-- Posted 13 June, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $870.25 | +$0.65 | -2.85% |
Silver | $16.53 | +$0.065 | -5.11% |
XAU | 175.46 | +1.26% | -4.49% |
HUI | 398.32 | +0.31% | -7.72% |
GDM | 1187.50 | +0.02% | -8.01% |
JSE Gold | 2226.41 | -64.22 | -6.60% |
USD* | 74.13 | +0.28 | +2.42% |
Euro | 153.68 | -0.68 | -2.58% |
Yen | 92.42 | -0.25 | -2.97% |
Oil | $134.86 | -$1.88 | -2.66% |
10-Year | 4.261% | +0.056 | +8.20% |
Bond | 112.546875 | -0.390625 | -2.23% |
Dow | 12307.35 | +1.37% | +0.80% |
Nasdaq | 2454.50 | +2.09% | -0.81% |
S&P | 1360.03 | +1.50% | -0.05% |
*Apologies for the misquote yesterday.
The Metals:
Gold rose to $874 in Asia before it fell over 1% to $859 in London, but it then rallied back higher in New York and ended with a gain of .1%. Silver climbed to $16.61 and dropped to $16.245 before it also rallied back higher in New York and ended with a gain of 0.4%.
Euro gold rose near €565, platinum gained $13 to $2028.50, and copper gained over 6 cents to about $3.59.
Gold and silver equities traded mostly slightly higher and ended with modest gains.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | May | 0.6% | 0.5% | 0.2% |
Core CPI | May | 0.2% | 0.2% | 0.1% |
Michigan Sentiment | June | 56.7 | 59.5 | 59.8 |
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index and Net Foreign Purchases on Monday, Building Permits, Housing Starts, PPI, Capacity Utilization, and Industrial Production on Tuesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on speculation that Saudi Arabia may boost production as the dollar rose and treasuries fell on CPI numbers that increased inflation fears and furthered the case for the fed to raise interest rates sooner than previously thought. I’ll believe it when I see it.
The Dow, Nasdaq, and S&P rose over 1% on lower oil prices and confidence that the economy can hold up to higher interest rates.
Among the big names making news in the market Friday were Delta, BlackRock and Lehman, and Yahoo.
The Commentary:
“The gold and silver price is weakening in the face of a slightly stronger $ standing now at $1.5318, on the top side of the trading range it has been in for some weeks now. Will it break upwards?
The Administration is placing huge pressure on all relevant people to make it rise, while the fundamentals don't support such a rise. Secretary Paulson is behind the bulk of the pressure, so the market is looking expectantly to the G-8 meeting this weekend.
If the support for the $ were visible and fundamental the $ will rise, but until then the future of the $ remains in question.
Gold and silver, now in their quiet season, are sitting on support now and strong support at that. Investment demand is sitting on the sidelines waiting for good reasons to buy, which are there, but these fear a change in the $ now.”- Julian D.W. Phillips, www.goldforecaster.com
“August Gold finished up 1.1 at 873.1, 0.5 off the high and 6.8 up from the low.
July Silver closed up 0.075 at 16.56. This was 0.11 up from the low and 0.05 off the high.
The gold market forged an initial flare on the upside in the lead up and aftermath of the CPI report release but that rally failed just ahead of mid session. In the end the gold market managed to regain its bullish footing and even managed to climb above the CPI report inspired morning rally. Clearly seeing the US Dollar give back some of its gains inspired some buyers, but we suspect that some of the buying action was short covering buying from those that sold at higher levels early in the week. Some gold bulls were cheered by the fact that gold prices were able to firm in the face of strong gains in the US equity market. Apparently the net result of the US CPI report was judged to be generally supportive, but the main focus of the market remains on the action in the Dollar.
The silver market performed better than gold for most of the trading session Friday. Perhaps silver was being lifted by a slight improvement in the US economic outlook, as inflation wasn't nearly as undermining feared and the bounce in the stock market seemed to benefit a number of physical commodity markets on Friday. Perhaps the silver market was seeing classic week ending technical short covering and perhaps the strength in the copper market provided copper prices with an indirect lift.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul turns campaign toward electing libertarian-leaning Republicans
Germans begin rejecting euros from Latin bloc
Emerging markets face inflation meltdown
The Statistics:
As of close of business: 6/12/2008
Gold Warehouse Stocks: | 7,603,283 | +4,500 |
Silver Warehouse Stocks: | 132,859,936 | -1,212,742 |
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 | 605.21 | 19,458,259 | US$ 16,774m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 113.53 | 3,650,085 | US$ 3,179m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,763 | US$ 303m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,186 | US$ 778m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 7.66 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/12/2008 | |
Total Net Assets | $1,710,863,717 | Ounces of Gold
in Trust | 1,968,583.772 |
Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.23 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/12/2008 | |
Total Net Assets | $3,209,238,841 | Ounces of Silver
in Trust | 193,476,503.000 |
Shares Outstanding | 19,550,000 | Tonnes of Silver
in Trust | 6,017.79 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) drill ready project, Paramount’s (PZG) assay results, Solitario’s (XPL) name change, U.S. Energy’s (USEG) interest sale, Aurizon’s (AZK) exploration results, and Silver Bear’s (SBR.TO) strategic partnership were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Paramount | PZG +9.99% $1.54 |
2. Freeport | FCX+4.96% $123.30 |
3. Lihir | LIHR +3.32% $27.38 |
LOSERS
1. Cardero | CDY -9.68% $2.24 |
2. Allied Nevada | ANV -8.15% $5.97 |
3. Apex Silver | SIL -5.84% $5.80 |
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:
ICS Copper Systems Ltd Announces Completion of $1.1 Million Private Placement - More
- June 13, 2008 | Item | E-mail
Minterra Announces $2,000,000 Private Placement for 2008 Exploration Program - More
- June 13, 2008 | Item | E-mail
Breuler retires as Director of Lakota - More
- June 13, 2008 | Item | E-mail
Extract Resources Announces $30.5M Capital Raising - More
- June 13, 2008 | Item | E-mail
Andover Ventures Inc. Retains Renmark Financial Communications Inc. - More
- June 13, 2008 | Item | E-mail
AXMIN Announces Completion of Non-Brokered Private Placement - More
- June 13, 2008 | Item | E-mail
Mineralization Expansion and Grade Improvement at Valencia-Forsys Triples Drill Program - More
- June 13, 2008 | Item | E-mail
Canasia Industries Corporation: Work Program on BC Gold/Silver Prospect Commences - More
- June 13, 2008 | Item | E-mail
LSE woos family-owned Latin American miners - "The London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) is looking to Latin America to woo new capital to a quickly growing stable of businesses, honing in on the mining sector where family companies are looking for ways to go global." More
- June 13, 2008 | Item | E-mail
AntOro Resources: Update - More
- June 13, 2008 | Item | E-mail
Freewest and Rockport Announce Increase in Mineral Resources as Well as Resource Expansion Plan at Clarence Stream, New Brunswick - More
- June 13, 2008 | Item | E-mail
Osisko Exploration Announces Name Change to Osisko Mining Corporation - More
- June 13, 2008 | Item | E-mail
Almadens Seeks Partner for Drill Ready Fuego Project, Mexico - "Almaden Minerals Ltd. ("Almaden", "the Company")(Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it has received a technical report authored by independent engineer Locke Goldsmith, P.Eng. on its 100% owned Fuego low-sulphidation epithermal gold-silver vein project located in Oaxaca State, Mexico. The property was acquired by Almaden through staking after identification in a regional exploration program." More
- June 13, 2008 | Item | E-mail
Metallurgical report completed for Strieborna mine, metallurgical process outlined - More
- June 13, 2008 | Item | E-mail
Silver Bear Announces Strategic Partnership with Alfa Group Consortium - "Silver Bear Resources Inc. ("Silver Bear" or the "Company") (TSX:SBR - News) is pleased to announce that it has entered into a strategic partnership with the Alfa Group Consortium (the "Alfa Group"), one of Russia's largest privately-owned financial/industrial conglomerates, pursuant to which a subsidiary of the Alfa Group proposes to acquire approximately 19.5% of the common shares of Silver Bear, with a value in excess of $20 million. The transaction is subject to the approval of the Toronto Stock Exchange (the "TSX") and the fulfillment of certain customary conditions." More
- June 13, 2008 | Item | E-mail
Maximus and NFX Announce Agreement to Combine Companies - More
- June 13, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. intersects 7.27 meters of 56 g/t gold at the Ketza River project, Yukon Territory - More
- June 13, 2008 | Item | E-mail
Cavan Ventures Inc. Announces Non-Brokered Private Placement - More
- June 13, 2008 | Item | E-mail
Valley High Ventures and Coro Mining Corp. Reach Definitive Agreement on Mexican Properties - More
- June 13, 2008 | Item | E-mail
Arianne Resumes Work on the Opinaca Project, James Bay. - More
- June 13, 2008 | Item | E-mail
Copper Fox Information to be Available through Standard & Poor's Market Access Program - More
- June 13, 2008 | Item | E-mail
USCorp Begins Drill Site Preparation on Its Arizona Twin Peaks Gold Property - More
- June 13, 2008 | Item | E-mail
Solex Resources signs agreement for bulk metallurgical test at Macusani South Project - More
- June 13, 2008 | Item | E-mail
Wits Basin Closes on Purchase of Bates-Hunter Mine: 100% Ownership of this Gold Exploration Project Launches New Era - More
- June 13, 2008 | Item | E-mail
Freegold Recommences Processing of Bulk Samples with Enhanced Gravity Plant at Golden Summit - More
- June 13, 2008 | Item | E-mail
African Copper-Management Reorganization - More
- June 13, 2008 | Item | E-mail
Kalimantan Gold Completes C$1.1 Million Private Placement - More
- June 13, 2008 | Item | E-mail
ROCA - MAX Property Exploration Update - More
- June 13, 2008 | Item | E-mail
Gold Resource Corporation Receives Federal Permit to Build Mill at El Aguila Project, Oaxaca, Mexico - More
- June 13, 2008 | Item | E-mail
Paramount Gold and Silver Corp. Extends Clavo 99 to a Width of 650 Meters With 5.85 Meters Grading 6.06 g/t Au - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) reports assay results from drill holes SM-42, 43 and 44 in southeastern part of the San Miguel Vein. Drill hole SM-42 intersected the vein 80 meters to the southeast and 50 meters above recently reported SM-39. Hole SM-43 pierced the vein 80 meters to the south and at the same elevation as SM-42. SM-44 intercepted the vein 100 meters directly below SM-43, and is 180 meters southeast of SM-39." More
- June 13, 2008 | Item | E-mail
Solitario Exploration & Royalty Corp. Announces Name Change from Solitario Resources Corporation - "Solitario Exploration & Royalty Corp. (AMEX:XPL - News) (TSX:SLR - News) announces that shareholders have approved a proposal at its annual meeting of shareholders to change the company’s name from Solitario Resources Corporation effective June 12, 2008." More
- June 13, 2008 | Item | E-mail
U.S. Energy Corp. Enters Agreement to Sell Significant Interest in Sutter Gold Mining Inc. to RMB Resources Ltd. - "The purchased shares will represent approximately 49.9% of the outstanding common shares of SGMI. U.S. Energy Corp. currently owns 42,613,081 common shares of SGMI representing approximately 54.4% of the outstanding common shares of SGMI. The Acquisition is expected to close at the end of July 2008." More
- June 13, 2008 | Item | E-mail
Aurizon Reports Additional Rare Earth and Uranium Results at Kipawa Project - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to report results from its 2007 surface exploration program, at its 100 percent owned Kipawa Gold-Uranium-Rare Earth project, north-western Quebec, Canada." More
- June 13, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 June, 2008 | |
