-- Posted 20 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $631.40 | -$10.40 |
Silver | $10.97 | -$0.07 |
XAU | 137.54 | -4.38% |
HUI | 319.95 | -4.75% |
GDM | 999.89 | -4.19% |
JSE Gold | 3144.35 | -3.93% |
USD | 86.24 | -0.25 |
Euro | 126.42 | +0.40 |
Yen | 85.62 | -0.01 |
Oil | $73.00 | +$0.34 |
10-Year | 5.028% | -0.031 |
T-Bond | 107.90625 | +0.3125 |
Dow | 10928.10 | -0.76% |
Nasdaq | 2039.42 | -1.98% |
S&P | 1249.13 | -0.85% |
The Metals:
Gold traded between $635 and $645 in Asia and London before it fell off in late New York trade and ended near its lows of the session with a loss of 1.62%. Silver remained near $11 in Asia and London before it rose to over $11.25 in late morning New York trade, but it also fell off into the close and ended near its lows with a loss of 0.63%.
Euro gold fell under €500, platinum lost $8 to $1,208, palladium lost $6 to $304, and copper fell nearly 25 cents to under $3.50.
Gold and silver equities fell off throughout trade and ended over 4% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/15 | 304K | 320K | 334K |
Leading Indicators | June | 0.1% | 0.2% | -0.6% |
Philadelphia Fed | July | 6.0 | 12.0 | 13.1 |
Bernanke’s testimony today did not vary greatly from yesterday’s testimony. FOMC Minutes from their June 29th meeting showed concern over inflation, but members felt a slowing economy would keep it under control. The minutes also showed that they were uncertain about future rate hikes and would need to wait for more economic data between then and the next meeting to decide on future actions. There are no major economic reports due out tomorrow.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil started off slightly higher before falling to find minor losses by midday, but it then rallied into the close to end with a small gain as traders continued to digest yesterday’s inventory reports and kept an eye on developments in the Middle East.
The U.S. dollar index continued to drop in further reaction to yesterday’s Bernanke testimony and then dropped further following the economically disappointing Philadelphia Fed report and FOMC minutes which showed uncertainty about future interest rate hikes.
Treasuries started off the day lower, but then rose to find slight gains after the release of the economically disappointing Philadelphia Fed report. The yield on the 10-year fell to new 1 month lows.
The Dow, Nasdaq, and S&P remained near unchanged to slightly lower in morning trade and then extended those losses in afternoon trade to end notably lower on the day as mostly disappointing earnings dragged the indices lower.
Among the big names making news in the market today were Amgen, Gilead Sciences, Microsoft, Google, AMD, Gregory Reyes, Intel, Apple, Toyota, Nasdaq, Ford, Pfizer, Wachovia, and D.R. Horton.
The Commentary:
“Planet Wall Street received what it wanted from Fed Chairman Bernanke in his prepared statement for Congress. It confirmed the MIDAS analysis for months that the Fed would talk, talk, bluff, bluff and do nothing in the end. In essence, the Fed has surrendered in their inflation fight to the surprise of no one on Planet GATA. It was only a matter of time as the mid-term US elections are fast approaching and the number one priority of the Bush Administration is to keep the US stock and real estate markets from falling apart.
By caving on inflation this morning, it gave the BIG MONEY gold buyers all they wanted to hear. The Fed has admitted they are in a box and will err on the side of too much inflation, versus actually dealing with it. Gold went bonkers on this news, rallying ferociously ($18+), making new high after new high. It is important to note that gold rarely trades in this fashion. For it to pop so much after its recent two day bombing is more than noteworthy.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
"August Gold closed down 10.3 at 632.5. This was 2.9 up from the low and 11.5 off the high.
July Silver finished down 0.05 at 11.005, 0.215 off the high and equal to the low.
Gold closed lower today despite further declines in the US Dollar, as spec selling emerged with declines in copper and crude oil prices fell. Where earlier in the week gold fell on long liquidation that was sparked by gains in the dollar and yesterday the market recovered on Dollar losses, today gold seems to be biding time. Even though the market may have dodged a bullet with the US Fed not acting hawkish towards inflation, strong economic numbers out of China earlier in the week have raised concerns about a possible attempt to slow that economy. So far it does not appear that the flight-to-quality impulse has returned to the market, despite ongoing conflict in the Middle East.
Silver closed weaker today as well, although it did move above yesterday's highs late in the session only to sell off into the close. The better US economic readings earlier in the week conflict with Mr. Bernanke's comments that the Fed is expecting cooler growth, and there are concerns that China may try to slow their economy after 2nd Quarter growth readings earlier in the week posted their strongest gains since the 1990s."
GATA Posts:
Israel Friedman: Physical silver, yes; speculation, no
The Statistics:
As of close of business: 07/19/2006
Gold Warehouse Stocks: | 8,064,858 | - |
Silver Warehouse Stocks: | 102,884,877 | +153,362 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 387.56 | 12,460,424 | US$ 7,993m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.22 | 2,514,826 | US$ 1,584m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,641 | US$ 195m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.88 | 349,953 | US$ 224m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 07/19/2006 | |
Total Net Assets | $867,430,466 | Ounces of Gold
in Trust | 1,352,254.362 |
Shares Outstanding | 13,600,000 | Tonnes of Gold
in Trust | 42.06 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 07/19/2006 | |
Total Net Assets | $961,450,756 | 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:
Kimber Resources’ (KBX) new CFO, NovaGold’s (NG) condemnation drill results, Canyon Resources’ (CAU) Mining Lease and Option to Purchase unpatented mining claims, Golden Star’s (GSS) exploration results, and Banro’s (BAA) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN +0.63% $8.05 |
2. Almaden Minerals | AAU +0.42% $2.37 |
3. Banro Corp. | BAA +0.10% $9.97 |
LOSERS
1. Harmony Gold | HMY -7.42% $14.34 |
2. DRDGOLD | DROOY -7.28% $1.40 |
3. Royal Gold | RGLD -5.99% $27.76 |
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:
Kimber appoints new Chief Financial Officer - "Kimber Resources is pleased to report the appointment of Gordon Cummings as Chief Financial Officer for the Company, effective July 18, 2006. As the Company continues to grow, it has increased its monthly exploration expenditure to a level in excess of C$1,000,000. This increased activity, combined with the growing regulatory requirements of a public company listed in both Canada and the U.S., has highlighted the need for a full-time CFO. Mr. de Visser, who has acted as part-time CFO since January 2004, has provided important leadership and financial guidance to the Company throughout his time with Kimber." More
- July 20, 2006 | Item | E-mail
Richview Resources Inc. Completes $1.75 Million Equity Private Placement - More
- July 20, 2006 | Item | E-mail
NovaGold Reports Condemnation Drill Results on Pioneer Grace Claims - "NovaGold Resources Inc. is pleased to report the results of its recently completed 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 on the Grace property which showed no economically significant copper and gold mineralization in the area." More
- July 20, 2006 | Item | E-mail
Goldcliff Resource Corporation: Plug Project-Phase I Exploration Completed - More
- July 20, 2006 | Item | E-mail
Goldbelt announces award of 9 new exploration licenses in Burkina Faso which replace the previous Belahouro exploration permit - More
- July 20, 2006 | Item | E-mail
Reunion Gold Corporation Provides an Update on the Antino 1 Project and Announces its Financial Results for the Year Ended March 31, 2006 - More
- July 20, 2006 | Item | E-mail
Serabi Mining Quarterly Investor Update - More
- July 20, 2006 | Item | E-mail
Aura Gold Inc. to Begin Trading on the Toronto Stock Exchange Tuesday, July 25, 2006 - More
- July 20, 2006 | Item | E-mail
Canyon Announces Option to Acquire the Suitcase and Mineral Hill Deposits in Inyo County, California - "Canyon Resources Corporation, a Colorado-based mining company announces that it has entered into a Mining Lease and Option to Purchase unpatented mining claims associated with the Suitcase and Mineral Hill gold deposits located in Inyo County, California. These claims are located in close proximity to the Company's Briggs Mine." More
- July 20, 2006 | Item | E-mail
Stellar closes $ 275,000 private placement - More
- July 20, 2006 | Item | E-mail
UC Resources Ltd. Intersects High Grade Gold and Silver Upon Completion of Phase II Drilling at Copalquin - More
- July 20, 2006 | Item | E-mail
Freeport outlines Spanish Mountain developments - More
- July 20, 2006 | Item | E-mail
Petaquilla Minerals Ltd.: Private Placement - More
- July 20, 2006 | Item | E-mail
AXMIN Awards SENET the Bankable Feasibility Study at Passendro Gold Project, Central African Republic - More
- July 20, 2006 | Item | E-mail
CORRECTION FROM SOURCE: Petaquilla Minerals Ltd.: Private Placement - More
- July 20, 2006 | Item | E-mail
Trend Reports Positive Progress At All Projects - More
- July 20, 2006 | Item | E-mail
Unico, Inc. Announces Deer Trail Mining Company Agreement With PacifiCorp for Electrical Substation - More
- July 20, 2006 | Item | E-mail
Majescor Expands Land Holdings in Madagascar: Acquires the Besakoa Polymetallic Prospect Plus 3 Other Gold and Base Metal Properties - More
- July 20, 2006 | Item | E-mail
Goldcrest Updates Underground Resource Estimates at its Youanmi Project in Western Australia - More
- July 20, 2006 | Item | E-mail
C.W. Reed, Former Hecla Mining Chief Geologist, Joins Reese Corp. - More
- July 20, 2006 | Item | E-mail
Tagish Lake Gold Appoints Renmark Financial Communications as IR Counsel - More
- July 20, 2006 | Item | E-mail
Franklin Mining Announces Cerro Rico, Three Veins Evaluated to Date Have Potential Reserves of Over 21 Million Ounces of Silver - More
- July 20, 2006 | Item | E-mail
Nuinsco Aggressively Advancing Canadian Nickel Assets - More
- July 20, 2006 | Item | E-mail
Howlett Research Corp. Publishes Research Report on Coral Gold Resources Ltd. - More
- July 20, 2006 | Item | E-mail
Consolidated Gold Win still involved in diamondiferous Mud Lake Prospect - More
- July 20, 2006 | Item | E-mail
Can-Cal Resources Ltd.-Announces High Grade Surface Sample Results at Wikieup Arizona Claims - More
- July 20, 2006 | Item | E-mail
Cambodian Ventures Limited and Brighton Minerals Team Up to Develop Precious Mineral Properties in Cambodia - More
- July 20, 2006 | Item | E-mail
Equal Trading, Inc. to Focus on Gold, Silver and Copper Prospects - More
- July 20, 2006 | Item | E-mail
Golden Star Reports Extensions to Gold Deposits at the Hwini-Butre and Benso Project in Ghana - "Golden Star Resources Ltd. today announced recent exploration results for the Hwini-Butre and Benso projects, which are located to the south of Golden Star's Wassa gold mine in Ghana. The work has indicated three possible new zones on the Benso concession and extended the known mineralization, along-strike and down dip, at the Father Brown and Adoikrom deposits on the Hwini-Butre concession." More
- July 20, 2006 | Item | E-mail
Banro intersects wide zones of gold mineralization from its drilling at Twangiza - "Drill holes were inclined at between minus 51 and 55 degrees and averaged 190 metres in depth with a maximum of 303 metres down the hole. Core recovery for these holes averaged 91% within the mineralized zones. It is estimated that the true widths of the mineralized zones are approximately 80% of the intersected widths in the holes. The mineralized sections are found within a series of feldspar porphyry sills and low grade metamorphic, pelitic meta-sediments along a northerly trending anticlinal structure. The gold mineralization is associated with pyrite and arsenopyrite sulphides within haloes of silicic, carbonate and potassic alteration." More
- July 20, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 July, 2006 | |
