-- Posted 13 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $648.80 | +$0.30 |
Silver | $13.02 | +$0.01 |
XAU | 136.55 | +1.39% |
HUI | 325.97 | +1.38% |
GDM | 1025.78 | +1.13% |
JSE Gold | 2582.64 | +1.00% |
USD | 83.04 | +0.11 |
Euro | 132.95 | -0.35 |
Yen | 81.67 | -0.19 |
Oil | $66.26 | +$0.91 |
10-Year | 5.200% | -0.048 |
T-Bond | 106.1875 | +0.625 |
Dow | 13482.35 | +1.41% |
Nasdaq | 2582.31 | +1.28% |
S&P | 1515.67 | +1.52% |
The Metals:
Gold fell a couple of dollars in Asia and traded as much as five dollars lower in London before it rallied in early New York trade to above $650 by late morning, but it then fell back off into the close and ended with a gain of just 0.05%. Silver dropped to about $12.80 in London before it rose to over $13.10 in late morning New York trade, but it also fell back off into the close and ended with a gain of just 0.08%.
Euro gold rose above €488, platinum lost $13 to $1,283, palladium lost $1 to $370, and copper rose over 4 cents to about $3.32.
Gold and silver equities rose over 1% in the first hour of trade and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | May | 0.9% | 0.3% | 1.4% |
Import Prices ex-oil | May | 0.5% | - | 0.3% |
Export Prices | May | 0.1% | - | 0.3% |
Export Prices ex-ag. | May | 0.2% | - | 0.5% |
Retail Sales | May | 1.4% | 0.6% | -0.1% |
Retail Sales ex-auto | May | 1.3% | 0.7% | 0.1% |
Business Inventories | Apr | 0.4% | 0.3% | 0.0% |
The Beige Book noted good economic growth with little inflation, noting no increases in wage or price pressures.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/09 expected at 310,000, PPI for May expected at 0.6%, and Core PPI expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose after inventory reports did not come in as strong as expected as crude inventories built just 100,000 barrels, gasoline inventories were unchanged rather than an expected build, distillates built just 300,000 barrels, and refinery Utilization fell 0.4% to 89.2% while most were expecting it to rise back over 90%.
The U.S. dollar index rose after Retail Sales came in much stronger than expected, but it then pared its gains after interest rates did not react to the upside and actually fell and pushed treasuries higher on short covering.
The Dow, Nasdaq, and S&P rose over 1% on strong retail sales and lower bond yields and extended their gains following the release of the fed’s Beige Book that eased inflation worries.
Among the big names making news in the market today were Renault, Boeing, Jones Apparel, Barclays and ABN, and Ceridian.
The Commentary:
“August Gold finished down 0.4 at 652.7, 3.5 off the high and 3.4 up from the low.
July Silver closed down 0.03 at 13.06. This was 0.11 up from the low and 0.14 off the high.
The gold market closed slightly lower on the day after a volatile session with prices supported by an easing in Treasury yields, but capped by gains in the Dollar. Treasury yields pulled back on Wednesday on ideas interest rates may have backed up above the Fed's target range. Also, a jump in May retail sales and a nearly 1% rise in import prices suggested the economy is in better shape than previously thought and along with higher energy prices, inflation concerns were rekindled. The market also found some early support from news physical gold demand was on the rise with India's 1st quarter gold imports up 50% compared to last year while gold jewelry demand in Asia and the Middle East has also been on the rise. However, the Dollar seems to be having the most influence of gold prices which is certainly limiting the metal's upside potential. In fact, if the US economic numbers remain strong and market sentiment continues to shift to a tightening Fed bias, the uptrend in the Dollar will likely be maintained and keep the gold market under a certain amount of pressure.
Silver was able to reject an early probe lower on Wednesday and may be an indication at least a temporary low has been set. The strong retail sales data, with the 1.8% gain in auto sales last month certainly suggest the economy is doing better than some in the trade had previously thought. The combination of easing bond yields and a rebound in stock prices seemed to be the primary catalyst for silver's rebound. A recovery in copper prices was an added plus for silver. However, both the silver and copper market may continue to be undermined by concerns that rising Chinese interest rates will continue to lower Chinese base metal demand.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Concentration foretells silver explosion
Peter Brimelow: Gold moves fuel cartel theories
Chinese bank would expand into U.S. and Russia
Greenspan: China won't sell U.S. bonds ... because no one would buy!
The Statistics:
As of close of business: 6/12/2007
Gold Warehouse Stocks: | 7,632,932 | -200 |
Silver Warehouse Stocks: | 130,323,913 | -5,021 |
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 | 472.99 | 15,207,139 | US$ 9,841m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,513 | US$ 1,901m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,322 | US$ 251m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,945 | US$ 271m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 3.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/12/2007 | |
Total Net Assets | $957,144,719 | 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 6/12/2007 | |
Total Net Assets | $1,811,174,489 | 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:
International Royalty’s (ROY) addition to the Standard and Poor's TSX Global Gold Index, Great Basin’s (GBN) agreement with Vancouver based Rusaf Gold Ltd., IAMGOLD’s (IAG) exploration results, Banro’s (BAA) updated Mineral Resource estimates, Silverstone’s (SST.V) exercised warrants, and UC Resources’ (UC.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Buenaventura | BVN+5.84% $34.45 |
2. Ivanhoe | IVN +5.40% $14.45 |
3. Entree Gold | EGI +4.81% $2.18 |
LOSERS
1. Orezone | OZN -6.15% $1.39 |
2. Rubicon | RBY -4.27% $1.57 |
3. US Energy | USEG-3.03% $5.44 |
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:
Sulliden Resorts To Desperate Tactics In Peru - More
- June 13, 2007 | Item | E-mail
Yankee Hat Receives Additional Positive Drill Results From the Fran Gold Project, Appoints New Director - More
- June 13, 2007 | Item | E-mail
Lundin reviews Rio Narcea bid in "frothy" market - "Lundin Mining Corp. (LUN.TO: Quote, Profile , Research) said on Wednesday it is reviewing its C$864 million ($807.5 million) takeover offer for Rio Narcea Gold Mines (RNG.TO: Quote, Profile , Research) and hopes the "frothy" nickel sector will settle by the time its bid closes June 29.
The mid-tier base metal miner, which wants to enter the nickel sector with the Rio Narcea acquisition, said market conditions have worked against its twice-extended bid." More
- June 13, 2007 | Item | E-mail
GLR Completes Final Feasibility Study for Goldfields Project - More
- June 13, 2007 | Item | E-mail
Silverstone Receives $20 Million Through the Exercise of Warrants - "Silverstone Resources Corp. ("Silverstone") (CDNX:SST.V - News) is pleased to announce that to date it has received $20 million through the exercise of 11.1 million warrants. Each warrant was exercisable into one common share at an exercise price of $1.80 per share. There were 13.3 million warrants that were issued in June 2006 and expired on June 2007. Additional warrant exercises are currently being processed. Silverstone's cash balance is $27 million." More
- June 13, 2007 | Item | E-mail
Sparton Reports Encouraging Drill Results From Initial Drilling Program SBD Gold Project, Nevada - More
- June 13, 2007 | Item | E-mail
Coronado Nearing Hi-Grade Gold Zone Gold Ore Stockpiled - More
- June 13, 2007 | Item | E-mail
Detailed Systematic Geochemical Survey Undertaken by DIOS for Uranium Exploration on HOTISH - More
- June 13, 2007 | Item | E-mail
Centamin Egypt Limited: Mineralised Extensions Defined at Sukari and Regional Exploration Commences - More
- June 13, 2007 | Item | E-mail
Exploration Drilling to Commence at Copper Canyon - More
- June 13, 2007 | Item | E-mail
UC Resources Intersects La Soledad Mineralized Zone Over 5.9 Meter Core Length at Copalquin Property, Durango Mexico - "UC Resources Ltd. (the Company) (CDNX:UC.V - News) is pleased to announce that the drilling program on its Phase III exploration program at Copalquin is nearing completion. Management has been advised by the Company's Copalquin project geologist, as well as two additional geological consultants, that the 2007 diamond drilling program at the La Soledad Prospect, on a section located approximately 42 meters west of previously reported drill hole 2006 - MP-007, has thus far intersected 5.9 meters of a tectonic quartz/vein breccia mineralized zone with observed native gold, native silver, argentite and pyrite, including a stockwork quartz vein system in fine grained andesite tuff. The initial 1.45 meters contains visible gold and silver." More
- June 13, 2007 | Item | E-mail
Dutton Associates Announces Investment Opinion: Klondex Mines Rating Strong Buy In Initiating Coverage By Dutton Associates - More
- June 13, 2007 | Item | E-mail
International Royalty added to Standard and Poor's TSX Global Gold Index - "International Royalty Corporation (AMEX: ROY, TSX: IRC) ("IRC") reports that Standard and Poor's ("S&P") has added IRC to its S&P/TSX Global Gold Index a result of the Quarterly S&P/TSX Composite Index Review. The S&P/TSX Global Gold Index consists of 20 precious metal mining companies traded on the Toronto Stock Exchange. The change will be effective at the market open on Monday, June 18, 2007." More
- June 13, 2007 | Item | E-mail
Threegold Resources Completes Private Placement - More
- June 13, 2007 | Item | E-mail
St. Eugene Mining Corporation holds Annual General Meeting - Updates drilling at Moyie Project, BC: - More
- June 13, 2007 | Item | E-mail
Patrician Diamonds Inc.: Dr. Franklin Resigns, Stewart Wallis New Director, Options Granted - More
- June 13, 2007 | Item | E-mail
Strait Gold Prepares Access for Summer Drill Program - More
- June 13, 2007 | Item | E-mail
HuntMountain Resources Secures Listing on the Frankfurt Stock Exchange - More
- June 13, 2007 | Item | E-mail
Mana - Extension of the Wona deposit intersects 3.42 g/t Au over 50 meters - More
- June 13, 2007 | Item | E-mail
Wescan Goldfields Inc. announces new option agreement with Alto Ventures Ltd. to explore the Beardmore gold belt - More
- June 13, 2007 | Item | E-mail
HE-5 Resources, Corp. Publishes Lab Assay Results From Phase I of Drilling Program at Overman Property - More
- June 13, 2007 | Item | E-mail
Klondex to Highlight Nevada Gold Exploration Progress at World Gold, PGM and Diamond Investment Conference in Vancouver June 17th - 18th - Booth #514 - More
- June 13, 2007 | Item | E-mail
Drilling on Goldie Gold completes 7 drill holes, initial assay results pending - More
- June 13, 2007 | Item | E-mail
Mexoro Minerals Attends Equities Magazine's 2007 Summer Conference - More
- June 13, 2007 | Item | E-mail
Cascadero Copper Corporation: New Uranium Discovery North Western Argentina - More
- June 13, 2007 | Item | E-mail
Atomic Minerals Ltd. retains Renmark Financial Communications Inc. - More
- June 13, 2007 | Item | E-mail
ABV Gold Inc. Moves Into Production - More
- June 13, 2007 | Item | E-mail
Tribune Uranium Corp: Corporate Update-Name Change and Final Approval of Option Agreement - More
- June 13, 2007 | Item | E-mail
Unico, Inc. Announces Progress of Additional Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- June 13, 2007 | Item | E-mail
Diamond Drill Program Underway at the La Carolina Gold Project, San Luis, Argentina - More
- June 13, 2007 | Item | E-mail
MetalCORP; Drilling Commences on Nickel-Copper-Platinum Targets at North Rock - More
- June 13, 2007 | Item | E-mail
Robex: First drilling program on Wili-Wili intersects 22 m at 4.20 g/t Au - More
- June 13, 2007 | Item | E-mail
Maxy Gold Corp. reports Soil Survey and Geological Mapping Program Identifies 10 Significant Exploration Target Areas - More
- June 13, 2007 | Item | E-mail
Nevada Exploration Inc. ("NGE") announces significant additions to its Advisory Committee and Granting of Stock Options - More
- June 13, 2007 | Item | E-mail
Largo Appoints Michael Hoffman to Board - More
- June 13, 2007 | Item | E-mail
M45 Mining Resources Inc. Announces NI-43-101 Report Indicates High Potential for Sizable Mineral Deposits on West Wind Property in Matagami Mining Camp - More
- June 13, 2007 | Item | E-mail
Franklin Assured Bolivia's Planned Increases in Taxes Paid by Foreign Owned Mining Companies Will Not Negatively Impact Operations - More
- June 13, 2007 | Item | E-mail
Dhanoa Minerals Among Select Few to Present at EQUITIES 56th Anniversary Spring Conferenceth & The International Mining Conference - More
- June 13, 2007 | Item | E-mail
Arnold Bakie, President of Libby Creek Ventures(TM), Announces Approval of Hard-Rock, Mining Exploration License On Historic Libby Creek in Lincoln County, Mont - More
- June 13, 2007 | Item | E-mail
Scorpio Mining Corporation Receives Positive Results from the Pre-Feasibility Study on the Nuestra Senora Project - More
- June 13, 2007 | Item | E-mail
Evolving Gold Corp Lists on the TSX Venture Exchange - More
- June 13, 2007 | Item | E-mail
Updated Resource & Reserve Estimates for the Uzboy Gold Deposit - More
- June 13, 2007 | Item | E-mail
Uruguay Minerals Exploration Inc: Operations Update - More
- June 13, 2007 | Item | E-mail
Globex's Updates Financial Prospects for Next 12 Months - More
- June 13, 2007 | Item | E-mail
Great Basin Gold Concludes Agreement to Purchase Interest in Rusaf Gold Limited - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that it has entered into an agreement with Vancouver based Rusaf Gold Ltd. ("Rusaf") whereby Great Basin Gold can purchase 37% of the fully diluted equity shares of Rusaf for total consideration of CDN$12.0 million, payable CDN$8.0 million cash and CDN$4.0 million in Great Basin Gold common shares." More
- June 13, 2007 | Item | E-mail
IAMGOLD Announces Exploration Results Confirming New High Potential Zones East of Doyon - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(Boston:IAMGOLD - News) is pleased to announce results of an additional 12 holes from its Westwood underground exploration program, located near the Company's Doyon infrastructure within the Cadillac belt of the Abitibi region of northern Quebec." More
- June 13, 2007 | Item | E-mail
Follow-Up Drilling at Forum's DD Zone Intersects Widespread Uranium - More
- June 13, 2007 | Item | E-mail
Paladin Resources-Langer Heinrich Uranium Project, Namibia Production Ramp Up Status and Forecast - More
- June 13, 2007 | Item | E-mail
Banro discovers new gold deposit and increases mineral resources at Twangiza - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce the following updated Mineral Resource estimates at its wholly-owned Twangiza project in the Democratic Republic of the Congo (the "DRC")." More
- June 13, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 June, 2007 | |
