-- Posted 27 June, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $928.10 | +$15.25 | +2.93% |
Silver | $17.59 | +$0.43 | +1.24% |
XAU | 194.51 | +3.42% | +8.91% |
HUI | 451.06 | +3.17% | +8.58% |
GDM | 1334.39 | +4.21% | +9.96% |
JSE Gold | 2368.57 | +102.88 | +8.87% |
USD | 72.29 | -0.18 | -1.04% |
Euro | 157.89 | +0.29 | +1.17% |
Yen | 94.23 | +0.51 | +1.13% |
Oil | $140.21 | +$0.57 | +4.15% |
10-Year | 3.990% | -0.043 | -3.55% |
Bond | 115.65625 | +0.65625 | +1.94% |
Dow | 11346.51 | -0.93% | -4.19% |
Nasdaq | 2315.63 | -0.25% | -3.76% |
S&P | 1278.38 | -0.37% | -3.00% |
The Metals:
Gold was not satisfied with Thursday’s over $30 gain that was the largest in over 20 years and it continued to climb throughout world trade on Friday. Silver followed suit and both metals ended near their session highs of $929.55 and $17.625 with gains of 1.67% and 2.51% as the dollar continued to fall and oil hit a new record high.
Euro gold rose to about €588, platinum remained unchanged at $2059.50, and copper gained over 5 cents to about $3.88.
Gold and silver equities rose throughout the day and ended with roughly 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | May | 1.9% | 0.4% | 0.3% |
Personal Spending | May | 0.8% | 0.7% | 0.4% |
PCE Core Inflation | May | 0.1% | 0.2% | 0.1% |
Michigan Sentiment | June | 56.4 | 56.7 | 56.7 |
All of this week’s economic reports:
Next week’s economic highlights include Chicago PMI on Monday, Construction Spending and the ISM Index on Tuesday, ADP Employment and Factory Orders on Wednesday, and Initial Jobless Claims, ISM Services, and June’s jobs data on Thursday. Markets are closed on Friday in observance of Independence Day.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record intraday high of $142.99 before pulling back a bit, but it still made a new record closing high as the U.S. dollar index continued to fall on persistent worries about the credit market and the overall economy that also drove treasuries higher while the Dow, Nasdaq, and S&P added to Thursday’s roughly 3% losses.
Among the big names making news in the market Friday were Anheuser-Busch, Citigroup, Merrill Lynch, Delta, and KB Home.
The Commentary:
“Dear CIGAs,
The price of gold will find resistance at the high $950s and again at the major round number of $1000. The opposition at the latter level will have more gusto.
The second try on $1000 will be followed by a modest reaction. After this reaction, a third attempt will see the price of gold burst upwards through $1000.
The pull from the $1200 magnet is irresistible and will be accomplished in 2008.
All else is noise.”- Jim Sinclair, JSMineset.com
“August Gold finished up 16.2 at 931.3, 0.5 off the high and 10.8 up from the low.
July Silver closed up 0.495 at 17.62. This was 0.28 up from the low and equal to the high.
The gold market remained well bid throughout the trading session and seeing the Dollar remain weak and seeing the energy complex make record runs during the trade session certainly kept the flight to quality theme in a front and center position during the trade on Friday. With the US stock market coming under renewed aggressive selling pressure in the wake of the second new all time high run for the day in the energy market, it seemed as if gold was being presented with a multitude of safe haven angles in the headlines. In the end, financial uncertainty, inflation, flight to quality fears and general anxiety seems to be playing right into the hands of the bull camp in gold.
The silver market was pulled higher Friday by the weak Dollar and certainly because of the strength in the gold market. However, silver also seemed to be pushed up in the wake of the ongoing strength in energy prices, which suggests that silver is potentially benefiting from classic inflationary expectations and well as the classic themes of fear and anxiety. With silver and copper prices both sharply higher on the day, it would not appear as if the fear of too much slowing and the fear of slumping physical and industrial demand was being given that much credence.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Barclays warns of disaster as Fed loses all credibility
The Statistics:
As of close of business: 6/26/2008
Gold Warehouse Stocks: | 7,612,071 | - |
Silver Warehouse Stocks: | 136,566,400 | - |
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$ 18,363m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.60 | 3,684,516 | US$ 3,416m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,209 | US$ 324m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,047 | US$ 821m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.06 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/26/2008 | |
Total Net Assets | $1,797,017,118 | 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 6/26/2008 | |
Total Net Assets | $3,256,368,889 | Ounces of Silver
in Trust | 192,981,804.200 |
Shares Outstanding | 19,500,000 | Tonnes of Silver
in Trust | 6,002.41 |
Note: Change in Total Tonnes from yesterday’s data: 30.78 tonnes were added to the trust.
The Stocks:
Golden Star’s (GSS) increase in power costs and Coeur’s (CDE) court appeal were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Orezone | OZN+11.43% $1.17 |
2. Hecla | HL +10.71% $9.72 |
3. Entree | EGI +10.12% $1.74 |
LOSERS
1. Golden Star | GSS-23.48% $2.64 |
2. Paramount | PZG -4.89% $1.75 |
3. Apex | SIL -4.03% $5.00 |
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:
Golden Valley Mines Ltd.: New Nickel-Copper-PGE Discovery Ducros Prospect (Senneterre, Quebec) - More
- June 27, 2008 | Item | E-mail
Vault Minerals Announces AGM Results and the Grant of Stock Options - More
- June 27, 2008 | Item | E-mail
Negotiations Continue on Labor Agreement at East Boulder Mine - More
- June 27, 2008 | Item | E-mail
Chapleau Resources Ltd. Receives Approval for $2.5 Million Private Placement - More
- June 27, 2008 | Item | E-mail
U3O8 Corp. Grants Stock Options - More
- June 27, 2008 | Item | E-mail
Pelangio Provides Further Update on Closing Date of Arrangement - More
- June 27, 2008 | Item | E-mail
Forsys Adds Fourth Drill Rig to Test North Anomaly at Valencia - More
- June 27, 2008 | Item | E-mail
Kinbauri Engages Scott Wilson Roscoe Postle Associates for Scoping Study at El Valle/Carles - More
- June 27, 2008 | Item | E-mail
HudBay and Skye Announce Closing of $95 Million Private Placement - More
- June 27, 2008 | Item | E-mail
Taranis Resources Inc. announces Closing of a $750,000 Flow-Through Private Placement - More
- June 27, 2008 | Item | E-mail
Ascendant Copper Announces Results of Annual & Special General Shareholders Meeting - More
- June 27, 2008 | Item | E-mail
Eagle Plains Resources Announces Craig Bay Drill Results - More
- June 27, 2008 | Item | E-mail
Forsys Metals Corp.: Clarifying Press Release-Mineral Resource and Mineral Reserve Disclosure - More
- June 27, 2008 | Item | E-mail
KWG to drill Ring of Fire claims near Eagle One discovery - More
- June 27, 2008 | Item | E-mail
Nevada Exploration Inc. Continues 2008 Exploration Program With Phase I Drilling at Bull Creek - More
- June 27, 2008 | Item | E-mail
Kola Mining Announces $10,000,000 Non-Brokered Private Placement - More
- June 27, 2008 | Item | E-mail
Lake Victoria Mining Company, Inc.: African Gold Exploration Company Appoints Renowned Geo as New President and CEO - More
- June 27, 2008 | Item | E-mail
Oromin Adopts Shareholder Rights Plan - More
- June 27, 2008 | Item | E-mail
Alturas commences drilling at the Huajoto polymetallic project, Central Peru - More
- June 27, 2008 | Item | E-mail
Silver Reserve Corp. Information is Available Through S&P Market Access Program - More
- June 27, 2008 | Item | E-mail
U3O8 Corp. Shareholders Vote in Favour of Current Board at Its 2008 Annual and Special Meeting - More
- June 27, 2008 | Item | E-mail
Goldstake Completes $365,000 Private Placement - More
- June 27, 2008 | Item | E-mail
Alexis Closes in on Deep Target Near Louvicourt Mine and Initiates Drilling on Dunraine Property, Val d'Or, Quebec - More
- June 27, 2008 | Item | E-mail
Romios Gold Announces Stock Options Grants - More
- June 27, 2008 | Item | E-mail
Murgor Resources Inc. - Summary of Recent Exploration Developments in Manitoba, Saskatchewan and Quebec - More
- June 27, 2008 | Item | E-mail
U.S. Precious Metals Has Positive Results in its Gold, Silver and Copper Drilling Campaign; Other Related News - More
- June 27, 2008 | Item | E-mail
Geovic Mining Contracts Investor Relations Firm for U.S. Market Development - More
- June 27, 2008 | Item | E-mail
Minera Andes Exploration program increases the size of the Los Azules porphyry copper target - More
- June 27, 2008 | Item | E-mail
Coeur Announces U.S. Supreme Court Agrees to Review Ninth Circuit Court Ruling on Kensington Tailings Permit - "Coeur d’Alene Mines Corporation (NYSE:CDE - News) (TSX:CDM - News) (ASX:CXC - News) today announced that the U.S. Supreme Court has granted the State of Alaska and Coeur Alaska’s Petitions for a writ of certiorari to review a Ninth Circuit Court of Appeals decision relating to the Kensington 404 tailings permit." More
- June 27, 2008 | Item | E-mail
US top court to hear Coeur appeal on Alaska mine - "The U.S. Supreme Court said on Friday it would hear an appeal by Coeur d'Alene Mines Corp (CDE.N: Quote, Profile, Research, Stock Buzz) of a ruling that invalidated a government permit allowing the company's Alaska gold mine to deposit rock waste into a lake on federal land.
The justices agreed to review a U.S. appeals court's ruling in favor of environmental groups that challenged the permit for Coeur's underground Kensington Gold Mine northwest of Juneau, a site previously mined from 1897 to 1928." More
- June 27, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 June, 2008 | |
