-- Posted 30 May, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $887.95 | +$10.40 | -4.08% |
Silver | $16.82 | +$0.265 | -7.68% |
XAU | 181.44 | +2.21% | -3.54% |
HUI | 421.79 | +1.68% | -4.40% |
GDM | 1273.62 | +1.80% | -3.84% |
JSE Gold | 2365.94 | +23.84 | -7.77% |
USD | 72.87 | -0.15 | +1.26% |
Euro | 155.52 | +0.48 | -1.38% |
Yen | 94.76 | UNCH | -2.10% |
Oil | $127.35 | +$0.73 | -3.66% |
10-Year | 4.046% | -0.033 | +5.61% |
Bond | 114.46875 | +0.53125 | -2.05% |
Dow | 12638.32 | -0.06% | +1.27% |
Nasdaq | 2522.34 | +0.57% | +3.18% |
S&P | 1400.38 | +0.15% | +1.78% |
The Metals:
Gold fell to $870.70 by late trade in Asia, but it then rose throughout most of trade in London and New York and ended near its high of $888.90 with a gain of 1.2%. Silver fell to $16.39 by late trade in Asia, but it then rose throughout most of trade in London and New York and ended near its high of $16.92 with a gain of 1.6%.
Euro gold rose near €571, platinum gained $17 to $2006, and copper gained roughly 6 cents to about $3.63.
Gold and silver equities rose roughly 2% at the open and remained near their highs for most of the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Apr | 0.2% | 0.2% | 0.4% |
Personal Spending | Apr | 0.2% | 0.2% | 0.4% |
PCE Core Inflation | Apr | 0.1% | 0.1% | 0.2% |
Chicago PMI | May | 49.1 | 48.5 | 48.3 |
Michigan Sentiment | May | 59.8 | 59.5 | 59.5 |
All of this week’s economic reports:
Next week’s economic highlights include Construction Spending and the ISM Index on Monday, Factory Orders on Tuesday, ADP Employment, Productivity, and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and May’s jobs data, Wholesale Inventories, and Consumer Credit on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as traders started to worry about hurricane season which officially starts this weekend.
The U.S. dollar index fell and treasuries rose as interest rates fell from their 2008 highs on mostly tame economic data.
The Dow, Nasdaq, and S&P rose slightly for most of trade on tame inflation data and decent earnings news, but the Dow sold off in the final minutes of trade and ended modestly lower on apprehension heading into the weekend.
Among the big names making news in the market Friday were Dell, United and US Airways, Tiffany, and Calpine and NRG Energy.
The Commentary:
“June Gold finished up 10.1 at 887.3, 0.7 off the high and 2.8 up from the low.
July Silver closed up 0.35 at 16.865. This was 0.075 up from the low and 0.085 off the high.
The gold market managed at least a technical bounce on Friday but some traders were suggesting that the improved macro economic outlook could have been cause for some bottoming picking. However, the Dollar finished the week with a pretty impressive overall gain and oil price volatility seems to have left a partially negative influence on the gold market. In total the US economic information released on Friday was just good enough to imply something positive for the US economy but not apparently strong enough to give the US Dollar a definitive lift. While a number of physical commodities remained under pressure there wasn't as many big downside failure in the outside markets as were seen in the Thursday trade and that might have inspired some short covering buying in gold.
The silver market seemed to reject the sub $16.50 level Friday but in general the silver market remained in the lower quarter of the May range and that might continue to inspire the bear camp. However, the silver market does appear to be focused intensely on the action in the gold market and the action in the Dollar and perhaps not as much on the action in platinum and copper. Perhaps commentary from the Fed's Rosengren rekindled some slowing concerns in the silver market just ahead of mid session, especially since the Fed member seemed to have lingering doubts on the US housing sector. In the short term slowing concerns might deflate the Dollar and in turn support silver prices, but in the long run too much slowing could put a host of physical commodities like silver back under liquidation style pressure.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Wall Street may get permanent credit line at Fed
The Statistics:
As of close of business: 5/29/2008
Gold Warehouse Stocks: | 7,591,139 | -401 |
Silver Warehouse Stocks: | 135,074,138 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) | SPDR® Gold Shares | 597.73 | 19,217,748 | US$ 16,962m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.24 | 3,640,653 | US$ 3,223m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 20.91 | 671,738 | US$ 595m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.10 | 903,325 | US$ 797m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 6.13 tonnes and the JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/29/2008 | |
Total Net Assets | $1,726,869,252 | Ounces of Gold
in Trust | 1,969,252.636 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.25 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/29/2008 | |
Total Net Assets | $3,305,116,464 | Ounces of Silver
in Trust | 192,569,101.300 |
Shares Outstanding | 19,450,000 | Tonnes of Silver
in Trust | 5,989.57 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
DRDGOLD’s (DROOY) worker strike, Crystallex’s (KRY) Las Cristinas update, Paramount’s (PZG) trenching, Kinross Gold’s (KGC) gold production, and Midway’s (MDW) letter of intent to acquire Kinross Gold's 75% ownership of the Golden Eagle property were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Orezone | OZN +12.6% $1.43 |
2. Nevsun | NSU+10.53% $1.89 |
3. Kimber | KBX +7.14% $1.65 |
LOSERS
1. Apex | SIL -7.36% $6.80 |
2. Solitario | XPL -6.92% $5.11 |
3. Paramount | PZG-2.60% $1.50 |
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:
Cogitore Resources Inc. updates Estrades Project feasibility study. - More
- May 30, 2008 | Item | E-mail
Celtic Minerals Ltd. completes initial private placement - More
- May 30, 2008 | Item | E-mail
Colossus Minerals Retains the Services of Brisco Capital to Provide Investor Relations - More
- May 30, 2008 | Item | E-mail
Hawthorne Intends to File Form 15F to Terminate SEC Registration and Reporting Obligation - More
- May 30, 2008 | Item | E-mail
Pancontinental Uranium Grants Options - More
- May 30, 2008 | Item | E-mail
Royal Roads and Buchans River proceed with the business combination - More
- May 30, 2008 | Item | E-mail
VVC Exploration - Geophysical Surveys in Timmins-Kirland Lake Area - More
- May 30, 2008 | Item | E-mail
Crystallex Updates Shareholders on Las Cristinas - "CRYSTALLEX INTERNATIONAL CORPORATION (Toronto:KRY.TO - News)(AMEX:KRY - News) advised shareholders today that it has received a communication from the Director General in the Administrative Office of Permits at the Ministry of the Environment and Natural Resources of Venezuela ("MinAmb") that the legal rebuttal filed by Crystallex on May 12, 2008 has been denied." More
- May 30, 2008 | Item | E-mail
Purepoint Uranium Group Inc. Employee Stock Options Issued to Technical Staff - More
- May 30, 2008 | Item | E-mail
Lake Shore Gold Announces Management Appointments - More
- May 30, 2008 | Item | E-mail
South America's top gold mines and projects - "Funeral bells may have sounded for two important Latin American gold projects after mineral-rich Venezuela warned it will not issue permits in a forest reserve." More
- May 30, 2008 | Item | E-mail
Further massive sulphide intersection at TEAL's Lupoto Copper Project in the DRC - More
- May 30, 2008 | Item | E-mail
Chancery Resources Inc. Updates Corporate Changes and Activities - More
- May 30, 2008 | Item | E-mail
Dia Bras Samples up to 5,140 g/t Silver at La Reina Sector, Southern Cusi Silver District - More
- May 30, 2008 | Item | E-mail
San Anton Reports Progress at Cerro del Gallo - More
- May 30, 2008 | Item | E-mail
Golden Eagle Finalizes C Zone Gold Mill Construction - More
- May 30, 2008 | Item | E-mail
Metanor Signs a $US 10,000,000 Credit Facility - More
- May 30, 2008 | Item | E-mail
Merrex Appoints Chief Financial Officer and Director of Finance - More
- May 30, 2008 | Item | E-mail
Intrepid 2007 AGM Results and Chairman's Address - More
- May 30, 2008 | Item | E-mail
Pelangio Provides Update on Closing Date of Arrangement - More
- May 30, 2008 | Item | E-mail
DRDGOLD says 3,300 workers on illegal strike at mine - "South Africa's fourth ranked gold producer, DRDGOLD (DRDJ.J: Quote, Profile, Research), said on Friday some 3,300 workers at its Blyvoor gold mine had launched an illegal strike during Thursday's night shift." More
- May 30, 2008 | Item | E-mail
Continuum Announces Convertible Debenture Financing Totalling Up To $350,000 - More
- May 30, 2008 | Item | E-mail
USCorp Approved to Drill to 1,000 Foot Depth on Its Arizona Twin Peaks Gold Property - More
- May 30, 2008 | Item | E-mail
Radisson Mining Relinquishes RM Nickel Property and Announces Positive Results of Massicotte Airborne Survey - More
- May 30, 2008 | Item | E-mail
Sherwood Copper Reports Strong Results From Operations in First Quarter 2008 - More
- May 30, 2008 | Item | E-mail
Canasia Initiates Summer Work Program At Jumbo - More
- May 30, 2008 | Item | E-mail
Paramount Gold and Silver Corp's Trenching Reveals a New Mineralized Structure at its San Miguel Project - "Paramount excavated two trenches for a total of 156 meters in the San Antonio zone to investigate an area of sparse outcrop with attractive surface geochemical sampling results, and to test the projection to the surface of precious metal-bearing veins intersected in its previous drilling program." More
- May 30, 2008 | Item | E-mail
Equigold Shareholders Approve Merger With LGL - "Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL" or "Lihir") is pleased to announce that the merger of Lihir and Equigold NL has been approved overwhelmingly by Equigold shareholders." More
- May 30, 2008 | Item | E-mail
Kinross Gold Corporation: Kupol Produces First Gold - "Kinross Gold Corporation ("Kinross")(Toronto:K.TO - News)(NYSE:KGC - News) today announced the first production of gold and silver from its Kupol project in the Chukotka region of the Far Eastern Federal District of Russia." More
- May 30, 2008 | Item | E-mail
Midway Agrees to Acquire Golden Eagle Property From Kinross Gold - "Midway Gold Corp. ("Midway") (CDNX:MDW.V - News)(AMEX:MDW - News) is pleased to announce that it has executed a letter of intent to acquire Kinross Gold USA Inc.'s 75% ownership of the Golden Eagle property in Ferry County, Washington." More
- May 30, 2008 | Item | E-mail
AngloGold Ashanti Amends Merger Agreement to Acquire 100% of Golden Cycle Gold Corporation and Files Registration Statement With the SEC - "The special meeting of GCGC shareholders, to consider, and vote upon, resolutions required to be approved to implement the Transaction, is planned to be convened upon 30 June 2008. Should GCGC shareholders approve these resolutions at the special meeting, the Transaction will then be implemented." More
- May 30, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 30 May, 2008 | |
