-- Posted 7 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $660.00 | -$8.80 |
Silver | $13.39 | -$0.28 |
XAU | 134.50 | -3.38% |
HUI | 325.36 | -3.32% |
GDM | 1033.35 | -3.20% |
JSE Gold | 2656.11 | -0.72% |
USD | 82.31 | +0.43 |
Euro | 134.30 | -0.73 |
Yen | 82.61 | -0.05 |
Oil | $66.93 | +$0.97 |
10-Year | 5.099% | +0.129 |
T-Bond | 107.03125 | -1.34375 |
Dow | 13266.73 | -1.48% |
Nasdaq | 2541.38 | -1.77% |
S&P | 1490.72 | -1.76% |
The Metals:
Gold traded mostly slightly higher in Asia and London and traded within a couple dollars of either side of unchanged in morning New York trade, but it then fell off markedly in afternoon trade and dropped to as low as $657.40 before it rebounded in the last half hour of trade and ended with a loss of 1.32%. Silver dropped to as low as $13.36 in afternoon trade before it also came slightly off its low in the last minutes of trade, but it still ended with a notable loss of 2.05%.
Euro gold fell near €490, platinum lost $2 to $1,294, palladium lost $5 to $369, and copper remained at about $3.26.
Gold and silver equities steadily fell throughout most of trade and ended with over 3% losses.
World Gold Council Reports Demand for Gold Thirty-One Percent Higher Than Last Year eMediaWire
Gold seen riding out rising central bank sales FXSTREET
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/02 | 309K | 312K | 310K |
Wholesale Inventories | Apr | 0.3% | 0.3% | 0.4% |
Consumer Credit | Apr | $2.6B | $6.0B | $14.0B |
Tomorrow at 8:30AM EST brings the Trade Balance for April expected at -$63.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on violence in Nigeria, slow refinery output, and worries over an active hurricane season. Natural gas fell over 3% on ample supplies as storage grew by 110 billion cubic feet last week according to today’s inventory report.
The U.S. dollar index rose noticeably as bond yields rose over 5% and pushed treasuries markedly lower on the view that the fed will not need to cut interest rates this year as many had previously hoped for. New Zealand raised interest rates to 8% in a surprise move while the Bank of England kept rates unchanged at 5.5%.
The Dow, Nasdaq, and S&P fell for the third straight session on worries over interest rates and ended with large losses as the entire yield curve rose over 5% for the first time since July 2006.
Among the big names making news in the market today were Netflix and Amazon, Macy’s, J.C. Penney, Smithfield Foods, PepsiCo, Wal-Mart, Biomet, and Tierney and Dow Jones.
The Commentary:
“August Gold finished down 9.4 at 665.2, 10.3 off the high and 2.7 up from the low.
July Silver closed down 0.237 at 13.48. This was 0.035 up from the low and 0.32 off the high.
Apparently the gold market couldn't tolerate the weight of the Dollar rise and with the Dollar giving off signs of a sustained run up it would seem like a larger portion of last week's buyers are deciding to liquidate rather than face more outside market adversity. While a rise in energy prices and a sharp slide in equity prices could provide the gold market with some flight to quality buying interest it seems clear that the market is currently more concerned about deflation or slowing than flight to quality. Certainly the failure to hold above a critical level of $670 in August gold resulted in classical technical stop loss selling but one gets the sense that the slide in prices was partly technical and partly fundamental in nature.
It was clear that the sharp slide in the gold market and the rise in the Dollar contributed to the slide in silver prices on Thursday, but the market was also put under pressure as a result of sagging physical and industrial demand concerns that typically surface in the face of a sharp equity market slide. However, many traders are concerned that the Asian equity markets would follow through with the slide in equities and that in turn could leave silver and gold vulnerable to even more selling in the action Friday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China may buy commodity giant Billiton, researcher says
The Statistics:
As of close of business: 6/06/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,348,362 | - 20,254 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 477.77 | 15,360,769 | US$ 10,283m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,707 | US$ 1,925m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,348 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,973 | US$ 281m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/6/2007 | |
Total Net Assets | $987,911,723 | 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 6/6/2007 | |
Total Net Assets | $1,885,713,932 | Ounces of Silver
in Trust | 137,754,970.100 |
Shares Outstanding | 13,850,000 | Tonnes of Silver
in Trust | 4,284.66 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Yamana’s (AUY0 move to the London Stock Exchange Main Market, Eldorado Gold’s (EGO) drilling, Exeter’s (XRA) drill results, Miramar’s (MNG) site preparation, Glencairn’s (GLE) operating team appointments, Aquiline’s (AQI.TO) ownership of Navidad, Silver Dragon’s (SDRGE.OB) exploration program, Apex Silver’s (SIL) project update, and Coeur’s (CDE) presentation were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +22.03% $3.60 |
2. Allied Nevada | ANV +4.89% $4.72 |
3. Seabridge | SA +2.67% $16.53 |
LOSERS
1. Endeavour | EXK -7.23% $4.75 |
2. Rubicon | RBY -6.49% $1.73 |
3. International Royalty | ROY -6.29% $7.15 |
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:
Yamana Gold Announces Move to the London Stock Exchange Main Market - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU) today announced that admission of its common shares on the main market of the London Stock Exchange is expected to occur on Tuesday, June 12, 2007 and trading will commence at 8:00 a.m. that day. The Company wishes to notify that trading of its common shares on AIM will be cancelled simultaneously with its admission to the main market of the London Stock Exchange." More
- June 07, 2007 | Item | E-mail
Consolidated Spire Ventures Stakes Four Properties (Over 76,800 Hectares) Within the El Oro-Tlalpujahua Epithermal Gold/Silver Belt in Mexico - More
- June 07, 2007 | Item | E-mail
CMQ Announces Results of AGM - More
- June 07, 2007 | Item | E-mail
Eldorado Gold Corporation: Efemcukuru Drilling Continues to Provide Excellent Results, Including 35.3 Meters (True Width) at 41.54 g/t - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to announce an update on our infill drill program at the Efemcukuru Project (the "Project") along the South and Middle Ore Shoots of the Kestane Beleni vein in Western Turkey." More
- June 07, 2007 | Item | E-mail
Energy Metals to Call Outstanding Warrants - More
- June 07, 2007 | Item | E-mail
Sparton Resources Inc. Amendment to Agreement SBD Gold Project, Nevada - More
- June 07, 2007 | Item | E-mail
Drilling to start at Okeover Copper-Molybdenum property, coastal British Columbia - More
- June 07, 2007 | Item | E-mail
Consolidated Puma Minerals Corp.: Corporate Update and 2006 Recap. - More
- June 07, 2007 | Item | E-mail
North American Gem Inc. Begins the Drill Permitting Process for the Mosquito Gulch Uranium Property - More
- June 07, 2007 | Item | E-mail
Starfire Receives Independent Report Recommending 2-Phase Diamond Drill Program on the Porphyry Pearl Property - More
- June 07, 2007 | Item | E-mail
Anaconda Mining Expands Carmen Project With Penoles - More
- June 07, 2007 | Item | E-mail
Navidad Belongs to Aquiline - "Aquiline Resources Inc. ("Aquiline" or the "Corporation") (Toronto:AQI.TO - News) is pleased to announce the judgment of the British Columbia Court of Appeal File No. CA034280 has been released today and is in favour of Aquiline. The appeal launched by IMA Exploration Inc. was dismissed, with no variations made to the original judgment." More
- June 07, 2007 | Item | E-mail
Rocmec Signs a Major Development Contract for the Rocmec 1 Property - More
- June 07, 2007 | Item | E-mail
Win-Eldrich Mines Closes $1,000,000 Private Placement - More
- June 07, 2007 | Item | E-mail
Silver Dragon Reports On Northern China Exploration Program - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce 2006 results and 2007 objectives regarding the Company's comprehensive exploration programs at the Laopandao Ag polymetallic deposit (``Laopandao''). Laopandao covers 44.79 km2, is located in the Erbahuo Silver District in Northern China, and is part of the prolific Ag polymetallic ore belt known as Huanggangliang-Ganzhuermiao. Laopandao is one of Silver Dragon's key exploration targets in 2007." More
- June 07, 2007 | Item | E-mail
Grandview Gold Welcomes Dr. Peter Born, P.Geo to its Board of Directors and Expands Exploration Team - More
- June 07, 2007 | Item | E-mail
Dhanoa Announces Plans for Secondary Offering on the Toronto Stock Exchange - More
- June 07, 2007 | Item | E-mail
Eagle Plains/Blind Creek Commence Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- June 07, 2007 | Item | E-mail
Canadian Shield Advances La Estrella Property, Peru - More
- June 07, 2007 | Item | E-mail
Cabo to drill 17,000 metres on Sherwood Copper Corp Minto project in Yukon - More
- June 07, 2007 | Item | E-mail
Gemini Explorations Inc. Reports Illegal Naked Short Interest Position and Restates Total Number of Issued and Outstanding Shares Reduced to 32,500,000 - More
- June 07, 2007 | Item | E-mail
Jaguar Mining Provides Pacięncia Project Update - More
- June 07, 2007 | Item | E-mail
La Quinta Identifies New Areas of Gold Mineralisation in Mexican Exploration - More
- June 07, 2007 | Item | E-mail
Roxmark arranges financing with MineralFields Group - More
- June 07, 2007 | Item | E-mail
Rockcliff Resources Inc.: Final Shihan Drill Results Completed - More
- June 07, 2007 | Item | E-mail
Mr. David Michaud has joined Raven Gold Corp. Board of Directors - More
- June 07, 2007 | Item | E-mail
Golden Chalice Resources Langmuir Property Drilling - More
- June 07, 2007 | Item | E-mail
Colombia Goldfields Receives Conditional Toronto Stock Exchange Listing Approval - More
- June 07, 2007 | Item | E-mail
Drilling Expands Gold Oxide Skarn Zone at Acero-Martin's Pinaya Deposit, Southeastern Peru - More
- June 07, 2007 | Item | E-mail
SearchGold Appoints SRK Consulting for Enginnering Mandate on Bakoudou-Magnima in Gabon - More
- June 07, 2007 | Item | E-mail
Hana Mining Strengthens Management Team, Appoints VP of Exploration - More
- June 07, 2007 | Item | E-mail
Canadian Mining Company Inc. Acquires Additional 2500 Acres of Mineral Rights - More
- June 07, 2007 | Item | E-mail
Tao Minerals Completes Letter of Intent to Acquire El Colmillo Mine - More
- June 07, 2007 | Item | E-mail
Normabec Closes a $3,000,000 Non-Brokered Private Placement - More
- June 07, 2007 | Item | E-mail
Beartooth Platinum Corporation Announces Joint Venture with Premium Exploration Inc. on Stillwater Claims - More
- June 07, 2007 | Item | E-mail
HE-5 Resources, Corp. Publishes the Results of the NI-43-101 of its Montauban Gold Mine in Batiscan City, Quebec - More
- June 07, 2007 | Item | E-mail
U Mining Resources Inc. Acquires Control Position of TSX Venture Corporation - More
- June 07, 2007 | Item | E-mail
Dhanoa Minerals Receives Equity Financing Commitment From Institutional Investors for Additional $2.3 Million - More
- June 07, 2007 | Item | E-mail
Lake Shore Gold Recovers Pristine Gold Grains From the Overburden Drilling at Blakelock, Ontario - More
- June 07, 2007 | Item | E-mail
Virginia Mines Inc.-Coulon Project: Drilling Confirms the Extensions of Several Lenses. The Mineralized System is Now Traced Over More Than 14 Km Along Strike - More
- June 07, 2007 | Item | E-mail
Dia Bras Drills 31 Metres of 4.05% Cu and 22.75% Zn at Bolivar Mine - More
- June 07, 2007 | Item | E-mail
Young-Shannon Signs Option and Joint Venture Agreement to Earn 70% Interest in Gold/Silver Property in Argentina - More
- June 07, 2007 | Item | E-mail
Alhambra Resources Ltd. - Financial and Operating Results for First Quarter ending March 31, 2007 - More
- June 07, 2007 | Item | E-mail
Aurelio Resource Corporation Completes Private Placement of $1.33 Million - More
- June 07, 2007 | Item | E-mail
African Copper-Annual Meeting Statement-Business & Growth Strategy - More
- June 07, 2007 | Item | E-mail
Tribute Intersects 3 Metres of 8.63% Zinc 71.6 Grams Indium - More
- June 07, 2007 | Item | E-mail
EURO Ressources S.A.: Golden Star Resources Ltd. Initiates Work on EURO's Paul Isnard Gold Properties - More
- June 07, 2007 | Item | E-mail
DIOS Begins Field Work for Uranium Exploration on HOTISH - More
- June 07, 2007 | Item | E-mail
CanAm Recognizes Importance of Uranium Spot Price At $135 Per Pound - More
- June 07, 2007 | Item | E-mail
Paladin Resources-Kayelekera Uranium Project, Malawi Government Support Reaffirmed - More
- June 07, 2007 | Item | E-mail
Ur-Energy Prepays Promissory Note - More
- June 07, 2007 | Item | E-mail
Mega Uranium and Monster Copper Announce Closing of Acquisition - More
- June 07, 2007 | Item | E-mail
Exeter Continues to Drill Bonanza Grades at Escondida Zone, Cerro Moro Project - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that it has continued to encounter high-grade gold/silver mineralization in five new diamond drill holes at its Cerro Moro Project, in Santa Cruz Province, Argentina." More
- June 07, 2007 | Item | E-mail
Apex Silver Mines Announces San Cristobal Project Update - "Apex Silver Mines Limited (AMEX: SIL - News) today provided an update on construction of the San Cristobal project in southwestern Bolivia. Construction activities remain on schedule for third quarter 2007 initial production and sales. All of the major mechanical equipment has been installed and pre-commissioning and testing of processing systems is nearing completion." More
- June 07, 2007 | Item | E-mail
Miramar Reports Site Preparation Begins for Doris North Mine - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced that preparation for the Doris North Mine has begun its 100% owned Hope Bay Gold Belt in Nunavut. Also, two of the seven drills working at Hope Bay have been pulled off resource expansion drilling to begin testing priority exploration targets to test for new discoveries outside the deposit areas." More
- June 07, 2007 | Item | E-mail
Coeur CFO to Speak at JPMorgan 2nd Annual Basics and Industrials Conference - "James A. Sabala, Executive Vice President and Chief Financial Officer of Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News), will speak at the JPMorgan 2nd Annual Basics and Industrials Conference in New York City on June 11, 2007 at 8:15 a.m. Eastern time. Mr. Sabala will present an overview of the company's strategy and growth prospects." More
- June 07, 2007 | Item | E-mail
Glencairn Strengthens Operating Team - "Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) announced today two key appointments to further strengthen its operating team. David Bayona, P. Eng., MBA, has been hired as General Manager for Cerro Quema, an advanced gold project in Panama, and Milko Rivera, P. Eng., has been hired to provide technical and special projects support to the corporate and Central American offices." More
- June 07, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 7 June, 2007 | |
