-- Posted 14 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $651.60 | +$2.80 |
Silver | $13.10 | +$0.08 |
XAU | 138.49 | +1.35% |
HUI | 330.98 | +1.54% |
GDM | 1038.55 | +1.25% |
JSE Gold | 2587.12 | +0.17% |
USD | 83.11 | +0.07 |
Euro | 133.10 | +0.15 |
Yen | 81.33 | -0.34 |
Oil | $67.65 | +$1.39 |
10-Year | 5.217% | +0.017 |
T-Bond | 106.03125 | -0.15625 |
Dow | 13553.73 | +0.53% |
Nasdaq | 2599.41 | +0.66% |
S&P | 1522.97 | +0.48% |
The Metals:
Gold traded modestly higher around $650 in Asia and London before it fell to $645.50 shortly after the open in New York, but it next rose to new highs above $652 by 10AM EST, fell back off a few dollars in later morning trade, and then bounced back near its highs in afternoon trade and ended with a gain of 0.43%. Silver dropped to $12.90 in early New York trade, but it soon rose about 20 cents, remained near its highs into the close, and ended with a gain of 0.61%.
Euro gold rose near €490, platinum gained $1 to $1,284, palladium gained $1 to $371, and copper gained nearly 8 cents to about $3.40.
Gold and silver equities rose over 1% at the open and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/09 | 311K | 310K | 311K |
PPI | May | 0.9% | 0.6% | 0.7% |
Core PPI | May | 0.2% | 0.2% | 0.0% |
Also making economic news today was data from the Mortgage Banker Association showing a record high foreclosure rate in the first quarter. Tomorrow at 8:30AM EST brings the Current Account for the first quarter expected at -$202.0 billion, CPI for May expected at 0.6%, Core CPI expected at 0.2%, and the NY Empire State Index for June expected at 12.0. At 9AM are Net Foreign Purchases for April, at 9:15 are Capacity Utilization for May expected at 81.6% and Industrial Production expected at 0.2%, and at 10AM is the preliminary reading for June Michigan Sentiment expected at 88.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 2% on worries over rising Middle East tensions and continued refinery problems.
The U.S. dollar index rose and treasuries fell as PPI came in higher than expected and pushed interest rates higher, though moves were somewhat limited ahead of tomorrow’s CPI report.
The Dow, Nasdaq, and S&P rose as most seemed to ignore higher than expected PPI and instead concentrated on tame Core PPI that came in as expected.
Among the big names making news in the market today were Chicago Mercantile and CBOT, Freddie Mac, Goldman Sachs, and Bear Sterns.
The Commentary:
“August Gold finished up 3.2 at 655.9, 2.1 off the high and 5.7 up from the low.
July Silver closed up 0.105 at 13.165. This was 0.195 up from the low and 0.055 off the high.
After some choppy two sided trade in the morning the gold market righted the ship and seemed to link back up with the equity, energy and grain markets. While the external support from energy and grain prices is a tenuous proposition it is possible that equity hedge funds might be moving to allocate money capital to markets that tend to protect against inflation. In other words, seeing food and energy prices break out to even higher levels could have a devastating impact on the equity market (especially in its recent inflation sensitive status) and therefore one might expect to see ongoing fund buying interest. Apparently some gold traders suggested that the Dollar's inability to extend its early gains throughout most of the session and seeing the September Dollar somewhat stymied by the 83.00 even level on the charts, served to tamp down the fears of a soaring Dollar. In retrospect, the IAEA/Iran dialogue on Thursday wasn't that significant but it is possible that the combination of the Iranian situation and the heightening tensions in Gaza encouraged some buying.
While the silver market closely mirrored the gold market throughout most of the session, it seemed like the silver market underperformed gold. In fact, with the stock market showing spurts of strength, copper prices sharply higher and gold at times up by more than $5.00 an ounce, one might have expected silver to have forged a bigger bounce. However, despite the moderately impressive upward extension in copper prices, one gets the sense that the physical demand outlook in the industrial metals sector is holding back silver. Some players even suggested that in a classic food price inflation scenario, it is possible that the silver market will see less flight to quality buying than the gold market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Swiss sales dash hopes of gold recovery
GATA's press release posted at Yahoo and GoldSeek
Switzerland keeps bailing out its banks short gold
GATA will demand truth about U.S. gold reserves
Coming soon to the corner of Broad and Wall?
The Statistics:
As of close of business: 6/13/2007
Gold Warehouse Stocks: | 7,632,932 | - |
Silver Warehouse Stocks: | 130,297,880 | -26,033 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 472.99 | 15,207,139 | US$ 9,847m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,480 | US$ 1,905m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,318 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,941 | US$ 271m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/13/2007 | |
Total Net Assets | $956,691,390 | 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 6/13/2007 | |
Total Net Assets | $1,771,200,737 | 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:
Crystallex’s (KRY) Cristinas permit, New Gold’s (NGD) debt financing pricing, Exeter’s (XRA) drilling, Seabridge’s (SA) exercised warrants by Xstrata, Hecla’s (HL) presentations, MAG Silver’s (MAG.V) interest in the Juanicipio property, and Metalline’s (MMG) sample results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY+15.09% $4.50 |
2. Exeter | XRA +9.45% $3.59 |
3. Orezone | OZN +6.55% $1.48 |
LOSERS
1. Ivanhoe | IVN -2.42% $14.10 |
2. Allied Nevada | ANV -2.27% $4.30 |
3. Northgate | NXG -1.94% $3.03 |
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:
ABV Gold Inc. Forms New IR and PR Team - More
- June 14, 2007 | Item | E-mail
Solitaire Minerals Corp. Preparing to Drill High Grade Rubidium Zone at the Lateral Lake Claims - More
- June 14, 2007 | Item | E-mail
Crystallex takes 'final step' for Cristinas permit - "Canadian gold miner Crystallex International Corp. (KRY.TO: Quote, Profile , Research) said on Thursday that it has completed "the very final step" to gain a permit allowing construction of its Las Cristinas mine in Venezuela.
The environmental impact study for the project, one of the world's largest undeveloped gold deposits, has been approved by Venezuela's Ministry of the Environment and Natural Resources." More
- June 14, 2007 | Item | E-mail
Sutcliffe Resources Default Status Report - More
- June 14, 2007 | Item | E-mail
Thompson Creek sees sizable internal growth - More
- June 14, 2007 | Item | E-mail
Azimut's update on 7 gold exploration properties in Quebec - More
- June 14, 2007 | Item | E-mail
Hecla to Present at Investment Conferences in Vancouver and San Francisco - "Hecla Mining Company (NYSE:HL - News) will be present at two West Coast investment conferences next week in Vancouver, British Columbia, and San Francisco, California. Hecla Vice President - Investor and Public Relations, Vicki Veltkamp will speak at the World Gold, PGM and Diamond Investment Conference in Vancouver, British Columbia, at noon on Sunday, June 17." More
- June 14, 2007 | Item | E-mail
New Gold Announces Pricing of C$275 Million Debt Financing - "Further to its previously announced (May 29, 2007 and May 30, 2007) offering (the "Offering") of Units, Debentures, Flow-Through Shares and Shares, New Gold Inc. ("New Gold") is pleased to announce the pricing of the 5% Subordinated Convertible Debentures (the "Debentures") and the Units to be sold pursuant to the Offering." More
- June 14, 2007 | Item | E-mail
Keegan Renegotiates and Completes Early Acquistion of Full Private Interest in Esaase Gold Property - More
- June 14, 2007 | Item | E-mail
Amex intersects copper and silver-bearing massive sulphides at Normetal property - More
- June 14, 2007 | Item | E-mail
Yukon Gold Commences Drill Program at Its Zinc-Copper-Silver Deposit in the Yukon - More
- June 14, 2007 | Item | E-mail
SLAM Exploration intersects 6.09% zinc over 11.2 metres at Nepisiguit - Acquires new claims - More
- June 14, 2007 | Item | E-mail
Golden Phoenix Names Craig Patrick Vice President of Corporate Development - More
- June 14, 2007 | Item | E-mail
Opawica Explorations Inc.: Northgate Minerals Private Placement & Joint Venture Closes - More
- June 14, 2007 | Item | E-mail
Stratagold exercises Tassawini option - More
- June 14, 2007 | Item | E-mail
Drilling builds resources at MacLellan Mine - More
- June 14, 2007 | Item | E-mail
Yorbeau Holds Annual General Meeting: Company Initiates an Exciting Exploration Phase - More
- June 14, 2007 | Item | E-mail
Sage Pulls Best Nickel Hole to Date at Jacobus - More
- June 14, 2007 | Item | E-mail
Crosshair begins C$8.5 million uranium exploration program in Labrador - More
- June 14, 2007 | Item | E-mail
First Metals Strengthens Organization - More
- June 14, 2007 | Item | E-mail
Benton and Grandcru Discover New Uranium-Rich Zones Within Potential IOCG Environment - More
- June 14, 2007 | Item | E-mail
Winter Drill Program completed on the Rea Uranium Project, Alberta - More
- June 14, 2007 | Item | E-mail
Drilling Commences on Goldie Property - More
- June 14, 2007 | Item | E-mail
GBS Gold International Inc.: Filing of NI 43-101 Report on Tom's Gully Gold Mine - More
- June 14, 2007 | Item | E-mail
Mirabela Nickel 40% increase in Santa Rita resource - More
- June 14, 2007 | Item | E-mail
Osisko Announces $25 Million Flow-Through Financing - More
- June 14, 2007 | Item | E-mail
Pro-Spect-Or Resources Intends to Change its Name to Uranium Bay Resources Inc. During its Annual General Meeting - More
- June 14, 2007 | Item | E-mail
Virginia : Signing of a CA$1,050,000 Agreement With Breakwater Resources - More
- June 14, 2007 | Item | E-mail
Yukon Gold Corporation, Inc. Appoints Stewart Fumerton Ph.D., P.Geo to Vice-President Exploration - More
- June 14, 2007 | Item | E-mail
Plexmar Resources/Escondida III and IV: Over 10 g/t Gold and 100 g/t Silver - More
- June 14, 2007 | Item | E-mail
Augusta Resource Corporation: Sumitomo to Acquire 8.7% of Augusta in $37.5 Million Financing - More
- June 14, 2007 | Item | E-mail
Galantas Confirms Continuity of Kearney and Elkin Veins - More
- June 14, 2007 | Item | E-mail
Vior and CVRD Inco Commence VTEM Airborne Geophysical Survey on Lac-Edouard Ni-Cu Property - More
- June 14, 2007 | Item | E-mail
Sulliden responds to Century Mining press release - More
- June 14, 2007 | Item | E-mail
Erdene's Step-out Drilling Triples Size of Molybdenum Discovery at Zuun Mod - More
- June 14, 2007 | Item | E-mail
Cloudbreak Commences Drilling on West Dolly Varden Property, Nevada - More
- June 14, 2007 | Item | E-mail
ITH Expands New High Grade Gold Zones with Ongoing Drill Program at its Bulk Tonnage Livengood Project, Alaska - More
- June 14, 2007 | Item | E-mail
Pacific North West Capital Corp. - Phase I Nickel Acquisition Completed Saskatchewan - PFN Acquires Nickel Plats Project - More
- June 14, 2007 | Item | E-mail
MAG Silver Corp.: Penoles Earns Interest in the Juanicipio Property - "MAG Silver Corp. (CDNX:MAG.V - News) and Industrias Penoles S.A. de C.V. announce that Industrias Penoles S.A. de C.V. (Penoles) has completed exploration expenditures at Juanicipio totaling USD$5,000,000. Under the terms of an option agreement dated June 1, 2005, Penoles has completed the prescribed expenditures and has earned a 56% interest in the Juanicipio property. MAG Silver Corp. (MAG) retains a 44% interest in the property." More
- June 14, 2007 | Item | E-mail
Atomic signs letter of intent to acquire 1585 additional claims (32,050 acres) on Dolores Anticline, Colorado - More
- June 14, 2007 | Item | E-mail
Metanor - Surface stripping begins - Bachelor Lake property - More
- June 14, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or "the Company") - Block admission - Schedule 8 notification - More
- June 14, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or "the Company") - Notification of 2007 Annual General Meeting ("AGM") - More
- June 14, 2007 | Item | E-mail
NASDAQ Set X-Dividend Date As June 27, 2007 For Cash Dividend Distributions, Pearl Asian Mining Announces - More
- June 14, 2007 | Item | E-mail
Mediterranean expands Tac resource mineralization - More
- June 14, 2007 | Item | E-mail
Update: Reno Gold Corp. to Expand Its Properties - More
- June 14, 2007 | Item | E-mail
Unico, Inc. Receives Balance of the $1.7 Million Financing Commitment to Exercise the Purchase Option on the Deer Trail Mine - More
- June 14, 2007 | Item | E-mail
Benton and Grandcru discover new uranium-rich zones within potential IOCG environment - More
- June 14, 2007 | Item | E-mail
Grenville Gold to Present at World Gold, PGM & Diamond Investment Conference June 17-18, 2007 - More
- June 14, 2007 | Item | E-mail
Cusac Gold Mines Ltd.: New 43-101 Report Confirms 1.04 Million Ounce Taurus Resource - More
- June 14, 2007 | Item | E-mail
Millstream Intersects Significant Mineralization in Drill Hole S07-07: - More
- June 14, 2007 | Item | E-mail
Nevada Copper Corp.: Intersects High Grade Copper Zone at Shallow Depth - More
- June 14, 2007 | Item | E-mail
Atna Commences Drilling at Jarbidge, Nevada - More
- June 14, 2007 | Item | E-mail
Hidalgo Mining (HMIT) Increases Potential Asset Value as it Acquires Subury Resources, Inc. with Anticipated Values Over $400 Million Projected - More
- June 14, 2007 | Item | E-mail
Ruby Property Update - More
- June 14, 2007 | Item | E-mail
Dhanoa Minerals Workforce Grows to 180 Miners to Increase Production of Gold and Silver - More
- June 14, 2007 | Item | E-mail
Longview Capital Partners Proud to Announce Investor 500 Results - More
- June 14, 2007 | Item | E-mail
General Metals Corporation Executives on Investor Tour in Europe From June 17-26th, 2007 Seeking $10,000,000 in New Equity Financing - More
- June 14, 2007 | Item | E-mail
Stroud Acquires Option on Santa Cruz Silver Gold Property in Mexico Containing High Grade Silver - More
- June 14, 2007 | Item | E-mail
MacDonald Intersects New Nickel Sulfide Zone on McNugget Property, James Bay Lowlands - More
- June 14, 2007 | Item | E-mail
Trade Winds Drills 9.90 g/t Gold Over 6.11 Metres Within 50 Metres of Surface at Detour Lake, Ontario - More
- June 14, 2007 | Item | E-mail
Weststar Significantly Expands Copper/Gold Resource Potential on Axe Property, B.C. - More
- June 14, 2007 | Item | E-mail
90% Gold Recovery from Sulphide Mineralization at Uzboy - More
- June 14, 2007 | Item | E-mail
Anvil Mining Limited acquires option to purchase exploration licences - More
- June 14, 2007 | Item | E-mail
Astral Drills 9.95 g/t Gold over 10m on Jumping Josephine Gold Project - More
- June 14, 2007 | Item | E-mail
Donner Metals Ltd.: New Zinc-Copper Discovery Grading 9.24% Zinc, 0.99% Copper Over 27.95 Metres at the McLeod Area, Matagami - More
- June 14, 2007 | Item | E-mail
Exeter to Drill 5,000 Metres on Caspiche Gold Porphyry, Chile - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) (the "Company" or "Exeter") has committed to a minimum of 5,000 metres of new reverse circulation and diamond drilling on its Caspiche gold porphyry target in Chile. The program will follow up drill hole CSDH_013 that intersected 304 metres of mineralization averaging 0.9 g/t gold (0.026 oz/ton) from a downhole depth of 40 metres." More
- June 14, 2007 | Item | E-mail
Metalline Mining Company Announces Sample Results from Dormidos Concession Area - "In April 2007 Metalline Mining Company, through its Mexican subsidiary Minera Metalin, S.A de C.V., acquired the Dormidos concession covering an area of 2326.0953 hectares. The Dormidos concession is located about 4 km north of the town of Sierra Mojada, Coahuila, Mexico and it is contiguous with other concessions owned by Minera Metalin in the area." More
- June 14, 2007 | Item | E-mail
Ditem Explorations: Drilling Program Underway on Otish Uranium and Otish South Properties - More
- June 14, 2007 | Item | E-mail
Uranium One Announces Addition to Management Team - More
- June 14, 2007 | Item | E-mail
Winter Drill Program completed on the Rea Uranium Project, Alberta - More
- June 14, 2007 | Item | E-mail
UEX Plans to Initiate Final Feasibility Study at Raven and Horseshoe Deposits Following Receipt of N.I. 43-101 Compliant Resource Estimate - More
- June 14, 2007 | Item | E-mail
Purepoint Uranium Group Inc: Updates Fire Eye Project - More
- June 14, 2007 | Item | E-mail
Xstrata Completes Exercise of Seabridge Gold Warrants - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that Xstrata plc has completed the exercise of all two million Seabridge share purchase warrants it held at C$13.50 per share. Xstrata has also advised Seabridge that it has sold all of the Seabridge shares obtained by way of the warrant exercise." More
- June 14, 2007 | Item | E-mail
Crystallex Updates Shareholders Regarding Permitting for the Las Cristinas Gold Project - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) reported today it has received notice from the Corporacion Venezolana de Guayana ("CVG"), that the requirements of the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb" formerly referred to as "MARN") for the issuance of the Environmental permit to commence construction of the Las Cristinas Project have been fulfilled." More
- June 14, 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 14 June, 2007 | |
