-- Posted 12 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $648.50 | -$6.30 |
Silver | $13.01 | -$0.22 |
XAU | 134.77 | -1.17% |
HUI | 321.52 | -1.59% |
GDM | 1014.34 | -2.11% |
JSE Gold | 2556.96 | -2.49% |
USD | 82.93 | +0.20 |
Euro | 133.30 | -0.25 |
Yen | 82.16 | +0.08 |
Oil | $65.35 | -$0.62 |
10-Year | 5.248% | +0.111 |
T-Bond | 105.5625 | -1.15625 |
Dow | 13295.01 | -0.97% |
Nasdaq | 2549.77 | -0.87% |
S&P | 1493.00 | -1.07% |
The Metals:
Gold traded about $1-$3 lower in Asia, dropped a couple dollars more in London, and fell even further in early New York trade to as low as $645.20 at one point, but it then bounced back higher in the last 3 hours of trade and ended about 0.5% off its low with a loss of 0.96%. Silver dropped to as low as $12.95 a little after 10AM EST before it rebounded over 1% off its low in late morning trade to over $13.10 by midday, but it then fell back off in afternoon trade and ended with a loss of 1.66%.
Euro gold fell to about €487, platinum lost $1 to $1,296, palladium lost $1 to $371, and copper fell roughly 5 cents to about $3.28.
Gold and silver equities fell about 2% in the first hour of trade before they steadily climbed back near unchanged by about 2PM EST, but they then fell back off into the close and ended back near their lows with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | May | -$67.7B | -$68.0B | -$42.9B |
Also making economic news today was a report from RealtyTrac Inc. showing a 90% rise in foreclosure filings in May compared to a year earlier. Tomorrow at 8:30AM EST brings Import and Export Prices for May and Retail Sales for May expected at 0.6%. Excluding autos, sales are expected at 0.7%. At 10AM is the Business Inventories Report for April expected at 0.3%, and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on expected inventory builds in tomorrow’s reports as some speculate higher interest rates will cut into demand as well.
The U.S. dollar rose to a two month high versus the euro and treasuries fell markedly after a poor 10-year note auction helped interest rates rise for the seventh time in the last nine sessions. The yield on the 10-year climbed above the current fed funds rate of 5.25% to 5.27% for the first time in five years. Also due out tomorrow is the Treasury's report on currencies which may bring new developments in regards to action on China’s yuan.
The Dow, Nasdaq, and S&P fell about 1% on continued worries over rising interest rates.
Among the big names making news in the market today were Toyota and GM, Countrywide, Citigroup and Nikko Cordial, Lehman Brothers, and Texas Instruments.
The Commentary:
“August Gold finished down 5.9 at 653.1, 2.9 off the high and 3.1 up from the low.
July Silver closed down 0.185 at 13.09. This was 0.07 up from the low and 0.085 off the high.
The gold market seemed to drift downward throughout the session today, as the Dollar was mostly firm and a host of physical commodity markets were under selling pressure. With the financial markets rife with slowing fears arising out of rapidly rising US interest rates, it is not surprising to see investment and physical demand expectations soften in the gold market. With the additive pressure being seen in falling oil prices and a weak US stock market, the gold market would almost seem to be battling deflation conditions instead of inflationary conditions. With the September Dollar managing to reach the highest level since April 3rd it is pretty clear that the currency influence was a major component of the bear case.
The July silver contract spent a large portion of the trading session Tuesday under the prior session's low and that seemed to shift the technical bias in the market back away from the bullish stance in the prior session. With the overall macro economic outlook sagging further on Tuesday in the wake of the US equity market weakness and the copper market at times under moderate pressure, there wasn't much to threaten the bear camp in silver. In fact, with moderate energy market weakness and an extremely thin US economic report slate, the whole deflationary argument was easy to embrace.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Al Korelin interviews Peter Grandich on gold manipulation and GATA
Reg Howe: Gold derivatives -- Chinese torture
Treasury warns hedge funds -- even as it won't regulate them!
BIS warns about explosion in debt for takeovers
The Statistics:
As of close of business: 6/11/2007
Gold Warehouse Stocks: | 7,632,932 | -200 |
Silver Warehouse Stocks: | 130,353,361 | - 24,427 |
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$ 9,823m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,545 | US$ 1,895m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,326 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,950 | US$ 273m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/11/2007 | |
Total Net Assets | $965,716,881 | 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 6/11/2007 | |
Total Net Assets | $1,812,576,869 | 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:
Gold Reserve’s (GRZ) site preparation, US Gold’s (UXG) letter to shareholders and grab sample, Richmont’s (RIC) exploration work, Kirkland’s (KGI.TO) addition to the S&P/TSX Global Gold Index, IMA’S (IMR) letter to shareholders, Endeavour’s (EXK) drill results, Palmarejo’s (PJO.V) drill results, Metalline’s (MMG) shareholder rights plan, Silver Dragon’s (SDRG.OB) approval to increase equity interest in Sanhe Sino-Top Resources and Technologies, Ltd., Minefinders’ (MFN) new audit, Minco Silver’s (MSV.TO) retention of SRK Consulting, and MAG Silver’s (MAG.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Freeport-McMoRan | FCX +1.98% $78.97 |
2. Banro | BAA +1.27% $10.40 |
3. Great Basin | GBN +1.24% $2.44 |
LOSERS
1. Vista Gold | VGZ -8.12% $4.64 |
2. Tanzanian Royalty | TRE -6.04% $4.67 |
3. Northern Dynasty | NAK -5.90% $11.76 |
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:
Open Letter to US Gold Shareholders - "How do we standout from our competition? What will be US Gold's competitive advantage in the marketplace? Why should potential investors be looking at us as an attractive investment? I ask myself these questions everyday in order to develop an edge." More
- June 12, 2007 | Item | E-mail
Premier to host webcast at AGM - More
- June 12, 2007 | Item | E-mail
ABV Gold Inc. Announces a Change of Transfer Agent - More
- June 12, 2007 | Item | E-mail
Gee-Ten Ventures Inc.: First Closing of the Private Placement - More
- June 12, 2007 | Item | E-mail
UraMin Announcement to U.S. Holders - Tax Information - More
- June 12, 2007 | Item | E-mail
Important Acquisition for Cancor Mines Inc. - More
- June 12, 2007 | Item | E-mail
Silvermet Inc. Grants Stock Options - More
- June 12, 2007 | Item | E-mail
Shoreham Resources Ltd.: Corporate Update - More
- June 12, 2007 | Item | E-mail
Mirasol Secures 100%-owned Copper-Gold Prospect in Northern Chile - More
- June 12, 2007 | Item | E-mail
Western Goldfields Annual and Special Meeting notification - More
- June 12, 2007 | Item | E-mail
ITH Begins Drilling Programs at Terra and West Tanana Projects, Alaska - More
- June 12, 2007 | Item | E-mail
ESO update on Athabasca uranium exploration programs - More
- June 12, 2007 | Item | E-mail
Wescan recommences exploration on its Jojay and Fork Lake projects - More
- June 12, 2007 | Item | E-mail
Gold Reserve's EPCM Contractor Mobilizes to Brisas - "To the end of May, 2007, SNC-Lavalin has completed 230,000 man hours of work on Brisas in engineering, procurement and environmental activities. Orders for the water and sewage treatment plants, on-site employee housing, office facilities, and incinerator have already been released. Site preparation contracts including camp water wells, pit dewatering, power generation, early civil earthworks, and road construction will be released in the coming weeks." More
- June 12, 2007 | Item | E-mail
Drilling underway at Copper Ridge's Lucky Joe Cu-Au project - More
- June 12, 2007 | Item | E-mail
Areva says in talks to buy uranium miner UraMin - More
- June 12, 2007 | Item | E-mail
CanAlaska adopts shareholders rights plan - More
- June 12, 2007 | Item | E-mail
Independent Geologist Study Yields Greater than Expected Results for All of Dhanoa Minerals Bonanza Properties - More
- June 12, 2007 | Item | E-mail
Eagle Plains/Wellstar Energy Commence Fieldwork on Saskatchewan Uranium Project - More
- June 12, 2007 | Item | E-mail
Win-Eldrich Mines Limited reports molybdenum sales and mining progress at Ashdown Project - More
- June 12, 2007 | Item | E-mail
US Gold Corporation-Intriguing Grab Sample: Metal Value $2,200 Per Ton(i) - "Our acquisitions are complete and US Gold's property has grown from 36 square miles to approximately 250 square miles in Nevada," said Rob McEwen, Chairman and CEO. "Our drill results are similar to early-stage discovery holes at major Nevada deposits that host millions of ounces of gold. We are continuing our aggressive drilling and exploration program at our top-priority targets: Keystone, Limousine Butte, Gold Bar, and Tonkin." More
- June 12, 2007 | Item | E-mail
Gold World Resources Inc - Press Release - More
- June 12, 2007 | Item | E-mail
Solitario Initiates the Most Aggressive Drilling Campaign in Its History - More
- June 12, 2007 | Item | E-mail
Cabo to drill for Armistice Resources Corp. - More
- June 12, 2007 | Item | E-mail
Western Copper Corporation Grants Stock Options - More
- June 12, 2007 | Item | E-mail
Uravan - Notice of Grant of Stock Options - More
- June 12, 2007 | Item | E-mail
Landmark Acquires New Brunswick Uranium Property - More
- June 12, 2007 | Item | E-mail
Share Price of Dhanoa Minerals Trading at a Discount to Local Competitors - More
- June 12, 2007 | Item | E-mail
Waseco Resources Inc.: Uranium Drilling Program Set - More
- June 12, 2007 | Item | E-mail
Maestro Completes Phase One Drilling at Caldera, Nevada - More
- June 12, 2007 | Item | E-mail
Queenston Continues to Report Quality Drill Results at Upper Beaver - More
- June 12, 2007 | Item | E-mail
IMA Exploration Inc.: Letter to Shareholders - "The recent judgment by the British Columbia Court of Appeal dismissing IMA's appeal on the Navidad project was an extreme disappointment and the company is continuing to assess its next steps regarding the Navidad dispute. Going forward from today, the clear focus of management will be to rapidly build a large, significant and diverse property portfolio capable of maximizing shareholder value." More
- June 12, 2007 | Item | E-mail
Reminder: Reno Gold Corp. Announces the Next Step in Its Development Strategy - More
- June 12, 2007 | Item | E-mail
Manicouagan Commences Phase II Diamond Drilling of the Brabant Lake Zinc-Copper Deposit - More
- June 12, 2007 | Item | E-mail
Argentex hits new sulphide targets in all 20 trenches of expanded program; immediately commences drilling - More
- June 12, 2007 | Item | E-mail
Uranium enricher USEC denies report of struggles - More
- June 12, 2007 | Item | E-mail
Kilgore Signs Surface and Mineral Lease Covering Prospective Uranium Lands - More
- June 12, 2007 | Item | E-mail
Nova Expands Zone 1 and Drills 42.96 Metres of 0.51 lbs/ton U308 Close to Surface - More
- June 12, 2007 | Item | E-mail
High River Gold Arranges Equity Financing With Two Strategic Investors - More
- June 12, 2007 | Item | E-mail
First Gold Intersects 7.89 g/t Over 1.2 Meters and 5.33 g/t Over 3 Meters at the Noyell Project - More
- June 12, 2007 | Item | E-mail
Endeavour Discovers New High Grade Lead- Zinc-Copper-Gold-Silver Mineralized Vein Zone at Parral Project, Chihuahua State, Mexico - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it has discovered a new high grade lead-zinc-copper-gold-silver mineralized vein zone on the El Cometa property, part of the Parral Project located in Chihuahua State, Mexico." More
- June 12, 2007 | Item | E-mail
Northern Shield Resources Commences Third Drill Program at Highbank Lake - More
- June 12, 2007 | Item | E-mail
Premier announces commencement of underground drill program - More
- June 12, 2007 | Item | E-mail
Typhoon Obtains 125 g/t Gold on Monexco - More
- June 12, 2007 | Item | E-mail
Emgold to drill Molybdenum and Gold Properties in British Columbia - More
- June 12, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation Announces Further Drill Results from the Guadalupe Project - "Palmarejo Silver and Gold Corporation (CDNX:PJO.V - News) is pleased to announce the latest results from the continuing reverse circulation (RC) and diamond drill program at the Guadalupe project, 7 kilometres southeast of the Palmarejo Project, in the Temoris District, Chihuahua, Mexico. The project is held by the Company's 100%-owned subsidiary, Planet Gold SA de CV." More
- June 12, 2007 | Item | E-mail
DICUT, INC.'S (DCUT) Gold Mining Royalties - More
- June 12, 2007 | Item | E-mail
Paladin Resources-Electricity Supply for the Kayelekera Uranium Project, Malawi - More
- June 12, 2007 | Item | E-mail
Uranerz Doubles Land Holdings in the Powder River Basin, Wyoming - More
- June 12, 2007 | Item | E-mail
Nuinsco Completes First Phase of Diamond Drilling at Prairie Lake Uranium Property - More
- June 12, 2007 | Item | E-mail
Grenville Hires MidSouth Capital for US Markets - More
- June 12, 2007 | Item | E-mail
Geneva Resources, Inc. Receives Initial Sample Results From Vilcoro Gold Property, Peru - More
- June 12, 2007 | Item | E-mail
Greencastle Completes Private Placement with Energy Metals - More
- June 12, 2007 | Item | E-mail
Mr. Laurence Stephenson P. Eng. has joined Raven Gold Corp. Board of Directors - More
- June 12, 2007 | Item | E-mail
Cartier Resources Inc.: Update on its Exploration Program - More
- June 12, 2007 | Item | E-mail
International PBX Ventures Ltd.; Drill Results: Copaquire Molybdenum-Copper Porphyry, Chile - More
- June 12, 2007 | Item | E-mail
Golden Phoenix Reports Molybdenum Sales Top $5.4 Million, Geophysical Survey Completed and Geochemist Added at Ashdown Project - More
- June 12, 2007 | Item | E-mail
Uranium Energy Corp Appoints Joshua Leftwich as Environmental Manager and Doug Norris as Vice President of Engineering - More
- June 12, 2007 | Item | E-mail
Beaufield-Opinaca Drill Results and Exploration Update - More
- June 12, 2007 | Item | E-mail
BENTON RESOURCES CORP. (BTC) Completes Airborne Survey on Goodchild Ni-Cu-PGE Project and Commences Drilling on Bermuda Cu-PGM Project - More
- June 12, 2007 | Item | E-mail
Aura Gold Appoints Tony George Chief Operating Officer - More
- June 12, 2007 | Item | E-mail
Drilling at Sangdong Tungsten-Molybdenum Deposit Extends Continuity in Mineralisation - More
- June 12, 2007 | Item | E-mail
Uranium Star Mobilizes Full-Scale Exploration Program at Sagar - More
- June 12, 2007 | Item | E-mail
Dhanoa Minerals Closes US $2.3 Million Equity Financing Round - More
- June 12, 2007 | Item | E-mail
St. Elias Mines Ltd.-Manto Zone Assays 24.55 Ounces Per Ton Gold over 0.9 Meters at Vilcoro Gold Property, Peru - More
- June 12, 2007 | Item | E-mail
Crescent Announces Signing of Exploration Permits for Oviedo Uranium Project, Paraguay and Execution of Definitive Agreement - More
- June 12, 2007 | Item | E-mail
Gentor provides update - More
- June 12, 2007 | Item | E-mail
Gold Mountain Intersects Gold-Silver Mineralization at Yoquivo; El Indio Surface Discovery Yields 33.50 g/t Gold, 3,230 g/t Silver - More
- June 12, 2007 | Item | E-mail
Trade Winds Drills 11.10 g/t Gold Over 11.00 Metres Within 55 Metres of Surface at Detour Lake, Ontario - More
- June 12, 2007 | Item | E-mail
Marifil Intercepts More Indium, Gold & Zinc in Latest San Roque Results - More
- June 12, 2007 | Item | E-mail
Galway Resources secures long term contract for drilling Lone Mountain copper zinc project - More
- June 12, 2007 | Item | E-mail
Sherwood Reports Excellent Metallurgical Test Results From Area 2 at Minto Mine - More
- June 12, 2007 | Item | E-mail
Metalline Mining Company Announces Adoption of Shareholder Rights Plan - "Metalline Mining Company (Amex: MMG - News) announces today that its Board of Directors adopted a Shareholder Rights Plan, through the adoption of a Rights Agreement. The Rights Agreement is effective immediately. The Rights Agreement was not adopted in response to any specific effort to acquire control of the company." More
- June 12, 2007 | Item | E-mail
Silver Dragon Receives Chinese Ministry of Commerce Approval to Increase Equity Interest in Sanhe Sino-Top From 60 Percent to 90 Percent - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) today announced that it has received Ministry of Commerce (``MOC'') approval to increase its equity interest in Sanhe Sino-Top Resources and Technologies, Ltd. (``Sino-Top''). Sino-Top is a Chinese company which holds the exploration and mining rights to nine properties including the Erbahuo Silver Mine located in the prolific Erbahuo Silver District in Northern China." More
- June 12, 2007 | Item | E-mail
Richmont Mines and Mountain Lake Resources Commence Next Phase of Exploration for Valentine Lake Gold Project - "Richmont Mines Inc. (Toronto:RIC.TO - News) (AMEX:RIC - News) ("Richmont Mines") and Mountain Lake Resources Inc. (CDNX:MOA.V - News) ("Mountain Lake") have commenced the next phase of exploration work on the Valentine Lake Gold property, located in Central Newfoundland." More
- June 12, 2007 | Item | E-mail
Minefinders Receives New Audit of Dolores Project Resources-Measured and Indicated Gold and Silver Grow by More Than 20% - "The new report shows an increase of 23.1% in contained gold and 21.3% in contained silver at a 0.4 grams per tonne ("gpt") gold equivalent ("Aueq")(i) cutoff in the "measured and indicated" category, when compared to the previous audited resources (as reported by the Company on December 6, 2004). An additional "inferred" resource of 30.35 million tonnes, containing 661,000 ounces of gold and 27.5 million ounces of silver, is delineated in the new model." More
- June 12, 2007 | Item | E-mail
Minco Silver Engages SRK Consulting for Preliminary Economic Assessment on Its Fuwan Silver Project - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that the Company has retained SRK Consulting to prepare a Preliminary Economic Assessment (PEA) for the Fuwan Silver Project located in Guangdong Province, in the Peoples Republic of China. SRK Consulting is an independent, internationally recognized engineering company with over 30 years experience providing mining clients with services from exploration through feasibility, mine planning, and production to mine closure." More
- June 12, 2007 | Item | E-mail
MAG Silver Corp.: High Grade Silver Continues to West at Valdecanas - "MAG Silver Corp. (CDNX:MAG.V - News) and Industrias Penoles S.A. de C.V. (Penoles) announce that assay results from Hole IE, drilled 400 metres to the west of discovery section M, has returned a 5.30 metre intersection (4.59 metres true width) of 1,843 grams per tonne silver (53.75 ounces per ton), 4.43 grams per tonne gold, 3.54% lead and 5.96% zinc." More
- June 12, 2007 | Item | E-mail
Kirkland Lake Gold Inc. to Be Added to S&P/TSX Global Gold and Global Mining Indices - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce it will be added to the S&P/TSX Global Gold Index effective Monday, June 18, 2007. The Company will also be a constituent part of the new S&P/TSX Global Mining Index to be created on June 12, 2007." More
- June 12, 2007 | Item | E-mail
Trade Winds Drills 11.10 g/t Gold Over 11.00 Metres Within 55 Metres of Surface at Detour Lake, Ontario - More
- June 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 June, 2007 | |
