-- Posted 6 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $668.80 | -$0.90 |
Silver | $13.67 | -$0.07 |
XAU | 139.20 | -0.89% |
HUI | 336.52 | -1.02% |
GDM | 1067.47 | -0.98% |
JSE Gold | 2675.25 | -2.18% |
USD | 81.88 | -0.02 |
Euro | 135.03 | -0.21 |
Yen | 82.66 | +0.24 |
Oil | $65.96 | +$0.35 |
10-Year | 4.970% | -0.006 |
T-Bond | 108.375 | -0.0625 |
Dow | 13465.67 | -0.95% |
Nasdaq | 2587.18 | -0.92% |
S&P | 1517.38 | -0.89% |
The Metals:
Gold traded about $2 higher in Asia before it fell back off in London and came into New York about $2 lower. It then spiked back over $670 between 9AM and 10AM EST before it dropped over $5 between 10AM and 11AM EST to as low as $664.50 at one point, but it then rallied higher for the rest of trade and ended with a loss of just 0.13%. Silver dropped to about $13.56 on several occasions in morning New York trade before it rallied over 10 cents off its low in the last few hours of trade and ended with a loss of 0.51%.
Euro gold remained at about €495, platinum lost $3 to $1,296, palladium gained $3 to $374, and copper fell another 5 cents to about $3.26.
Gold and silver equities fell nearly 2% by late morning, but they then rebounded in the last 2 hours of trade and ended with only about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Productivity | Q1 | 1.0% | 1.0% | 1.7% |
Also making economic news today was a reduced growth forecast from to white house from 2.9% to 2.3% for 2007 and two disappointing reports on the housing sector. The MBA reported mortgage applications fell 1.7% last week and the national association of realtors forecasted a 4.6% drop in home sales and a 1.3% drop in prices this year.
Tomorrow at 8:30 AM EST brings Initial Jobless Claims for 6/02 expected at 312,000. At 10AM is the Wholesale Inventories report for April expected at 0.3%, and at 3PM is Consumer Credit for April expected at $6.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on tensions over conflicting reports about Turkish troops crossing the Iraqi border as tropical cyclone Gonu continues to disrupt shipping lanes in the Persian Gulf, though it appears to have not caused any major damage in the area. Mixed inventory reports that showed crude inventories built a modest 100,000 barrels, gasoline inventories built a greater than expected 3.5 million barrels, distillates built 1.9 million barrels, and refinery utilization surprisingly fell 1.5% to 89.6% while most were expecting utilization to rise.
The U.S. dollar index rose versus the euro after the ECB hiked interest rates to 4.0% and was not as hawkish as most expected in their statement towards further rate hikes, but it fell verses the yen on unwinding of carry trades and ultimately ended slightly lower. All eyes now move to the Bank of England’s meeting which concludes tomorrow.
Treasuries rose in early trade as stocks fell and worries over slowing economic growth pushed interest rates down from their highs near 5% reached yesterday, but gains turned to slight losses by the end of trade as traders looked ahead to tomorrow’s economic data that may finally push bond yields over that psychologically important 5% level.
The Dow, Nasdaq, and S&P fell nearly 1% on worries over higher interest rates in the future despite today’s small drop in rates.
Among the big names making news in the market today were Prudential Financial, Colony Capital and Tamoil, and Tudor.
The Commentary:
“August Gold finished down 0.5 at 674.6, 2.4 off the high and 4.3 up from the low.
July Silver closed down 0.095 at 13.717. This was 0.057 up from the low and 0.063 off the high.
After a weaker opening on concerns rising global interest rates may be creating a deflationary environment, gold was able to cut nearly all its losses on a report Turkey had sent troops into Iraq. The Dollar turning weaker on the session after early gains began to fade which also helped gold to recover. While Turkish officials say the military maneuver is not that unusual, the report did seem to raise Middle East geopolitical anxiety. However, the gold market still had a lot of negative news to absorb this session. The ECB raised rates as expected today and with US bond yields nearing 5% and the Fed expecting sluggish growth ahead the macro economic environment for gold is not the best. Outside market activity also weighed on gold with heavy losses in the stock market, generally weaker trading in Bonds and lower gasoline prices suggesting market sentiment toward the economy is shifting. A report that Spain's Central Bank has been selling gold and shifting reserves to fixed income securities may have also added to the early selling pressure in gold.
Despite some new geopolitical worries, silver continued to be weighed down by both the supply and demand news this session. With the Fed expecting sluggish growth ahead and weakness in the US housing sector likely to continue, silver's industrial metal appeal looks to be fading a bit. The economic environment seems to be lowering demand expectations for industrial metals given the sharp sell off in the copper market which in turn weighed on silver this session. The rising global interest rate environment and the sharp sell off in the stock market has some in the trade fearing a deflationary environment may be starting to unfold. Silver was also hurt by some supply news as Canada's Pan American Silver Corp announced plans to expand production.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Spain says it dumped gold for more profitable bonds
John Crudele: I've got a hot tip for the financial press
Ted Butler: Silver's future brightens as tech funds withdraw
The Statistics:
As of close of business: 6/5/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,368,616 | - |
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$ 10,311m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,740 | US$ 1,954m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,352 | US$ 258m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,978 | US$ 281m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/5/2007 | |
Total Net Assets | $988,365,394 | Ounces of Gold
in Trust | 1,476,134.274 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.91 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/5/2007 | |
Total Net Assets | $1,888,494,901 | Ounces of Silver
in Trust | 137,754,970.100 |
Shares Outstanding | 13,850,000 | Tonnes of Silver
in Trust | 4,284.66 |
Note: Change in Total Tonnes from yesterday’s data: 30.94 tonnes were added to the trust.
The Stocks:
Rubicon’s (RBY) exploration update, Aurelian’s (ARU.TO) drill results, Miramar’s (MNG) drill results, Gold Fields’ (GFI) increased reserves and resources, Newmont’s (NEM) CEO retirement, Coeur’s (CDE) taxes in Bolivia, Pan American’s (PAAS) production expansion, and Siverstone’s (SST.V) acquired silver production were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +11.45% $1.85 |
2. Vista Gold | VGZ +2.80% $5.50 |
3. Apex Silver | SIL +2.35% $20.88 |
LOSERS
1. IMA Exploration | IMR -12.84% $0.95 |
2. Anlgo American | AAUK -4.47% $29.29 |
3. Aurizon | AZK -4.01% $3.35 |
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:
Golden Arch closes $960,000.00 private placement - More
- June 06, 2007 | Item | E-mail
Grandview Gold Sends Award-Winning Exploration Team Into Emerging Rice Lake Gold District - More
- June 06, 2007 | Item | E-mail
Explor Acquires Kidd Township Property - More
- June 06, 2007 | Item | E-mail
Pacific Comox Resources Ltd.: Hole 66b Interval of 68 Feet Grading 0.13% or 2.7 lbs/ton Molybdenum Including 19 Feet of 0.38% or 7.5 lbs/ton - More
- June 06, 2007 | Item | E-mail
Media Release: DPM Files Formal Complaint With the European Commission Against Bulgaria - More
- June 06, 2007 | Item | E-mail
Farallon Announces Key Developments for G-9 Project: - More
- June 06, 2007 | Item | E-mail
Canadian Mining Company arranges non-brokered private placement of up to 2,500,000 units at a price of $0.13 per unit - More
- June 06, 2007 | Item | E-mail
Silver miner says Bolivia to tax profit, not revenue - "The head of U.S. silver producer Coeur d'Alene Mines Corp. (CDE.N: Quote, Profile , Research) said on Wednesday that Bolivia's planned tax hike on foreign companies will most likely be based on net profits rather than gross revenues.
Chief Executive Officer Dennis Wheeler told Wall Street analysts he had just returned from the South American country where his company is opening a major silver mine next year." More
- June 06, 2007 | Item | E-mail
NGG to Visit Seven Cities During European Roadshow - More
- June 06, 2007 | Item | E-mail
Revision of Ecuador's Mining Laws to Benefit Dhanoa Minerals - More
- June 06, 2007 | Item | E-mail
Geodex announces acquisition of four new properties in southwestern New Brunswick with indium and uranium potential - More
- June 06, 2007 | Item | E-mail
Azteca Gold Corp.: CEO Purchases Shares and Provides Update on Exploration - More
- June 06, 2007 | Item | E-mail
Gemco Acquires Controlling Interest in EKG Minerals Inc. - More
- June 06, 2007 | Item | E-mail
Rubicon Provides Exploration Update for Red Lake, Ontario and Alaska - "Rubicon and partner Golden Tag Resources Ltd. (GOG: TSX-V) are pleased to announce that crews have been mobilized to commence a 7.500-metre, $1.5 million follow-up land-based drill program at the McCuaig Joint Venture (Rubicon 60% -Golden Tag 40%). Rubicon recently announced (see news release dated April 16, 2007) encouraging results from a drill hole plus wedge, designed to test for the possible down-dip extension of the No.1 vein structure developed at the adjacent former McKenzie Mine. A gold-bearing zone, in what appears to be a very robust structure, was intersected containing up to 15.65 g/t gold over 1.55 metres. Drilling will commence on or around June 12." More
- June 06, 2007 | Item | E-mail
Odyssey Resources Limited to host 2007 Annual and Special Meeting of Shareholders on June 13, 2007 - More
- June 06, 2007 | Item | E-mail
Yorbeau Raises $4,565,000 Pursuant to a Private Placement - More
- June 06, 2007 | Item | E-mail
Stellar increases its interest to 100% in Vassan property - More
- June 06, 2007 | Item | E-mail
Millstream Issues Retraction of Press Release Outlining Coverage by General Research - More
- June 06, 2007 | Item | E-mail
GoldQuest Intercepts 142 Meters Grading 2.59% Cu, 1.91% Zn and 2.50 g/t Au at Las Animas - More
- June 06, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): Consolidated Mining and Minerals Has Entered Engagement With Brean Murray, Carret & Co., LLC - More
- June 06, 2007 | Item | E-mail
ABV Gold Inc. Retains Sattva Capital Corp. - More
- June 06, 2007 | Item | E-mail
Silvermet Retains Dr. Larry Hulbert, an Authority on the Nickel-Copper-Platinum Muskox Intrusion, to Provide Consulting Services - More
- June 06, 2007 | Item | E-mail
Tagish - Sampling Results Confirm Continuation of the Rainbow Two Zone and Demonstrate Values in the new Rainbow Three Zone - More
- June 06, 2007 | Item | E-mail
Ascendant Copper Announces Exploration Results From the Gur Gur Anomaly Drilling Program, Chaucha Copper Project, Ecuador - More
- June 06, 2007 | Item | E-mail
Cash Dividend, Based on Year-to-Date Gold Production and Sales Report Ending July 31, 2007, is Estimated at around $0.00001 Per Share - More
- June 06, 2007 | Item | E-mail
Robex: Drilling on Wili-Wili and Sanoula - More
- June 06, 2007 | Item | E-mail
Mexivada Mobilizes for Drilling in Nevada at Gold Junction; Moly Dome Geophysical Program to begin in late June - More
- June 06, 2007 | Item | E-mail
Unico, Inc. Announces Initiation of Process to Complete Purchase of the Deer Trail Mine - More
- June 06, 2007 | Item | E-mail
Update on Astral's Jumping Josephine Gold Project Drilling Program - More
- June 06, 2007 | Item | E-mail
Tinka signs option to acquire gold exploration licences in Victoria, Australia - More
- June 06, 2007 | Item | E-mail
American Creek commences 2007 Electrum Project drill program - More
- June 06, 2007 | Item | E-mail
East West Resource Corporation: High Grade Copper Silver Zone Traced at Gazooma Marshall Lake Camp Thunder Bay, Ontario - More
- June 06, 2007 | Item | E-mail
Thick zone of copper/zinc-rich stringer mineralization intersected at Scott Lake - More
- June 06, 2007 | Item | E-mail
General Research of Germany Initiates Coverage on Millstream - More
- June 06, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Cream Mineral, Ltd. - More
- June 06, 2007 | Item | E-mail
Champion Bear final assay results confirm Olympic Dam mineralization model at its Sudbury area Iron Mask property - More
- June 06, 2007 | Item | E-mail
DPM Signs Key Contracts for Chelopech Concentrate - More
- June 06, 2007 | Item | E-mail
Dhanoa Minerals Arranging the Acquisition of New Processing and Refining Plant, "Spanish Plant"; Acquisition to Dramatically Increase Company's Gold R - More
- June 06, 2007 | Item | E-mail
Explorator Resources Commences 25,000 Meter Resource Definition Drilling at El Espino Project, Chile - More
- June 06, 2007 | Item | E-mail
Drilling Again Intersects High-Grade Tungsten-Molybdenum Mineralization at Sangdong - More
- June 06, 2007 | Item | E-mail
Golden Tag and Rubicon Minerals Announce Start of $1.5 Million Drilling Program at McCuaig Project, Red Lake, Ontario - More
- June 06, 2007 | Item | E-mail
General Metals Update: Comment On 10K filing, Annual and Special Meeting and Subsequent Financing Activities Enabling Phase1 Drilling To Begin - More
- June 06, 2007 | Item | E-mail
Atna Completes Drilling at Beowawe Project, Nevada - More
- June 06, 2007 | Item | E-mail
Data compilation and validation has been completed on the Quarter Horse Ranch Project; Drill scheduled for around the last week of June 2007 - More
- June 06, 2007 | Item | E-mail
Acquisition of an Additional 30% Interest in Hellas Gold - More
- June 06, 2007 | Item | E-mail
Goldex resources update - More
- June 06, 2007 | Item | E-mail
African Copper-High-Grade Mineralisation Extended for at Least 350 Metres to the South of Pit Limits at Dukwe - More
- June 06, 2007 | Item | E-mail
Uranerz Drills 11 Feet of 0.639% Uranium at Nichols Ranch "Nose" - More
- June 06, 2007 | Item | E-mail
International Ranger Enters Into Joint Venture Agreement on Four Corners Project - More
- June 06, 2007 | Item | E-mail
Pan African Mining Corp.'s Shallow Drilling Confirms Extension Below Surface of Rich Uranium Mineralisation at Tranomaro - More
- June 06, 2007 | Item | E-mail
Aurelian Intersects 72.83 Metres Grading 7.63 g/t Gold and 78.00 Metres Grading 5.26 g/t Gold in Drilling at FDN - "Aurelian Resources Inc. (TSX:ARU - News) today announced results from 11 additional drill holes from the buried epithermal gold-silver discovery at Fruta Del Norte (FDN) on its wholly-owned Condor Project in south-eastern Ecuador. These include 72.83 metres grading 7.63 g/t gold ("Au") and 15.3 g/t silver ("Ag") in CP-07-110 and 78.00 metres grading 5.26 g/t Au and 5.6 g/t Ag in CP-07-112." More
- June 06, 2007 | Item | E-mail
Miramar Reports Initial Rand and More Suluk Results Continue to Exceed Expectations - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced results for an additional 21 diamond drill holes from the 2007 exploration program at the Hope Bay Project in Nunavut. There are currently 7 core drills working at Hope Bay with 4 drills coring from lake ice at the Suluk and Rand zones of the Madrid deposit and with a single drill testing the Boston BN Zone. Also, the search for new deposits on the belt has begun with 2 drills testing priority exploration targets on the 21 km long Madrid trend." More
- June 06, 2007 | Item | E-mail
Pan American Silver Plans Production Expansion At San Vicente Mine - "Pan American Silver Corp. (``Pan American'') (NasdaqGS:PAAS - News) (Toronto:PAA.TO - News) today announces it plans to proceed with a project (the ``Project'') to expand production at its San Vicente silver-zinc mine located near Potosi, Bolivia (``San Vicente''). The Project will include the construction of a new 750 tonnes per day processing facility, together with the related underground mine development necessary to achieve sustained production at this rate." More
- June 06, 2007 | Item | E-mail
Gold Fields Announces Total Attributable Mineral Resources of 251.7 Million Ounces and Ore Reserves of 93.8 Million Ounces - "Total attributable precious metal Mineral Resources, inclusive of Ore Reserves, increased by 40% to 251.7 million ounces and total attributable Ore Reserves increased by 44% to 93.8 million ounces. Both numbers are net of 12 months' depletion and include the acquisition of South Deep gold mine." More
- June 06, 2007 | Item | E-mail
Silverstone Purchases All of the Silver From Lundin Mining's Neves-Corvo and Aljustrel Mines - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) is pleased to announce that it has agreed to acquire 100% of the life of mine payable silver production from Lundin Mining Corp.'s ("Lundin") Neves-Corvo and Aljustrel mines located in Portugal. With this acquisition together with Silverstone's rights to acquire silver from Capstone Mining Corp.'s Cozamin mine in Mexico, Silverstone is expected to sell in excess of 1 million ounces of silver in 2007 and increasing to 3 million ounces of silver by late 2009." More
- June 06, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 6 June, 2007 | |
