-- Posted 22 June, 2007 | | Source: SilverSeek.com
| 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 ˝ 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 for Saskatchewan Education, Training and Employment, Northern Education Services Branch in La Ronge and in 1996 he became the Deputy Minister for the Government of Saskatchewan, Northern Affairs." More
- June 22, 2007 | Item | E-mail
Tanzanian Royalty Chairman to Advance C$1,500,000 - "Tanzanian Royalty announces that Mr. James E. Sinclair, Chairman and CEO, will make an interest free advance to the Corporation of $1,500,000, having advanced today $1,100,000, and a further $400,000 to follow by June 29, 2007. As previously announced, Mr. Sinclair has agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in eight quarterly tranches of $375,000 each, the first tranche of which completed on May 28, 2007." More
- June 22, 2007 | Item | E-mail
Bayswater: Kilgore Reports Filing of Technical Report - More
- June 22, 2007 | Item | E-mail
Evolving Gold Corp. Retains Renmark Financial Communications Inc. - More
- June 22, 2007 | Item | E-mail
Kenrich-Eskay Mining Corporation: Finally, 2007 Drill Program Commences on Coastal Copper Property - More
- June 22, 2007 | Item | E-mail
Sierra Minerals Inc. Reports 2007 First Quarter Profit From Its Cerro Colorado Mining Operation - More
- June 22, 2007 | Item | E-mail
Consolidated Goldfields Executes Letter Of Intent With Teras Resources Inc. - More
- June 22, 2007 | Item | E-mail
Reunion Gold Corporation Announces its Financial Results for the Year Ended March 31, 2007 - More
- June 22, 2007 | Item | E-mail
Moydow Announces Closing of Financing - More
- June 22, 2007 | Item | E-mail
Explor Completes Hard Dollars Private Placement - More
- June 22, 2007 | Item | E-mail
Silver Eagle Continues to Consolidate Ownership at Its Miguel Auza Project - "Silver Eagle Mines Inc. (Toronto:SEG.TO - News)("Silver Eagle") is pleased to announce that it has exercised its option to buy out six additional mining concessions and the 3% royalty thereon, at the Miguel Auza Mine, for the previously agreed purchase price of US$2,010,000. These claims comprise the properties where the majority of the Calvario, East and North Zones are located. With the addition of these core properties, Silver Eagle has now consolidated its 100% direct ownership on 18 of the 20 mining concessions at Miguel Auza." More
- June 22, 2007 | Item | E-mail
Merrex Commences Diamond Drilling at West Voisey's Bay Nickel Project; $2.2 Million in Expenditures Approved - More
- June 22, 2007 | Item | E-mail
James Kermeen, P. Eng. is appointed Director, company grants stock options, new web site created - More
- June 22, 2007 | Item | E-mail
Augyva Announces Phase-I of its 2007 Drill Program on Gold Showings at Yasinski - More
- June 22, 2007 | Item | E-mail
Pele Mountain Acquires New Uranium Property at Elliot Lake - More
- June 22, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation: Announcement - "Palmarejo Silver and Gold Corporation (CDNX:PJO.V - News)(the "Company") announced today that Bolnisi Gold NL ("Bolnisi") and Coeur d'Alene Mines Corporation ("Coeur") have agreed today that the period under the Bolnisi Merger Implementation Agreement ("Bolnisi" MIA) in which Coeur must complete due diligence satisfactory to it, across the four jurisdictions that the Bolnisi group spans, will be extended until June 29, 2007." More
- June 22, 2007 | Item | E-mail
Barrick Gold Corporation Second Quarter 2007 Results Release, Conference Call and Webcast - "Second Quarter Results Release: August 1st after market close. Conference Call and Webcast: August 2nd 9:30 am EDT." More
- June 22, 2007 | Item | E-mail
Breakwater Announces Increased Reserves and Resources at El Toqui - More
- June 22, 2007 | Item | E-mail
SNS Silver Closes Second Tranche of Private Placement - "SNS Silver Corporation (TSX-V: SNS - News; "SNS") announces the closing of 1,137,700 units (the "Units"), at a price of $1.25 per Unit (the "Offering") for gross proceeds of $1,422,125, which represents the remainder of the previously announced non-brokered private placement of up to 5,000,000 Units. Each Unit consists of one common share of the Company (a "Share") and one-half of a transferable common share purchase warrant (a "Warrant"). Each full Warrant is exercisable into one additional Share for a period of 18 months following the closing at an exercise price of $1.50." More
- June 22, 2007 | Item | E-mail
Lakota Announces Election of Directors - More
- June 22, 2007 | Item | E-mail
Commencement of drilling operations at West Voisey's Bay - More
- June 22, 2007 | Item | E-mail
Pershimco Resources Inc.: Closing of a C$ 3 Million Non-Brokered Private Placement - More
- June 22, 2007 | Item | E-mail
Nevada Copper Corp.: Confirms Continuation of High Grade Copper Zone on East Deposit - More
- June 22, 2007 | Item | E-mail
High Grades and Widths Drilled at Rice Lake Deep - More
- June 22, 2007 | Item | E-mail
Benton Resources Corp. (BTC) Mobilizes Crew to Evaluate Large Conductive Anomalies on King Lake Nickel Property 60km North of Voisey's Bay Deposit - More
- June 22, 2007 | Item | E-mail
M45 Mining Resources Inc. Provides Update on Negotiations to Finance Drilling Program in Matagami Mining Camp Pursuant to Positive NI-43-101 on West Wind Proper - More
- June 22, 2007 | Item | E-mail
U Mining Resources Inc. Announces Initialization of Company Stock Buyback Program - More
- June 22, 2007 | Item | E-mail
Melkior Stakes 238 Claims at Timmins - More
- June 22, 2007 | Item | E-mail
McVicar announces significant order from DuPont - More
- June 22, 2007 | Item | E-mail
Gold Canyon to Acquire Option Over Horseshoe Island Gold Project - More
- June 22, 2007 | Item | E-mail
Dhanoa Minerals President and CEO Increases Personal Investment in Company's Latest Round of Financing - More
- June 22, 2007 | Item | E-mail
Magnus International Resources, Inc. Announces Addition to the Board of Directors - More
- June 22, 2007 | Item | E-mail
Ahead of the Bell: USEC Gains Ground - More
- June 22, 2007 | Item | E-mail
Azimut and Arianne sign a Letter of Intent for the North Havre Uranium Property, North Shore Region, Quebec - More
- June 22, 2007 | Item | E-mail
CanAlaska and Yellowcake accelerate uranium exploration at Grease River - More
- June 22, 2007 | Item | E-mail
Crystallex Reports Grades of Principal Mineralized Intervals From the Conductora Zone, Las Cristinas, From the 2006-2007 Drill Program - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) today reported summary assay results from the second of two zones drilled at Las Cristinas in a 13,566 metre program which commenced on November 1st, 2006 and was completed on February 14th, 2007." More
- June 22, 2007 | Item | E-mail
Coeur d'Alene and Bolnisi Extend Due Diligence Period - "Coeur d'Alene Mines Corporation (NYSE: CDE - News; TSX: CDM - News) today announced that Bolnisi has agreed to extend Coeur's due diligence period to July 3, 2007, under the Merger Implementation Agreement relating to Coeur's proposed acquisition of Bolnisi, which is part of a larger transaction that also would result in Coeur's acquisition of Palmarejo Silver and Gold Corporation (TSX-V: PJO - News)." More
- June 22, 2007 | Item | E-mail
G.Fields says Venezuela strike ends, output hit - "South Africa's Gold Fields Ltd (GFIJ.J: Quote, Profile , Research) said on Friday workers had ended a strike that had started on June 6 at its mine in Venezuela.
Gold Fields, the world's fourth biggest gold producer, said its employees had returned to work at the Choco 10 mine, but production for the quarter is expected to fall to 5,800 ounces from the previously advised 8,000 ounces." More
- June 22, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 22 June, 2007 | |