-- Posted 29 June, 2007 | | Source: SilverSeek.com
Note: Canadian markets will be closed on Monday in observance of Canada Day.
| Close | Gain/Loss | On Week |
Gold | $647.50 | -$0.40 | -0.93% |
Silver | $12.30 | -$0.06 | -5.60% |
XAU | 135.94 | +0.81% | -2.33% |
HUI | 329.35 | +0.93% | -1.99% |
GDM | 1029.00 | +0.92% | -2.09% |
JSE Gold | 2469.84 | -0.48% | -4.89% |
USD | 81.92 | -0.40 | -0.52% |
Euro | 135.30 | +0.77 | +0.48% |
Yen | 81.21 | UNCH | +0.57% |
Oil | $70.78 | +$1.11 | +2.37% |
10-Year | 5.033% | -0.085 | -2.04% |
Bond | 107.75 | +0.96875 | +0.91% |
Dow | 13408.62 | -0.10% | +0.36% |
Nasdaq | 2603.23 | -0.20% | +0.55% |
S&P | 1503.35 | -0.16% | +0.05% |
The Metals:
CoT Reports: Gold | Silver
Gold traded slightly lower in Asia before it moved back higher in London and traded on either side of $650 with $1-$4 gains in morning New York trade, but it then fell from its high near $652 in afternoon trade and ended AT is low of the session with a loss of 0.06%. Silver climbed over $12.50 by late trade in London and remained near that level for most of trade in New York, but it also fell back off in the last minutes of trade and ended near its low with a loss of 0.49%.
Euro gold fell to about €480, platinum gained $1 to $1,275, palladium lost $1 to $365, and copper rose slightly to about $3.49.
Gold and silver equities rose over 1% at the open and remained near their highs for most of the day until some weakness in the last hour of trade, but they still ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | May | 0.4% | 0.6% | -0.2% |
Personal Spending | May | 0.5% | 0.7% | 0.5% |
Core PCE Inflation | May | 0.1% | 0.1% | 0.1% |
Chicago PMI | June | 60.2 | 58.0 | 61.7 |
Construction Spending | May | 0.9% | 0.2% | 0.2% |
Michigan Sentiment | June | 85.3 | 84.0 | 83.7 |
All of this week’s economic reports:
Next week’s economic highlights include the ISM Index on Monday, Factory Orders and Pending Home Sales on Tuesday, Initial Jobless Claims and ISM Services on Thursday, and June’s jobs data on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose back above $70 and closed at a 10-month high on continued supply worries in the face of strong demand as some geopolitical worries were also raised with the discovery of at least one unexploded car bomb in London.
The U.S. dollar index fell and treasuries rose after year-over-year Core PCE came in at 1.9% and dropped below 2% into the fed’s comfort range for the first time since February 2006.
The Dow, Nasdaq, and S&P opened nicely higher on tame inflation and strong economic data before they fell off markedly in afternoon trade on worries over subprime mortgages and their potential impacts on the rest of the market, but all three indices rebounded to find just slight losses by the close in volatile fashion ahead of holiday shortened trade next week.
Among the big names making news in the market Friday were Delphi, Apple, RIM, Commerce Bancorp, and S&P, Moody’s, and Fitch.
The Commentary:
“August Gold finished up 0.5 at 650.9, 4.1 off the high and 0.7 up from the low.
July Silver closed down 0.026 at 12.353. This was equal to the low and 0.117 off the high.
While trading activity was choppy it seemed as if the bull camp was able to keep a slight edge since gold seems to be coming back into favor as a hedge vehicle against inflation which physical buying in the metal has also picked up. Gold was able to garner support from inflation fears being rekindled by rising energy and grain prices, warnings by the Fed and a weaker Dollar. Crude oil prices moved convincingly above the $70 per barrel level on concerns of tightening product supplies and "agflation" worries were certainly conjured up by sharp gains seen in some grain and food markets on Friday. With higher food and energy prices being seen, the gold market seemed to discount the May core PCE Price Index especially since the 1st quarter price deflator released yesterday showed a surprising large quarterly jump leaving traders cautious over the near-term inflation outlook. The "on hold" Fed policy also softened US Treasury yields a bit and pressured the Dollar which has created a better investment environment for gold. However, some in the trade seemed to be disappointed in the gold market's response to the bullish news this session and profit taking set in to limit gains ahead of the weekend.
The silver market waffled around both sides of unchanged as the market didn't seem to get too much support from the inflation theme. Silver trading seemed to be more tied to action in the stock market where equity indexes traded weaker in the afternoon on continued uncertainty tied to the sub-prime market and less M&A activity. It was a little surprising silver couldn't find more support from higher copper prices which were up on news of protests and strikes at major copper mines in Chile. In the end, it appeared that pre-weekend profit taking kept the bulls at bay.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India is rolling in gold but still poverty-stricken
Richard Greene: You would have thought it was a gold bull market
The Statistics:
As of close of business: 6/28/2007
Gold Warehouse Stocks: | 7,350,272 | - 100,862 |
Silver Warehouse Stocks: | 134,595,439 | + 529,491 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 464.37 | 14,930,016 | US$ 9,660m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.12 | 2,993,990 | US$ 1,948m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,433 | US$ 257m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,829 | US$ 274m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 0.92 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/28/2007 | |
Total Net Assets | $955,499,887 | 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 6/28/2007 | |
Total Net Assets | $1,692,378,144 | Ounces of Silver
in Trust | 136,263,706.600 |
Shares Outstanding | 13,700,000 | Tonnes of Silver
in Trust | 4,238.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Richmont’s (RIC) property sale, Apollo Gold’s (AGT) updated reserve and resource report release date, and Minco Silver’s (MSV.TO) drilling program were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Orezone | OZN +9.09% $1.68 |
2. Banro | BAA+6.27% $10.17 |
3. Hecla | HL +4.53% $8.54 |
LOSERS
1. Ivanhoe | IVN -3.33% $14.24 |
2. Northern Orion | NTO -1.90% $5.69 |
3. Eldorado | EGO -1.52% $5.83 |
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:
Osisko Completes Purchase of East Amphi - More
- June 29, 2007 | Item | E-mail
Soltoro Grants Stock Options - More
- June 29, 2007 | Item | E-mail
Tagish - Feasibility Report - More
- June 29, 2007 | Item | E-mail
White Knight Resources Ltd.: Press Release - More
- June 29, 2007 | Item | E-mail
Shareholders of Wesdome Gold Mines and Western Québec Mines Overwhelmingly Approve Merger - More
- June 29, 2007 | Item | E-mail
Richmont Mines Completes the Sale of its East Amphi Property - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) is pleased to announce that it completed today the previously-announced sale of its East Amphi property and related surface equipment to Osisko Exploration Ltd. (CDNX:OSK.V - News)(Deutsche Boerse:EWX)." More
- June 29, 2007 | Item | E-mail
Nithi Mountain Drilling Update - More
- June 29, 2007 | Item | E-mail
Apollo Gold Announces Timing of the Release of Updated Ore Reserve and Resource Information for its Black Fox Project - "Apollo Gold Corporation ("Apollo") (AMEX: AGT - News; TSX: APG - News) is pleased to announce that an updated Canadian National Instrument 43-101 compliant ore reserve and resources for the Black Fox Open Pit and Underground Project has been completed by SRK Consultants, Denver, Colorado, as of June 29, 2007. A press release updating the market on the reserves and resources as well as the project, pre-feasibility level, and financial economics will be released on Monday morning July 2, 2007, pre-market open." More
- June 29, 2007 | Item | E-mail
Candorado Operating Company Ltd. Drills 38 Meters of 0.23% Copper and 0.41g/t Gold and 32 Meters of 0.52g/t Gold At Man/Prime Property - More
- June 29, 2007 | Item | E-mail
Capella Resources Completes $10,000,000 Financing With Dundee Securities Corporation and Completes Acquisition of Tripple Uranium Resources - More
- June 29, 2007 | Item | E-mail
Carpathian Gold Inc. Calls in Warrants - More
- June 29, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Annual General Meeting Results and Corporate Update - More
- June 29, 2007 | Item | E-mail
Leeward Capital Corp. Retains Renmark Financial Communications Inc. - More
- June 29, 2007 | Item | E-mail
Minco Silver Initiates Phase V Drilling on Its Fuwan Silver Project - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that the Phase V drilling program has begun on the Fuwan Silver deposit located in Guangdong Province, China. The Phase IV program has recently been completed and consisted of 40 holes for 11,377 metres of diamond core drilling. Six of the ten Phase IV holes reported on May 25, 2007, were step out holes that extended the mineralization to the Northeast and to the South. Assays for the remaining 30 Phase IV holes are still pending." More
- June 29, 2007 | Item | E-mail
Cameco uranium deposit an absolute "gold mine" - More
- June 29, 2007 | Item | E-mail
Landmark Minerals Inc.: Bokan Mountain Drill Permits Received - More
- June 29, 2007 | Item | E-mail
Freegold Ventures Closes Private Placement with Rob McEwen and Sprott Asset Management - More
- June 29, 2007 | Item | E-mail
Stingray Resources Inc.: Press Release - More
- June 29, 2007 | Item | E-mail
Amerigo Announces Release of Q2 2007 Results and Investor Conference Call - More
- June 29, 2007 | Item | E-mail
Moly Mines Poised to Settle Sale of New South Wales Gold Assets - More
- June 29, 2007 | Item | E-mail
Intrepid Aligns Paulsens Debt Repayment Schedule With the Life of Mine Plan - More
- June 29, 2007 | Item | E-mail
UEX Not to Proceed with Shareholder Rights Plan - More
- June 29, 2007 | Item | E-mail
Amerix Precious Metals Announces Financial Statements and MD&A Available on SEDAR - More
- June 29, 2007 | Item | E-mail
Recent Drilling Confirms High-Grade Core of Mt. Hope Deposit - More
- June 29, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 29 June, 2007 | |
