-- Posted 27 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $641.80 | -$0.40 |
Silver | $12.19 | -$0.05 |
XAU | 135.02 | +1.74% |
HUI | 324.23 | +0.95% |
GDM | 1015.91 | +1.11% |
JSE Gold | 2498.51 | -1.56% |
USD | 82.33 | +0.02 |
Euro | 134.41 | -0.26 |
Yen | 81.67 | +0.60 |
Oil | $68.97 | +$1.20 |
10-Year | 5.070% | -0.031 |
T-Bond | 107.125 | +0.34375 |
Dow | 13427.73 | +0.68% |
Nasdaq | 2605.35 | +1.21% |
S&P | 1506.34 | +0.90% |
The Metals:
Gold traded mostly slightly lower in Asia in London before it moved higher in late morning New York trade and saw small gains above $644 by early afternoon, but it then fell back off into the close and ended with a loss of 0.06%. Silver rose over $12.30 before it also fell back off into the close and ended with a loss of 0.41%.
Euro gold remained at about €477, platinum gained $4 to $1,273, palladium lost $2 to $360, and copper gained roughly 5 cents to about $3.42.
Gold and silver equities fell about 1% at the open before they rose to find slight gains by late morning, extended their gains in the last two hours of trade, and ended with about 1% gains.
CBGA signatories on pace to end shy of gold sales quota
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | May | -2.8% | -1.0% | 1.1% |
Tomorrow at 8:30AM EST brings the final reading for 1st quarter GDP expected at 0.8%, the Chain Deflator expected at 4.0%, and Initial Jobless Claims for 6/22 expected at 315,000. At 10AM is the Help-Wanted Index for May expected at 29, and at 2:15PM is the FOMC policy statement that is expected to keep interest rates unchanged, but may have a different view towards future interest rate moves.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade as traders expected inventories to rise, but it then saw over $1 gains after inventories came in mixed and raised supply concerns as it was also shown that gasoline demand remains strong and rose 1.4% last week compared to a year ago. Oil inventories built a smaller than expected 1.6 million barrels, gasoline inventories surprisingly fell 700,000 barrels, distillates surprisingly fell 2.3 million barrels, and refinery utilization rose 1.8% to 89.4%.
The U.S. dollar index fell on weak U.S. economic data as the yen continued to gain on the unwinding of the carry trade and strong Japanese Retail Sales, but dollar losses turned to small gains by the close as traders prepared for tomorrow’s fed meeting.
Treasuries rose after Durable Goods Orders fell more than expected and pushed interest rates lower.
The Dow, Nasdaq, and S&P opened lower on worries weak poor Durable Goods Orders data, but all three indices found decent gains by the close as financial stocks rebounded from recent losses and led the major indices back higher.
Among the big names making news in the market Friday were ConAgra, Best Buy, Bear Stearns, CommScope and Andrew, and Guitar Center and Bain.
The Commentary:
“Further erosion in the precious metals markets has created an environment for additional downside risks at this time. A breakdown in technicals is aiding the weakness and the market remains vulnerable. The market is capable of extending the pullback to the low $600’s while any rally attempts are going to be difficult to sustain in such an environment. It will take a new level to form a solid base from where the precious metals complex can stabilize before looking to more forward again. Although you do have a weak US Dollar and strong energy prices which could indicate the price of gold could be forming such a base around current levels.
These are the so-called “summer doldrums.” It may be several weeks into this seasonally weak and quieter period when gold starts to make a push back higher, but for now investors who remain committed to the long-term prognosis of $700 and higher gold can use this to cost average, accumulate on the fall.
I remain cognizant on the ongoing situation in the Middle East. We have indications of further war preparations yesterday by Iran which began to partition fuel to its citizens. Is a conflict inching closer? This unknown variable could trigger a quick reversal in the gold price should the situation elevate further. Investors have become complacent to the situation as it has dragged on. Yet if the situation warrants greater concern, all eyes will return to markets such as gold which may have fallen out of favor during the short-term.” - Peter Spina, GoldSeek.com | GoldForecaster.com
“August Gold finished down 0.5 at 644.8, 2.7 off the high and 1.9 up from the low.
July Silver closed down 0.07 at 12.21. This was 0.03 up from the low and 0.14 off the high.
Although the economic report news was clearly bearish showing a 2.8% decline in May Durable Goods, selling in the gold market was surprisingly limited. It is further encouraging to see the selling pressure ease up on gold despite the Euro weakening against the Dollar. We suspect the afternoon rebound in the stock market and lower Treasury yields helped to give some relief to investors worried over the economic repercussions from sub-prime mortgage problems and acted as a bit of an offset to the bearish economic news seen so far this week. Also, the rebound in energy prices may have rekindled some inflation concerns and encouraged some bargain hunting in gold. The Press is also reporting that gold prices had reached a low enough level to draw in physical buyers, particularly from India as demand for gold has been very strong this year.
It is a little surprising the silver market was able to hold off aggressive selling interest despite the patently weak May Durable Goods report. In fact, this week's economic data so far has painted a bearish macro economic environment that could easily keep the trade on the defensive. However, the sharp afternoon rebound in the stock market, slightly lower Treasury yields and a rebound in copper prices seems to have also eased some global liquidity concerns and in turn has helped to ease the selling in the silver market. The Press also reported the sharp decline in silver prices recently has begun to attract physical buyers and bargain hunters to the market.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Sub-prime Chernobyl': So gold has to be hit hard
IMF delays consideration of gold sales by a month
The Statistics:
As of close of business: 6/26/2007
Gold Warehouse Stocks: | 7,451,134 | - |
Silver Warehouse Stocks: | 141,296,181 | + 1,862,675 |
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 | 463.45 | 14,900,324 | US$ 9,637m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.12 | 2,994,056 | US$ 1,923m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,442 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,838 | US$ 274m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE SGX subtracted 11.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/26/2007 | |
Total Net Assets | $947,549,523 | 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 6/26/2007 | |
Total Net Assets | $1,782,277,977 | 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) drilling, Exeter’s (XRA) appointments, Ivanhoe’s (IVN) Investment Agreement, Fronteer’s (FRG) drill results, Agnico-Eagle’s (AEM) drill results, Gold Fields’ (GFI) warrant exercise in GoldQuest, Bear Creek’s (BCM.V) drill results, and ECU’s (ECU.V) listing on the TSX were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU+12.22% $1.01 |
2. Vista Gold | VGZ +8.86% $4.30 |
3. Nevsun | NSU +4.82% $2.39 |
LOSERS
1. Kimber | KBX-3.73% $1.29 |
2. Solitario | XPL -2.36% $4.55 |
3. Orezone | OZN-2.00% $1.47 |
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:
Klondex Receives Shareholder Petition - More
- June 27, 2007 | Item | E-mail
Gold Bullion Development Corp.: Granada Mine and Mill Pre-Feasibility Bulk Sample Up-Date - More
- June 27, 2007 | Item | E-mail
Matoush Continues to Impress: Strateco Intersects 1.97% U3O8 Over 6.7 Metres and Begins Global Exploration of the Matoush Project - More
- June 27, 2007 | Item | E-mail
Southampton Announces Closing of Horden Lake Deposit Acquisition and Provides Further Details Re Niger Uranium Permits - More
- June 27, 2007 | Item | E-mail
Pro-Spect-Or Resources Changes Its Name to Uranium Bay Resources Inc. and Creates a Subsidiary Which Shall Hold its Non-Uranium Properties - More
- June 27, 2007 | Item | E-mail
Wildwood Management Corporation in Negotiations to Acquire Mining Properties Outside of North America - More
- June 27, 2007 | Item | E-mail
Soltoro Intercepts 269 gpt Silver Over 12 Metres at El Rayo in Mexico - More
- June 27, 2007 | Item | E-mail
Evolving Gold Announces Staking of 38,000 Acres in Nevada - More
- June 27, 2007 | Item | E-mail
Olympus Announces $25,000,000 Prospectus Offering - More
- June 27, 2007 | Item | E-mail
Hawk to List on the TSX Venture Exchange - More
- June 27, 2007 | Item | E-mail
Vena Resources Expands Management Team - More
- June 27, 2007 | Item | E-mail
Rocmec Intercepts Several New Gold Structures at Rocmec 1 Property - More
- June 27, 2007 | Item | E-mail
Robex closes a $500,000 private placement - More
- June 27, 2007 | Item | E-mail
Drilling Begins at Seabridge Gold's Mitchell Deposit - "Drilling has commenced at the Mitchell zone, one of three gold-copper porphyry deposits located on Seabridge's 100% owned Kerr-Sulphurets project near Stewart, British Columbia, Canada. A 15,000 meter core program will employ three rigs to upgrade the existing 13.1 million ounce inferred gold resource and to pursue three targets which could substantially increase the size of the deposit." More
- June 27, 2007 | Item | E-mail
Tumi Resources Limited - Tumi Identifies Electromagnetic Conductor at Tomtebo, Sweden - More
- June 27, 2007 | Item | E-mail
Trelawney Resources Inc.: Resource Calculation Commences on Wawa Gold Project - More
- June 27, 2007 | Item | E-mail
Mesa Uranium Signs Second LOI With Energy Fuels Inc. - More
- June 27, 2007 | Item | E-mail
Energy Fuels Signs Second Letter of Intent With Mesa Uranium and Announces Option Grant - More
- June 27, 2007 | Item | E-mail
Ressources Appalaches Acquires Two Gold Properties in Nova Scotia - More
- June 27, 2007 | Item | E-mail
Northwestern and UraMin provide update on drill program underway in Niger - More
- June 27, 2007 | Item | E-mail
Thistle announces results for the first quarter ending March 31, 2007 - More
- June 27, 2007 | Item | E-mail
Firstgold Corp. Appoints New Chairman and Adds Additional Board Member - More
- June 27, 2007 | Item | E-mail
BacTech Advancing Godbout Uranium Project - More
- June 27, 2007 | Item | E-mail
War Eagle Mining Company to Joint Venture Out its Mac Property - More
- June 27, 2007 | Item | E-mail
Wealth Minerals Identifies High-Grade Uranium in Bingo Zone Trenching on its Diamante-Los Patos Property, Northwest Argentina - More
- June 27, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Premium Exploration, Inc. - More
- June 27, 2007 | Item | E-mail
NI 43-101 submitted for Caldera - More
- June 27, 2007 | Item | E-mail
Golden Eagle Announces Termination of Term Sheet with Platinum Diversified Mining Inc. - More
- June 27, 2007 | Item | E-mail
Sulliden update on exploration work on Shahuindo property - More
- June 27, 2007 | Item | E-mail
Full Metal's 100 Meter Step-Out Returns 21.2% Zn, 8.1% Pb, 127 g/t Ag Over 15.6 Meters at 40 Mile Project - More
- June 27, 2007 | Item | E-mail
Harris Exploration, Inc. Announces Andres Block Reveals Ten Separate Zones - More
- June 27, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - La Fortuna - New Discovery Area at G Zone-18m of 4.19g/t Gold - More
- June 27, 2007 | Item | E-mail
Uranium Hunter Enters Into Definitive Agreement on Kagadi and Nkoko Uranium Projects - More
- June 27, 2007 | Item | E-mail
Fieldex engages PowerOne Capital Markets for private placement of up to $3.25 million - More
- June 27, 2007 | Item | E-mail
Champion Bear encounters visible gold drilling at its Plomp Farm property, Dryden area - More
- June 27, 2007 | Item | E-mail
Midlands Minerals Announces the Emergence of a Gold Bearing Structure Parallel to the Esaase Open Pit Mine on Sian-Ghana - More
- June 27, 2007 | Item | E-mail
U Mining Resources Inc. Announces Imminent Nominations of New Board Members and Line Officers - More
- June 27, 2007 | Item | E-mail
Aura Gold to Acquire Arapiraca Project; Update on Corporate Activities - More
- June 27, 2007 | Item | E-mail
Liberty Mines Inc. Announces Normal Course Issuer Bid - More
- June 27, 2007 | Item | E-mail
Scorpio's Surface Drilling of Satellite Santa Teresa Deposit Reports 16.50 metres grading 116 g/t Ag, 5.30% Zn, 0.28% Cu, 3.44% Pb and 0.207 g/t Au - More
- June 27, 2007 | Item | E-mail
Dia Bras Reports on High Grade Lens in the Titanic Zone at the Bolivar Mine - More
- June 27, 2007 | Item | E-mail
Pershimco Extends Gold Mineralization to 750 Meters on Courville Project - More
- June 27, 2007 | Item | E-mail
Pan African Mining Corp. Completes Mapping of Old Machinga Gold Mine in Mozambique; Core Drilling Planned - More
- June 27, 2007 | Item | E-mail
Dhanoa Minerals Clarification of June 26th Press Release - More
- June 27, 2007 | Item | E-mail
Aquila Outlines Drill Targets - More
- June 27, 2007 | Item | E-mail
Uranium Star Provides Exploration Program Update for Sagar Property in Northern Quebec - More
- June 27, 2007 | Item | E-mail
Liberty Star Uranium Announces Start of Comprehensive Geochemical Sampling of Its 352 Uranium Pipe Targets--XState JV Given First Priority - More
- June 27, 2007 | Item | E-mail
USEC Selects BWXT to Perform American Centrifuge Manufacturing Work - More
- June 27, 2007 | Item | E-mail
Trigon Comments on Historical Hauber Data - More
- June 27, 2007 | Item | E-mail
International Ranger Corp.: Retraction and Restatement - More
- June 27, 2007 | Item | E-mail
Exeter Engages Chief Operating Officer and Appoints Two Directors - "The appointment of Paul, Robert and Patrick will enhance our ability to grow the Company towards our stated goal of being a mid tier precious metal producer in South America." More
- June 27, 2007 | Item | E-mail
Ivanhoe Mines Welcomes Completion of Landmark Draft Oyu Tolgoi Investment Agreement by the Mongolian Government - "Ivanhoe Mines President and CEO John Macken and Deputy Chairman Peter Meredith today welcomed the announcement that the Mongolian Government has completed the draft Investment Agreement that will guide the planned development and long-term operation of the Oyu Tolgoi copper-gold project in the South Gobi Region of Mongolia." More
- June 27, 2007 | Item | E-mail
Fronteer Development Group Inc.: New High Grade Silver Zone Intersected at Kirazli Gold Deposit - "Fronteer Development Group Inc. ("Fronteer") (Toronto:FRG.TO - News)(AMEX:FRG - News) announced today that an encouraging near-surface, high-grade silver zone has been intersected at its Kirazli deposit in NW Turkey. These new drill holes were not included in the recently reported resource calculation for Kirazli (Press Release 7-27) and are an important new development for the project." More
- June 27, 2007 | Item | E-mail
Bear Creek drilling and new sampling expands silver mineralization on its 100% owned Santa Ana project, Peru - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from thirteen additional diamond drill holes (Phase 3 drilling) and results from soil/rock chip grid sampling on the extreme north and south ends of the area drilled to date at its 100% owned Santa Ana silver project. Santa Ana is located 200 kilometers south of the Company's Corani silver-base metal deposit in southeastern Peru. Drilling at Santa Ana now totals 7,501 meters in fifty-five drill holes." More
- June 27, 2007 | Item | E-mail
ECU Silver to Commence Trading on the TSX - "ECU Silver Mining Inc. (TSX VENTURE:ECU - News) is pleased to report that it has received TSX Exchange approval for the listing of ECU's outstanding common shares on the TSX Exchange. As of the market open for Thursday, June 28, 2007, the common shares of ECU Silver Mining Inc. will begin trading on the TSX under the symbol ECU. On commencement of TSX trading, ECU's shares will be de-listed from the TSX Venture Exchange." More
- June 27, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. announces new listing on the Toronto Stock Exchange - "Yukon-Nevada Gold Corp. (TSX:YNG - News) began trading on the Toronto Stock Exchange on Monday, June 25th 2007, replacing YGC Resources Ltd. (TSX:YGC - News). Queenstake Resources Ltd. (AMEX:QEE - News) was de-listed at the close of trading on June 20th 2007 and Queenstake Resources Ltd. (TSX:QRL - News) was de-listed at the close of trading on June 25th 2007." More
- June 27, 2007 | Item | E-mail
Agnico-Eagle expands gold zones at Pinos Altos; Signs option to acquire El Realito Property in Mexico - "Agnico-Eagle Mines Limited is pleased to provide an update on its spring exploration and acquisition activities in Mexico. Significant drilling results have been returned at Pinos Altos including potentially ore-grade gold intercepts near surface and also at depth." More
- June 27, 2007 | Item | E-mail
Gold Fields Announces Exercise of Warrants to Increase its Stake in GoldQuest - "Gold Fields Limited (NYSE, JSE, DIFX:GFI) announced that on June 22, 2007 its indirect wholly-owned subsidiary Gold Fields Exploration B.V. ("Gold Fields Exploration") exercised warrants to acquire 1,200,000 common shares of GoldQuest Mining Corp (TSXV:GQC) ("GoldQuest") for an exercise price of US$0.30 per common share." More
- June 27, 2007 | Item | E-mail
Houston Lake Extends Angel Hill Gold Zone at Surface and Completes Drill Program - More
- June 27, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 June, 2007 | |
