-- Posted 28 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $635.30 | +$1.90 | +2.52% |
Silver | $11.28 | -$0.04 | +4.74% |
XAU | 141.62 | +3.18% | +6.13% |
HUI | 330.21 | +3.42% | +6.62% |
GDM | 1050.49 | +3.21% | +7.86% |
JSE Gold | 2938.82 | -2.23% | -2.63% |
USD | 85.44 | -0.42 | -0.56% |
Euro | 127.54 | +0.69 | +0.56% |
Yen | 87.12 | +0.88 | +1.29% |
Oil | $73.24 | -$1.26 | -1.60% |
10-Year | 4.990% | -0.050 | -1.09% |
Bond | 108.28125 | +0.5625 | +0.52% |
Dow | 11219.70 | +1.07% | +3.23% |
Nasdaq | 2094.14 | +1.93% | +3.65% |
S&P | 1278.55 | +1.22% | +3.08% |
The Metals:
CoT Reports: Gold | Silver
Gold rose close to $640 in early Asian trade but quickly fell back near $630 heading into London which took the price near $625 by the New York open. Gold then quickly rebounded to above $635 and remained near its highs into the close to end with a gain of 0.30%. Silver traded in a relatively tight range on either side of unchanged throughout trade in Asia, London, and New York and ended near the low of that range with a loss of 0.35%.
Euro gold remained just under €500, platinum lost $6 to $1,215, palladium lost $7 to $307, and copper gained nearly 10 cents to above $3.50.
Gold and silver equities rose over 1% at the open before briefly dipping a bit, but they soon resumed their upward trend and gained throughout the session to end with over 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q2 | 2.5% | 3.0% | 5.6% |
Chain Deflator | Q2 | 3.3% | 3.4% | 3.1% |
Employment Cost Index | Q2 | 0.9% | 0.8% | 0.6% |
Michigan Sentiment | July | 84.7 | 83.0 | 83.0 |
The price index for personal consumption rose 4.1%. The PCE price gauge excluding food and energy climbed 2.9%. These are very high inflation numbers, but everyone seemed to ignore them and concentrated on the weak GDP growth which raised hopes for a pause by the fed in hiking interest rates.
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All of this week’s economic reports:
Next week’s economic highlights include Chicago PMI on Monday, Personal Income and Spending, Construction Spending, and the ISM Index on Tuesday, Initial Jobless Claims, Factory Orders, and ISM Services on Thursday, and July’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on easing geopolitical worries in the Middle East and on speculation that demand may fall off after a weaker than expected GDP report.
The U.S. dollar index fell and treasuries gained markedly after GDP came in weaker than expected and reduced chances for further interest rate hikes by the fed. The yield on to 10-year fell under 5% for the first time in 6 weeks.
The Dow, Nasdaq, and S&P rose throughout trade and ended with impressive gains on hopes for a fed pause.
Among the big names making news in the market Friday were Inco, FalconBridge, Phelps Dodge, Wal-Mart, Chevron, and Bank of America.
The Commentary:
“The most nauseating part of the day was watching the HUI and XAU begin to drop when gold and silver were near the highs of the day ... for no apparent reason again. This is beyond revolting. Time and time again we see The Gold Cartel hit the shares when they are having trouble containing the gold price. It is the oft-mentioned smoke signal to the traders of the world that the hypocritical bullies of the financial world were not going to let the gold price go any higher and that if you stay with your gold/silver share positions, they would punish you…
It is clear to me that these lowlife bums are DESPERATE. They must be to be this blatant. Their manipulation plays are becoming more obvious every week. In a sense they have come out of the closet about their manipulation for anyone who has the brain the size of a grapefruit. This suggests they are on their last legs. WHICH MEANS, at some point in the near future the gold and silver shares are going to go nuts. Yes, it could be later than I think but it is INEVITABLE.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 2.3 at 634.8. This was 9.8 up from the low and 1.7 off the high.
The gold market was pushed and pulled by a number of forces on Friday. With the Dollar falling sharply and reports of 97 rockets fired by Hezbollah into Israel there was certainly cause for flight to quality buying. However, with the US and UK leaders seemingly pushing for a quick cease fire and the oil market sliding aggressively some in the bull camp were concerned enough to bank profits on the highs Friday morning. While the softer than expected US GDP reading prompted some to speculate that the US Fed was going to pause in August others were concerned about too much slowing. In a supportive development, the Press out of London remarked that Central Bank gold sales were mostly running below the allowable limits and seeing that source of supply limited would be considered an extremely critical development. In the end the sharp slide in the Dollar and prospect for even more declines in the Dollar seemed to underpin the gold market against periodic weakness in silver and platinum prices.
While the silver market attempted to follow the positive early lead from the gold market, the silver simply lacked the bullish look of the gold market in the action Friday. We would have expected the sharp gains in the copper market and the sharp gains in the US equity market to have lifted silver but in the end it was a difficult to be upbeat on future physical demand as that GDP reading was much softer than most expectations. Traders will be watching exchange stocks closely for any sign that stocks are set to fall to the lowest levels since early 2005, as that might be just the catalyst to spark talk of good ongoing physical demand.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Grandich injects 'gold cartel' into CBSMarketWatch report
The Statistics:
As of close of business: 07/27/2006
Gold Warehouse Stocks: | 8,104,275 | - |
Silver Warehouse Stocks: | 100,611,439 | -1,255,780 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 384.78 | 12,371,022 | US$ 7,903m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.21 | 2,514,604 | US$ 1,593m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.69 | 311,124 | US$ 197m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.01 | 353,898 | US$ 217m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 2.78 tonnes.
COMEX Gold Trust (IAU)
Profile as of 07/27/2006 | (Most recent basket) |
Total Net Assets | $854,916,209 | 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 07/27/2006 | (Most recent baskets) |
Total Net Assets | $1,025,333,419 | 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:
Earnings from Richmont Mines (RIC) and Centerra Gold (CG.TO) and Northern Dynasty’s (NAK) completed $87.5 million financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Cambior Inc. | CBJ +11.03% $3.02 |
2. Cardero Resource | CDY +10.46% $1.69 |
3. Cumberland | CLG +8.16% $4.77 |
LOSERS
1. U.S. Energy | USEG -1.45% $4.08 |
2. Arizona Star | AZS -1.40% $11.25 |
3. Kimber Resources | KBX -0.45% $2.23 |
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:
Northern Dynasty Completes $87.5 Million Financing - "Northern Dynasty Minerals Ltd., announces the completion of the sale of 8.745 million common shares of the Company to Kennecott Canada Explorations Inc., an affiliate of Rio Tinto Plc, for proceeds of 87.5 million. As announced on June 27, 2006 the transaction represents the acquisition by Kennecott, through an affiliate, of approximately 9.9% of Northern Dynasty." More
- July 28, 2006 | Item | E-mail
Columbia Metals Corporation Limited retains Renmark Financial Communications Inc. - More
- July 28, 2006 | Item | E-mail
Moto Goldmines Limited: Further Significant Results From Ongoing Extension and Infill Diamond Drill Programme - More
- July 28, 2006 | Item | E-mail
Louvem Reports its Results for the Second Quarter 2006 - More
- July 28, 2006 | Item | E-mail
Canadian Shield Appoints Officers - More
- July 28, 2006 | Item | E-mail
Quaterly Update on Activities on Palmarejo Silver and Gold Projects - More
- July 28, 2006 | Item | E-mail
Opawica Explorations Inc.: Atikwa Lake Property, Ontario - More
- July 28, 2006 | Item | E-mail
Richmont Mines Reports Net Earnings of $473,951 for the Second Quarter 2006 - "Richmont Mines reports net earnings of $473,951, or $0.02 per share for the three-month period ended June 30, 2006, compared with a net loss of $1,170,297 or $0.07 per share for the same period in 2005. The difference of $1,644,248 results primarily from the inclusion of $514,166 as tax revenues and the reduction of stock-based compensation in 2006, compared with a tax expense of $428,213 and a further expense of $769,751 for stock-based compensation charges reported in the second quarter of 2005." More
- July 28, 2006 | Item | E-mail
Unico, Inc. Announces Continued Progress on Reconstruction of Mill and Processing Facility at Deer Trail Mine - More
- July 28, 2006 | Item | E-mail
GenX Resource Corp. Announces Property Details, Begins Trading on OTC - More
- July 28, 2006 | Item | E-mail
Drilling begins on Marum-San Gold Strike Point Property - More
- July 28, 2006 | Item | E-mail
NioGold names Lafleur as Chairman - More
- July 28, 2006 | Item | E-mail
AuEx Ventures, Inc.: Drilling Commences at Long Canyon Project & Grouse Creek Project Acquired - More
- July 28, 2006 | Item | E-mail
Acquisition of three new resource development projects - More
- July 28, 2006 | Item | E-mail
Centerra Gold Reports Second Quarter Earnings of US$0.13 per Share - "Centerra Gold Inc. today reported second quarter net earnings of $29.0 million ($0.13 per common share), up significantly from net earnings of $15 million ($0.07 per common share) in the same quarter of last year. The Company implemented a 3-for-1 share split by way of a stock dividend effective June 1, 2006 which is reflected in all current and historic per share metrics in this release." More
- July 28, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 July, 2006 | |
