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-- Posted 3 July, 2008 | | Discuss This Article - Comments:
Source: SilverSeek.com
| Close | Gain/Loss | On Week | Gold | $931.60 | -$12.95 | +0.38% | Silver | $18.18 | -$0.135 | +3.35% | XAU | 188.73 | -0.85% | -2.97% | HUI | 435.95 | -1.68% | -3.35% | GDM | 1299.03 | -1.99% | -2.65% | JSE Gold | 2313.22 | -70.55 | -2.34% | USD | 72.72 | +0.65 | +0.62% | Euro | 156.93 | -1.86 | -0.61% | Yen | 93.66 | -0.80 | -0.60% | Oil | $145.29 | +$1.72 | +3.44% | 10-Year | 3.973% | +0.014 | -0.43% | Bond | 115.875 | -0.25 | +0.19% | Dow | 11288.54 | +0.65% | -0.51% | Nasdaq | 2245.38 | -0.27% | -3.03% | S&P | 1262.90 | +0.11% | -1.21% |
Note: US Markets Closed Early Today And Will Be Closed Tomorrow For Independence Day The Metals:  Gold remained near unchanged in Asia and London before it dropped to $927.55 after Trichet was not as hawkish going forward as most expected in his comments after the ECB’s rate hike, but the yellow metal then rallied back higher into the close and ended about $4 off that low with a loss of 1.37%. Silver dropped to $17.96 before it also rallied back higher and ended with a loss of 0.74%.
Euro gold remained at about €593, platinum lost $49.50 to $2021.50, and copper lost over 11 cents to about $3.96. Gold and silver equities fell roughly 1% in the first half hour of trade and remained near that level for the rest of the day. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 6/28 | 404K | 385K | 388K | Nonfarm Payrolls | June | -62K | -60K | -62K | Unemployment Rate | June | 5.5% | 5.4% | 5.5% | Average Workweek | June | 33.7 | 33.7 | 33.7 | Hourly Earnings | June | 0.3% | 0.3% | 0.3% | ISM Services | June | 48.2 | 51.0 | 51.7 |
The BLS net birth/death adjustment added 177,000 payrolls to June’s data. All of this week’s economic reports: Next week’s economic highlights include Pending Home Sales, Wholesale Inventories, and Consumer Credit on Tuesday, Initial Jobless Claims on Thursday, and Export and Import Prices, the Trade Balance, Michigan Sentiment, and the Treasury Budget on Friday. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil rose to a new record high of $145.85 on geopolitical concerns before it pulled back after the dollar rebounded, but it still ended with a gain heading into the long weekend. Crude will continue trading in electronic trade tomorrow. The U.S. dollar index rose after Trichet implied that the ECB will not continue to raise interest rates after today’s hike to 4.25%. Treasuries fell as the Dow and S&P found gains after economic data came in about as expected, but the Nasdaq ended lower on worries over the strength of the tech sector. Among the big names making news in the market Friday were GM, Nvidia, Continental Airlines, and Gannett. The Commentary: “August Gold finished up 2 at 946.5, 1 off the high and 10 up from the low. September Silver closed up 0.135 at 18.425. This was 0.285 up from the low and 0.005 off the high. August gold ended sharply lower on the day but did manage to bounce some off of the early lows. Strength in the dollar sparked long liquidation selling to pressure futures after the market pushed to the highest level since April 18th in overnight trade. Employment numbers were not a big surprise but the news was not negative enough to drive the dollar lower. Metals also saw some pressure from ideas that global growth could slow. The crude oil market made new all time highs over $146 which helped provide some support but weakness in other metals was seen as a negative. September silver pushed to the highest level since mid-April before the employment numbers sparked profit-taking selling and a lower close. Strength in the US dollar along with "less" strike concerns in Peru helped to pressure. Industrial metals came under pressure from talk that some miners had agreed to come back to work and some mines were re-opening. This helped ease supply concerns and the market saw some pressure from weakness in international stock markets on global demand concerns due to record high energy and food prices in many countries.”- The Hightower Report, Futures Analysis and Forecasting
The Statistics: As of close of business: 7/2/2008 Gold Warehouse Stocks: | 7,613,190 | +1,600 | Silver Warehouse Stocks: | 136,382,904 | +425,237 |
Global Gold ETF Holdings [WGC Sponsored ETF’s]  | Product name | Total Tonnes | Total Ounces | Total Value | New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) | SPDR® Gold Shares | 658.57 | 21,173,635 | US$ 19,794m | London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 115.84 | 3,724,271 | US$ 3,472m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,186 | US$ 326m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 28.09 | 902,988 | US$ 844m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 14.41 tonnes and the SE added 1.25 tonnes. COMEX Gold Trust (IAU) Profile as of 7/2/2008 | | Total Net Assets | $1,859,299,694 | Ounces of Gold
in Trust | 1,967,972.052 | Shares Outstanding | 19,950,000 | Tonnes of Gold
in Trust | 61.21 |
Note: No change in Total Tonnes from yesterday’s data. Silver Trust (SLV) Profile as of 7/2/2008 | | Total Net Assets | $3,456,766,763 | Ounces of Silver
in Trust | 192,905,122.800 | Shares Outstanding | 19,500,000 | Tonnes of Silver
in Trust | 6,000.02 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Peru’s mining strike, Gold Fields (GFI) mine deaths, Pacific Rim’s (PMU) suspended drilling, Eldorado’s (EGO) bid for frontier, Great Panther’s (GPR.TO) appointment, and Scorpio’s (SPM.TO) drill results were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. US Gold | UXG +4.31% $2.18 | 2. Anglo American | AAUK +3.02% $32.37 | 3. Northgate | NXG +2.90% $2.84 |
LOSERS 1. Entree | EGI -7.89% $1.75 | 2. Gammon Gold | GRS -6.72% $10.00 | 3. Coeur | CDE -6.67% $2.52 |
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: Great Panther Appoints Former Mexican Senior Trade Commissioner as Vice President, Corporate Relations - "Initially a market research analyst and then a financial planning specialist, Sergio Rios was Mexico's Deputy Trade Commissioner to the United Kingdom in 1989, before becoming the Senior Trade Commissioner in The Hague from 1999 to 2001, in charge of more than ten countries. Most recently, he was the Senior Trade Commissioner for Mexico in Vancouver, Canada from 2001 until mid-2008, in charge of western Canada and the Pacific north-western USA." More
- July 03, 2008 | Item | E-mail
Pacific North West Capital and Benton Resources Complete Helicopter-borne Magnetic and VTEM Survey on the Swayze Nickel Project, ON - More
- July 03, 2008 | Item | E-mail
Delta Uranium Reports Preliminary Drill Results at Ely Lake - More
- July 03, 2008 | Item | E-mail
Temex commences 15,000 metre deep drilling program on Timmins gold project - More
- July 03, 2008 | Item | E-mail
Striking Peruvian miners to march on Congress - "Workers at Peru's third-largest copper pit threw their weight behind a nationwide strike that entered its fourth day on Thursday, as miners prepared to march on Congress to demand a bigger slice of corporate profits." More
- July 03, 2008 | Item | E-mail
Update Exploration - Flag Resources (1985) Limited, Sudbury, Ontario - More
- July 03, 2008 | Item | E-mail
Norsemont Mining Announces Constancia Infill Drill Results and Updates Progress with Definitive Feasibility Study - More
- July 03, 2008 | Item | E-mail
Olympus Assessing Financing Options for Phuoc Son Mine Development - More
- July 03, 2008 | Item | E-mail
Normabec Closes $ 1,65 M Non-Brokered Private Placement - More
- July 03, 2008 | Item | E-mail
VMS Reports 10.36% Copper Over 33.46 Metres in Deepest Intercept to Date at Reed Lake, Manitoba - More
- July 03, 2008 | Item | E-mail
CZM Intersects Unprecedented Mineralization During First Phase of 2008 Drilling at TAG Property - More
- July 03, 2008 | Item | E-mail
AXMIN Transfers its Interest and Retains a Royalty in Cape Three Points for Common Shares of Noble Mineral Resources Limited - More
- July 03, 2008 | Item | E-mail
Ucore Closes Private Placement - More
- July 03, 2008 | Item | E-mail
First phase resource estimation announced for TEAL's Lupoto Copper Project in the DRC - More
- July 03, 2008 | Item | E-mail
Silver Shield Makes Final Payment for 100% Ownership of La Cumbre Gold and Silver Property - More
- July 03, 2008 | Item | E-mail
Farallon Update on July 2008 Goal: UG Decline & Mill Facilities Substantially Complete - More
- July 03, 2008 | Item | E-mail
War Eagle Mining Company Inc.: Tres Marias Intercepts 10.58 Meters (68.8 ft) of 394 g/Tonne Germanium & 22.30% Zinc - More
- July 03, 2008 | Item | E-mail
Everton Starts 6,000-Metre Drill Program in the Dominican Republic - More
- July 03, 2008 | Item | E-mail
USCorp CEO Comments on the Mining Law Debate and America's Independence on the Eve of the 4th of July - More
- July 03, 2008 | Item | E-mail
First Nickel Announces the Results of the Ni 43-101 Reserve Estimate and Mine Plan Prefeasibility Study Completed on Lockerby Depth Zone - More
- July 03, 2008 | Item | E-mail
Mustang Minerals Corp.: New PGM Ni Cu Mineralization Drilled at East Bull Lake, Ontario - More
- July 03, 2008 | Item | E-mail
Galway Resources infill drilling intercepts 55 feet of high grade molybdenum & tungsten at Victorio - More
- July 03, 2008 | Item | E-mail
Gold Fields has worst record in SAfrica mine deaths - "Gold Fields (GFIJ.J: Quote, Profile, Research, Stock Buzz) has the worst mine death record in South Africa so far this year, with about half of a total of 85 deaths in the country's mines occurring at the group's operations, a senior official said." More
- July 03, 2008 | Item | E-mail
Pacific Rim Suspends Further Drilling in El Salvador Until Mining Permit Granted; Local Staffing Reduced - "Pacific Rim Mining Corp. ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) has taken the first steps toward reducing its El Salvador work force in preparation for a slow down in exploration and investment activity on its El Dorado, Santa Rita and Zamora-Cerro Colorado gold projects in El Salvador. As the El Dorado drilling program consumed the bulk of the Company's direct exploration costs in El Salvador, the Company believes it is prudent to reduce its drilling expenditures and suspend drilling activity for the time being." More
- July 03, 2008 | Item | E-mail
Scorpio's Drilling on 9th Level of the Main Zone Reports 5.80 metres grading 308 g/t Silver, 11.52% Zinc, 1.73% Copper, 4.83% Lead and 0.192 g/t Gold - "Scorpio Mining Corporation (TSX:SPM - News) is pleased to announce additional underground drill results, including a wide zone of mineralization, from the 9th Level of the Nuestra Senora deposit at the 100% owned Nuestra Senora project, Sinaloa State, Mexico." More
- July 03, 2008 | Item | E-mail
Eldorado's Bid for Frontier Successful - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News), announced that as of 2:00 pm (Vancouver time) on July 2, 2008, approximately 157.3 million common shares of Frontier Pacific Mining Corporation ("Frontier") had been validly deposited to Eldorado's offer to purchase all of the outstanding common shares of Frontier (the "Offer")." More
- July 03, 2008 | Item | E-mail
Indonesia to renegotiate mine contracts to raise income - "Indonesia plans to renegotiate existing mining contracts to seek more revenue for the country, the country's energy minister said on Thursday, a move analysts said would hurt investment in the mining sector." More
- July 03, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report - Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here Additional Resources for today’s Gold Seeker Report can be found: © 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 3 July, 2008 | | Discuss This Article - Comments:
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