-- Posted 26 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $642.20 | -$9.00 |
Silver | $12.24 | -$0.59 |
XAU | 132.71 | -2.59% |
HUI | 321.18 | -2.40% |
GDM | 1004.78 | -2.48% |
JSE Gold | 2537.99 | -1.84% |
USD | 82.31 | -0.02 |
Euro | 134.67 | +0.10 |
Yen | 81.07 | +0.26 |
Oil | $67.77 | -$1.41 |
10-Year | 5.101% | +0.023 |
T-Bond | 106.78125 | -0.25 |
Dow | 13337.66 | -0.11% |
Nasdaq | 2574.16 | -0.11% |
S&P | 1492.89 | -0.32% |
The Metals:
Gold dropped a few dollars in Asia and London and fell throughout most of trade in New York to as low as $639.60 by about 1PM EST before it bounced slightly higher into the close, but it still ended with a loss of 1.38%. Silver fell much more aggressively in New York and dropped to as low as $12.10 before it also rebounded in the last half hour of trade, but it still ended with a notable loss of 4.60%.
Euro gold fell to about €477, platinum lost $18 to $1,269, palladium lost $10 to $362, and copper fell over 5 cents to about $3.37.
Gold and silver equities steadily fell throughout most of the day and saw about 3% losses by late afternoon, but they did rebound a bit in the last hour of trade and closed with about 2.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | June | 103.9 | 106.0 | 108.5 |
New Home Sales | May | 915K | 925K | 930K |
Also making economic news today was the S&P/Case-Shiller index which showed metropolitan home values fell 2.7% in April compared to a year ago which is the largest drop in 16 years. Included in the New Home Sales report were inventories falling 1.1% to a 7.1 month supply to show some stabilization in the housing market.
Tomorrow at 8:30AM EST brings the Durable Goods Orders report for May expected at -1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell about 2% on expectations for rising inventories in tomorrow’s report.
The U.S. dollar index fell as the yen rose on remarks from Japan's Finance Minister Koji Omi indicating concern about the further depreciation of the yen that in turn encouraged unwinding of the yen carry trade.
Treasuries finished lower in mixed trade as varied economic data eventually pushed interest rates marginally higher.
The Dow, Nasdaq, and S&P saw decent gains for most of trade as oil fell markedly, but all three indices fell back off in the last two hours of trade and ended slightly lower on continued worries over subprime loans and their potential harmful impact to credit derivatives and those who own them.
Among the big names making news in the market today were Apple, Payless ShoeSource, Kroger, BlackRock, Lennar, and ConocoPhillips.
The Commentary:
“August Gold finished down 9.4 at 645.3, 6.5 off the high and 2.5 up from the low.
July Silver closed down 0.597 at 12.28. This was 0.13 up from the low and 0.46 off the high.
The action in the gold market on Tuesday really damages the bull's psychology. Certainly the presence of weak US numbers fostered part of the selling but a breakdown in energy prices and more concerns toward the US housing/sub-prime loan area means that gold is presented with a series of negative themes. In fact, seeing the new home sales reading decline for the 4th time in the last 5 months speaks of a pattern of slowing and that is either deflationary for gold or it hits at the heart of physical demand hopes. Supposedly the weakening of energy prices has significantly reduced inflation concerns and on the back of a faltering US economy, the whole inflation argument is lost.
The silver market came under a massive wave of liquidation in what seemed to be a simple downside follow through from the prior session's washout but in the end the washout easily rivaled the massive failures seen back on December 15th and on March 1st and 2nd. In other words, the washout was significant in scope but the concentrated decline wasn't all that unusual when compared to recent history. Certainly the washout was facilitated by a sagging physical commodity market outlook and certainly the market was moving to extract some inflationary premium from prices but given the speed of the mid day washout, it is possible that options expiration fueled some of the selling. Some players even suggested that a recent pattern of builds in silver exchange stocks prompted the sell off but in the end any number of themes seemed to be credible.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Blood from a stone
BIS warns of Great Depression danger from credit spree
To save the world financial system, Japan must die
Here's another place where they've stopped reporting the money supply
The Statistics:
As of close of business: 6/25/2007
Gold Warehouse Stocks: | 7,451,134 | - |
Silver Warehouse Stocks: | 139,433,506 | +2,843,455 |
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$ 9,925m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.13 | 2,994,089 | US$ 1,924m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,446 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,843 | US$ 275m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/25/2007 | |
Total Net Assets | $961,140,492 | 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 6/25/2007 | |
Total Net Assets | $1,797,565,028 | 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:
Seabridge’s (SA) insider share sales, Exeter’s (XRA) drill results, Aurelian’s (ARU.TO) stock split, IAMGOLD’s (IAG) CFO appointment, and Sterling Mining’s (SRLM.OB) cross-cut preparations were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +4.00% $3.38 |
2. Solitario | XPL +1.97% $4.66 |
3. U.S. Energy | USEG+0.95% $5.33 |
LOSERS
1. Rubicon | RBY -8.56% $1.71 |
2. Vista Gold | VGZ -7.06% $3.95 |
3. Northern Dynasty | NAK -6.71% $10.84 |
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:
Sterling Finalizes Preparations for Upper Mine Exploration Cross-Cut - "Sterling Mining Company (OTCBB: SRLM - News) today reported that Sterling crews are preparing for continued development of an exploration cross-cut, at an elevation of 2,672 feet, east of the historic Polaris Mine workings in the upper mine area of the Sunshine Mine." More
- June 26, 2007 | Item | E-mail
Vulcan Minerals Inc.: Nickel Update-Options Proposed - More
- June 26, 2007 | Item | E-mail
Acero-Martin's Pinaya Gold-Copper Project Continues to Expand With Ongoing Drilling - More
- June 26, 2007 | Item | E-mail
Seabridge Gold Reports Insider Share Sales - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today it has been informed by Friedberg Mercantile Group Ltd. ("FMGL") that two investments funds managed by FMGL have sold 162,000 common shares of Seabridge in order to meet their investment guidelines." More
- June 26, 2007 | Item | E-mail
Exeter Drilling Extends High-Grade Gold and Silver Mineralization at Cerro Moro - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that high-grade gold and silver encountered in six new diamond drill holes have extended the known mineralization in the Escondida vein area, at its Cerro Moro project, Argentina." More
- June 26, 2007 | Item | E-mail
Gossan Awards Incentive Stock Options - More
- June 26, 2007 | Item | E-mail
Shoreham Resources Receives Conditional Approval to Close $2,183,250 Flow-Through Private Placement - More
- June 26, 2007 | Item | E-mail
Adanac's 2007 Exploration Underway at Ruby Creek - More
- June 26, 2007 | Item | E-mail
Taranis Resources Commences Drilling at Thor Property, British Columbia - More
- June 26, 2007 | Item | E-mail
Chapleau Resources Ltd. - 1.37 g/t Gold over 31.0 m Intersected in Hole 10 at Cajueiro, Brazil - More
- June 26, 2007 | Item | E-mail
DIOS EXPLORATION: Field Work Initiated on Opinaca Nord Uranium-Gold Exploration Project, Quebec - More
- June 26, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.: NI 43-101 Manganese Mineral Resource Evaluation Report Filed - More
- June 26, 2007 | Item | E-mail
Firstgold Corp., Issue Over-Subscribed, Raises More Than $11,300,000 - More
- June 26, 2007 | Item | E-mail
Magma Metals Makes Second Year Option Payment, Commences Drilling on Houston Lake Mining's PGM Project - More
- June 26, 2007 | Item | E-mail
Sienna Gold Inc. - The majority of warrants outstanding from June 27, 2005 offering, have been exercised - More
- June 26, 2007 | Item | E-mail
Premium Exploration Inc. Retains Cronus Capital Markets for Strategic Consulting - More
- June 26, 2007 | Item | E-mail
Royal Standard Minerals Inc. - More
- June 26, 2007 | Item | E-mail
CVRD Inco options Copper Ridge's Ironman IOCG property - More
- June 26, 2007 | Item | E-mail
Robex's Annual Meeting - More
- June 26, 2007 | Item | E-mail
Castillian Approves $3.4 Million Exploration Budget for Marifil`s San Luis Project - More
- June 26, 2007 | Item | E-mail
Typhoon Exploration Inc.: Closing of a Private Placement of $100,000 - More
- June 26, 2007 | Item | E-mail
Karmin's Aripuana Zinc Project, Brazil: Scoping Study Ongoing and Sulphide Mineralization at Babacu - More
- June 26, 2007 | Item | E-mail
New Cantech Ventures Inc. Announces Assay Results for Drill Hole LS07-96 of the Phase 4 Infill Drilling Program on its Lucky Ship Molybdenum Property - More
- June 26, 2007 | Item | E-mail
Mega Uranium Provides Update on Exploration Activity in the Wernecke Uranium District, Yukon - More
- June 26, 2007 | Item | E-mail
Gulfside Clarifies Agreement to Acquire Coal Project - More
- June 26, 2007 | Item | E-mail
Kenrich-Eskay Mining Corporation: 2007 Corey Drill Program Commences - More
- June 26, 2007 | Item | E-mail
Aurelian Shareholders Approve Stock Split; Split Shares to Commence Trading July 10 - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced that the proposed four-for-one split of the company's common shares was approved at Aurelian's shareholders meeting on June 20, 2007 and the Articles of Amendment to effect the share split were filed on June 22, 2007. The shares will commence trading on the Toronto Stock Exchange on a split basis on July 10." More
- June 26, 2007 | Item | E-mail
Tao Minerals Completes Agreement to Acquire El Colmillo Mine - More
- June 26, 2007 | Item | E-mail
Yamana Gold Declares Quarterly Dividend - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) today announced its second quarter dividend of US$0.01 per share. Shareholders of record at the close of business on Friday, June 29, 2007 will be entitled to receive payment of this dividend on Monday, July 16, 2007." More
- June 26, 2007 | Item | E-mail
Sierra Minerals Inc. to Hold Annual and Special Meeting of Shareholders June 27, 2007 - More
- June 26, 2007 | Item | E-mail
Wega Mining ASA to make investment of up to C$10 million in Tagish Lake Gold Corp. - More
- June 26, 2007 | Item | E-mail
Ur-Energy Options Athabasca Uranium Property, Drilling to Commence Immediately - More
- June 26, 2007 | Item | E-mail
Pediment Exploration Ltd.: New "Los Planes" Gold Zone Prompts 10,000-Metre Expansion Drilling at San Antonio - More
- June 26, 2007 | Item | E-mail
Puma Exploration: 30-Metre Mineralized Zone at Shaft - More
- June 26, 2007 | Item | E-mail
Duluth Metals Initial 43-101 Resource exceeds expectations - More
- June 26, 2007 | Item | E-mail
Callinan Acquires New Uranium Prospects - More
- June 26, 2007 | Item | E-mail
Galantas Gold Corporation: Omagh Gold Processing Plant Commissioned - More
- June 26, 2007 | Item | E-mail
Farallon Announces Favourable Legal Ruling in Mexico; Court Dismisses Hermiston Civil Case, Awards Costs to Farallon - More
- June 26, 2007 | Item | E-mail
Rox Resources Ltd. ("RXRS.PK") Signs "Letter Of Intent" to Acquire a 100% Interest in "The Fox Mine" Near Lynn Lake, Manitoba, Canada. - More
- June 26, 2007 | Item | E-mail
Tara Gold Delivers First Load of La Currita Concentrate to Smelter in Torreon - More
- June 26, 2007 | Item | E-mail
Raven Gold Corp. announces today the first load of concentrate totalling approximately 10 tonnes has been delivered to the smelter in Torreon. - More
- June 26, 2007 | Item | E-mail
Unico, Inc. Announces New Website Photo Gallery Showing Additional Work on Electrical Substation That Will Supply Power to the Deer Trail Mine - More
- June 26, 2007 | Item | E-mail
Arianne and Azimut Sign a Letter of Intent for The North Havre Uranium Property, North Shore Region, Quebec and Starts a Helicopter Geophysical Survey - More
- June 26, 2007 | Item | E-mail
Northland Receives Exploitation Concessions for Barsele Gold Project - More
- June 26, 2007 | Item | E-mail
Millstream Intersects 23.75 Metres of 3.51% Copper & 3.44% Zinc - More
- June 26, 2007 | Item | E-mail
Cash Minerals Provides Update on Exploration Activity in the Wernecke Uranium District, Yukon - More
- June 26, 2007 | Item | E-mail
Commissioning of the Redstone Mill Is Underway - More
- June 26, 2007 | Item | E-mail
Gold firm investors should look at supply -Ospraie - "A shortage of experience and lack of infrastructure means investors looking at gold producers should focus on supply and margins rather than demand and prices, a conference heard on Tuesday." More
- June 26, 2007 | Item | E-mail
Consolidated Spire Ventures Announces High Grade Trench Silver Results and Start of Drilling At the Sagitario Area, Yago Property, Mexico - More
- June 26, 2007 | Item | E-mail
Castillian Announces $9 Million Exploration Program on Nickel Sulphide Projects and Additions to Technical Team - More
- June 26, 2007 | Item | E-mail
VenCan Gold Corp. Acquires Large Abitibi West Property for Gold Exploration - More
- June 26, 2007 | Item | E-mail
Minera Andes announces production to commence at San Jose silver/gold mine - More
- June 26, 2007 | Item | E-mail
HE-5 Resources, Corp. Announces Formation of IZZA Minerals Inc. Subsidiary to Explore Canadian Mining Territories - More
- June 26, 2007 | Item | E-mail
General Metals Executives Conclude European Tour With London Stock Exchange Presentation and Follow Up Monday Meetings - More
- June 26, 2007 | Item | E-mail
Sierra Gold Corporation Announces More Positive Assay Results for Platinum and Palladium - More
- June 26, 2007 | Item | E-mail
Dhanoa Minerals Announces Expansion Plans to Acquire Adjoining Gold Producing Properties - More
- June 26, 2007 | Item | E-mail
Asian Dragon Group Finalizes Deal On Major China Molybdenum Project, Luanchuan Mozigou Molybdenum Mine - More
- June 26, 2007 | Item | E-mail
Energy Metals Corporation: Uranium One Waives Due Diligence Title Out - More
- June 26, 2007 | Item | E-mail
Entourage Mining Completes 2007 Phase I Drilling at Doran, Intersects 24.1 Meters of 0.033% (0.66 lb/ton) U3O8 - More
- June 26, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Namibia Exploration Update - More
- June 26, 2007 | Item | E-mail
Cash Minerals Provides Update on Exploration Activity in the Wernecke Uranium District, Yukon - More
- June 26, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd.: Detailed Sampling Discovers Highly Anomalous Lake Sediments on CMB JV Properties - More
- June 26, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc.: Detailed Sampling Discovers Highly Anomalous Lake Sediments on CMB JV Properties - More
- June 26, 2007 | Item | E-mail
Uranerz Included in the Russell Microcap Index - More
- June 26, 2007 | Item | E-mail
IAMGOLD Announces CFO Appointment - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(Boston:IAMGOLD - News) is pleased to announce the appointment of Carol T. Banducci as the Chief Financial Officer ("CFO") effective July 3, 2007. Ms. Banducci brings more than 15 years of senior financial management and leadership experience in multi-divisional and multi-facility environments, and will join IAMGOLD after driving financial improvement and integration initiatives of a leading building products manufacturer. Ms. Banducci will take responsibility for the strategic direction and leadership of the finance group as a result of the retirement of current CFO, Grant Edey." More
- June 26, 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 26 June, 2007 | |
