-- Posted 31 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $633.80 | -$1.50 |
Silver | $11.28 | UNCH |
XAU | 141.85 | +0.16% |
HUI | 329.21 | -0.30% |
GDM | 1051.64 | +0.11% |
JSE Gold | 2956.21 | +0.59% |
USD | 85.29 | -0.15 |
Euro | 127.66 | +0.12 |
Yen | 87.16 | +0.04 |
Oil | $74.40 | +$1.16 |
10-Year | 4.988% | -0.002 |
T-Bond | 108.28125 | UNCH |
Dow | 11185.68 | -0.30% |
Nasdaq | 2091.47 | -0.13% |
S&P | 1276.66 | -0.15% |
The Metals:
Gold rose near $640 in Asia before it fell to as low as $628.30 in morning New York trade, but it then rallied back into the close and ended just slightly lower on the day. Silver spiked to near $11.50 in early Asian trade before it fell to under $11.20 in morning New York trade, but it also rallied back into the close and ended unchanged on the day.
Euro gold remained just under €500, platinum gained $8 to $1,223, palladium gained $3 to $310, and copper gained a few cents to about $3.55.
Gold and silver equities fell about 1% in early trade before they rebounded to near unchanged by early afternoon and remained near that level for the rest of trade to end mixed.
The Economy:
Report | For | Reading | Expected | Previous |
Chicago PMI | July | 57.9 | 56.0 | 56.5 |
Of note today are some comments from two fed members. William Poole noted that chances are 50/50 in terms of more interest rate hikes and Janet Yellen said that we are near “the end of the road” in terms of interest rates hikes. Tomorrow at 8:30AM EST brings Personal Income for June expected at 0.6% and Personal Spending expected at 0.4%. At 10AM are Construction Spending for June expected at 0.1% and the ISM Index for July expected at 53.5.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose more than a dollar and natural gas gained about 14% to over $8 on supply concerns as near record heat in many areas of the U.S. boosts demand from people running air conditioners. Concerns over the Middle East and a pipeline burst in Russia also pressured prices.
The U.S. dollar index fell slightly on expectations for a fed pause soon.
Treasuries fell after a stronger than expected Chicago PMI report, but then rebounded to close unchanged on the day after Yellen’s dovish comments.
The Dow, Nasdaq, and S&P traded mostly slightly lower on disappointing earnings and worries over oil and the Middle East.
Among the big names making news in the market today were Magellan and ICORE, UAL, Tyson Foods, Teck Cominco and Inco, United Airlines, HSBC, Humana, Avon, and HCA and Tenet.
The Commentary:
“*The Gold Cartel and PPT have shown their hand and it is a weak one … a desperate one.
*They have also revealed how tenuous the US economy and financial market situation really is. If the developing situation were not so lousy, they would not be stooping to their increasingly obvious tactics to manipulate the price of gold and the gold shares.
*Lower US growth and increasing US inflation are VERY gold bullish. With the Fed caving on fighting US inflation, more and more BIG MONEY investors around the world will want to own physical gold…” - From Friday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed down 0.6 at 634.2. This was 7.2 up from the low and 1.6 off the high.
While the gold market might have been undermined by early rumors of month ending gold sales, the market seemed to absorb that influence and in general shake off the selling pressure. There were some concerns early in the session that a major company might have to liquidate some gold holdings to finance a takeover bid but later in the session that talk was discounted. With the Fed dialogue during the session on US inflation a little more hawkish than was expected, the Dollar did attempt to climb off its lows and that seemed to coincide with the daily lows in the gold market. In other words, the most significant focus of the gold market continues to be the ebb and flow of the US Dollar. We also suspect that a recovery in oil prices and indications that the Israeli attack would continue until their objectives were met rekindled some fresh flight to quality buying in gold.
The silver market managed to forge a range in excess of 25 cents to start the week and at times managed to stay positive in the face of moderate weakness in the gold market. However, platinum and copper prices were steadfastly supportive and that allowed silver to break the grip of the gold market. With oil prices gathering momentum late in the session, the political situation in the Middle still highly charged and the inflation concern in the US rekindled it is possible that the precious metals markets will continue to see a flow of buying interest. Surprisingly the silver market had very little Press coverage of the tightening of stock levels and that really highlights a pre-disposed interest in the silver markets financial fundamentals, instead of the commodity or physical supply fundamentals.” - The Hightower Report, Futures Analysis and Forecasting
A reader’s insightful thoughts as to the reason why mining stocks are underperforming:
“There appears to be about $12 Billion in ETF’s, which was money that chased mining stocks in the past. With that money out of the mining stocks they have become almost "controllable" through highly leveraged short or "naked" short positions. The small investors have shallow pockets, an aversion to big price moves and don't have a clear picture of the long term gold bull or the weakening of the US dollar. They buy strength and sell weakness; educated commodity investors hold a core position, buy weakness and sell portions of their holdings into strength. Most of the people trading today have never seen a real commodity bull market or a bear stock market.
Todd K.”
GATA Posts:
Peter Brimelow: Harry Schultz suspects market manipulation
Former Malaysian prime minister urges dollar boycott to pressure U.S.
The Statistics:
As of close of business: 07/28/2006
Gold Warehouse Stocks: | 8,087,081 | - 17,194 |
Silver Warehouse Stocks: | 99,848,049 | - 763,390 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 384.78 | 12,371,022 | US$ 7,879m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.21 | 2,514,520 | US$ 1,601m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.69 | 311,113 | US$ 198m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.50 | 369,772 | US$ 235m |
Note: Change in Total Tonnes from Friday’s report: The JSE added 0.49 tonnes (15,874 ounces).
COMEX Gold Trust (IAU)
Profile as of 07/28/2006 | |
Total Net Assets | $858,152,212 | 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 Friday’s report.
Silver Trust (SLV)
Profile as of 07/28/2006 | |
Total Net Assets | $1,036,289,303 | 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 Friday’s report.
The Stocks:
Glamis Gold’s (GLG) earnings, U.S. Energy’s (USEG) court ruling, Rubicon’s (RBY) exploration plans, Newmont’s (NEM) water tests, and Mexgold’s (MGR.V) approved business combination with Gammon Lake (GRS) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko Mines | TGB +6.34% $2.85 |
2. Rubicon Minerals | RBY +4.31% $1.21 |
3. Nevsun Resources | NSU +4.1% $3.05 |
LOSERS
1. Cumberland | CLG -4.19% $4.57 |
2. Aurizon Mines | AZK-3.69% $2.4463 |
3. Cambior Inc. | CBJ -2.98% $2.93 |
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:
Franc-Or Announces Completion of Drilling Phase on Mario, Peru Property and Newmont's Election to Forego Further Investments for Russian Projects - More
- July 31, 2006 | Item | E-mail
St Andrew Completes Acquisition of Additional 14% Interest in New Zealand Based Explorer Glass Earth Limited - More
- July 31, 2006 | Item | E-mail
Updates on Jefferson and Opal Spring Properties, Nevada - More
- July 31, 2006 | Item | E-mail
Intrepid Mines Releases 4th Quarter Results for June 30, 2006 - More
- July 31, 2006 | Item | E-mail
Wildcat Exploration Ltd. - Extensive Gold-Silver Mobile Metal Ions Soil Geochemical Anomaly Documented - More
- July 31, 2006 | Item | E-mail
Inter-Citic Receives Results From 8 Drill Holes On Dachang East Area. - More
- July 31, 2006 | Item | E-mail
Yamana Gold Second Quarter Financial Results Notification and Conference Call - "YAMANA GOLD INC. announces that the second quarter 2006 financial results will be released after market close on August 8, 2006. A conference call and audio webcast has been scheduled for August 9, 2006 at 10:00 a.m. E.S.T. to discuss the results." More
- July 31, 2006 | Item | E-mail
Continental Minerals Corporation and Great China Mining Inc.: Exploration Drilling Begins on Major New Copper-Gold Zone - More
- July 31, 2006 | Item | E-mail
Simberi Mining Corporation: Press Release - More
- July 31, 2006 | Item | E-mail
Liberty Finds 19.46m of 1.1% Cobalt and 0.77% Copper at McAra Lake - More
- July 31, 2006 | Item | E-mail
Mexgold Shareholders Overwhelmingly Approve Business Combination with Gammon Lake Resources - "99.84% of Votes Cast by Shareholders and Option Holders, and 99.73% of Votes Cast by Mexgold Minority Shareholders were Voted in Favour of the Transaction." More
- July 31, 2006 | Item | E-mail
American Bonanza Expands Quebec Properties in Potential New Mining Camp - More
- July 31, 2006 | Item | E-mail
/C O R R E C T I O N From Source - Gabriel Resources Ltd. - Amended Second Quarter Report/ - More
- July 31, 2006 | Item | E-mail
Diamond Drilling Continues to Extend Rainbow Two Zone - More
- July 31, 2006 | Item | E-mail
Anglo-Canadian Uranium Corp.: Colorado Uranium Claims Acquired - More
- July 31, 2006 | Item | E-mail
Strong gold price boosts Glamis profit - "The lofty price of gold helped more than triple the second-quarter profits of Glamis Gold Ltd., even as cash costs rose, the company said on Monday. The mid-tier gold miner earned $30.3 million, or 20 cents a share, in the quarter ended June 30, up from $8.2 million, or 6 cents a share, in the corresponding period a year earlier." More
- July 31, 2006 | Item | E-mail
Condor Options its Cristal Porphyry Copper Project - More
- July 31, 2006 | Item | E-mail
Troy Resources NL: Quarterly Report for the Three Months Ending 30 June 2006 - More
- July 31, 2006 | Item | E-mail
Unico, Inc. Announces Form 4 Filing on Purchase of 20 Million Shares of Common Stock by Chairman - More
- July 31, 2006 | Item | E-mail
Normabec Closes a $1,000,000 Private Placement - More
- July 31, 2006 | Item | E-mail
Manicouagan Minerals closes acquisition of the Lac Maugue Copper/Silver property in the Labrador Trough, Quebec and commences field work - More
- July 31, 2006 | Item | E-mail
Moto Goldmines Limited: Quarterly Report for the Period Ended 30 June 2006 - More
- July 31, 2006 | Item | E-mail
Finlay Minerals Ltd. - Commencement of British Columbia Work Programs - More
- July 31, 2006 | Item | E-mail
Medoro Resources Announces the Filing of Amended MD&A - More
- July 31, 2006 | Item | E-mail
Mediterranean expands current drilling campaign - adds 4th drill to focus on Tac property - More
- July 31, 2006 | Item | E-mail
Reese Corp. Closes $1.5 Million Above-Market Financing - More
- July 31, 2006 | Item | E-mail
Battle Mountain Royalty Update -- Dolores Pit Gold Reserves Increase 24.9 Percent - More
- July 31, 2006 | Item | E-mail
Orbite : Grande-Vallée red clay deposit INRS study results - More
- July 31, 2006 | Item | E-mail
Apogee Intersects High Grade Silver at Paca Open Pit Target - More
- July 31, 2006 | Item | E-mail
Aberdeen Receives Increased Second Quarter Royalty Payment from Simmers - More
- July 31, 2006 | Item | E-mail
Sao Luis Mining, Inc. Announces Formation of Joint Venture Company - More
- July 31, 2006 | Item | E-mail
Probe Mines to Begin Drilling Norway Lake Base Metal Project, Northwestern Ontario - More
- July 31, 2006 | Item | E-mail
AGA Resources, Inc. Appoints New Chairman and Vice Chairman - More
- July 31, 2006 | Item | E-mail
CMQ Secures Additional Lands at Vasquir, Nevada - More
- July 31, 2006 | Item | E-mail
Wildcat Exploration Enters Into Investor Relations Agreement - More
- July 31, 2006 | Item | E-mail
U.S. Energy Corp. Reports Affirmation of Lower Court Ruling on Mt. Emmons Patent Claims Litigation by Federal Appeals Court - "U.S. Energy Corp., a natural resources exploration and development company, today announced that the 10th Circuit Court of Appeals has issued a ruling that reaffirms the validity of patented mining claims at the "Lucky Jack" molybdenum property on Mt. Emmons in southwestern Colorado, which is owned by USEG and its majority-owned subsidiary, Crested Corp." More
- July 31, 2006 | Item | E-mail
Rubicon Outlines Exploration Plans for Red Lake, Ontario - "Through a Plan of Arrangement, Rubicon is carrying out a corporate re-organization which, subject to certain conditions being satisfied, which are specifically described in its Information Circular filed under Rubicon on www.sedar.com, will result in the creation of two new companies to house Rubicon's current Newfoundland and African assets." More
- July 31, 2006 | Item | E-mail
Glamis Gold Reports Second Quarter 2006 Results; Board Approves Penasquito Construction Following Revised Feasibility Study - "Higher total gold sales and realized gold prices per ounce led to increased revenue in the second quarter of 2006, totaling $95.0 million compared to $48.7 million in the second quarter of 2005. Glamis sold 145,468 ounces of gold in the quarter at an average realized price of $624 per ounce. By comparison, the Company sold 112,810 ounces of gold in the corresponding period of 2005 at an average realized price of $430 per ounce." More
- July 31, 2006 | Item | E-mail
Newmont retests water for new evidence in pollution trial - "U.S. mining firm Newmont Mining Corp. will submit new water samples as evidence in a pollution trial against the company's local unit in Indonesia's Sulawesi island, Newmont's spokesman said on Monday. David Sompie, the company's external manager, said water samples were taken last Saturday in four areas around Sulawesi's island Buyat Bay, near a now inactive gold mine that had been operated by Newmont Indonesian unit PT Newmont Minahasa Raya." More
- July 31, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 31 July, 2006 | |
