-- Posted 21 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $650.60 | -$5.50 |
Silver | $13.05 | -$0.16 |
XAU | 139.97 | +1.03% |
HUI | 336.68 | +0.44% |
GDM | 1057.80 | +0.53% |
JSE Gold | 2615.93 | -0.24% |
USD | 82.69 | +0.12 |
Euro | 133.88 | -0.30 |
Yen | 80.84 | -0.06 |
Oil | $68.65 | -$0.21 |
10-Year | 5.163% | +0.040 |
T-Bond | 106.78125 | -0.40625 |
Dow | 13545.84 | +0.42% |
Nasdaq | 2616.96 | +0.65% |
S&P | 1522.19 | +0.62% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it rose back near unchanged in early New York trade, but it then fell back off after 9:30AM EST for a few hours and dropped to as low as $647.20 by early afternoon ahead of a small rally higher in the last hour of trade that took it over $3 off its low and left it with a loss of 0.84%. Silver dropped to as low as $12.92 by early afternoon before it rebounded about 1% off its low and ended with a loss of 1.21%.
Euro gold fell to about €486, platinum lost $2 to $1,298, palladium lost $1 to $377, and copper fell slightly to about $3.38.
Gold and silver equities fell nearly 2% in the first half hour of trade and remained near their lows for most of the morning, but they then rallied higher throughout the majority of afternoon trade and ended with about 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 6/16 | 324K | 310K | 314K |
Leading Indicators | May | 0.3% | 0.2% | -0.3% |
Philadelphia Fed | June | 18.0 | 8.0 | 4.2 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil initially rose near $70 on news of a strike in Nigeria, but it then fell back off and ended slightly lower as it appeared the strike has had no significant impact on production or exports.
The U.S. dollar index rose and treasuries fell after the Philadelphia fed’s factory activity index came in much stronger than expected and pushed interest rates higher.
The Dow, Nasdaq, and S&P traded mostly lower in morning trade as oil prices rose, but they then climbed back higher in afternoon trade and ended with decent gains as oil prices fell back off and economic data came in strong.
Among the big names making news in the market today were American Greetings, H&R Block, ICE and CBOT and CME, Bear Stearns, Blackstone, Dow Jones, and Luxottica and Oakley.
The Commentary:
“August Gold finished down 5.8 at 654.2, 5.3 off the high and 3.7 up from the low.
July Silver closed down 0.16 at 13.09. This was 0.12 up from the low and 0.16 off the high.
From the gold price reaction to the news on Thursday morning it was clear that the strength in the Dollar was a large portion of the bearish case. However, we also have to think that weakness in a host of physical commodity markets and in particular the weakness in grain prices contributed substantially to the washout in gold prices. Surprisingly the gold market wasn't the least bit supported from the partially upbeat US economic readings but when one considers the recent focus on the direction of the Dollar, it was clear that the bear fix was in. In fact, even with the Philly Fed reporting a large share of firms registered inflation concerns in their survey, it was clear that the inflation theme was not going to be able to support prices. With oil prices unable to sustain early gains and the stock market bordering on another failure, the bear camp had a number of forces working in their favor.
With a big range down extension in the silver market Thursday it seemed as if the market was getting hit from the strength in the Dollar and perhaps because of moderate selling pressure in the copper market. With platinum also showing heavy selling interest, the silver market was getting hit from both the financial side and the physical commodity side and that in turn seemed to add to the technical damage being seen on the charts.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Summer doldrums can be profitable for gold buyers
Jason Hommel reports on the Vancouver conference
Go regulate the U.S. dollar instead, China tells IMF
The Statistics:
As of close of business: 6/20/2007
Gold Warehouse Stocks: | 7,486,281 | - |
Silver Warehouse Stocks: | 130,982,357 | + 785,674 |
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 | 474.53 | 15,256,630 | US$ 10,032m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.80 | 2,919,254 | US$ 1,901m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.04 | 386,788 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.06 | 419,908 | US$ 276m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/20/2007 | |
Total Net Assets | $968,278,777 | 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 6/20/2007 | |
Total Net Assets | $1,850,415,140 | Ounces of Silver
in Trust | 138,749,346.100 |
Shares Outstanding | 13,950,000 | Tonnes of Silver
in Trust | 4,315.59 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
A free, new stock report on Excellon Resources posted at goldreview.com here, Exeter’s (XRA) project put on hold, Miramar’s (MNG) drill results, Great Basin’s (GBN) management appointments, ECU’s (ECU.V) #1 ranking in the “TSX Venture 50,” and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +3.74% $4.44 |
2. Miramar | MNG+3.25% $4.45 |
3. Great Basin | GBN +2.71% $2.65 |
LOSERS
1. Exeter | XRA -21.33% $2.95 |
2. Arizona Star | AZS -4.08% $10.35 |
3. U.S. Gold | UXG -4.07% $5.18 |
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:
Avalon Announces New Executive Appointments and Grants of Incentive Stock Options - More
- June 21, 2007 | Item | E-mail
Glencairn Closes Sale of Manitoba Nickel Royalties to Independent Nickel - More
- June 21, 2007 | Item | E-mail
Franc-Or Receives NI 43-101 Report on Mario, Peru Property and Plans Additional Drilling and Underground Exploration and Bulk Sampling - More
- June 21, 2007 | Item | E-mail
Uracan announces closing of its previously announced $3.8 million financing - More
- June 21, 2007 | Item | E-mail
Win-Eldrich's Shareholders Approve Amendment to Stock Option Plan and Options are Granted To Directors and Investor Relations Consultant - More
- June 21, 2007 | Item | E-mail
High Grade Gold (86.92 g/t Au over 0.50 m) and Silver (170.00 g/t Ag over 0.50 m) Mineralization Intersected at Coringa Project, Brazil. - More
- June 21, 2007 | Item | E-mail
Duluth Metals announces drill results confirming large mineralized horizon over 3.5 sq. kms. - More
- June 21, 2007 | Item | E-mail
Buffalo Gold Releases New Resource Estimate for Mt. Kare - More
- June 21, 2007 | Item | E-mail
Coronado Stockpiles Gold Ore Averaging 0.38 Ozs per Ton - More
- June 21, 2007 | Item | E-mail
Baja Mining Corp. Advances Engineering and Financing - More
- June 21, 2007 | Item | E-mail
Sale to Gold Bullion Development Corporation by Mousseau Tremblay Inc. of a Part of Granada's Property-Memorandum of Understanding - More
- June 21, 2007 | Item | E-mail
CanAm Uranium Corporation SqueezeTrigger Price is $0.98 - More
- June 21, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Abitibi Drill Program Results - More
- June 21, 2007 | Item | E-mail
Palladon Announces Iron Supply Contract With Holcim Inc. - More
- June 21, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - La Fortuna Option Completed - More
- June 21, 2007 | Item | E-mail
Strathmore Creates Fission Energy Corp. - More
- June 21, 2007 | Item | E-mail
Leaching Process Has Begun at Capital Gold's El Chanate Gold Mining Project in Sonora, Mexico - More
- June 21, 2007 | Item | E-mail
Fortune Minerals provides Nico Project Update - More
- June 21, 2007 | Item | E-mail
AIM Resources Announces a A$75,020,000 Financing - More
- June 21, 2007 | Item | E-mail
Results of Warren Pratt, PhD visit to Igor - More
- June 21, 2007 | Item | E-mail
Midlands Minerals Announces Initial Research Coverage by Haywood Securities in Haywood's Junior Exploration Universe - More
- June 21, 2007 | Item | E-mail
Molybdenums Diversity Keeps Demand Firm - More
- June 21, 2007 | Item | E-mail
Full Metal Intersects 44.6 meters 15.9% Zinc, 4.5% Lead, 76.6 g/t Silver at 40 Mile Project - More
- June 21, 2007 | Item | E-mail
Pacific North West Capital Joins Benton and Teck in Search for Nickel in Labrador - More
- June 21, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. - Plan of arrangement with Queenstake becomes effective - More
- June 21, 2007 | Item | E-mail
U Mining Resources Inc. Signs Joint Venture Agreement to Earn 50% Interest in Nevada-Based Toiyabe Peaks Uranium Mining Project From ABV Gold Inc. - More
- June 21, 2007 | Item | E-mail
Shareholders Approve Sale of Youanmi Project to Apex Minerals - More
- June 21, 2007 | Item | E-mail
Metanor Resources Inc. Closes the Private Placement of $2 M - More
- June 21, 2007 | Item | E-mail
St. Eugene Mining receives assays from Moyie Zinc/Silver/Lead Project - More
- June 21, 2007 | Item | E-mail
ITH Completes Airborne Survey at Chisna Cu-Au Project - More
- June 21, 2007 | Item | E-mail
Kodiak Announces $800,000 Exploration Program for Ten Otish Uranium Properties - More
- June 21, 2007 | Item | E-mail
Franconia Receives Cdn$4.2 Million From Warrant Exercises - More
- June 21, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Additional Updates on Reconstruction Progress at the Deer Trail Mill and Processing Facility - More
- June 21, 2007 | Item | E-mail
Cambridge Mineral Resources Plc: Issue Of Equity - More
- June 21, 2007 | Item | E-mail
Sulliden files two lawsuits in Canada over Shahuindo Property - More
- June 21, 2007 | Item | E-mail
International Nickel Updates Results in the Anapolis Belt Nickel Sulphide Exploration Program - More
- June 21, 2007 | Item | E-mail
Millstream Intersects Massive and Stringer Sulphides in Drill Hole S-07-08 - More
- June 21, 2007 | Item | E-mail
Canadian Royalties Inc.: Exploration Update/MegaTEM(R) Survey Underway - More
- June 21, 2007 | Item | E-mail
East West Resource Corporation: Copper Zone Confirmed on Teck Hill 550 Metres East of Gazooma Discovery Marshall Lake Camp Thunder Bay, Ontario - More
- June 21, 2007 | Item | E-mail
Mill City elects to be carried at Pony Creek, Nevada - More
- June 21, 2007 | Item | E-mail
Grandview Gold Completes Pony Creek Earn-In Increasing Carlin Trend Consolidated Property Interest to 80% - More
- June 21, 2007 | Item | E-mail
Kazakhmys Extends Offer for Eurasia Gold Inc. - More
- June 21, 2007 | Item | E-mail
General Metals Corporation Engages EquityStory.AG for Online IR in Germany and Heads for Presentation at London Stock Exchange - More
- June 21, 2007 | Item | E-mail
Golden Tag Announces Proposed $1.6 Million Private Placement - More
- June 21, 2007 | Item | E-mail
Bolero Begins 5,500 Metre Drill Program At Bald Butte - More
- June 21, 2007 | Item | E-mail
Murgor releases drilling results from the Hudvam deposit and provides an update of exploration at the property - More
- June 21, 2007 | Item | E-mail
Asian Dragon Group Provides Update On Project Luogold-Jinjishan Gold Mine and Expands Scope on Molybdenum, Vanadium, and Silver-Lead Acquisitions - More
- June 21, 2007 | Item | E-mail
Bluerock Resources Begins Drilling Program at the Andrew Lloyd Uranium Mine, Garfield County, Utah - More
- June 21, 2007 | Item | E-mail
Sparton to Evaluate Uranium Extraction Possibilities From Waste Material in South Africa With Akanani Investment Corporation - More
- June 21, 2007 | Item | E-mail
Hathor Exploration Selected as One of the 2007 TSX Venture 50 - More
- June 21, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc.: 32 Meters of 0.103% U3O8 Discovered in Third Phase Drilling at Two Time Zone - More
- June 21, 2007 | Item | E-mail
Bayswater Provides Exploration Update - More
- June 21, 2007 | Item | E-mail
Miramar Mining Corporation: Suluk and Rand Drilling Continue to Deliver Excellent Results - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced results for an additional 20 diamond drill holes from the 2007 exploration program at the Hope Bay Project in Nunavut. There are currently 6 core drills at Hope Bay with 3 drills coring from lake ice at the Suluk zone of the Madrid deposit and two drills testing the connector zone between the Boston Main Resource and BN Zone. Also the search for new deposits on the belt continues with one drill testing priority exploration targets along the 21km long Madrid trend." More
- June 21, 2007 | Item | E-mail
ECU Silver Ranked #1 Overall in the "TSX Venture 50" - "ECU Silver Mining Inc. (TSX VENTURE:ECU - News) is pleased to report that it is the overall top ranked company in the TSX Venture 50 ranking. There are over 2000 companies listed on the Venture Exchange from which ECU Silver was ranked #1." More
- June 21, 2007 | Item | E-mail
Aquiline Releases Second Set of High Grade Silver Results at Barite Hill, Navidad - "Aquiline Resources Inc. ("Aquiline" or the "Company") (TSX:AQI - News) is pleased to report on the results of 12 new diamond drill holes at its Navidad Project in Chubut Province, Argentina. These include the results for holes to further extend the high-grade zone of mineralization to the southeast of Barite Hill (see press releases, 4/10/07 and 5/23/07 ). Barite Hill is located approximately one kilometre from Galena Hill, which previously marked the southern extent of the resource at Navidad." More
- June 21, 2007 | Item | E-mail
Great Basin Gold Completes the Appointment of Senior Management for Its Hollister and Burnstone Operations - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces appointments of a number of senior staff members at its Hollister and Burnstone mining projects, in line with the Company's strategy to appoint and develop strong, focused management teams at its operations." More
- June 21, 2007 | Item | E-mail
Exeter's Don Sixto Project Put on Hold - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that legislation was passed by the Mendoza government today prohibiting the use of chemicals typically used in the extraction of gold and other metals. The legislation effectively puts Exeter's Don Sixto Project on hold, unless the government amends the law." More
- June 21, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 June, 2007 | |
