-- Posted 21 July, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $963.30 | +$6.60 |
Silver | $18.35 | +$0.235 |
XAU | 192.15 | +2.25% |
HUI | 445.99 | +2.02% |
GDM | 1339.68 | +2.29% |
JSE Gold | 2311.28 | -60.76 |
USD | 71.97 | -0.24 |
Euro | 159.12 | +0.67 |
Yen | 93.83 | +0.31 |
Oil | $131.04 | +$2.16 |
10-Year | 4.067% | -0.014 |
T-Bond | 114.546875 | +0.21875 |
Dow | 11467.34 | -0.25% |
Nasdaq | 2279.53 | -0.14% |
S&P | 1260.00 | -0.05% |
The Metals:
Gold rose over 1% to $968.50 by late trade in Asia before it dropped back near unchanged at $957.92 by a little before 10AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.69%. Silver held nicely higher throughout most of world trade and ended near its high of $18.47 with a gain of 1.3%.
Euro gold rose to about €607, platinum lost $12.50 to $1838, and copper gained a couple of cents to about $3.71.
Gold and silver equities steadily rose for most of trade and ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Leading Indicators | June | -0.1% | -0.1% | 0.1% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose for the first session in five on worries that Tropical Storm Dolly may turn into a hurricane and disrupt operations in the Gulf of Mexico. The US meeting with Iran over the weekend that ended in deadlock also raised some concern.
The U.S. dollar index fell and treasuries rose on worries over the health of banks and other financial stocks that also dragged the Dow, Nasdaq, and S&P modestly lower for most of the day.
Among the big names making news in the market today were Bank of America, Roche and Genentech, Yahoo, Citigroup, Hasbro, and Apple.
The Commentary:
“August Gold finished up 5.7 at 963.7, 2.8 off the high and 4.7 up from the low.
September Silver closed up 0.225 at 18.425. This was 0.05 up from the low and 0.105 off the high.
The gold market initially managed another new high for the move Monday but seemed to be partially unable to hold all of the gains. Lingering strength in the US equity market seemed to tamp down the flight to quality angle that generally fueled the gold market higher in the prior week. However, with the higher gold action Monday, the trade was apparently still seeing lingering safe haven psychology. Certainly the latest twist in the Iranian situation provided the bull camp with a fresh lift, especially since the energy complex confirmed the anxiety with a generally strong trade. In the end the US economic information failed to give off a definitive view on the economy and therefore the currency market impact on gold was minimal for the first trading session of the week.
Like the gold market, the silver market did manage a slightly positive trading session, with prices mostly holding above the prior closing value. As opposed to last week, the silver market saw periodic support instead of spillover pressure from the copper and platinum markets. In the end, a weak Dollar, rising oil and positive gold market action seemed to prompt a measure of short covering buying in the wake of last week's steep declines.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: A modest proposal -- ban ALL short selling
John Lee: A primer in mining equity investment
Gold price manipulation is spelled out to CFTC
Ambrose Evans-Pritchard: World economy in greatest danger
U.S. food companies plan more hefty price increases
Asia may benefit as sovereign funds shun U.S. dollar
The Statistics:
As of close of business: 7/18/2008
Gold Warehouse Stocks: | 7,711,101 | +10,001 |
Silver Warehouse Stocks: | 136,356,877 | +504,116 |
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 Exchange (TSE) | SPDR® Gold Shares | 702.53 | 22,586,886 | US$ 21,672m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 119.25 | 3,834,137 | US$ 3,701m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,116 | US$ 337m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 29.92 | 961,943 | US$ 923m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.12 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/18/2008 | |
Total Net Assets | $1,883,572,628 | 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 7/18/2008 | |
Total Net Assets | $3,632,561,925 | 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.
The Stocks:
Barrick’s (ABX) offer for Cadence, NovaGold’s (NG) director death, Claude’s (CGR) dewatering process, Pacific Rim’s (PMU) year end results, Silverstone’s (SST.V) second quarter silver sales, and Bear Creek’s (BCM.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Apex | SIL +15.32% $5.87 |
2. Hecla | HL +10.47% $9.18 |
3. Royal Gold | RGLD+6.77% $37.55 |
LOSERS
1. Northgate | NXG-7.75% $2.62 |
2. US Gold | UXG-2.79% $1.74 |
3. AngloGold | AU -2.61% $34.74 |
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:
International Kirkland ("IKI") Private Placement Closes and Cosby-Walker Gold-Base Metal Property, Ontario, Update - More
- July 21, 2008 | Item | E-mail
Western Copper Corporation: YESAB Recommends That the Carmacks Copper Project Proceeds - More
- July 21, 2008 | Item | E-mail
New Vice President of Operations Appointed to Lions Gate Metals - More
- July 21, 2008 | Item | E-mail
Mexivada expands Goldstorm property, Nevada, and finds midas-style gold-silver mineralization - More
- July 21, 2008 | Item | E-mail
Silverstone Provides Q2-2008 Silver Sales - "Silverstone Resources Corp. (CDNX:SST.V - News) ("Silverstone") reports sales of 462,000 ounces of silver in the second quarter of 2008. Silverstone has forecast fiscal 2008 silver sales of 2,155,000 ounces. Silverstone purchased Q2 - 2008 production at an average cost of US$3.97 per ounce. The cost of silver is fixed at less than US$4.00 per ounce through 2010." More
- July 21, 2008 | Item | E-mail
Freewest Resources Canada Inc.: Drilling Resumes on Nickel Chrome Prospect 3.5 km North-East of the Noront Nickel Discovery, McFaulds Lake Area - More
- July 21, 2008 | Item | E-mail
Notice: DPM 2008 Second Quarter Financial Results - More
- July 21, 2008 | Item | E-mail
Western Troy Files Claims on Six Quebec Prospects - More
- July 21, 2008 | Item | E-mail
Western Troy Completes Drilling Program at MacLeod Lake - More
- July 21, 2008 | Item | E-mail
Bison Gold Reports 42.5gAu/t/2.43m in Drilling on New Tene East Discovery at Central Manitoba - More
- July 21, 2008 | Item | E-mail
Canadian Arrow Completes $1.5 Million Private Placement - More
- July 21, 2008 | Item | E-mail
Newstrike Resources Ltd.-Press Release - More
- July 21, 2008 | Item | E-mail
Bingo Gold deposit underground exploration update and updated summary of all NI 43-101 compliant resources - More
- July 21, 2008 | Item | E-mail
Centamin Egypt Appoints Former Australian Ambassador to Egypt to the Board - More
- July 21, 2008 | Item | E-mail
Québec's Highest Court Rejects Ungava Minerals' Appeal in $50M Law Suit Against Canadian Royalties' Directors Bruce Durham and Glenn Mullan - More
- July 21, 2008 | Item | E-mail
Mirasol Upgrades Libanesa and Identifies new Silver - Gold Target adjacent to Cerro Plomo - More
- July 21, 2008 | Item | E-mail
Loreto Resources Corporation Appoints Luis Saenz CEO and President - More
- July 21, 2008 | Item | E-mail
Farallon Announces Additional Drill Results - More
- July 21, 2008 | Item | E-mail
Explorator Intercepts Additional Mineralization in the Ravanales Area and in the Chon Chon Gold Zone - More
- July 21, 2008 | Item | E-mail
Strathmore Provides a Progress Update for Its Mine Permit Activities at George-Ver Uranium Property, Gas Hills District, Wyoming - More
- July 21, 2008 | Item | E-mail
Redcorp Ventures Ltd.: Appointment of Mill Superintendent - More
- July 21, 2008 | Item | E-mail
Golden Eagle Updates Report on C Zone Gold Mill Operation - More
- July 21, 2008 | Item | E-mail
Timmins Gold Corp.: Appointment of Lee Graber as Director - More
- July 21, 2008 | Item | E-mail
Osisko Intersects 114 Metres Averaging 2.04 g/t Gold at Barnat - More
- July 21, 2008 | Item | E-mail
Frontera Copper Provides Update on Operations - More
- July 21, 2008 | Item | E-mail
Trade Winds Proceeds With NI 43-101 Compliant Mineral Resource Estimate Update for Block A Joint Venture, Ontario - More
- July 21, 2008 | Item | E-mail
Goldeye Exercises Option to Acquire Balance of Sonia-Puma Property in Chile - More
- July 21, 2008 | Item | E-mail
Uranium Hunter Completes Aerial Survey on Tanzania Ruhuhu Uranium Project - More
- July 21, 2008 | Item | E-mail
Igor A. Kovarsky, Kola Mining's President and Director, Appointed as CEO - More
- July 21, 2008 | Item | E-mail
Yellowcake Mining Begins First Phase Drill Program - More
- July 21, 2008 | Item | E-mail
Silverado Receives Encouraging Preliminary 2008 Drill Results at Nolan Creek - More
- July 21, 2008 | Item | E-mail
Nirek Signs a Letter of Intent to Acquire 45% of a Gold Producing Property in Peru - More
- July 21, 2008 | Item | E-mail
Century resolves all regulatory issues - More
- July 21, 2008 | Item | E-mail
Change of Management for Golden Dawn Minerals Inc - More
- July 21, 2008 | Item | E-mail
General Properties Ltd. announces execution of a joint venture agreement and that the TSX Venture Exchange has cleared its information circular for mailing - More
- July 21, 2008 | Item | E-mail
Big Red Diamond Corporation Acquires Additional Bristol Claims (Modification) - More
- July 21, 2008 | Item | E-mail
Platinex Supports Go Green Ontario Initiative - More
- July 21, 2008 | Item | E-mail
Pacific Rim Mining Announces Fiscal 2008 Year End Results - "For the fiscal year ended April 30, 2008, Pacific Rim recorded a loss of $(12.7) million or $(0.11) per share, compared to a loss of $(9.4) million or $(0.09) per share for the fiscal year ended April 30, 2007 and $(0.6) million or $(0.01) per share for the fiscal year ended April 30, 2006. The $3.3 million increase in net loss for fiscal 2008 compared to fiscal 2007 is primarily related to decreased revenues, increased mine operating costs, increased exploration expenditures, increased general and administrative costs, and increased income tax expense period over period." More
- July 21, 2008 | Item | E-mail
NovaGold Mourns Death of Long-Time Director - "NovaGold Resources Inc. (Toronto:NG.TO - News)(NG - News) today announced with great sadness that Cole McFarland, a long-time member of NovaGold's Board of Directors, has passed away after a courageous battle with cancer." More
- July 21, 2008 | Item | E-mail
Madsen Dewatering Passes Important Milestones - "The dewatering process remains on track to enable Claude Resources to commence underground drilling from the 12th Level, as previously announced, in the 4th Quarter 2008." More
- July 21, 2008 | Item | E-mail
Bear Creek announces drilling continues to intersect high-grade silver, mineralized footprint expands - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results for 27 additional diamond drill holes (4,643 meters). Drilling at Santa Ana now totals 45,946 meters in 251 drill holes. Santa Ana is located in southeastern Peru 200 kilometers south of the Company's Corani silver-base metal deposit which is currently advancing under pre-feasibility studies." More
- July 21, 2008 | Item | E-mail
Barrick Cash Offer Supported by Cadence - "Barrick Gold Corporation (ABX - News)(Toronto:ABX.TO - News) announced today it has entered into a support agreement with Cadence Energy Inc. ("Cadence") for the all cash offer of $6.75 per share submitted to the Board of Cadence on July 17, 2008." More
- July 21, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 July, 2008 | |
