-- Posted 18 July, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $956.70 | -$12.95 | -0.22% |
Silver | $18.115 | -$0.585 | -3.08% |
XAU | 187.92 | +0.51% | -3.60% |
HUI | 437.15 | +0.01% | -3.78% |
GDM | 1309.66 | -0.22% | -2.90% |
JSE Gold | 2372.04 | -53.94 | +2.78% |
USD | 72.21 | UNCH | +0.38% |
Euro | 158.44 | -0.04 | -0.50% |
Yen | 93.98 | -0.49 | -0.02% |
Oil | $128.88 | -$0.41 | -11.17% |
10-Year | 4.081% | -0.043 | +3.58% |
Bond | 114.328125 | -0.3125 | -1.31% |
Dow | 11496.57 | +0.44% | +3.57% |
Nasdaq | 2282.78 | -1.28% | +1.95% |
S&P | 1260.68 | +0.03% | +1.71% |
The Metals:
Gold fell over 1% to about $955 in after hours access trade yesterday and rose to almost $5 from unchanged at $964.50 in London today before it dropped to as low as $949.70 by about 8:30AM EST in New York, but it then rallied $7 from that low in the final hours and closed with a loss of 1.34%. Silver dropped to about $18.30 in after hours access trade yesterday and rose to six cents from unchanged at $18.64 in London today before it fell back off for most of the rest of trade in New York and ended near its low of $18.03 with a loss of 3.13%.
Euro gold fell to about €604, platinum lost $38.50 to $1850.50, and copper fell nearly 5 cents to about $3.69.
Gold and silver equities rose around 1% by midmorning, but they then fell back off a bit in afternoon trade and ended mixed and near unchanged.
The Economy:
There were no major economic reports today. All of this week’s economic reports:
Next week’s economic highlights include Leading Economic Indicators on Monday, the fed’s Beige Book on Wednesday, Exiting Home Sales on Thursday, and Durable Goods Orders, Michigan Sentiment, and New Home Sales on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended lower in mixed trade as speculation over falling demand overcame weather concerns. All eyes now turn to the US meeting with Iran in Geneva this weekend that is not really expected to accomplish anything, but you never know. The fact they are having level headed talks at all was encouraging to some in the bear camp.
The U.S. dollar index ended slightly higher after oil ended lower and tensions eased slightly about the health of the financial sector.
Treasuries ended lower after Citigroup eased financial worries by posting a smaller than expected loss of only $2.5 billion. Some fed-speak from Stern and Hoenig calling for higher interest rates also may have influenced the market, but the comments come in contrast to Bernanke’s dovish talk earlier in the week.
The Dow and S&P traded mixed and near unchanged in surprisingly unvolatile and low volume trade for an options expirations day. The Nasdaq fell over 1% on poor tech earnings reports.
Among the big names making news in the market Friday were Teva and Barr Pharma, Schlumberger, Freddie Mac, Citigroup, Google, Microsoft, Republic and Waste Management, Honeywell, and Mattel.
The Commentary:
“Anxiety levels have pulled back over the past few days but remain extremely vulnerable. Gold is reflecting this sentiment and with more financial institutions likely to fail, it will not take much to get gold going again. This appears to be a short-term respite from reality. For the next few weeks, gold will be finding terrific support in the low to mid $900’s with levels just under the $1k mark providing good resistance. At any moment gold can revive its march to and past the $1k mark.
Focus is turning back to the US’ ability to fund its deficits, its lifestyle. As confidence declines so will the desire to fund our nearly ľ of a trillion dollar per year trade deficit, our soon to balloon internal deficits and so on. The empire of debt takes a global community of support to sustain and as this is withdrawn the consequences will be an even further weakening of the US Dollar and flight into safety. Gold will become a dominant global currency during the transition out of dollars and other paper currencies, which also face significant challenges which includes the Euro going forward.
Investors should also be cognizant of the growing anti-gold attacks from the powers to be which see the precious metal as a threat to their power, to their control which they exert through the issuance of paper money, not backed by gold but by merely trust. Yet the endgame is now upon us and a financial and monetary reckoning is underway and I do not see how the process can be easily reversed.”- Peter Spina, www.goldforecaster.com
GATA Posts:
Gold sales meant for market manipulation, MineWeb chief acknowledges
The Statistics:
As of close of business: 7/17/2008
Gold Warehouse Stocks: | 7,701,100 | +5,001 |
Silver Warehouse Stocks: | 135,852,761 | +554,614 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) | SPDR® Gold Shares | 702.53 | 22,586,886 | US$ 21,802m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 119.26 | 3,834,265 | US$ 3,670m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,127 | US$ 334m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.80 | 958,013 | US$ 924m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.62 tonnes to get within 3.37 tonnes of its record high holding set on Monday.
COMEX Gold Trust (IAU)
Profile as of 7/17/2008 | |
Total Net Assets | $1,908,586,789 | 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 7/17/2008 | |
Total Net Assets | $3,656,116,689 | Ounces of Silver
in Trust | 195,872,336.400 |
Shares Outstanding | 19,800,000 | Tonnes of Silver
in Trust | 6,092.31 |
Note: No change in Total Tonnes from yesterday’s data.
iShares silver ETF holdings rise to record 6,092.31 tonnes - Reuters
The Stocks:
Aurelian’s (ARU.TO) update on Ecuadorian mining law was the only big story in the gold and silver mining industry making headlines Friday.
WINNERS
1. NovaGold | NG +8.38% $9.70 |
2. Northgate | NXG+6.37% $2.84 |
3. Coeur | CDE+4.68% $2.46 |
LOSERS
1. Paramount | PZG-7.30% $1.27 |
2. US Gold | UXG-7.25% $1.79 |
3. Fronteer | FRG-4.74% $4.22 |
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:
Uranium City Resources Inc. Announces a Change in Management - More
- July 18, 2008 | Item | E-mail
Fortress Base Metals Corp. Announces Name Change - More
- July 18, 2008 | Item | E-mail
Fortune Minerals announces non-brokered flow-through financing - More
- July 18, 2008 | Item | E-mail
Mainstream Minerals Receives Additional Bobjo Mine Drill Results Red Lake, ON - More
- July 18, 2008 | Item | E-mail
Bison Gold Exploration Inc. Announces Completion of Private Placement - More
- July 18, 2008 | Item | E-mail
King's Bay Gold Receives Additional Bobjo Mine Drill Results From Red Lake, ON - More
- July 18, 2008 | Item | E-mail
Oriental Minerals Amends Acquisition of Sangdong; Arranges Interim Loan Financing - More
- July 18, 2008 | Item | E-mail
Lake Shore Gold Corp. Announces Timmins West Exploration Agreement With Flying Post and Mattagami First Nations - More
- July 18, 2008 | Item | E-mail
Timmins Gold Corp.: $14,300,000 Second Tranche of Private Placement Closed - More
- July 18, 2008 | Item | E-mail
New Director Appointed & Options Granted - More
- July 18, 2008 | Item | E-mail
Galantas Reports Estimated Payback 2.7 Years - More
- July 18, 2008 | Item | E-mail
Tao Minerals Announces Phase 1 of the Upgrade of El Colmillo Gold Mine - More
- July 18, 2008 | Item | E-mail
Radisson Mining Confirms Issuance of Shares for Debt - More
- July 18, 2008 | Item | E-mail
Dorato Announces Non-Brokered Private Placement and Royalty Option Agreement with Franco-Nevada Corporation - More
- July 18, 2008 | Item | E-mail
Inter-Citic Reports Results from 31 Drill Holes at Dachang Gold Project - More
- July 18, 2008 | Item | E-mail
Latin American Minerals: Samples of Artisan Tailings Indicate Continuity at Paraguay Gold Project - More
- July 18, 2008 | Item | E-mail
Rolling Rock Resources Corporation: Private Placement Closes - More
- July 18, 2008 | Item | E-mail
Vena Begins Second Phase 8,000 Metre Drill Program at Azulcocha West - More
- July 18, 2008 | Item | E-mail
Intrepid Mines Limited: Significant Porphyry Copper-Gold Intercept in Hole 35 at Tujuh Bukit - More
- July 18, 2008 | Item | E-mail
Aurelian Update on Ecuadorian Mining Law and Political Process - "On June 27, 2008 the Ministry of Mines and Petroleum (MMP) announced completion of work on a draft law. Preparation of the draft legislation involved an extensive consultation process with stakeholders such as communities, local governments, NGOs and mining companies, including Aurelian. The draft law was sent on the same day to President Rafael Correa, who is reviewing the document with his advisors. No update has been provided by the government as to when the final version of the draft law will be made public." More
- July 18, 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 18 July, 2008 | |
