-- Posted 22 June, 2007 | Digg This Article
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| Close | Gain/Loss | On Week |
Gold | $653.60 | +$3.00 | -0.14% |
Silver | $13.03 | -$0.02 | -1.21% |
XAU | 139.19 | -0.55% | -1.12% |
HUI | 336.05 | -0.19% | -0.07% |
GDM | 1051.01 | -0.64% | -0.73% |
JSE Gold | 2596.85 | -0.73% | -0.67% |
USD | 82.35 | -0.34 | -0.59% |
Euro | 134.65 | +0.77 | +0.61% |
Yen | 80.75 | -0.09 | -0.32% |
Oil | $69.14 | +$0.49 | +1.68% |
10-Year | 5.138% | -0.025 | -0.64% |
Bond | 106.78125 | -0.40625 | +0.35% |
Dow | 13360.26 | -1.37% | -2.05% |
Nasdaq | 2588.96 | -1.07% | -1.44% |
S&P | 1502.56 | -1.29% | -1.98% |
The Metals:
CoT Reports: Gold | Silver
Gold remained near unchanged in Asia before it edged up in London and traded nearly 1% higher above $655 in early New York trade, but it then fell back to unchanged by early afternoon ahead a $3 rally in the last 20 minutes of trade that left it with a gain of 0.46%. Silver dropped to as lows as $12.94 before it also rallied back higher in late trade, but it still ended with a loss of 0.15%.
Euro gold fell under €486 on euro strength, platinum gained $8 to $1,306, palladium gained $1 to $378, and copper fell a couple of cents to about $3.36.
Gold and silver equities found slight gains at the open, but they then steadily fell off and saw nearly 1% losses by early afternoon before they rebounded a bit into the close and ended with just slight losses.
The Economy:
All of this week’s economic reports:
Next week’s economic highlights include Existing Home Sales on Monday, Consumer Confidence and New Home Sales on Tuesday, Durable Goods Orders on Wednesday, GDP, Initial Jobless Claims, the Help-Wanted index, and the FOMC policy statement on Thursday, and Personal Income and Spending, Core PCE Inflation, Chicago PMI, Construction Spending, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on renewed worries over a general strike in Nigeria that did not end as some had speculated it would.
The U.S. dollar index fell despite the dollar rising to a 4 and ½ year high versus the yen as weakness versus the euro dragged the index down.
Treasuries rose as worries over subprime mortgages and higher oil sent the Dow, Nasdaq, and S&P over 1% lower.
Among the big names making news in the market Friday were Blackstone, Delphi, and NYSE Euronext and Borsa Italiana.
The Commentary:
“August Gold finished up 2.8 at 657, 2.5 off the high and 3 up from the low.
July Silver closed down 0.07 at 13.02. This was 0.03 up from the low and 0.16 off the high.
It appeared the gold market was able to garner some support from flight to safety buying tied to the sub-prime mortgage debacle and to at least two hedge funds that needed to be bailed out. With investors shying away from riskier investments some of that money seemed to find its way to the gold market. The gold market was also supported by a weaker Dollar against the Euro as expectations for rising European interest rates provided currency support. Also a rebound in energy prices tied to an indefinite nationwide strike by Nigerian union workers revived some inflation hedge demand for gold. However, gold's gains were capped by next week's Fed meeting. Although the market expects the Fed to keep rate policy steady, the Fed's focus on inflation also raises the risks that the next policy move will be to tighten rates and that outlook certainly is an undermine to the bulls.
Silver seemed to trade more like an industrial metal this session as the market didn't seem to get much support from a weaker Dollar, flight to quality buying or strength in the gold market. With weakness in the US housing sector being drawn out by the debacle in the sub-prime mortgage sector, it is not too surprising silver seemed to be tracking the copper market more than gold today. Losses in the stock market and jitters over next week's Fed meeting calls into question the state of the economy. However, workers threatening to strike at a major copper mine in Chile may have helped to limit weakness in silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mike Kosares: Don't fear central bank gold sales
More evidence that China will spend treasuries to buy everything
The Statistics:
As of close of business: 6/21/2007
Gold Warehouse Stocks: | 7,451,134 | - 35,147 |
Silver Warehouse Stocks: | 131605624 | + 623267 |
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$ 9,922m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.80 | 2,919,221 | US$ 1,910m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.04 | 386,784 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,862 | US$ 275m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.12 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/21/2007 | |
Total Net Assets | $960,149,427 | 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 6/21/2007 | |
Total Net Assets | $1,826,802,403 | 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:
Gold Fields’ (GFI) ended strike in Venezuela, Metallica’s (MRB) director resignation, Claude’s (CGR) new board member, Tanzanian Royalty’s (TRE) C$1.5 million advance, Crystallex’s (KRY) drill results, Silver Eagle’s (SEG.TO) exercised option to buy out six additional mining concessions, SNS Silver’s (SNS.V) closed second tranche of a private placement, and Coeur’s (CDE) extended due diligence period with Bolnisi and Palmarejo were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Arizona Star | AZS+6.76% $11.05 |
2. Kimber | KBX +4.29% $1.46 |
3. Exeter | XRA +1.69% $3.00 |
LOSERS
1. Vista Gold | VGZ -5.49% $4.30 |
2. Orezone | OZN -4.29% $1.56 |
3. International Royalty | ROY -3.49% $6.35 |
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:
Red Dragon Resources Corp. Announces Annual and Special Meeting Results and Corporate Developments - More
- June 22, 2007 | Item | E-mail
Skyline Announces Increase in Private Placement and Commencement of 2007 Drilling Program - More
- June 22, 2007 | Item | E-mail
Wildcat Exploration Ltd. - Drill Program Intersects High Grade No. 3 Vein System at Depth - More
- June 22, 2007 | Item | E-mail
Ecuador plans to send Congress broad mining reforms - "Ecuador will send a bill to Congress soon to tighten controls on its nascent mining sector and ease the concerns of activists who have protested the environmental risks of awarding concessions.
A top mining official told Reuters in an interview on Friday that the bill will modernize one of the least effective mining laws in Latin America, imposing stricter environmental controls, limiting the duration of exploration concessions and imposing royalties." More
- June 22, 2007 | Item | E-mail
Metallica Resources Announces Resignation of Director - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) announced today that Oliver Lennox-King has resigned his position as a director of the company in order to focus on his other business activities. His resignation is effective immediately." More
- June 22, 2007 | Item | E-mail
QGX Shareholders Approve Shareholders Rights Plan - More
- June 22, 2007 | Item | E-mail
Ray Mckay Joins Claude's Board - "Josef Spross, Chairman of the Board of Claude Resources Inc. (TSX - CRJ / AMEX - CGR), is pleased to announce that Ray McKay has joined the Company's Board of Directors. Mr. McKay, a resident of La Ronge, Saskatchewan, began his career in Alberta as an educator in 1968, retiring as a principal in 1979. He then became the Executive Director f
