-- Posted 15 June, 2007 | | Source: SilverSeek.com
Note: There will be no Gold Seeker reports on Monday and Tuesday as I will be attending and traveling back from the 2007 World Gold, PGM & Diamond Investment Conference on June 17th & 18th in Vancouver. Please stop by booth 1116 and say hello.
| Close | Gain/Loss | On Week |
Gold | $654.50 | +$2.90 | +1.38% |
Silver | $13.19 | +$0.09 | +1.54% |
XAU | 140.77 | +1.65% | +3.97% |
HUI | 336.27 | +1.60% | +3.70% |
GDM | 1058.70 | +1.94% | +2.41% |
JSE Gold | 2614.24 | +1.05% | +1.28% |
USD | 82.84 | -0.26 | +0.22% |
Euro | 133.83 | +0.73 | +0.17% |
Yen | 81.01 | -0.32 | -1.42% |
Oil | $68.00 | +$0.35 | +5.00% |
10-Year | 5.171% | -0.046 | +1.04% |
Bond | 106.40625 | +0.375 | -0.44% |
Dow | 13639.48 | +0.63% | +1.60% |
Nasdaq | 2626.71 | +1.05% | +2.07% |
S&P | 1532.91 | +0.65% | +1.67% |
The Metals:
CoT Reports: Gold | Silver
Gold traded slightly higher in Asia before it fell back to about $650 in London, but it then steadily rallied higher throughout most of trade in New York and ended with a gain of 0.45%. Silver followed a similar pattern and gained 0.69%.
Euro gold fell back near €489 on euro strength, platinum gained $3 to $1,287, palladium remained unchanged at $371, and copper gained nearly 5 cents to about $3.44.
Gold and silver equities rose over 1.5% in the first hour of trade and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | May | 0.7% | 0.6% | 0.4% |
Core CPI | May | 0.1% | 0.2% | 0.2% |
Current Account | Q1 | -$192.6B | -$202.0B | -$187.9B |
NY Empire State Index | Jun | 25.8 | 12.0 | 8.0 |
Net Foreign Purchases | Apr | $84.1B | - | $51.2B |
Capacity Utilization | May | 81.3% | 81.6% | 81.5% |
Industrial Production | May | 0.0% | 0.2% | 0.4% |
Michigan Sentiment | Jun | 83.7 | 88.0 | 88.3 |
Wall Street once again hailed tame Core CPI and ignored higher than expected headline CPI. A stronger than expected NY Empire State Index report was offset economically by a somewhat disappointing Industrial Production report and a weaker than expected Michigan Sentiment report. Several pointed out a lower than expected Current Account and a large amount of Net Foreign Purchases, but neither report appeared to help the dollar at all as one might expect them too. Of special note was that “Chinese holdings of Treasury securities dropped in April, to $414.0 billion from $419.8 billion.”
All of this week’s economic reports:
Next week’s economic highlights include Housing Starts and Building Permits on Tuesday and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil closed at $68 for the first time since September on continued concerns over geopolitical tensions and also refinery problems that have not built inventories as much as most have expected.
The U.S. dollar index fell overall on the day along with interest rates, but the dollar’s dramatic fall versus the euro was somewhat offset by strength versus the yen as the Bank of Japan did not raise interest rates as some had hoped they would do.
Treasuries rose on weaker than expected tame Core CPI as interest rates fell further from the 5-year high above 5.3% reached early on Wednesday that technicians are pointing to as a possible significant top.
The Dow, Nasdaq, and S&P rose on moderating inflation indications from Core CPI and Core PPI (ignoring headline PPI and CPI) and signs of decent, but not too strong, economic growth. The Nasdaq rose to a 6 and ˝ year high and the Dow and S&P rose back near their all-time closing highs.
Among the big names making news in the market Friday were Penn National Gaming and Fortress Investment, Winnebago, Nymex, NYSE, Deutsche Boerse, CME, Home Depot, and Blackstone and Fortress Partnership.
The Commentary:
“Be sure and read Neal's comments on the Swiss gold sales. It is understood by the more savvy investment world that this very public announcement by Switzerland (and others) is another desperate ploy to drive gold's price down. What few understand is that the bankers do not hold gold as reserves in hopes that it will appreciate in value above their own paper money debt creations. These are false flag diversions. You see, gold is a competitor of fiats, not an ally! It is the bane of international banking, a real millstone around their now over stretched-out necks. They can't shake it, and never will.
Let's look at these CB gold sales from a different angle. If you owned 1/2 of all the shares of the Dow Jones blue chip stocks, and announced with great fanfare and press releases to even the Junior Scholastics tabloid that you would be dumping 25% of your shares within a few months what effect do you think it would have on the DJI? Duh. I don't believe you'd be with this money manager long if it were your funds he was managing. And, then with new paper money that you could print off your Dell computer you could buy those shares back at fantastic discounts. Neither should the Swiss tolerate this jettisoning of their gold any more than Americans should put up with the Federal Reserve. This is a cartel that must take a big fall. People around the world should be firing their own respective money managers. The problem the CBs are seeing now though is their "shares" (gold) are not going down as hoped. Citizens, as shareholders of their country's gold, are now exercising their sovereign rights as shareholders and reclaiming physical possession of their shares (gold). BEWARE THOSE ETFs!”- Charleston Voice
“August Gold finished up 2.8 at 658.7, 0.8 off the high and 4.7 up from the low.
July Silver closed up 0.095 at 13.26. This was 0.18 up from the low and 0.01 off the high.
Apparently the gold market was seeing some indirect pull from the sharp ongoing gains in the equity market. With the Dollar apparently failing at what now seems to be a very critical chart level and seeing the currency trade discount the prospect of inflation, it would seem to leave the gold market in a much better fundamental position than was present at the start of the week. Certainly the gold market would benefit from expectations of upwardly spiraling inflation, but in the near term the gold market also seems to be concerned that for now rapid inflationary pressures might bring about an overly aggressive Fed reaction. Therefore, the best path for the bull camp in gold is to see ongoing equity market gains, upbeat macro economic conditions and perhaps indirect inflationary threats from the energy and food markets.
The silver market was lifted by the favorable action in the gold market, but it was once again clear that silver market was lagging behind the gold market. With the copper market managing to shake off an extremely bearish flow of overnight fundamental news and the stock market rising sharply throughout most of the session, it is clear that a number of outside market forces are favoring the bull camp. In fact, with rumors circulating that a major fund was poised to take delivery of a physical commodity, it is possible that even the silver market is in line to benefit from an influx of fund money. In the end, a number of patently bearish forces in place at the beginning of the week seem to have reversed and seeing the market rise above a critical longer term moving average might leave the market in a positive position next week.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 6/14/2007
Gold Warehouse Stocks: | 7,632,932 | - |
Silver Warehouse Stocks: | 128,416,221 | - 1,881,659 |
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$ 9,932m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.80 | 2,919,448 | US$ 1,910m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,314 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,936 | US$ 274m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/14/2007 | |
Total Net Assets | $961,699,762 | 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 6/14/2007 | |
Total Net Assets | $1,795,972,369 | 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:
ECU’S (ECU.V) conditional approval for a TSX listing and plenty of news from the juniors and explorers were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Exeter | XRA +12.54% $4.04 |
2. Great Basin | GBN +8.98% $2.67 |
3. Aurizon | AZK +7.57% $3.41 |
LOSERS
1. Kimber | KBX -3.57% $1.35 |
2. Minco Gold | MGH-3.50% $1.38 |
3. Orezone | OZN -2.70% $1.44 |
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:
Coeur CFO to Speak at 43rd Minesite Mining Forum - "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 43rd Minesite Mining Forum in London on June 19, 2007 at 7:30 a.m. Eastern time (12:30 p.m. London time). Mr. Sabala will present an overview of the company's strategy and growth prospects." More
- June 15, 2007 | Item | E-mail
Alamos Gold Inc. Announces Intention to Terminate SEC Reporting - More
- June 15, 2007 | Item | E-mail
Aurus Changes Transfer Agent - More
- June 15, 2007 | Item | E-mail
Mansfield Minerals Inc.: More Additions to Lindero - More
- June 15, 2007 | Item | E-mail
Update: Crosshair begins C$8.5 million uranium exploration program in Labrador - More
- June 15, 2007 | Item | E-mail
Workers at Cameco's Zircatec ops OK strike mandate - More
- June 15, 2007 | Item | E-mail
Pacific North West Capital Doubles Drill Program on West Timmins Nickel Project, adjacent to Xstrata's Montcalm Mine, Ontario - More
- June 15, 2007 | Item | E-mail
Queensland Minerals Ltd. Announces the Election of Anthony Walsh as Director and the Grant of Options - More
- June 15, 2007 | Item | E-mail
Crew Gold Announces Continued Positive Drilling Results From Siguirini Prospect - More
- June 15, 2007 | Item | E-mail
Goldmarca Announces Management and Board Appointments - More
- June 15, 2007 | Item | E-mail
Company Profile for Libby Creek Ventures(TM) - More
- June 15, 2007 | Item | E-mail
Condor Appoints New VP Exploration - More
- June 15, 2007 | Item | E-mail
Gold Fields Completes Second Investment in Lero Gold - More
- June 15, 2007 | Item | E-mail
ValGold Begins Drill Program in Guyana - More
- June 15, 2007 | Item | E-mail
Mengold Closes $1,500,000 Private Placement Financing - More
- June 15, 2007 | Item | E-mail
AREVA Announces US$ 7.75 Per Share Friendly Cash Offer for UraMin - More
- June 15, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Progress of Additional Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- June 15, 2007 | Item | E-mail
Powertech Appoints James Carter to the Board - More
- June 15, 2007 | Item | E-mail
Northland Announces Tapuli Drill Results - More
- June 15, 2007 | Item | E-mail
Black Hawk Exploration Finalizes Agreement on Alberta Sun Uranium Project - More
- June 15, 2007 | Item | E-mail
ECU Silver Receives Conditional Approval for TSX Listing - "Mr. Stephen Altmann, President of ECU Silver Mining Inc. (CDNX:ECU.V - News) is pleased to announce that the Toronto Stock Exchange (TSX) has conditionally approved the listing of ECU common shares on the TSX. Upon listing on the TSX, the common shares of ECU will trade under the symbol "ECU" and will no longer trade on the TSX Venture Exchange." More
- June 15, 2007 | Item | E-mail
Roxmark announces early results in Northern Empire drilling program - More
- June 15, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd. to Consolidate All Canadian Uranium Properties - More
- June 15, 2007 | Item | E-mail
Firestone Ventures Finalizes Agreement on Alberta Sun Uranium Project - More
- June 15, 2007 | Item | E-mail
Modernization Project for Dhanoa Minerals Shows Immediate Results - More
- June 15, 2007 | Item | E-mail
Osisko Gets Top Rankings in Canadian Business Magazine - More
- June 15, 2007 | Item | E-mail
Metco and Regal Form a Joint-Venture for Exploration in Quebec's Gaspe Peninsula - More
- June 15, 2007 | Item | E-mail
Aurelio Resource Corporation Resumes Drilling at the Hill Copper-Zinc Project in Arizona - More
- June 15, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc. Notification Concerning Interests in Shares of the Company - More
- June 15, 2007 | Item | E-mail
Sumitomo takes stake in Canadian metals company - More
- June 15, 2007 | Item | E-mail
Cambridge Mineral Resources plc: Preliminary Results - More
- June 15, 2007 | Item | E-mail
BCM Resources Corporation: Additional Results From Hole 27 Yield High-Grade Interval of 0.189% Molybdenum Over 17.34m - More
- June 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 June, 2007 | |
