-- Posted 4 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $670.80 | +$0.20 |
Silver | $13.64 | -$0.05 |
XAU | 141.93 | -0.34% |
HUI | 342.53 | -0.09% |
GDM | 1088.64 | -0.11% |
JSE Gold | 2740.54 | +0.39% |
USD | 82.04 | -0.28 |
Euro | 134.85 | +0.47 |
Yen | 82.09 | +0.17 |
Oil | $66.21 | +$1.13 |
10-Year | 4.929% | -0.027 |
T-Bond | 108.9375 | +0.40625 |
Dow | 13676.32 | +0.06% |
Nasdaq | 2618.29 | +0.17% |
S&P | 1539.18 | +0.18% |
The Metals:
Gold fell a couple of dollars in Asia before it drifted back near unchanged in London and then rose in late morning New York trade to about $674 at one point, but it then fell back off into the close and ended with a gain of just 0.03%. Silver rose to over $13.75 by late morning, but it also fell back off into the close and ended with a loss of 0.37%.
Euro gold fell near €497, platinum gained $7 to $1,302, palladium lost $2 to $374, and copper rose a few cents to about $3.37.
Gold and silver equities fell about 1% at the open before they rebounded back to unchanged by early afternoon and then fell back off to see about 1% losses again near the close, but they then shot back up in the last minutes of trade and ended with minimal losses.
The Economy:
Report | For | Reading | Expected | Previous |
Factory Orders | Apr | 0.3% | 0.6% | 4.1% |
Tomorrow at 10AM EST brings the ISM Services report for May expected at 55.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose nearly 2% as a tropical cyclone nears the Persian Gulf and raises concerns over potential supply disruptions.
The U.S. dollar index fell ahead of meetings on Wednesday by the European Central Bank and the Bank of England that will likely raise interest rates and indicate more interest rates increases in the future while the fed likely keeps interest rates unchanged in the U.S.
Treasuries rose on concerns over China as the Shanghai Index fell 8.3%.
The Dow, Nasdaq, and S&P opened lower on worries over China, but all three indices rose to find slight gains by the close despite markedly higher oil as well.
Among the big names making news in the market today were Krispy Kreme, Dominion, Palm, Loews, UBS, and Flextronics and Solectron.
The Commentary:
“August Gold finished down 0.6 at 676.3, 3.2 off the high and 1.5 up from the low.
July Silver closed up 0.005 at 13.745. This was 0.035 up from the low and 0.095 off the high.
The gold market showed early strength but seemed to lose its bullish posture as the session progressed. It did seem as if a weaker than expected US Factory Orders report undermined the gold trade, but it is also possible that talk of renewed Central Bank gold sales also served to prompt profit taking. However, the Dollar remained weak but apparently some in the trade were disappointed in the failure to see the June Dollar Index actually extend on the downside. Certainly the gold market was supported by early news that some South African mining Unions were poised to request a 15% wage increase. With gold prices failing to rise in the face of sharp gains in energy prices, it is possible that some recent buyers decided to bank profits, but the test of the vicinity of the $680 level (with the $679.50 high August high) would seem to point to residual bullishness in the marketplace.
While the July silver contract did manage another new high for the move, the fact that the market was unable to decisively hold above the prior close had to be disappointing to some in the bull camp. As suggested in the mid day coverage, the silver market seemed to be supported by the fact that copper prices rose to the highest level since May 16th, but at the same time weakness in equity prices, concern for more near term weakness in the Asian equity markets and softer than expected US scheduled data is certainly dampening the recently revived bullish environment in silver. Some players have suggested that silver needs to see persistent upbeat news from the investment demand front to effectively climb back to the $14.00 level.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Some bank other than ECB, probably Spain, was selling gold heavily
UBS affects to be mystified by gold's loss of correlation
James Turk: Probabilities favor rally for gold and silver
The Statistics:
As of close of business: 6/01/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,497,159 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 477.77 | 15,360,769 | US$ 10,234m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,804 | US$ 1,959m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,361 | US$ 259m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,069 | US$ 274m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 9.55 tonnes in addition to the 4.62 tonnes added on Friday and the ASX added 0.07 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/1/2007 | |
Total Net Assets | $990,770,632 | Ounces of Gold
in Trust | 1,476,628.340 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/1/2007 | |
Total Net Assets | $1,836,886,557 | Ounces of Silver
in Trust | 135,821,754.600 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,224.53 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Tanzanian Royalty’s (TRE) assays, Gammon Lake’s (GRS) appointed COO, Fronteer’s (FRG) increased investment in Latin American Minerals, Orko Silver’s (OK.V) assay results, Endeavour’s (EXK) closed acquisition, Minco Silver’s (MSV.TO) testing, and Coeur’s (CDE) CEO presentation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +11.11% $2.90 |
2. Gammon Lake | GRS +4.15% $14.30 |
3. Mines Management | MGN +3.61% $4.30 |
LOSERS
1. Rubicon | RBY-4.35% $1.76 |
2. Solitario | XPL -4.29% $4.69 |
3. Nevsun | NSU-3.77% $2.30 |
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:
Orko Silver Continues to Hit Major Silver-Gold Intercepts at La Preciosa - "Of particular note are the major widths and high grades in the Abundancia and Martha veins in "Mina La Preciosa" sector from drill hole BP07-103. The Abundancia Vein yielded 11.76 metres grading Au 0.082 g/t and Ag 383.6 g/t, for a silver-equivalent of 388.5 g/t. It includes four samples over 1 kg Ag for 1.54 metres grading Au 0.346 g/t and Ag 2,050.1 g/t, for a silver-equivalent of 2,070.9 g/t." More
- June 04, 2007 | Item | E-mail
Melkior-Santoy Announce Resumption of Drilling and Exploration Activities at Otish Uranium Project, Quebec - More
- June 04, 2007 | Item | E-mail
Energy Fuels Updates Arizona Strip Drilling Activities and Senior Appointment - More
- June 04, 2007 | Item | E-mail
Gee-Ten Ventures Inc.: New Nomination - More
- June 04, 2007 | Item | E-mail
Uravan Announces Private Placement - More
- June 04, 2007 | Item | E-mail
Endeavour Closes Acquisition of Bolanitos Property, Mine and Plant Assets From Industrias Penoles SA de CV - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it has now closed the acquisition of a 100% interest in the Bolanitos silver (gold) properties, mines and plant in Guanajuato State, Mexico, free and clear of any royalties, from three subsidiary companies of Industrias Penoles SA de CV ("Penoles")." More
- June 04, 2007 | Item | E-mail
Norsemont Mining Appoints Patrick Evans as Director and CEO - More
- June 04, 2007 | Item | E-mail
Cangold Strengthens Management Team - More
- June 04, 2007 | Item | E-mail
Sea Green Capital Corp. Announces Update on Quebec Exploration Programs in Beschefer and Casa Berardi Areas and Completion of Financing - More
- June 04, 2007 | Item | E-mail
Antares Commences 15,000 m Drill Program at Rio Grande Copper-Gold Project, Argentina - More
- June 04, 2007 | Item | E-mail
Mansfield Minerals Inc.: Drilling Program Commences at Rio Grande, Argentina - More
- June 04, 2007 | Item | E-mail
Tanzanian Royalty Reports High Grade Assays from Kigosi Project And Laboratory Results From its Kimberlite Exploration Program - "Tanzanian Royalty is pleased to announce that a Phase 2 Reverse Circulation (RC) drilling program has confirmed the presence of two previously interpreted reef (vein) systems along with high grade gold values at its Kigosi Project in the Lake Victoria Goldfields of Tanzania." More
- June 04, 2007 | Item | E-mail
Romios Announces Not Proceeding With Merger With Copper Canyon Resources Ltd. - More
- June 04, 2007 | Item | E-mail
Astral Options Property Adjacent to Jumping Josephine Gold Project - More
- June 04, 2007 | Item | E-mail
Copper Canyon Announces Not Proceeding With Merger With Romios Gold - More
- June 04, 2007 | Item | E-mail
Silveria Mine Dump Grab Samples From Multiple Veins and ADIT Levels Grade 2200 g/t Silver, 2.63 g/t Gold, 19.7% Zinc, 3.9% Copper & 7.2% Lead - More
- June 04, 2007 | Item | E-mail
Geoinformatics' Australian Subsidiary Files Prospectus - More
- June 04, 2007 | Item | E-mail
Keegan Drills Discovery Hole in New Parallel Gold Zone at Esaase Property - More
- June 04, 2007 | Item | E-mail
Luna Gold's feasibility study for the Aurizona gold project, Brazil, due Q1 2008 - More
- June 04, 2007 | Item | E-mail
ABV Gold Appoints New President - More
- June 04, 2007 | Item | E-mail
Latin American Minerals Commences Exploration on its Tendal Zinc-Copper-Lead-Silver Property, La Rioja, Argentina - More
- June 04, 2007 | Item | E-mail
Transglobal Mining Announces Surprise Lake Uranium Project - More
- June 04, 2007 | Item | E-mail
Maxy Gold Corp Reports Positive Results from Tunnel Exploration at Midu Property - More
- June 04, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): President and COO of Consolidated Mining and Minerals Reports Back Major Alluvial Gold Discovery Uncovered - More
- June 04, 2007 | Item | E-mail
RJK Begins Diamond Drill Program Goldie Gold Property - More
- June 04, 2007 | Item | E-mail
New Jersey Mining Company Starts Silver Strand Project - More
- June 04, 2007 | Item | E-mail
Canadian Royalties Inc.: Raglan South Nickel Project-Feasibility Study Completed by SNC-Lavalin - More
- June 04, 2007 | Item | E-mail
U Mining Resources Inc. Announces Strategic Acquisition of Uranium Rich "Mount Otish" Territories - More
- June 04, 2007 | Item | E-mail
Curlew Lake Resources Inc. Prepares to Drill the Yukon Typhoon Gold Property in Which it Holds 100% Interest in the Over 9 Square Miles - More
- June 04, 2007 | Item | E-mail
Gemini Explorations Inc. Update of the Los Chorros Mine Project Acquisition - More
- June 04, 2007 | Item | E-mail
Brazauro Drills 258 Meters of 2 G/T Gold at Tocantinzinho in Brazil; Initiates Independent Scoping Study - More
- June 04, 2007 | Item | E-mail
Kodiak Intersects Nickel Sulphides at Caribou - More
- June 04, 2007 | Item | E-mail
International Gold Resources Reaches a New Yukon Option Agreement and Acquires the Horn Property - More
- June 04, 2007 | Item | E-mail
Soho Reports Several Corporate Events - More
- June 04, 2007 | Item | E-mail
Arianne Resources Lists on Frankfurt Stock Exchange - More
- June 04, 2007 | Item | E-mail
Sparton Increases Interest in Secondary Uranium Recovery Program in China - More
- June 04, 2007 | Item | E-mail
Alexco Announces Additional High Grade Results at Keno Hill: Husky Southwest - More
- June 04, 2007 | Item | E-mail
Ur-Energy Increases Technical Expertise - More
- June 04, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Redfern Begins Design and Fabrication of River Barging Equipment - More
- June 04, 2007 | Item | E-mail
RSM: Goldwedge Project Test Mining and Onsite Processing Plant Continues to Advance Toward Full Production Nye County, Nevada - More
- June 04, 2007 | Item | E-mail
Oriental Applies for 56 Uranium, 41 Gold and 149 Base Metals Mining Rights in South Korea - More
- June 04, 2007 | Item | E-mail
Western Warrior provides operational update and announces additions to its exploration team - More
- June 04, 2007 | Item | E-mail
Dumont expands Antelope Gold Property, Nevada, and appoints new director - More
- June 04, 2007 | Item | E-mail
Northwestern and Uramin partner in Niger - More
- June 04, 2007 | Item | E-mail
Golden Eagle Signs Non-Binding Term Sheet for Multi-Million Dollar Sale of Buen Futuro Project, Joint Venture on Precambrian Properties - More
- June 04, 2007 | Item | E-mail
NewWest Gold Corporation confirms high-grade gold mineralization from a core hole at the Sandman Project - More
- June 04, 2007 | Item | E-mail
Unico, Inc. Issues June 2007 Investor Newsletter - More
- June 04, 2007 | Item | E-mail
Franklin Continues to Progress in Securing Financing for GTL Plant in Argentina's Tierra Del Fuego Province - More
- June 04, 2007 | Item | E-mail
Fortune Minerals Appoints Process Development Manager for NICO - More
- June 04, 2007 | Item | E-mail
Regional drilling program intersects potential new area of gold mineralization beneath the Bruce Channel - More
- June 04, 2007 | Item | E-mail
Uranium One Announces Definitive Agreement to Acquire Energy Metals Corporation - More
- June 04, 2007 | Item | E-mail
Dhanoa Minerals Projects Acquisition Strategy to Result in 300,000 Ounces of Annual Gold Production by Third Year - More
- June 04, 2007 | Item | E-mail
Update on Mega's Exploration Programmes - More
- June 04, 2007 | Item | E-mail
Trigon Completes Agreement to Acquire White Canyon Uranium Mines - More
- June 04, 2007 | Item | E-mail
Sierra Gold Corporation Potential Gold Values Exceed US$600 Million - More
- June 04, 2007 | Item | E-mail
Osisko Board Approves Stock Split - More
- June 04, 2007 | Item | E-mail
Canadian Zinc Corporation-Underground Drilling at Prairie Creek Mine: Significant Increase in Vein Widths as Drilling Progresses to the North - More
- June 04, 2007 | Item | E-mail
Cambridge Mineral Resources plc-Feasibility Study Confirms Gold Reserves & Resources for Quintana Mine, Colombia - More
- June 04, 2007 | Item | E-mail
Minco Silver Starts Metallurgical Testing on Its Fuwan Silver Deposit - "As part of the Company's Phase IV exploration program currently underway, core material representative of the mineralization at the Fuwan Silver Deposit has arrived at the PRA facility in Kunming. Test work will include crushing and grinding indices with processing options to include gravity separation, flotation, and cyanidation. Initial test work done by the 757 team in 1995 has indicated that good recoveries for silver, lead, and zinc can be obtained through flotation. The test results will be used in the Preliminary Economic Analysis and provide information for the development of the process flow sheet required for a preliminary plant design." More
- June 04, 2007 | Item | E-mail
Coeur CEO to Speak at New York Society of Securities Analysts' Metals and Mining Conference - "Dennis E. Wheeler, Chairman, President and Chief Executive Officer of Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News), will speak at the New York Society of Securities Analysts' 7th Annual Metals and Mining Industry Conference in New York City on June 6 at 9:30 a.m. Eastern time. Mr. Wheeler will present an overview of the company's strategy and growth prospects." More
- June 04, 2007 | Item | E-mail
Gammon Lake Resources Inc. Appoints Dave Keough as COO - "Gammon Lake Resources Inc (GAM -TSX; GRS - AMEX) ("Gammon") is pleased to announce the appointment of Dave Keough as Executive Vice President and Chief Operating Officer effective July 3, 2007. Along with responsibility for managing the operations, exploration and expansion of the Ocampo and El Cubo mines in Mexico, Mr. Keough will oversee the exploration, evaluation and advancement of the exciting Guadalupe y Calvo exploration project." More
- June 04, 2007 | Item | E-mail
Fronteer Increases Investment Latin American Minerals - "Fronteer Development Group Inc. ("Fronteer" or "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has acquired 2,000,000 units ("Units") of Latin American Minerals Inc. ("Latin American") at a price of C$1.00 per Unit as part of a larger private placement of 12,000,000 Units by Latin American (the "Offering")." More
- June 04, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 4 June, 2007 | |
