-- Posted 30 June, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $926.10 | -$2.00 |
Silver | $17.42 | -$0.17 |
XAU | 195.25 | +0.39% |
HUI | 449.88 | -0.26% |
GDM | 1335.12 | +0.08% |
JSE Gold | 2398.14 | +29.57 |
USD | 72.53 | +0.24 |
Euro | 157.45 | -0.45 |
Yen | 94.17 | -0.13 |
Oil | $140.00 | -$0.21 |
10-Year | 3.979% | -0.011 |
T-Bond | 115.59375 | -0.0625 |
Dow | 11350.01 | +0.03% |
Nasdaq | 2292.98 | -0.98% |
S&P | 1280.00 | +0.13% |
The Metals:
Gold rose to $935.25 in London before it dropped to as low as $918 by about noon in New York, but it then rallied back higher into the close and ended with a loss of just 0.22%. Silver rose to $17.87 and fell to $17.18 before it also rallied back higher and closed with a loss of 1%.
Euro gold remained at €588, platinum gained $6 to $2064.50, and copper gained a penny to $3.89.
Gold and silver equities rose over 1% at the open before they fell to see over 1% losses by about halfway into the trading session, but they then rallied back higher into the close and ended near unchanged on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Chicago PMI | June | 49.6 | 48.0 | 49.1 |
Tomorrow at 10AM EST is the ISM Index for June expected at 48.6 and Construction Spending for May expected at -0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new record high of $143.67 on worries over a possible conflict between Iran and Israel, but it fell back off to find a slight loss by the close as the EIA revised downward its demand figure for April.
The U.S. dollar index rose as traders positioned themselves ahead of Thursday’s ECB meeting that is expected to announce an increase in rates, but may signal steady monetary policy going forward.
Treasuries fell “amid signs of rising inflation overseas that may help steel central banks' resolve to increase interest rates.”
The Dow and S&P traded modestly higher for most of the day after oil came off its new record high, but the Nasdaq turned lower in afternoon trade and ended with a nearly 1% loss and the Dow and S&P fell back off in the final minutes of trade and ended barely higher . The Dow turned in its worst performance for June since 1930.
Among the big names making news in the market today were H&R Block, Anheuser-Busch, and EBay
The Commentary:
“August Gold finished down 3 at 928.3, 5.7 off the high and 7.8 up from the low.
July Silver closed down 0.2 at 17.42. This was equal to the low and 0.05 off the high.
Gold rallied early today on follow through from last week's gains and an early steep break in the US Dollar and sharply higher crude oil prices, but as crude oil sold off from its highs and the dollar bounced off of its lows, gold gave back its gains and spent most of the session lower on the day. The month and quarter ending may have sparked some profit taking on all fronts, but also a slight easing of commodity price inflation may have kept investment interest at bay. Crude oil may have dropped on indications of reductions in US demand estimates after earlier gaining on threatening statements out of Iran.
After breaking through the June highs early in the session, silver sold off sharply and ended the session well off the highs of the day. A spike bottom and sharp recovery in the dollar and weaker crude oil prices took some of the luster off of silver and other precious metals as investment vehicles and as hedges against commodity inflation. Profit taking in the wake of last week's strong gains lent support as well. As has been the case recently, the silver market seems more focused on its role as an investment vehicle and less as and industrial metal, as a slightly higher stock market and a late recovery in copper failed to provide a lift to silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
BIS seeks higher world interest rates
Peter Brimelow: Fed's flinch galvanizes gold
IMF undertakes audit of U.S. financial system
Miners to strike major producers in Peru
Asian nations may buy shares to aid sagging markets
Max Keiser and Frank Holmes talk about gold on Internet TV
James Turk: Dollar is on the precipice
Top market riggers to huddle privately Tuesday in Frankfurt
Options traders bet oil could rise another 40%
The Statistics:
As of close of business: 6/27/2008
Gold Warehouse Stocks: | 7,611,590 | -481 |
Silver Warehouse Stocks: | 136,553,695 | -12,775 |
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) AND Tokyo Stock Exchage (TSE) | SPDR® Gold Shares | 644.16 | 20,710,314 | US$ 19,036m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 114.60 | 3,684,394 | US$ 3,413m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,197 | US$ 324m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 903,038 | US$ 830m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 15.95 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/27/2008 | |
Total Net Assets | $1,828,888,482 | 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 6/27/2008 | |
Total Net Assets | $3,356,674,819 | Ounces of Silver
in Trust | 192,981,804.200 |
Shares Outstanding | 19,500,000 | Tonnes of Silver
in Trust | 6,002.41 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Peru’s labor strike, Jaguar’s (JAG) increase in shares available for purchase, Timberline’s (TLR) inclusion in the Russell Microcap Index, Gold Fields’ (GFI) power investment, and New Gold’s (NGD) completed business combination were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI+13.22% $1.97 |
2. Ivanhoe | IVN+8.56% $10.91 |
3. Cardero | CDY +5.42% $2.14 |
LOSERS
1. Crystallex | KRY -5.88% $1.12 |
2. Mines MGMT | MGN-5.44% $2.78 |
3. Minco | MGH-5.26% $1.08 |
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:
Feasibility Model for Platinum Group Metals' Project 1 Delivered to Partners by Independent Engineering Team on Time: Publication Expected July 7, 2008 - More
- June 30, 2008 | Item | E-mail
Douglas Lake Minerals Successfully Closes Acquisition of Mbwemkuru Project - More
- June 30, 2008 | Item | E-mail
Jaguar Mining announces increase in shares available for purchase under its normal course issuer bid - "Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE Arca, JAG.NT: TSX) announced today that it has received approval from the Toronto Stock Exchange ("TSX") to increase the number of common shares that it may purchase under its current normal course issuer bid by up to an additional Cdn.$10,000,000 worth of shares." More
- June 30, 2008 | Item | E-mail
Goldrich Provides Marisol, Mexico Drilling Update - More
- June 30, 2008 | Item | E-mail
Canadian Royalties Creates In-house Investor Relations Department - More
- June 30, 2008 | Item | E-mail
Tamerlane closes C$2 million financing - More
- June 30, 2008 | Item | E-mail
Romarco Intercepts 17.8 Meters of 3.1 g/t at Haile - More
- June 30, 2008 | Item | E-mail
Ecuador mine law to have community input, no veto - "Ecuador's new mining law will call for community consultation over projects but villagers will not have veto powers to shut them down, Mining Minister Galo Chiriboga said Monday." More
- June 30, 2008 | Item | E-mail
Sherwood Finalizes Exploration Agreement with Northern Tiger Resources - More
- June 30, 2008 | Item | E-mail
Cartier Confirms Extension of North Gold Zone With 7.3 g/t Au Over 1.0 Metres - More
- June 30, 2008 | Item | E-mail
Lake Victoria Mining Company, Inc.: Exploring for Gold in Tanzania-New International Board Appointed - More
- June 30, 2008 | Item | E-mail
Drill contract signed for Medicine and Silver Queen Projects - More
- June 30, 2008 | Item | E-mail
Unico, Inc. Announces Reverse Stock Split and New Trading Symbol - More
- June 30, 2008 | Item | E-mail
Alturas commences trading on the Lima Stock Exchange - More
- June 30, 2008 | Item | E-mail
Caledonia and Mitsubishi Corporation Sign Agreement on the Rooipoort & Mapochsgronde Platinum Projects in South Africa - More
- June 30, 2008 | Item | E-mail
Aultra Gold Inc. Announces Corporate Actions to Secure First Round of Financing - More
- June 30, 2008 | Item | E-mail
Peru unions say joining nationwide mining strike - "Peruvian workers were joining a nationwide mining strike on Monday that labor leaders started to pressure Congress to pass a bill that would improve labor benefits.
The walkout in Peru -- the world's leading silver producer and second-largest copper and zinc miner -- will also test President Alan Garcia at a time when he is losing sway in Congress. He has tried to persuade legislators to approve the labor bill, but has so far failed." More
- June 30, 2008 | Item | E-mail
General Metals Hits 35 Feet of 0.619 Ounce per Ton Gold Equivalent Including Five Feet Assaying 0.311 Opt Gold and 200.5 Opt Silver (4.05 Opt AU Equiv.) - More
- June 30, 2008 | Item | E-mail
HuntMountain Acquires High-Grade Silver-Gold Prospect in Mexico's Sierra Madre Trend - More
- June 30, 2008 | Item | E-mail
AmMex Gold Not to Proceed With the Cold Creek Gold Project in Idaho - More
- June 30, 2008 | Item | E-mail
Palladon Ventures Completes Buyout of Joint Venture Partner in Iron Ore Project and Closes Private Placement Financing - More
- June 30, 2008 | Item | E-mail
Cameco Updates Progress at Cigar Lake - More
- June 30, 2008 | Item | E-mail
Barrick Gold says Peru work operating as normal - "Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz)(ABX.N: Quote, Profile, Research, Stock Buzz) said Monday that work proceeded normally at its Pierina and Lagunas Norte mines in Peru, where a labor federation has started a nationwide strike." More
- June 30, 2008 | Item | E-mail
New Gold Completes US$1.6 Billion Business Combination with Metallica Resources and Peak Gold - "Tremendous work has gone into completing the business combination between New Gold, Peak Gold and Metallica over the past three months. On behalf of the Board of Directors and Management, I would like to thank all of those involved for their hard work and dedication. I would also like to extend a special thank you to both Richard Hall and Clifford Davis for their leadership over the years at Metallica and New Gold respectively." More
- June 30, 2008 | Item | E-mail
Timberline Resources Joins Russell Microcap Index - "I am very pleased that Russell has selected Timberline Resources to be included in the Russell Microcap Index. This is a further validation that our company's business model is becoming more widely recognized as a vehicle that provides a mainstream investment into the resources sector. Timberline's addition to such an influential and actively traded index will certainly have many benefits for our shareholders, including additional liquidity in the marketplace and a higher profile based on increased exposure to institutional investors." More
- June 30, 2008 | Item | E-mail
Workers strike at Barrick's Peru Pierina gold mine - "Workers went on strike Monday at the Pierina mine of Barrick Gold (ABX.TO: Quote, Profile, Research, Stock Buzz)(ABX.N: Quote, Profile, Research, Stock Buzz) in Peru, union leader Pablo Mora told Reuters, as part of a nationwide walkout." More
- June 30, 2008 | Item | E-mail
SAfrican Gold Fields to invest 200 mln rand in power - "South Africa's Gold Fields Ltd (GFIJ.J: Quote, Profile, Research, Stock Buzz) said on Monday it would spend a total of 200 million rand ($25.52 million) to install emergency power supply to be able to withstand a total power blackout at its mines." More
- June 30, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 30 June, 2008 | |
