising to see commodity with physical demand issues in a conflicted position. While some might suggest that the price action this week was still mostly positive the loss of upside momentum in the silver could become progressively more important next week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Surge in gold options above $1,000 hints at hedge fund interest
The Statistics:
As of close of business: 07/13/2006
Gold Warehouse Stocks: | 8,065,346 | +34,802 |
Silver Warehouse Stocks: | 101,971,699 | - 24,993 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 387.56 | 12,460,424 | US$ 8,092m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.22 | 2,514,993 | US$ 1,670m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,662 | US$ 205m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.88 | 349,976 | US$ 227m |
Note: Changes in Total Tonnes from yesterday’s data: NYSE added 3.09, LSE subtracted 0.01, and JSE subtracted 0.01.
COMEX Gold Trust (IAU)
Profile as of 07/13/2006 | |
Total Net Assets | $863,295,720 | 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 07/13/2006 | |
Total Net Assets | $1,062,094,600 | 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:
Coeur d'Alene’s (CDE) silver project in Bolivia, NovaGold’s (NG) drilling, Bema Gold’s (BGO) transfer to the NYSE, and AngloGold Ashanti’s (AU) agreement with Antofagasta PLC were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Cumberland | CLG +7.82% $4.55 |
2. Kimber Resources | KBX +4.27% $2.20 |
3. Almaden Minerals | AAU +3.7% $2.52 |
LOSERS
1. Vista Gold | VGZ -3.42% $9.59 |
2. ASA (Bermuda) Ltd. | ASA -2.32% $62.76 |
3. Cardero Resource | CDY -2% $1.96 |
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:
Erdene Announces Closing of Flow-Through Financing for East Coast Coal Project - More
- July 14, 2006 | Item | E-mail
Aurora Gold Corporation Announces Initial Drilling Results From the Attacadau Gold Occurrence on the Sao Domingos Gold Property - More
- July 14, 2006 | Item | E-mail
Molycor Gold Corp.: New Claim Blocks in Nevada-20' Sample Averages 10.6 Ounces Silver - More
- July 14, 2006 | Item | E-mail
Etruscan reports second quarter results - More
- July 14, 2006 | Item | E-mail
AfriOre reports financial results for the three months ended May 31, 2006 - More
- July 14, 2006 | Item | E-mail
Correction to Notice of Meeting and Management Information Circular - More
- July 14, 2006 | Item | E-mail
Bison Gold Exploration Inc. Announces Drill Program - More
- July 14, 2006 | Item | E-mail
Threegold Announces Completion of Share Distribution by Dianor and Options to Acquire two Exploration Properties in Quebec - More
- July 14, 2006 | Item | E-mail
Galantas Gold Corporation Announces Private Placement - More
- July 14, 2006 | Item | E-mail
Exercise of Warrants Nets Continental $7.35 Million - More
- July 14, 2006 | Item | E-mail
Update on Summer 2006 Mineral Exploration Programs in Ontario and Nevada - More
- July 14, 2006 | Item | E-mail
NovaGold Completes Condemnation Drilling on Pioneer Grace Claims - "NovaGold Resources Inc. has completed a systematic condemnation drilling program in the area of a proposed Galore Creek tailings site located on a portion of the Grace subsurface mineral claims. This drilling was completed as a follow-up to exploration drilling completed in 2004 and 2005 which was designed to test primarily geophysical targets selected in collaboration with management of Pioneer Metals." More
- July 14, 2006 | Item | E-mail
Bema Gold Chooses VDM Specialists for Its Transfer to the NYSE - "Bema Gold Corporation is pleased to announce that its common shares will begin at trading this morning on the New York Stock Exchange ("NYSE") under the ticker symbol BGO. To commemorate the listing, Clive Johnson, Chairman, CEO, and President, will be ringing the NYSE opening bell at 9:30 am EST (6:30 am PST)." More
- July 14, 2006 | Item | E-mail
Bema's Shares Commence Trading on the New York Stock Exchange - "Bema Gold Corporation is pleased to announce that its common shares will begin at trading this morning on the New York Stock Exchange under the ticker symbol BGO. To commemorate the listing, Clive Johnson, Chairman, CEO, and President, will be ringing the NYSE opening bell at 9:30 am EST (6:30 am PST)." More
- July 14, 2006 | Item | E-mail
AngloGold Ashanti Signs Heads of Agreement With Antofagasta PLC - "AngloGold Ashanti is pleased to announce the signing of a Heads of Agreement with LSE-listed Antofagasta PLC to jointly explore a highly prospective belt in Southern Colombia for new gold and copper deposits. AngloGold Ashanti will include all of its mineral applications, contracts, and third-party contracts within the area of interest in the new joint venture." More
- July 14, 2006 | Item | E-mail
Coeur to start building Bolivia silver project - "The company says San Bartolome mine is on track to begin producing an expected 8 million ounces of silver per year by the end of 2007. The company's plant will also process the metals reaped by seven mining cooperatives in Potosi, a historically silver-rich city, which the government said would expand the project's benefits to a quarter of the city's 120,000 inhabitants." More
- July 13, 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 14 July, 2006 | |
