-- Posted 26 June, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $912.85 | $32.85 |
Silver | $17.16 | $0.63 |
XAU | 188.08 | +4.38% |
HUI | 437.22 | +5.73% |
GDM | 1280.43 | +5.71% |
JSE Gold | 2265.69 | +119.52 |
USD | 72.47 | -0.45 |
Euro | 157.58 | +0.89 |
Yen | 93.69 | +0.97 |
Oil | $139.64 | +$5.09 |
10-Year | 4.033% | -0.082 |
T-Bond | 115.00 | +1.03125 |
Dow | 11453.42 | -3.03% |
Nasdaq | 2321.37 | -3.33% |
S&P | 1283.15 | -2.94% |
The Metals:
Gold retained its $5 post-fed gains in Asia and added another $5 or so in London before it spiked even higher in early New York trade and rose to find a nearly $35 gain at $914.50 by late morning. It next fell back near $910 in afternoon trade, but it then rallied back near its high of the session into the close and ended with a gain of 3.73%. Silver climbed roughly 2% to about $16.90 in Asia and London and then spiked to as high as $17.43 in early New York trade before it fell back off for most of the rest of trade, but it still ended with a gain of 3.81%.
Euro gold rose to about €580, platinum gained $51 to $2059.50, and copper gained roughly 4 cents to about $3.82.
Gold and silver equities rose about 4% in the first hour of trade before they pulled back to trade about 3% higher by late morning, but they then rallied to new session highs in afternoon trade and ended with about 5% gains despite roughly 3% losses in the major indices.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q1 | 1.0% | 1.0% | 0.9% |
Chain Deflator | Q1 | 2.7% | 2.6% | 2.6% |
Initial Claims | 6/21 | 384K | 375K | 384K |
Existing Home Sales | May | 4.99M | 4.95M | 4.89M |
Tomorrow at 8:30AM EST brings Personal Income for May expected at 0.4%, Personal Spending expected at 0.7%, and PCE Core Inflation expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high of $140.39 as the OPEC president says he sees oil hitting $170 thanks in large part to a weakening dollar that resumed its fall after yesterday’s fed meeting. Supply concerns also reignited today after Libya “said it was studying options to cut output in response to possible U.S. actions against producer countries.”
The U.S. dollar index fell and treasuries rose as market participants become not only more convinced that inflation is a major problem, but also that the fed is not going to do anything about it anytime soon.
The Dow, Nasdaq, and S&P fell approximately 3% and ended AT their lows of the session on several poor earnings reports, rising oil prices, and analysts downgrades. General Motors fell to a 53 year low as Goldman Sachs cut them to a “sell” and that brought many of the other automakers down as well. Goldman Sachs also cut Citigroup’s and Merrill Lynch’s second-quarter estimates which increased worries about the financial sector. All three indices fell throughout the day and broke through important support levels.
Among the big names making news in the market today were Bank of America, Citigroup, Merrill Lynch, GM, Discover, ConAgra, Anheuser-Busch, Brunswick, Lennar, and Research In Motion.
The Commentary:
“Reality is starting to set in with even the gold skeptics with today’s aggressive move higher. Gold and silver remain inexpensive and even with some more possible short-term weakness during this seasonally weaker period, the prognosis remains very bright. Monetary demand is what will skyrocket precious metal prices over the coming years as global paper currencies become increasingly suspect.
When I read comments from other seasoned gold analysts and try to understand why some continue to have generally negative bias to their forecasts, I believe their biggest problem is forecasting future prices using prior data and past biases. The dynamics of the gold and silver markets continue to change, evolve. As paper money is converted into historically sound money, the overwhelming demand will shoot prices higher. Economic and fiat money instability has and will continue to drive the evolution of this bull market ahead. We are seeing recognition of this today as reflected by the price moves in both gold and silver.”- Peter Spina, www.goldforecaster.com
“Dear CIGAs,
Boy howdy did the market waste no time in letting Ben know what it thought about the recent FOMC statement!
Gold began recovering from its yesterday morning beating minutes after the FOMC statement hit the wire yesterday afternoon and then continued moving steadily higher as trading progressed from the far East, into Europe and finally into New York in today's session. Interesting enough, the analysts were attributing gold's rise to the weaker Dollar in lieu of the FOMC but in all honesty, the Euro, while higher for the day is not all that strong compared to what we are accustomed to seeing with gold as strong as it is today. If you will notice, the Canadian, Australian and New Zealand Dollars are all weaker against the Greenback. Crude oil is up sharply higher, completely ignoring yesterday's bearish EIA numbers but the real key to gold is that the entire commodity sector is surging higher. The grains are very strong (Corn put in another all time high) as are all the various metals with the result that the CCI index made another record high this morning. Its move higher is what is helping to keep a very firm bid under the gold market and has attracted the momentum funds in a big way now that overhead resistance at $910 has been shattered. Inflation fears are first and foremost on the minds of players.
My take on this is that while the Forex markets are pushing the European currencies as well as the Yen higher, the market views the Fed's statement from yesterday as a capitulation of any attempt to talk up the Dollar. Bernanke's bluff has been called and the weakness of his hand revealed. Economic data simply will not permit the Fed to hike anywhere near as soon as many had been duped into believing by all the hawkish talk coming out of the Fed prior to the FOMC statement. That has attracted a wall of money back into commodities as an inflation hedge and is the reason why gold is so strong. Further helping gold is the horrific beating the darlings of yesterday’s stock rally, the financials, are receiving in today’s session.”-Dan Norcini, More free commentary at JSMineset.com
“August Gold finished up 32.8 at 915.1, 1.4 off the high and 12.6 up from the low.
July Silver closed up 0.622 at 17.125. This was 0.005 up from the low and 0.28 off the high.
Clearly the gold market came alive in the face of soaring oil prices, a sagging Dollar and perhaps because of rising concerns toward the US auto industry and the US financial sector. In other words, the flight to quality argument was seemingly alive in many forms during the trade Thursday but more importantly the flight to quality theme was surfacing from a number of unrelated angles. Certainly inflationary concerns off the latest return to the highs in the energy complex was a key development but given the strength in a host of physical commodity markets, one gets the sense that something bigger than mere speculation was driving the markets upward. In fact, given the pace of declines in the Dollar and the sharp slide in the US equity market, one could say that the interest in hard assets was dominating over paper assets.
Seeing a rally in excess of 75 cents in silver in a single trading session isn't an insignificant development. As in the gold market, the silver market saw a host of flight to quality and inflationary developments that seemed to aggressively pull in the buyers. Clearly the ongoing slide in the US Dollar was a major portion of the rally in the silver market, but one can't downplay the importance of the most recent recovery pulse in the energy complex on the silver trade. In conclusion, broad based buying was seen off a wide range of classic fundamental themes on Thursday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Oil's rise is mainly dollar's devaluation, OPEC chief says
The Statistics:
As of close of business: 6/25/2008
Gold Warehouse Stocks: | 7,612,071 | - |
Silver Warehouse Stocks: | 136,566,400 | +594,619 |
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 | 628.21 | 20,197,679 | US$ 17,823m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.60 | 3,684,557 | US$ 3,379m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.81 | 346,713 | US$ 319m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,067 | US$ 803m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/25/2008 | |
Total Net Assets | $1,731,875,975 | 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 6/25/2008 | |
Total Net Assets | $3,205,154,653 | Ounces of Silver
in Trust | 191,992,497.800 |
Shares Outstanding | 19,400,000 | Tonnes of Silver
in Trust | 5,971.63 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Gold Fields’ (GFI) shut mine shaft after two deaths, Paramount’s (PZG) resource increase, Taseko’s (TGB) purchased equipment, ITH’s (THM) drill results, Cardero’s (CDY) drill results, Aquiline’s (AQI.TO) scoping study, ECU’s (ECU.TO) exploration results, and SilverCrest’s (SVL.V) Pre-Feasibility results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITH | THM +22.4% $1.53 |
2. Minco | MGH +12.75% $1.15 |
3. Kinross | KGC+11.76% $22.34 |
LOSERS
1. Crystallex | KRY -5.65% $1.17 |
2. Paramount | PZG -5.64% $1.84 |
3. Gold Reserve | GRZ-5.29% $1.79 |
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:
Chapleau Extends Gold Mineralization 1.4 km Southeast of the Lagresia Gold Structure at Mato Velho-Brazil - More
- June 26, 2008 | Item | E-mail
Coronation Minerals Inc./Guyana Goldfields Inc.: Acquisition of Remaining 50% of Coppermine River Project - More
- June 26, 2008 | Item | E-mail
Paramount Gold & Silver Corp. Reports Substantial Resource Increase at its San Miguel Project in Mexico - "Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) has completed an updated National Instrument 43-101 compliant mineral resource estimate for its San Miguel Project, located in the Guazapares mining district Chihuahua, Mexico, within the Sierra Madre Occidental gold/silver belt." More
- June 26, 2008 | Item | E-mail
Miranda Gold Reports Red Hill 2007 Drill Results and 2008 Drill Program - More
- June 26, 2008 | Item | E-mail
Taseko Purchases $100 Million in Mining and Milling Equipment - "Taseko Mines Limited (Toronto:TKO.TO - News)(AMEX:TGB - News) ("Taseko" or the "Company") is pleased to announce that it has finalized negotiations for the purchase of the key mining and milling equipment required for the Phase III expansion at its 100% owned Gibraltar copper-molybdenum mine." More
- June 26, 2008 | Item | E-mail
The Honourable Ethel Blondin-Andrew Agrees to Join Victory Nickel's Board of Directors - More
- June 26, 2008 | Item | E-mail
Acquisition of Yukon Zinc Corporation by Jinduicheng Molybdenum Group, Ltd. and Northwest Nonferrous International Investment Company - More
- June 26, 2008 | Item | E-mail
Cardero Intersects Significant Near-Surface Silver Mineralization at La Poma Project, NW Argentina - " Drillhole LP-08-02 intersected 4 metres of 3.65 oz/t Silver and 4.9% Lead, within which 2 metres returned 6.69 oz/t Silver and 9.3% Lead. The drill program represents only an initial test of the extensive La Poma epithermal system, and was intended to demonstrate that the previous excellent surface rock sampling results can be replicated at depth. The system remains open and effectively untested by drilling." More
- June 26, 2008 | Item | E-mail
Los Andes Copper Appoints AMEC to Conduct a Scoping Study on the Vizcachitas Copper-Molybdenum Project in Central Chile - More
- June 26, 2008 | Item | E-mail
Latin American Minerals Identifies High Grade Zinc Massive Sulfides in the Drilling Program at Tendal Project, La Rioja Argentina - More
- June 26, 2008 | Item | E-mail
Dia Bras Announces New Board and Grant of Options - More
- June 26, 2008 | Item | E-mail
Trevali Intersects 165.2 Metres of 3.24% Zinc at Magistral South Zone on Santander Silver-Lead-Zinc Mine Project in Peru - More
- June 26, 2008 | Item | E-mail
Yale Drills 9.2 m of 0.51 g/t Au and 96.5 g/t Ag at Cerro Colorado - More
- June 26, 2008 | Item | E-mail
Fletcher Nickel substantially extends Texmont strike length - More
- June 26, 2008 | Item | E-mail
Laramide Resources Ltd.: First Phase of Diamond Drilling at Westmoreland Nears Completion; Hole WDD08-040 Returns 23 Metres @ 0.53 % U3O8 from 11 Metres Depth - More
- June 26, 2008 | Item | E-mail
Abacus Mining & Exploration Corp.: AMEC Appointed as Engineering Team for Afton/Ajax Project - More
- June 26, 2008 | Item | E-mail
Inspiration Mining Corporation: Geotech Commissioned for VTEM Survey - More
- June 26, 2008 | Item | E-mail
Goldeye and Temex Announce Drill Results on Juby North JV Property - More
- June 26, 2008 | Item | E-mail
Golden Tag Intersects 376.4 Ounces Gold Per Ton in Lingo Vein, Aquilon Main Project, James Bay, Quebec - More
- June 26, 2008 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "$0.4375 per share of FCX’s Common Stock (NYSE: FCX - News). $1.6875 per share of FCX’s 6¾% Mandatory Convertible Preferred Stock (NYSE: FCXprM - News). $13.75 per share of FCX’s 5½% Convertible Perpetual Preferred Stock." More
- June 26, 2008 | Item | E-mail
GoldSpring Enters Into Definitive Agreements to Raise $2.5 Million Through Issuance of Senior Convertible Notes - More
- June 26, 2008 | Item | E-mail
Rocmec Obtains Patents for Thermal Fragmentation in Australia - More
- June 26, 2008 | Item | E-mail
Agnico-Eagle Mines Limited makes a strategic investment in Gold Eagle Mines Ltd. - More
- June 26, 2008 | Item | E-mail
Mega Uranium Ltd.: Extensive Shallow Uranium Mineralization Delineated in Argentina - More
- June 26, 2008 | Item | E-mail
Premier - Roxmark Kailey Zone drilling returns 1.47g/t Au across 162.0 metres - More
- June 26, 2008 | Item | E-mail
Tao Minerals to Make Major Announcement Regarding Status of the El Colmillo Mine - More
- June 26, 2008 | Item | E-mail
Argentex makes final option payment on Pinguino to secure 100% ownership - More
- June 26, 2008 | Item | E-mail
Ilovitza inferred resource estimate 303 million tonnes containing 1.6 billion pounds of copper plus 2.9 million ounces of gold - More
- June 26, 2008 | Item | E-mail
Blue Note Sets New Performance Records in June - More
- June 26, 2008 | Item | E-mail
EXMIN/Yale Drilling Makes Significant Gold-Silver Discovery at Cerro Colorado, Urique Project, Chihuahua, Mexico - More
- June 26, 2008 | Item | E-mail
Ontex Resources Limited: 3,700 Metres Completed on Latest Brookbank Drill Program - More
- June 26, 2008 | Item | E-mail
Sidon International Resources applies for Saskatchewan coal permits - More
- June 26, 2008 | Item | E-mail
Delta Uranium Establishes New Assaying Protocol: New Assays Increase Grade For First Five Drill Holes at Richard Lake Uranium Deposit - More
- June 26, 2008 | Item | E-mail
Farallon Signs Off-Take Agreements for G-9 - More
- June 26, 2008 | Item | E-mail
Temex and Goldeye announce drill results on Juby North JV Property - More
- June 26, 2008 | Item | E-mail
Premier-Roxmark - Kailey Zone drilling returns 1.47g/t Au across 162.0 metres - More
- June 26, 2008 | Item | E-mail
2007 drilling and geophysical results all show increased potential for Schaft Creek deposit, Copper Fox says - More
- June 26, 2008 | Item | E-mail
Mindoro Resources Ltd. - Update on Agata North Nickel Laterite Project - More
- June 26, 2008 | Item | E-mail
Argentex makes final option payment on Pinguino to secure 100% ownership - More
- June 26, 2008 | Item | E-mail
Gold Fields says losing 20 kg a day at shut shaft - "Gold Fields Ltd said on Thursday it had lost 20 kg of gold after shutting one shaft at its Kloof mine in South Africa to allow investigations to take place after two miners were killed following a tremor.
The employees were killed in a fall of ground at Kloof's No.4 Shaft early on Thursday while cleaning some 3 km (1.8 miles) below the surface. No other injuries were reported." More
- June 26, 2008 | Item | E-mail
Midland Exploration Commences First Drilling Program on Weedon - More
- June 26, 2008 | Item | E-mail
SearchGold Acquires Two New Gold Permits for a Total of 452 Km2 in Burkina Faso - More
- June 26, 2008 | Item | E-mail
Yukon-Nevada Gold Corp. moves forward on its expansion plan - More
- June 26, 2008 | Item | E-mail
Valencia Ventures to Update Mt. Bundy Gold Project Feasibility - More
- June 26, 2008 | Item | E-mail
Golden Eagle Begins Processing at C Zone Gold Mill - More
- June 26, 2008 | Item | E-mail
Klondike Star Reports Year-End Performance Highlights - More
- June 26, 2008 | Item | E-mail
MetalCORP Shareholders Overwhelmingly Support Spin-Off of Ontario Gold Properties Into New Public Company;MetalCORP Will Concentrate on Developing Core Projects - More
- June 26, 2008 | Item | E-mail
Inter-Citic Reports New Step-Out Drill Hole at Dachang With 29.5 Metres Averaging 4.78 GPT Contained Gold - More
- June 26, 2008 | Item | E-mail
First Nickel Inc. Reports the Results of the Aeroquest Airborne Geophysical Survey Completed on Raglan Hills Joint Venture Project - More
- June 26, 2008 | Item | E-mail
Luna Gold intercepts 6.00 m of 12.58 g/t at the Cachoeira Gold Project, Para State, Brazil - More
- June 26, 2008 | Item | E-mail
Pacific North West Capital and First Nickel Complete Airborne Geophysical Survey on Raglan Hills Nickel Project, ON - More
- June 26, 2008 | Item | E-mail
El Nino Ventures DRC Exploration Program Review and Update - More
- June 26, 2008 | Item | E-mail
Sunridge Gold Continues to Drill Large Zinc and Copper Intersections at Emba Derho VMS Deposit - More
- June 26, 2008 | Item | E-mail
AuEx Signs Four Property Deal in Nevada With Eldorado Gold - More
- June 26, 2008 | Item | E-mail
Probe Mines Intersects Ultramafic Intrusive on Victory Project; Drilling Operations to Commence on McFauld's West Property, James Bay Lowlands, Ontario - More
- June 26, 2008 | Item | E-mail
Geovic Mining Management Appointments - More
- June 26, 2008 | Item | E-mail
Astral and Kootenay Drill 8m at 8.31 g/t Gold on the Jumping Josephine Gold Project - More
- June 26, 2008 | Item | E-mail
Uranium Resources, Inc. Announces Termination of Agreement to Purchase Rio Algom Mining LLC - More
- June 26, 2008 | Item | E-mail
Mexoro Minerals Receives Additional Payment From its Strategic Alliance With Paramount Gold and Silver Corp. - More
- June 26, 2008 | Item | E-mail
Mustang Tables Positive Prefeasibility for Maskwa Nickel Project - More
- June 26, 2008 | Item | E-mail
SLV.v - SilverCrest Pre-Feasibility Results at Santa Elena, Mexico
- June 26, 2008 | Item | E-mail
Aquiline Announces Scoping Study on Navidad's Loma de La Plata Zone for Delivery in Q3 2008 - "Aquiline Resources Inc. (TSX:AQI - News; "Aquiline" or "the Company") is pleased to announce the first Preliminary Economic Assessment ("Scoping Study") to be conducted on its 100% owned Navidad silver project in Chubut Province, Argentina. The Scoping Study will be performed in compliance with NI 43-101 regulations by Snowden Mining Consultants Pty Ltd. ("Snowden") of Brisbane, Australia under Peter Myers, Divisional Manager." More
- June 26, 2008 | Item | E-mail
Gold Fields shuts SAfrica Kloof shaft after deaths - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research) said on Thursday it had shut one shaft at its key Kloof mine in South Africa to allow investigations to take place after two miners were killed following a tremor.
The employees were killed in a fall of ground at Kloof's No.4 Shaft while carrying out cleaning duties early on Thursday, some 3 km (1.8 miles) below the surface. No other injuries were reported." More
- June 26, 2008 | Item | E-mail
ECU Silver Reports Results at Santa Juana - "ECU Silver Mining (Toronto:ECU.TO - News) ("ECU Silver" or "the Company") is pleased to announce further significant advances in its exploration and development work within our Velardena Properties. We continue to realize accomplishments in our exploration program at our main Velardena Property where, at the Santa Juana Mine, we have encountered strong gold grades over significant widths." More
- June 26, 2008 | Item | E-mail
SilverCrest Pre-Feasibility Results at Santa Elena, Mexico, Proven and Probable Reserves Established, 100% Pre-Tax Internal Rate of Return - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News) is pleased to announce the results for the Pre-Feasibility Study on its Santa Elena open pit gold and silver mine in Sonora, Mexico. The study has converted approximately 73% of the project's Indicated Mineral Resources to Proven and Probable Reserves. The Base Case economics show a pre-tax Internal Rate of Return of 100% and a pre-tax cash flow of US$103.7 million." More
- June 26, 2008 | Item | E-mail
ITH Drills 202.69 Metres of 1.37 g/t Gold at Livengood Deposit, Alaska - "Notable intersections were returned from hole MK-RC-008, with 202.69 metres of 1.37 g/t gold (including 30.5 metres of 4.1 g/t gold), hole MK-RC-007, with 59.4 metres of 1.96 g/t gold (including 4.6 metres of 13.7 g/t gold), and hole MK-RC-001, with 66 metres of 1.56 g/t gold (including 6.1 metres of 5.9 g/t gold) - all of which were infill holes on the southern and eastern side of the Lillian zone, respectively - and western step-out hole MK-RC-005, with 33.5 metres of 1.63 g/t gold (including 3.1 metres of 7.3 g/t gold) (see Table 1)." More
- June 26, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 June, 2008 | |
