-- Posted 25 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $617.20 | +$4.30 |
Silver | $10.87 | +$0.04 |
XAU | 139.37 | +2.73% |
HUI | 324.22 | +2.56% |
GDM | 1025.33 | +2.90% |
JSE Gold | 2919.37 | +0.51% |
USD | 86.67 | +0.37 |
Euro | 125.75 | -0.48 |
Yen | 85.29 | -0.26 |
Oil | $73.75 | -$1.30 |
10-Year | 5.065%+ | +0.021 |
T-Bond | 107.5 | -0.21875 |
Dow | 11103.71 | +0.48% |
Nasdaq | 2073.90 | +0.58% |
S&P | 1268.88 | +0.63% |
The Metals:
Gold rose about $5 in Asia and traded at around $620 in London before it fell off throughout most of morning trade in New York to as low as $609.40 at one point, but it then rebounded into the close and ended 0.70% higher on the day. Silver rose in Asia and London to over $11 by early trade in New York before it also fell off throughout most of the rest of morning New York trade to fall to as low as $10.75, but it too was able to rebound into the close to end 0.37% higher on the day.
Euro gold rose over €490, platinum gained $23 to $1,212, palladium gained $1 to $308, and copper rose over 7 cents to above $3.40.
Gold and silver equities remained near unchanged in morning trade before they rallied in afternoon trade and ended over 2% higher on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | July | 106.5 | 104.0 | 105.4 |
Existing Home Sales | June | 6.62M | 6.60M | 6.71M |
Although Home Sales came in a bit better than expected, inventories were shown at 9 year highs and sales fell 1.3% when compared to May’s data. Consumer Confidence also came in better than expected, however, and the net result was an increase in expectations for a rate hike by the fed at their next meeting in August. Tomorrow at 2PM EST brings the fed’s Beige Book.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil started off higher on some refinery outages, but it then fell off about 2% as traders become more confident that the conflict in the Middle East will remain limited to Israel and Lebanon and will not expand to oil producing nations like Iran or Syria. Traders were also preparing for inventory reports due out tomorrow which are expected to show slight draws and in crude and gasoline inventories and a slight build in distillates.
The U.S. dollar index traded lower ahead of today’s economic data which sent it higher on hopes for more interest rate hikes by the fed.
Treasuries fell following this morning’s stronger than expected economic data.
Despite a brief rally from strong Consumer Confidence data, the Dow, Nasdaq, and S&P traded mostly slightly lower on mixed earnings for most of trade until a rally in the last 80 minutes of trade brought all 3 indices decently higher as oil closed at its lows and some of the companies that reported disappointing earnings and/or bad guidance rebounded off of their daily lows.
Among the big names making news in the market today were Sun, Amazon, Corning, Flextronics, UPS, Altria, DuPont, McDonald’s, AT&T, 3M, Colgate-Palmolive, BP, Nissan, Whirlpool, and JetBlue.
The Commentary:
“There is some talk gold is falling due to seasonal factors. Yes, gold has a tendency to sink in July before rallying in the fall. But, this move is totally different, as per the strong action at most of the Fixes. Gold has been forced down via derivatives operations IMO…
All of this recent gold selling nonsense the past three days might be due to an increasing desperation on the part of The Gold Cartel. As oft-said in this column, they can get a tranche of gold here and there to win battles, but they don’t have enough available central bank gold ammunition left to win the war. Demand is more than 1500 tonnes over mine and scrap supply. The Gold Cartel can only get its hands on hundreds of tonnes, not thousands. They went through that kind of stash. The bums are doomed.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 4.8 at 618. This was 8 up from the low and 4.5 off the high.
July Silver finished up 0.025 at 10.895, equal to the high and 0.055 up from the low.
In a rather surprising back and forth session, the gold market started out firm, gave back all the gains and then managed a recovery into mid session. While the Dollar was mostly strong throughout the session it did back off rather significantly from the highs of the day and that seemed to take some of the pressure off the gold market. With the copper and platinum markets higher and holding higher throughout most of the session it seemed like some gold sellers were put off from attacking the market. Certainly seeing the prospect of a 100,000 man Peace Keeping Unit in Lebanon promises to stem the violence and certainly seeing oil prices at times Tuesday down sharply undermined gold from a flight to quality perspective but history suggests that tensions in the Middle East rarely go away easily.
While the silver market failed to correlate with the platinum and copper markets during the early action Tuesday, the market did manage to reject the concentrated selling effort on a number of occasions. It should also be noted that China posted some very impressive silver import figures for the month of June and with Chinese oil imports in the first half of 2006 rising by 15.6% over the prior year it would seem that physical demand from China remains strong. In the near term the silver market looks to maintain a tighter correlation with gold than either platinum or copper and that would seem to suggest that financial considerations are currently more important to the silver trade than are physical supply and demand issues.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 07/24/2006
Gold Warehouse Stocks: | 8,104,275 | - |
Silver Warehouse Stocks: | 102,384,397 | - 500,480 |
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$ 7,545m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.21 | 2,514,687 | US$ 1,555m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.69 | 311,134 | US$ 193m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.88 | 349,938 | US$ 221m |
Note: Change in Total Tonnes from yesterday’s data: LSE subtracted 0.01 tonnes and ASX added 0.03 tonnes.
COMEX Gold Trust (IAU)
Profile as of 07/24/2006 | |
Total Net Assets | $828,304,533 | 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 07/24/2006 | |
Total Net Assets | $981,494,567 | 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:
NovaGold’s (NG) response to Barrick’s (ABX) take-over offer, Almaden’s (AAU) optioned project, Pacific Rim’s (PMU) resource estimate increase, Tanzanian Royalty’s (TRE) sixth tranche of a C$3 million private placement, Endeavour Silver’s (EDR.TO) acquired remaining 49% interest in the Guanacevi Plant, and Minefinders’ (MFN) gold and silver reserve increase were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Bema Gold | BGO +9.56% $5.50 |
2. Yamana Gold | AUY +6.19% $9.61 |
3. Nevsun Resources | NSU +5.95% $2.85 |
LOSERS
1. U.S. Energy | USEG -3.95% $3.89 |
2. Cardero Resource | CDY -3.68% $1.57 |
3. Fronteer | FRG -0.91% $4.35 |
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:
Kalimantan Gold Corporation Limited - Kalimantan Gold Equity Financing Oversubscribed - More
- July 25, 2006 | Item | E-mail
Cash Minerals to Place Second Drill on Lumina Uranium Property - More
- July 25, 2006 | Item | E-mail
UBS Starts Coverage of Silver Miners - West began coverage of Silver Wheaton, Pan American Silver Corp. and Silver Standard Resources Inc. at "Buy" ratings, and Coeur d'Alene Mines Corp. at "Neutral." More
- July 25, 2006 | Item | E-mail
Reese Corp. Acquires 100% Interest in Minera Jeronimo with Their 14,300 Hectares, El Tiliche Gold Project - More
- July 25, 2006 | Item | E-mail
Special Meeting of Cusac Gold Mines Ltd. - More
- July 25, 2006 | Item | E-mail
Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation today declared a regular quarterly dividend of $0.10 per share, payable September 28, 2006 to holders of record at the close of business on September 7, 2006." More
- July 25, 2006 | Item | E-mail
Minera Andes San Jose Project Drilling Expands Kospi Silver/Gold Vein from 250 Meters to 1.3 km - More
- July 25, 2006 | Item | E-mail
NovaGold Criticizes Barrick Offer - "NovaGold management believes that the offer proposed by Barrick dramatically undervalues NovaGold's world-class portfolio of gold and copper assets and would not adequately compensate NovaGold's shareholders for the loss of opportunity to participate in the future growth in the value of the company's assets as they continue to move toward production." More
- July 25, 2006 | Item | E-mail
Almaden Minerals Ltd.: Tuligtic Copper-Gold Project, Mexico Optioned to Pinnacle Mines - "Almaden Minerals Ltd. is pleased to announce that it has optioned its wholly owned Tuligtic project to Pinnacle Mines Ltd., a TSX-V listed exploration and development company, on terms whereby Pinnacle can earn a 60% interest in the Tuligtic project by making property expenditures of US$6 Million and issuing 1,000,000 shares of Pinnacle to Almaden within 6 years of stock exchange approval of the agreement." More
- July 25, 2006 | Item | E-mail
Endeavour Acquires Remaining 49% Interest in Guanacevi Plant, Durango, Mexico Through Purchase of Metalurgica S.A. de C.V. - "The purchase price for 100% of the shares of MG is US$2.2 million, reflecting the US$1.7 million in remaining cash payments, plus the US$252,000 cash held in MG bank accounts, the US$214,000 in plant inventories as of June 30, 2006, an adjustment for MG's 49% share of anticipated profits in 2006 and 2007, and nominal amounts for the plant environmental operating permits and accrued employee bonuses; minus MG's 49% share of capital and operating loans for the plant from Endeavour, and adjustments for their social security, 2006 employee profit sharing and labour liabilities, and corporate and sales taxes as of June 30, 2006." More
- July 25, 2006 | Item | E-mail
Compania de Minas Buenaventura Announces Second Quarter 2006 Conference Call - "Thursday, July 27, 2006 @ 11:00 a.m. EDT (10:00 a.m. Lima time)" More
- July 25, 2006 | Item | E-mail
QGX receives final NI 43-101 report for Baruun Naran coal project - More
- July 25, 2006 | Item | E-mail
Pacific Rim Mining Corp.: El Dorado Resource Estimate Increased With Addition of Nance Dulce Deposit - "Pacific Rim Mining Corp. has amended its 2006 El Dorado project resource estimate (see news release # 06-12 dated June 19, 2006) to include inferred resources that were estimated for the Nance Dulce deposit. The Nance Dulce deposit was discovered in 2004 and is located roughly 4 kilometres south of the Minita and South Minita deposits in the southern part of the El Dorado district." More
- July 25, 2006 | Item | E-mail
Pershimco Ressources Inc.: Exploration Begins on the San Miguel Property in Mexico - More
- July 25, 2006 | Item | E-mail
Olympus Appoints Acting Chief Financial Officer and Vice President, Finance - More
- July 25, 2006 | Item | E-mail
Olympus- Significant Extension Of Strike Length At Phuoc Son - More
- July 25, 2006 | Item | E-mail
CORRECTION FROM SOURCE: ValGold Intersects Deep High-Grade Extension to the J.P. Gold Zone - More
- July 25, 2006 | Item | E-mail
Western Warrior Completes Eppler Lake Drilling Program - More
- July 25, 2006 | Item | E-mail
Ontex Announces the Filing of Amended Disclosure Documents - More
- July 25, 2006 | Item | E-mail
Vencan Closes Second Tranche of $1,164,400 in Financing; Signs Option Agreement with Patricia Mining - More
- July 25, 2006 | Item | E-mail
Exall To Reorganize Oil and Gas Operations - More
- July 25, 2006 | Item | E-mail
Normabec Mining Resources Ltd. Retains Ascenta Capital Partners Inc. to Provide Investor Relations Services - More
- July 25, 2006 | Item | E-mail
Unico, Inc. Begins Operation of Screening Plant on Material at Deer Trail Mine - More
- July 25, 2006 | Item | E-mail
Pearl Asian Mining Industries ''Operation Cagayan De Oro - CDO'' Estimated An Initial Resource of 100,000 Metric Tons Of Gold Ore - More
- July 25, 2006 | Item | E-mail
International Gold Resources Converts Its Remaining Debt into Equity - More
- July 25, 2006 | Item | E-mail
Tribute Minerals Inc.: Early Results of Summer Drill Program Arrow Zone Garnet Lake Property-8.74 Metres of 8.24% Zinc 'T.W.' Incl. 3.42 Metres of 14.9% Zinc 'T - More
- July 25, 2006 | Item | E-mail
ValGold Intersects Deep High-Grade Extension to the J.P. Gold Zone - More
- July 25, 2006 | Item | E-mail
Carmax Explorations Ltd.: Drilling Started on Eaglehead Property - More
- July 25, 2006 | Item | E-mail
Everton Resources Retains Capital Capital Inc. as Investor Relations Consultant - More
- July 25, 2006 | Item | E-mail
Majescor Resources Retains Capital Capital Inc. as Investor Relations Consultant - More
- July 25, 2006 | Item | E-mail
Sabina's Hackett River Assay Update; Strong Stepout Holes Include 11.75m of 12.76% Zinc and 291.4g/T Silver - More
- July 25, 2006 | Item | E-mail
Romarco Drilling Cortez Gold Project - More
- July 25, 2006 | Item | E-mail
Very high gold grade intersected at Pelangio's Detour Lake Block A - More
- July 25, 2006 | Item | E-mail
Avino Completes Acquisition of Cia Minera Mexicana de Avino S.V. de C.A. - More
- July 25, 2006 | Item | E-mail
Semafo Inc. announces closing of a US$20,000,000 debt financing - More
- July 25, 2006 | Item | E-mail
Merrex Gold Cuts 35 Meters of 3.1 g/t Gold in Initial Trenching of West Mali Geochemical Anomalies - More
- July 25, 2006 | Item | E-mail
Michigan Gold Commences Negotiations on Canadian Nickel, Chromium, Copper Property - More
- July 25, 2006 | Item | E-mail
Blue Note Hires Doucet as General Manager of Caribou Mines - More
- July 25, 2006 | Item | E-mail
Consolidated Gold Win Ventures expresses reservations for the management of Mud Lake JV - More
- July 25, 2006 | Item | E-mail
NovaGold Responds to Unsolicited Take-Over Offer by Barrick Gold - "We are disappointed that Barrick has announced this unsolicited, opportunistic offer for NovaGold. Beginning this March NovaGold entered into detailed discussions with Barrick on a potential joint venture on NovaGold's Galore Creek copper-gold project along with in-depth discussion regarding modification of the terms of the Donlin Creek agreement to allow Barrick to earn an additional interest in that world-class gold project under a modified timeline." More
- July 25, 2006 | Item | E-mail
Tanzanian Royalty Chairman to Proceed with Sixth Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair will proceed with the sixth tranche of the private placement announced on January 13, 2005 whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005, of which five tranches have been completed to date." More
- July 25, 2006 | Item | E-mail
Minefinders Corporation Ltd.: Dolores Open Pit Gold and Silver Reserves Increase 24% - "Minefinders Corporation Ltd. reports that the open-pit, fully-diluted reserve base at its 100% owned Dolores gold and silver deposit in Chihuahua, Mexico has increased to 2.45 million ounces of gold and 127.9 million ounces of silver, or 4.48 million ounces of Aueq(i) - an overall increase of 24.9% in contained gold reserve and an increase of 23.5% in contained silver reserve." More
- July 25, 2006 | Item | E-mail
Trade Winds Ventures Intersects 2.60 oz/Ton Gold Over 13.12 Feet and 3.18 oz/Ton Gold Over 8.36 Feet at Detour Lake, Ontario - More
- July 25, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 July, 2006 | |
