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Gold Seeker Closing Report: Gold and Silver Gain Roughly 1% While Dow Drops Again

By: Chris Mullen, Gold-Seeker.com


-- Posted 18 June, 2008 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$891.10

+$6.45

Silver

$17.30

+$0.25

XAU

179.97

+0.68%

HUI

413.34

+0.90%

GDM

1224.34

+0.57%

JSE Gold

2205.28

-24.62

USD

73.43

-0.08

Euro

155.32

+0.19

Yen

92.77

+0.14

Oil

$136.68

+$2.67

10-Year

4.154%

-0.071

T-Bond

113.578125

+0.765625

Dow

12029.06

-1.08%

Nasdaq

2429.71

-1.14%

S&P

1337.81

-0.97%

 
 

 

The Metals:

 

Gold fell to $880.80 in Asia and rose to $894 at the New York open before it fell back under $885 a little before noon EST, but it then rallied back higher into the close and ended with a gain of 0.73%.  Silver fell to $16.95 and rose to $17.465 before it dropped back under $17.20, but it also rallied back higher into the close and ended with a gain of 1.5%.

 

Euro gold rose to about €574, platinum gained $30.50 to $2088, and copper gained nearly 9 cents to about $3.74.

 

Gold and silver equities remained near unchanged for most of trade as higher metal prices battled a generally weak stock market, but the miners did rise to find nearly 1% gains by the close.

 

The Economy:

 

There were no major economic reports today, but the “Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity fell 8.7 percent to 508.4 in the week ended June 13.”  Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/14 expected at 375,000.  At 10AM is the Leading Economic Indicators report for May expected at 0.0% and the Philadelphia Fed survey expected at -10.0.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell in early trade as inventories came in rather tame with refinery activity rising and gasoline demand falling, but prices rose in late trade and ended with a nearly 2% gain on worries over a strike in Nigeria and word from the energy secretary that he would not advise tapping into the strategic petroleum reserve as some had suspected the government may do.  The White House also does not expect Saudi Arabia to announce a production increase at their meeting this weekend and while President Bush called for an end to the offshore oil drilling ban, few have any confidence that measure can work its way through congress.  Oil inventories fell 1.2 million barrels, gasoline inventories fell 1.2 million barrels, distillate inventories rose 2.6 million barrels, and refinery utilization climbed 0.7% to 89.3%.

 

The U.S. dollar index fell and treasuries rose as the Dow, Nasdaq, and S&P fell about 1% on more financial worries after a respected analyst at the Royal Bank of Scotland said that the S&P will fall 300 points by September due to failing credit markets and soaring inflation.

 

Among the big names making news in the market today were Morgan Stanley, FedEx, Pfizer, Fifth Third, and Wachovia.

 

The Commentary:

 

“August Gold finished up 6.6 at 893.5, 2.5 off the high and 6.5 up from the low.

 

July Silver closed up 0.265 at 17.34. This was 0.08 up from the low and 0.17 off the high.

 

The gold market waffled around both sides of unchanged in the morning action but seemed to settle into a stronger bias in the afternoon action. With the US equity market down aggressively at times Wednesday, the gold market could have come under initial pressure from the fear of too much slowing but as the losses in the equity market mounted it seemed as if fresh buyers surfaced in the gold market. Once again the weakness in the Dollar seemed to dominate trading sentiment in gold. As suggested in the mid day coverage the gold market initially saw the slide in energy prices as a negative and that is logical if one assumes that increased drilling in the US will eventually reduce US reliance on foreign supplies.

 

Clearly the silver market was tracking its quasi industrial or physical commodity market fundamentals throughout the trading session Wednesday, as the weakness in gold prices in the morning action didn't seem to undermine the silver market. However, both platinum and copper prices were partially lifted by supply side issues and therefore silver might have been catching spillover over speculative buying.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Bear bailout shows Fed doesn't follow normal rules for its own books

Loss of credibility by Fed, ECB will spark crash, bank's analyst warns

Henry C.K. Liu: The Fed and the strong-dollar policy

Bank of England copies 'inflation will be temporary' pose

 

The Statistics:

As of close of business: 6/17/2008

Gold Warehouse Stocks:

7,606,090

+3,000

Silver Warehouse Stocks:

134,811,639

+147,280

 

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

617.48

19,852,631

US$ 17,495m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

113.52

3,649,883

US$ 3,258m

Australian Stock Exchange (ASX)

Gold Bullion Securities

10.81

346,744

US$ 310m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

28.09

903,137

US$ 796m

 Note: Change in Total Tonnes from yesterday’s data: SPDR added 12.27 tonnes.

 

COMEX Gold Trust (IAU)

Profile as of 6/17/2008

 

Total Net Assets

$1,740,495,206

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 6/17/2008

 

Total Net Assets

$3,330,911,084

Ounces of Silver
in Trust

193,476,580.400

Shares Outstanding

19,550,000

Tonnes of Silver
in Trust

6,017.79

 Note: Change in Total Tonnes from yesterday’s data: 46.17 tonnes were removed from the trust.

 

The Stocks:

 

Fronteer’s (FRG) option and joint-venture agreement with Newmont (NEM), Great Basin’s (GBN) increased resources, Agnico-Eagle’s (AEM) board appointments, the approved business combination between Metallica, New Gold, and Peak Gold, Frontier’s agreement with Eldorado, Lihir’s scheme of arrangement with Equigold, Silvercorp’s (SVM.TO) tunneling discoveries, Endeavour’s (EXK) drill results, MAG’s (MVG) resource estimate, Coeur’s (CDE) dore pour, and Silver Dragon’s (SDRG.OB) board appointment were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Endeavour

EXK +9.38% $3.15

2.  Aurizon

AZK +4.88% $4.94

3.  Cardero

CDY+4.44% $2.35

 

LOSERS

1.  Gold Reserve

GRZ -7.07% $1.71

2.  ITH

THM -6.52% $1.29

3.  Alexco

AXU -3.65% $3.17

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:

Gold Crest Mines, Inc. and Electrum Ltd. Propose New Joint Venture - More
- June 18, 2008 | Item | E-mail


Volta Resources intersects 8 metres grading 12.34 g/t gold at its Kampti Gold Project, Burkina Faso, West Africa - More
- June 18, 2008 | Item | E-mail


Coro Provides Update on San Jorge Project - More
- June 18, 2008 | Item | E-mail


Silver Shield Resources Grants Stock Options - More
- June 18, 2008 | Item | E-mail


CityView Corporation Announces Results of Independent Review of Company's Assets by PricewaterhouseCoopers - More
- June 18, 2008 | Item | E-mail


Durango Enters into Agreement to Acquire Big Bulk Copper-Gold Project, British Columbia - More
- June 18, 2008 | Item | E-mail


NQ Exploration Arranges Non-Brokered Private Placements and Announces its First Closing - More
- June 18, 2008 | Item | E-mail


First Quantum Minerals Completes Acquisition of Scandinavian Minerals - More
- June 18, 2008 | Item | E-mail


Silvercorp Metals Inc.: Tunnelling Discovers Two High Grade Silver-Lead Veins at Newly Acquired TLP Mine, Ying Silver Camp, Henan Province, China - "The TLP vein system is composed of 10 veins, 6 of which are roughly parallel and are stacked en-echelon veins with a strike length of up to 3 km. Historical exploration on the T1, T2, T3, T4, T5, and T6 veins has resulted in historical mineral resources, calculated between 1,100 metre and 700 metre elevations for these veins, of 3,688,343 tonnes grading 292 grams per tonne (g/t) silver (Ag) and 3.30% lead (Pb) (Chinese Government Standard Class C+D). As a non - NI 43-101 compliant resource calculation, and as mining of the resource by the prior operator has occurred, the resource cannot be relied upon." More
- June 18, 2008 | Item | E-mail


Genco responds to inappropriate actions of Anderson - More
- June 18, 2008 | Item | E-mail


Genco Resources' Largest Shareholder Disputes Haywood Commentary on Proxy Contest - More
- June 18, 2008 | Item | E-mail


Pacific Coast Nickel Mobilizes at Big Nic - More
- June 18, 2008 | Item | E-mail


Murgor announces a significant size increase of the Wim copper-gold deposit in Manitoba - More
- June 18, 2008 | Item | E-mail


Kinross Gold Corporation Commits to a $2.5 Million Investment in Chapleau Resources Ltd. - More
- June 18, 2008 | Item | E-mail


62.27g/t (1.816oz/ton) over 1.1 metre - Roxmark continues to intersect high-grade gold mineralization at Northern Empire Mine - More
- June 18, 2008 | Item | E-mail


Dr. Reid Keays appointed to Celtic Board of Directors - More
- June 18, 2008 | Item | E-mail


Typhoon Intersects 3.91 g/t Au Over 21.0 Meters at More Than 450 Meters East of Fayolle Deposit - More
- June 18, 2008 | Item | E-mail


Canarc Resource Corp.: TSX Approves Caza Gold Spin-Out By Way of a Plan of Arrangement - More
- June 18, 2008 | Item | E-mail


Inspiration Corporate Update - More
- June 18, 2008 | Item | E-mail


Maestro Commences Summer 2008 Great Basin Exploration: 3,600 Metre Drill Program - More
- June 18, 2008 | Item | E-mail


Golden Oasis Exploration Corp.: Drilling at Empress Project Intersects 5 Feet at 0.79 oz/ton Gold and 0.46 oz/ton Silver - More
- June 18, 2008 | Item | E-mail


American Copper Corporation: First Phase of Copper Springs Drilling Completed - More
- June 18, 2008 | Item | E-mail


Golden Valley Mines: 2000 M Drill Program Underway Otish Basin Uranium Project - More
- June 18, 2008 | Item | E-mail


Shareholders approve New Gold tie-ups - "Shareholders of New Gold Inc (NGD.TO: Quote, Profile, Research, Stock Buzz), Metallica Resources Inc (MR.TO: Quote, Profile, Research, Stock Buzz) and Peak Gold Ltd (PIK.V: Quote, Profile, Research, Stock Buzz) have approved New Gold's C$1.39 billion ($1.37 billion) purchase of its two peers, the three Canadian gold miners said on Wednesday.

The transaction, which still requires court approval, is seen closing on June 30. The merged company, which will be based in Vancouver, British Columbia, has about 3.2 million proven and probable ounces of gold." More
- June 18, 2008 | Item | E-mail


UEX/AREVA Drilling Outlines New Zone of High-grade Mineralization South of Kianna Deposit: SHE-123-8 Intersects 8.9% U(3)O(8) over 6.1 metres - More
- June 18, 2008 | Item | E-mail


Hinge Zone Displays High Grades and Excellent Width at Depth With Hole #37 - More
- June 18, 2008 | Item | E-mail


Northland's Iron Projects Return Robust Preliminary Economic Valuations - More
- June 18, 2008 | Item | E-mail


Silver Shield Intersects Mineable Widths of High Grade Gold and Silver at La Cumbre; Plus 2,159.15 g/t Silver, 28.441 g/t Gold Over 0.55 Metres - More
- June 18, 2008 | Item | E-mail


Dia Bras Signed a JV Agreement for the San Miguel and La Bamba Silver Properties - More
- June 18, 2008 | Item | E-mail


Mantis Mineral Corp. announces brokered private placement - More
- June 18, 2008 | Item | E-mail


U3O8 Corp. Highlights Its Exploration Strategy and Significant Uranium Results in Response to the Announcement Made by Aberdeen International - More
- June 18, 2008 | Item | E-mail


Logan Resources update on Redford iron ore potential, Pacific west coast of Vancouver Island - More
- June 18, 2008 | Item | E-mail


BacTech Signs First Refractory Gold Project - More
- June 18, 2008 | Item | E-mail


Mining Companies' Revenues Rose 32 Percent in 2007, According to PricewaterhouseCoopers - "Revenues of the top 40 mining companies grew by 32 percent in 2007, according to a new report from PricewaterhouseCoopers LLP, ``Mine* - As good as it gets?'' The fifth annual report comprehensively analyzes the financial performance of the global mining industry and discusses current trends in the industry by examining the top 40 global mining companies, as measured by market capitalization." More
- June 18, 2008 | Item | E-mail


Zaruma Resources Elects Directors - More
- June 18, 2008 | Item | E-mail


Significant grades and widths continue to be intersected at the Bruce Channel Discovery - More
- June 18, 2008 | Item | E-mail


Western Warrior Intersects Additional Gold from Drilling at the Wampum Prospect and Updates Ontario Exploration Programs - More
- June 18, 2008 | Item | E-mail


Endeavour Silver Discovers Several New Zones of High Grade Silver Mineralization on San Pedro Properties in Guanacevi, Durango, Mexico, Including 6,680 gpt - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that exploration drilling on its San Pedro properties in the Guanacevi silver district of Durango State, Mexico has encountered several new zones of high grade silver mineralization, including 6,680 gpt silver and 11.2 gpt gold over 1.15 m in drill hole EPS3-1." More
- June 18, 2008 | Item | E-mail


Gold Resource Corporation Continues Intercepting High-Grade at Its El Aguila Project - More
- June 18, 2008 | Item | E-mail


Reunion Gold Corporation: Approval of Acquisition of Lely Mountain Project in Suriname - More
- June 18, 2008 | Item | E-mail


Nevada Copper Expands East and North Deposits - More
- June 18, 2008 | Item | E-mail


Ascendant Copper Announces Zonia Metallurgical Data - More
- June 18, 2008 | Item | E-mail


Carlisle Goldfields Limited - Drilling at Maclellan Gold Mine continues to intersect multiple high grade intervals - More
- June 18, 2008 | Item | E-mail


Chancery Resources Reports on Sampling Results of the El Pomo Tunnel at the El Cafetal Mine - More
- June 18, 2008 | Item | E-mail


Searchlight Minerals Corp. provides update on Clarkdale Slag Project - More
- June 18, 2008 | Item | E-mail


WestCan Uranium and CanAlaska Uranium Cut Rare Earth Mineralization at Key Lake - More
- June 18, 2008 | Item | E-mail


Fronteer Finalizes Newmont Deal to Fast-Track Nevada Gold Project to Production Decision - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has finalized an option and joint-venture agreement with its senior Nevada partner, Newmont Mining Corporation ("Newmont"), to advance the Company's Sandman gold project to a production decision within 36 months." More
- June 18, 2008 | Item | E-mail


Forum Mobilizes Gravity Crews to North Thelon JV Property Adjacent to Areva's Kiggavik Uranium Deposit, Nunavut - More
- June 18, 2008 | Item | E-mail


Northern Superior Announces Commencement of Gravity Surveys at North Thelon Joint Venture Project - More
- June 18, 2008 | Item | E-mail


MAG Silver Reports First Resource of 237.8 Million Ounces Silver on the Valdecanas Vein - "MAG Silver Corp. (Toronto:MAG.TO - News)(AMEX:MVG - News) ("MAG" or "the Company") announces a resource estimate from the Juanicipio Joint Venture located in Zacatecas State, Mexico. The operator of the Joint Venture, Fresnillo plc ("Fresnillo"), has informed and provided MAG with a resource estimate for the Valdecanas Vein as presented below. MAG and Fresnillo operate the project at Juanicipio through their joint venture company, Minera Juanicipio S.A. DE C.V. ("M. Juanicipio")." More
- June 18, 2008 | Item | E-mail


Shareholders of Metallica Resources, New Gold and Peak Gold Approve US$1.6 Billion Business Combination - "Metallica Resources Inc. ("Metallica Resources") (Toronto:MR.TO - News) (AMEX:MRB - News), New Gold Inc. ("New Gold") (Toronto:NGD.TO - News) (AMEX:NGD - News) and Peak Gold Ltd. ("Peak Gold") (CDNX:PIK.V - News) are pleased to announce that their respective shareholders have approved the business combination of the three companies at meetings held on June 17, 2008 in Vancouver (in the case of New Gold and Peak Gold) and in Toronto (in the case of Metallica Resources). In excess of 99% of the votes cast at each of the meetings were in favour of the business combination." More
- June 18, 2008 | Item | E-mail


Coeur Announces First Dore Pour at San Bartolome Mine - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) announced today that its new San Bartolomé mine, the world’s largest pure silver mine, has poured its first silver doré. Additionally, representatives of the Company, local and national mining cooperatives and Bolivian government officials recently marked the inauguration of the new facilities at the San Bartolomé silver mine, located in South America’s historically richest silver mining area." More
- June 18, 2008 | Item | E-mail


Great Basin Gold's Hollister Project Increases Measured and Indicated Resources by 60% to 1.6 Million Ounces - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) announced today that underground drilling has expanded and upgraded the mineral resources in the measured and indicated category at the Company's Hollister Project on the Carlin Trend in Nevada, USA by 60% from 1 million to 1.6 million ounces. Overall the mineral resources increased by 15% from 2 million to 2.3 million ounces." More
- June 18, 2008 | Item | E-mail


Silver Dragon Appoints Guoqiang Hao to Board of Directors - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the appointment of Guoqiang Hao to the Company's Board of Directors. As a result of Mr. Hao's appointment, Silver Dragon's Board of Directors is made up of three executives and two non-executives for a total of five members." More
- June 18, 2008 | Item | E-mail


Frontier and Eldorado Reach Agreement on Acquisition-Eldorado's Offer Varied and Extended to July 2, 2008 - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) announced today that Eldorado has signed a definitive support agreement (the "Support Agreement") with Frontier Pacific Mining Corporation ("Frontier") pursuant to which Frontier's Board of Directors has agreed to unanimously support Eldorado's revised offer to acquire all of the outstanding common shares of Frontier (the "Offer")." More
- June 18, 2008 | Item | E-mail


Agnico-Eagle strengthens Board and management - "Agnico-Eagle Mines Limited ("Agnico-Eagle" or the "Company") is pleased to announce the addition of Clifford J. Davis (B.Sc., Mining Engineering), J. Merfyn Roberts (B.Sc. Geology, M.Sc. Geochemistry, C.A.) and David A. Garofalo (B.Comm, C.A., ICD.D) to its Board of Directors. Mr. Davis is a mining industry veteran, currently Chairman of the Board of New Gold and formerly a member of the senior management of Gabriel Resources and TVX Gold and boards of TVX Gold, Rio Narcea and Tiberon. Mr. Roberts, based in London, England, has been a fund manager and investment advisor for over 20 years and has been closely associated with the mining industry." More
- June 18, 2008 | Item | E-mail


Lihir Gold Limited: Scheme of Arrangement Implemented - "Equigold NL (Equigold) (ASX:EQI.AX - News), announces that the Scheme of Arrangement between Equigold and its shareholders has been implemented. All Equigold ordinary shares have been transferred to Lihir Australian Holdings Pty Limited, a wholly owned subsidiary of and Lihir Gold Ltd (Toronto:LGG.TO - News)(ASX:LGL.AX - News)(NasdaqGS:LIHR - News) ("LGL")." More
- June 18, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

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 18 June, 2008 | |


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