-- Posted 11 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $654.80 | +$9.20 |
Silver | $13.23 | +$0.24 |
XAU | 136.36 | +0.72% |
HUI | 326.73 | +0.18% |
GDM | 1036.22 | +0.24% |
JSE Gold | 2622.25 | +1.59% |
USD | 82.73 | +0.07 |
Euro | 133.55 | -0.05 |
Yen | 82.08 | -0.10 |
Oil | $65.97 | +$1.21 |
10-Year | 5.137% | +0.019 |
T-Bond | 106.71875 | -0.15625 |
Dow | 13424.96 | +0.00% |
Nasdaq | 2572.15 | -0.05% |
S&P | 1509.12 | +0.10% |
The Metals:
Gold quickly rose over $5 in Asia and held over $650 in London and early New York trade before it added to its gains in late morning and early afternoon trade and ended near its high of the session with a gain of 1.43%. Silver followed a similar pattern and gained 1.85%.
Euro gold rose back near €490, platinum gained $10 to $1,297, palladium gained $1 to $372, and copper rose roughly 13 cents to about $3.33.
Gold and silver equities remained near unchanged in early trade before they followed gold and silver higher in late morning and early afternoon trade and saw with over 1% gains by about 2PM EST, but they then fell back off into the close and ended just slightly higher.
The Economy:
There were no major economic reports today. Tomorrow at 2PM EST brings the Treasury Budget for May expected at -$68.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after Iran’s oil minister said OPEC has no plans to increase production before its next meeting in September.
The U.S. dollar index rose and treasuries fell as interest rates continued to rise, but moves were limited ahead of economic data later in the week.
The Dow, Nasdaq, and S&P traded mostly slightly higher as interest rates came off their early highs midday, but the three indices then fell back off into the close and ended near unchanged as interest rates crept back up by the end of trade.
Among the big names making news in the market today were Blackstone, Nucor, and Rexam.
The Commentary:
“August Gold finished up 8.7 at 659, 0.2 off the high and 5.2 up from the low.
July Silver closed up 0.235 at 13.275. This was 0.165 up from the low and 0.015 off the high.
While the gold market didn't hold all of its gains, the magnitude of the bounce on Monday gave off the impression of something more than simple short covering. As was suggested in the mid session coverage, the rally in gold was accompanied by a broad based physical commodity wave of higher prices and that seemed to add to the bullish mix. With the Dollar giving back its early gains and then actually going negative just ahead of the metals close, it is possible that the gold market was seeing fresh speculative buying from the currency markets. With oil prices rising and broad based commodity indexes ratcheting sharply higher during the session it would seem as if the inflation theme is surfacing in a number of markets and that could be providing the gold market with fresh flight to quality buying interest.
The silver market managed to claw its way back above the $13.25 level and also managed to rise above the 200 day moving average of $13.19. With a number of physical commodity markets showing broad based fund buying interest during the session and the July silver contract rising back above the 200 day moving average the Press and trade were anticipating increased fund buying activity. With the US equity market countervailing part of the negative macro economic sentiment from last week and the ancillary markets of platinum and copper managing distinct rallies, it would seem like a number of fundamentals in silver shifted back into the bull camp on Monday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Chinese government company buys Peru Copper
M.R. Venkatesh: The coming collapse of the U.S. dollar
China's trade surplus surges 73 percent
James Turk: Will history repeat?
Russian president criticizes the imperialism of the currencies
Peter Grandich: Gold's fundamentals will trump technicals
Gold isn't profitable anymore, Spanish economy minister says
Spanish Internet newspaper cites GATA and John Embry
The Statistics:
As of close of business: 6/8/2007
Gold Warehouse Stocks: | 7,632,932 | -200 |
Silver Warehouse Stocks: | 130,353,361 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 469.91 | 15,108,150 | US$ 9,898m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,578 | US$ 1,910m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,331 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,954 | US$ 275m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 7.7 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/8/2007 | |
Total Net Assets | $952,758,223 | 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 6/8/2007 | |
Total Net Assets | $1,833,315,456 | 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:
NovaGold’s (NG) Rock Creek update and new director, Exeter’s (XRA) clarification, Aurelian’s (ARU.TO) CFO search, ECU’s (ECU.V) assay results, Metalline’s (MMG) CFO addition, Aura Silver’s (AUU.V) private placement, and Silvercorp’s (SVM.TO) financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH +6.51% $1.47 |
2. Ivanhoe | IVN +5.53% $14.32 |
3. Banro | BAA+3.74% $10.27 |
LOSERS
1. Exeter | XRA -6.67% $3.22 |
2. Allied Nevada | ANV -4.66% $4.50 |
3. Cardero | CDY -3.72% $1.81 |
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:
NovaGold Provides Rock Creek Update, Appoints New Director - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that the United States District Court for the District of Alaska has denied a request for a temporary restraining order and preliminary injunction against NovaGold's Rock Creek project in Alaska. Construction at the project continues, with first production targeted for Q3-2007.' More
- June 11, 2007 | Item | E-mail
257 Huantajaya Samples Return an Average Grade of 68 g/t Ag and 0.90 % Cu - More
- June 11, 2007 | Item | E-mail
High River Gold to Be Added to S&P/TSX Indices - More
- June 11, 2007 | Item | E-mail
Zambia says plans to cancel unused mining licences - "Copper-rich Zambia plans to cancel mining licences that have not been used since they were obtained -- years ago in some cases -- and reassign them to new investors, the country's mining minister said on Monday." More
- June 11, 2007 | Item | E-mail
Quinsam Capital Corporation terminates Churn option - More
- June 11, 2007 | Item | E-mail
Armistice Resources Corp. signs drilling contract with Heath and Sherwood Drilling Inc. a subsidiary of Cabo Drilling Corp. - More
- June 11, 2007 | Item | E-mail
Renforth Provides Exploration Update - More
- June 11, 2007 | Item | E-mail
Tagish draws down C$750,000 on closing of previously announced feasibility finance facility with Macquarie Bank Limited - More
- June 11, 2007 | Item | E-mail
Latin American Minerals Commences Drilling on its La Carolina Gold Project, San Luis, Argentina - More
- June 11, 2007 | Item | E-mail
Unitronix Corporation and Clasby Reach Agreement - More
- June 11, 2007 | Item | E-mail
Positive Metallurgical Results from Abacus's Afton Project - More
- June 11, 2007 | Item | E-mail
Copper Fox announces its request for a trading halt - More
- June 11, 2007 | Item | E-mail
Hinterland Hires Downshire Capital Inc. - More
- June 11, 2007 | Item | E-mail
Rusoro Mining Intersects 37m of 9.34 g/t Au and 21m of 4.72 g/t Au in Separate Zones at Increible 6 - More
- June 11, 2007 | Item | E-mail
North Atlantic Resources Ltd.: Updated Resource Estimate for the FT Gold Deposit, Mali - More
- June 11, 2007 | Item | E-mail
Promising First Results from Bird River Property for Marathon PGM Corp - More
- June 11, 2007 | Item | E-mail
Noront Resources Ltd.: Burnt Hill Tungsten Molybdenum, Tin Project, Canada - More
- June 11, 2007 | Item | E-mail
Rice Lake Deep Drilling Yields Substantial Width and Grade - More
- June 11, 2007 | Item | E-mail
Douglas Scharf Joins Silvermet as CFO - More
- June 11, 2007 | Item | E-mail
Goldcorp Declares Sixth Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its sixth monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, June 22, 2007 will be entitled to receive payment of this dividend on Friday, June 29, 2007." More
- June 11, 2007 | Item | E-mail
Significant New Gold Discovery of 15.31 Grams Gold Per Tonne Over 3.25 Metres on San Diego JV Property, Mexico - "Golden Tag Resources Ltd. (TSX VENTURE:GOG - News; "Golden Tag") and ECU Silver Mining Inc. (TSX VENTURE:ECU - News) are pleased to report additional assay results from recent drilling on the San Diego property, Durango State, Mexico." More
- June 11, 2007 | Item | E-mail
Significant New Gold Discovery of 15.31 Grams Gold Per Tonne Over 3.25 Metres on San Diego JV Property, Mexico - More
- June 11, 2007 | Item | E-mail
UraMin in talks on possible sale, shares jump - More
- June 11, 2007 | Item | E-mail
Anglo Swiss Resources Targets 700 Meters of Strike for Multiple Zones of Copper, Gold, Silver, Molybdenum at the Company's Historic Kenville Gold Mine - More
- June 11, 2007 | Item | E-mail
ABV GOLD INC.: ABV Gold to Acquire Nevada-Based Gold Project - More
- June 11, 2007 | Item | E-mail
Gemini Explorations Inc. Reports on Topographical Survey of La Planada Gold Project and Detailed Sampling Program - More
- June 11, 2007 | Item | E-mail
Cadiscor Resources: Exploration Update - More
- June 11, 2007 | Item | E-mail
Semafo - Appointments to Management and Board of Directors - More
- June 11, 2007 | Item | E-mail
Amarillo Issues Options to New Brazil-Based Exploration Team; Bids Farewell to a Director - More
- June 11, 2007 | Item | E-mail
Battle Mountain Gold to Hold Shareholder Vote - More
- June 11, 2007 | Item | E-mail
Significant porphry-hosted molybdenum potential uncovered at Big Bar's Yuma King project - More
- June 11, 2007 | Item | E-mail
Pearl Asian Mining Industries Issues Clarification on 15 Billion Projected Increased Public Float of Its (PAIM) Common Shares - More
- June 11, 2007 | Item | E-mail
Dutch Gold Resources to Install Enhanced Recovery Ore Circuit - More
- June 11, 2007 | Item | E-mail
Ascendant Copper-Results of Check Assaying Program on Junin Property (Ecuador) - More
- June 11, 2007 | Item | E-mail
Eastfield Resources Options Overlooked Copper, Gold and Silver Property - More
- June 11, 2007 | Item | E-mail
Ancor Resources Changes Name to Nu-Mex Uranium Corp.; Commits to $25 Million Joint Venture on Strathmore Minerals' Nose Rock Uranium Property in New Mexico - More
- June 11, 2007 | Item | E-mail
Bellhaven Copper & Gold & Empire Minerals Begin Drill Program at the Cerro Chorcha Copper Property in Panama - More
- June 11, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. announces amendment to press release dated April 3, 2007 - More
- June 11, 2007 | Item | E-mail
Metalline Mining Company Announces Addition of Chief Financial Officer - "Mr. Devers brings over 20 years of experience in corporate finance, business operations, and financial reporting and controls. Prior to joining Metalline, he was Senior Director -- Financial Analysis and Internal Audit of The Broe Companies Inc., a privately held international company with investments in commercial and residential real estate and operations in transportation, oil and gas exploration and coal mining. He has also served as a corporate officer and financial executive for privately-held and publicly traded companies. Mr. Devers earned a Bachelor of Arts in Accounting from Western State College and is a Certified Public Accountant." More
- June 11, 2007 | Item | E-mail
New Cantech Ventures Inc. Consents to Palm Clean Energy, Inc. Assigning to Daewon Chemical 60% of Its Option to Acquire a 60% Interest - More
- June 11, 2007 | Item | E-mail
Unico, Inc. Chairman Files Form 4 on Common Stock Share Purchase of Over 4 Million Shares - More
- June 11, 2007 | Item | E-mail
Midlands Minerals Intersects New Previously Unknown Gold Zone East of Esaase Pit on Sian-Ghana - More
- June 11, 2007 | Item | E-mail
Dhanoa Minerals Completes Acquisition of ''Spanish Plant'', Its New Central Processing and Refining Plant - More
- June 11, 2007 | Item | E-mail
Freegold Intersects More Gold Bearing Structures in 2,300 Foot Step-out Drilling at Golden Summit - More
- June 11, 2007 | Item | E-mail
Sunridge Gold Intercepts 150 Metres Grading 2.50% Zinc and 0.38% Copper at Emba Derho Project - More
- June 11, 2007 | Item | E-mail
Osisko Intersects 66.0 m Averaging 4.39 g/t Au at Canadian Malartic - More
- June 11, 2007 | Item | E-mail
Sierra Gold Corporation Assay Results Consistently Show 300 Percent Greater Gold Grades Than Geologist's Earlier Report - More
- June 11, 2007 | Item | E-mail
Anvil Mining Limited announces Commissioning of HMS Plant for Kinsevere Stage I Mine Development - More
- June 11, 2007 | Item | E-mail
Drilling Continues at Daye as Plans for a New Shaft Are Finalized. Exploration Continues on the Langjiazhoung and Majiakuang Properties - More
- June 11, 2007 | Item | E-mail
Additional High Grade Gold Discoveries on Cieneguita Property - More
- June 11, 2007 | Item | E-mail
Strathmore Completes LOI With Nu-Mex Uranium Corp. for $25 Million Commitment at Nose Rock, New Mexico Uranium Project - More
- June 11, 2007 | Item | E-mail
RJK Explorations Ltd. announces closing of non-brokered offering - More
- June 11, 2007 | Item | E-mail
Aldershot Commences Drilling at Adelaide River Uranium Prospect - More
- June 11, 2007 | Item | E-mail
Kilgore Reports Staking of Uranium Prospective Lands - More
- June 11, 2007 | Item | E-mail
Alberta Star Receives Permit Approval for an Additional 200,000 Meters of Drilling and Continues to Drill Uranium Targets at Eldorado - More
- June 11, 2007 | Item | E-mail
Ur-Energy Forms Bootheel Project, LLC with Target Exploration & Mining - More
- June 11, 2007 | Item | E-mail
Gold Canyon Starts Airborne Radiometric Survey at Bear Head Uranium Project - More
- June 11, 2007 | Item | E-mail
Exeter Clarifies Recent Political Developments in Mendoza Province - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that on June 8, 2007 the Governor of Mendoza Province, Argentina suspended for 90 days the issuance of new environmental permitting relating to open pit mining, pending a review of proposed regulations in that regard." More
- June 11, 2007 | Item | E-mail
Aura Silver Resources Inc. Closes Private Placement - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") has completed its previously announced non-brokered private placement of units. A total of 4,675,000 units were sold raising gross proceeds of approximately US $1,870,000. Each unit consists of one common share and one-half common share purchase warrant (the "Units"). Each Unit was offered at a price of US $0.40 (CDN $0.44). Common shares issued with respect to this private placement have a four month hold period expiring October 9, 2007. Final acceptance of the TSX Venture Exchange has been received." More
- June 11, 2007 | Item | E-mail
David Lewis to Leave Aurelian on August 31; Search for Replacement CFO has Begun - "We appreciate David's contributions to Aurelian over the past three years," says Patrick F.N. Anderson, Aurelian's President and CEO. "We wish him all the best as he continues his preferred role of taking private and newly public companies through their early development stages. Our search has already begun for a new CFO who will strengthen our team for the next stage of Aurelian's evolution - development of our wholly-owned Fruta del Norte deposit in Ecuador." More
- June 11, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 June, 2007 | |
