-- Posted 1 August, 2008 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $908.70 | -$4.55 | -1.93% |
Silver | $17.45 | -$0.26 | +0.75% |
XAU | 162.54 | -3.72% | -6.33% |
HUI | 390.15 | -3.41% | -4.61% |
GDM | 1165.00 | -3.00% | -5.06% |
JSE Gold | 1991.54 | -135.54 | -8.18% |
USD | 73.44 | +0.21 | +0.81% |
Euro | 155.47 | -0.54 | -0.99% |
Yen | 92.83 | +0.13 | +0.13% |
Oil | $125.10 | +$1.02 | +1.49% |
10-Year | 3.948% | -0.031 | -3.96% |
Bond | 115.921875 | +0.421875 | +1.85% |
Dow | 11326.32 | -0.45% | -0.39% |
Nasdaq | 2310.96 | -0.63% | +0.02% |
S&P | 1260.31 | -0.56% | +0.20% |
The Metals:
Gold traded mostly slightly lower in Asia and London and then rose to near unchanged at $912.55 prior to the jobs data. After dropping at the New York open to $901.85 it quickly rebounded to see a nearly 0.5% gain at $917.05, but it then fell back off into the close and ended with a loss of 0.5%. Silver saw a four cent gain at $17.75 before it fell all the way to $17.24 in initial reaction to the jobs data and then followed gold back near unchanged by midmorning in New York, but it also fell back off into the close and ended with a loss of 1.47%.
Euro gold fell to about €584, platinum lost $110 to $1640.50, and copper fell nearly nine cents to about $3.63.
Gold and silver equities saw slight gains about an hour into trade, but they then fell back off for most of the rest of trade and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | July | -51K | -75K | -51K |
Unemployment Rate | July | 5.7% | 5.6% | 5.5% |
Hourly Earnings | July | 0.3% | 0.3% | 0.3% |
Average Workweek | July | 33.6 | 33.7 | 33.7 |
Construction Spending | June | -0.4% | -0.3% | 0.0% |
ISM Index | July | 50.0 | 49.2 | 50.2 |
The BLS net birth/death adjustment added 4,000 payrolls.
All of this week’s economic reports:
Next week’s economic highlights include Personal Income and Spending and Factory Orders on Monday, ISM Services and the FOMC Policy Statement on Tuesday, Consumer Credit on Wednesday, Initial Jobless Claims and Pending Home Sales on Thursday, and Productivity and Wholesale Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on worries over Iran’s nuclear program and what Israel may do about it.
The U.S. dollar index rose slightly as payrolls did not fall quite as much as expected.
Treasuries rose as today’s economic data pretty much confirmed that the fed will not raise interest rates next week.
The Dow, Nasdaq, and S&P traded mostly slightly lower on worries over the economy as payrolls fell again and oil prices rose.
Among the big names making news in the market Friday were Nissan, BMW, total, NYSE Euronext, Ingersoll-Rand, IndyMac, GM, and Chevron.
The Commentary:
“The $ is showing a bit of strength, which is why gold is continuing weak, but the main reason gold has fallen lately is because there has been a 30 tonne sale of gold by one of the Central Bank Gold Agreement signatories last week and probably sold some more this week. We believe this selling has now stopped, but on the back of it long-term investors sold 36 tonnes, before picking up 10 tonnes earlier this week. This has left the market churning waiting for direction.
The time for selling is running out as it is less than a month before the physical gold season begins again.
So expect more consolidation next week.”- Julian D.W. Phillips, www.goldforecaster.com
“Protection of your hard earned assets is the first and foremost needful exercise. - Investment of those assets is the secondary consideration. What good is an investment if it is unprotected from financial agents.
- Gold must not be approached as a speculative vehicle in which you want to make a killing. If you approach gold in that fashion it will be you who will be killed because of its volatility.
- Gold is a currency. All the analysis, questions you ask me and handholding I willingly do sit directly on that correct definition. This understanding is the route to answering your entire question and almost every foolish article you inundate me with that fails to see that.
- To protect your retirement accounts you have two avenues of approach.
a. You request direct registration as a book entry at the transfer agent, naming your trust entity and your retirement account name. This creates what equates to a check requiring two signatures and thereby assures a fast settlement and payout by a bankruptcy judge.
b. You require your trust agent to assure you that your IRA is held in a true custodial form. That means the assets of the retirement account are segregated to your IRA account name and is not part of the balance sheet of the financial agent. If those assets are in the nominee name of the Trust agent your assets are on their balance sheet. - Physical gold is insurance. If some financial agent is holding physical gold for you in any form you have violated the insurance characteristic. What you do not have in your hand or safety deposit box is not insurance.
- Do not send money to or deal with anyone you cannot find. The scams in gold are prolific and transparent to a professional like me.
- Any entity that offers to help you violate the law will certainly violate you before you get a chance to break the law.
- Any entity that, as a main attraction, offers you gold somewhere outside of your domicile that is difficult to see and touch probably has taken your money and you have nothing to worry about. The reason you have nothing to worry about is you have nothing.
- Share investments in precious metals entities can be protected three ways. The first is to take paper delivery of your shares where available. The second is by you ordering direct registration as a book entry at the transfer agent. Third is that you keep your shares at a financial agent that offers true custodial accounts. **Note - Canadians cannot get direct registration at the transfer agent for Canadian entities. We are working on that.
- All those holding Swiss, Euro and Cando short-term treasuries in their accounts as true custodial form need to take one more step. That is to firmly ask if the broker holding these assets are certain that the depositories for the broker have provided your broker themselves with true custodial form.
This is a systemic problem where we may need to build new forms of protection to rest comfortably. We must be sure that our broker has protected itself (the brokerage house or bank) in order to protect you when offering true custodial accounts.
Each link in the chain of ownership must be firmly segregated, not held in nominee form.
Settle for nothing less.”- Jim Sinclair, JSMineset.com
“August Gold finished down 4.9 at 909, equal to the high and equal to the low.
September Silver closed down 0.27 at 17.52. This was 0.1 up from the low and 0.18 off the high.
After some intense initial pressure the gold market actually threw off the selling impetus and managed to trade higher on the day. However, despite a rather expansive range of almost $15 an ounce the gold market was clearly confused. With US numbers giving off some sign of weakness in the economy and the Dollar managing to hold in positive ground for a large portion of the trading session it was clear that the currency influence was mixed. With the crude oil market also forging a rather surprising trading range it was clear that even the energy market influence on metals prices was two sided. One could suggest that geopolitical anxieties were on the rise Friday as headlines from the Iranian situation were also joined by potentially supportive developments in Venezuela and Nigeria. With US auto and truck sales figures rekindling some concern again toward the US auto sector it is possible that flight to quality psychology is still providing some flight to quality buying.
While the silver market was able to throw off some of the aggressive pressure seen early in the trading session, sharp declines in copper and platinum prices seemed to leave the physical commodity angle in silver in the bear camp. However, the silver market seemed to be paying more attention to the gold market and to the action in the Dollar than to its typical classical commodity market fundamentals and that is fortunate considering that the silver trade saw evidence of rising Mexican production and or rising exchange stocks.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russia to centralize control of grain exports
Nationalize Freddie and Fannie, Greenspan says
Stressed banks borrow record amount from Fed
The Statistics:
As of close of business: 7/31/2008
Gold Warehouse Stocks: | 8,431,533 | +4,004 |
Silver Warehouse Stocks: | 139,213,832 | +691,769 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 673.40 | 21,650,600 | US$ 19,866m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 119.71 | 3,848,666 | US$ 3,499m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.87 | 349,073 | US$ 318m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 30.16 | 969,687 | US$ 890m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/31/2008 | |
Total Net Assets | $1,797,900,584 | 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 7/31/2008 | |
Total Net Assets | $3,526,065,595 | Ounces of Silver
in Trust | 201,805,748.100 |
Shares Outstanding | 204,000,000 | Tonnes of Silver
in Trust | 6,276.86 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Eldorado’s (EGO) quarterly results, Harmony’s (HMY) terminated agreement with Monarch (MON.AX) Northgate’s (NXG) quarterly results, AngloGold’s (AU) director dealings, Gold Fields’ (GFI) quarterly results, and Silver Quest’s (SQI.V) property acquisition were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Eldorado | EGO +4.05% $8.48 |
2. Banro | BAA +3.02% $4.10 |
3. ITH | THM+2.75% $1.49 |
LOSERS
1. Gold Fields | GFI -13.21% $10.25 |
2. Jaguar | JAG -8.50% $9.80 |
3. Hecla | HL -7.95% $8.45 |
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:
Kodiak Exploration Limited: Deep Drilling Expands Gold Mineralization by 600%, Discovers Multiple New High Grade Gold Veins - More
- August 01, 2008 | Item | E-mail
Denison Mines shares fall after Arizona uranium mine air permit delayed - More
- August 01, 2008 | Item | E-mail
Klondex Arranges Non-Brokered Private Placement - More
- August 01, 2008 | Item | E-mail
Silver Quest Expands Capoose-Silver Trend Property - "Silver Quest Resources Ltd. (the "Company") (TSX VENTURE:SQI - News) is pleased to announce that it has entered into an option agreement with Mr. Piotr Lutynski (the "Vendor") to acquire 100% of the JAG Property (comprising claims 557495, 667496, 534364, 534365, 534366, 534367 and 552497). The JAG Property is comprised of seven claims located directly northeast of Silver Quest's current Capoose-Silver Trend property in the Omineca Mining District, British Columbia." More
- August 01, 2008 | Item | E-mail
Glass Earth Gold Exploration Update - More
- August 01, 2008 | Item | E-mail
Millstream Negotiates Return of 10% Net Profit Interest In Potter Tailings - More
- August 01, 2008 | Item | E-mail
Skyline Gold Receives Notice of Sufficiency for Two Additional Hydroelectric Water Licence Applications - More
- August 01, 2008 | Item | E-mail
Skyharbour and Cypress Provide Update on Ongoing Red Lake / Bruce Channel Drill Program, NW Ontario - More
- August 01, 2008 | Item | E-mail
Eldorado profit falls, but shares rise on output - "Eldorado Gold (ELD.TO: Quote, Profile, Research, Stock Buzz) said on Friday its second-quarter profit eased by 5.9 percent, but the miner's shares rose as its production topped expectations.
Profit was hurt by the court-ordered shutdown of the company's flagship Kisladag mine in Turkey last August. The mine restarted in March, and was able to ramp up production faster than anticipated." More
- August 01, 2008 | Item | E-mail
Bard Ventures Ltd. Retains Cronus Capital Markets for Strategic Consulting - More
- August 01, 2008 | Item | E-mail
Cancor raises $ 716,695 pursuant to its rights offering - More
- August 01, 2008 | Item | E-mail
Skybridge Announces Additions to the Board of Directors - More
- August 01, 2008 | Item | E-mail
Abitex Announces First Closings of Private Placement Raising CDN$6,346,500 - More
- August 01, 2008 | Item | E-mail
Bannerman Resources' Second Quarter Report on Corporate and Exploration Activity - More
- August 01, 2008 | Item | E-mail
Dia Bras Announces Results From its Bolivar and Cusi Pilot-Mining Programs for the Second Quarter 2008 - More
- August 01, 2008 | Item | E-mail
Abitex announces first closings of private placement raising $6,346,500 - More
- August 01, 2008 | Item | E-mail
Alberta Star Announces the Re-Appointment of Allan Feldman of A.J.F. Consultants Ltd. for Investor Relations - More
- August 01, 2008 | Item | E-mail
Chesley Andersen Joins Aurora as Vice President, Labrador Affairs - More
- August 01, 2008 | Item | E-mail
Skyharbour and Cypress Provide Update on their Red Lake/Bruce Channel Drill Program, NW Ontario - More
- August 01, 2008 | Item | E-mail
Augen Gold samples 5.62 grams per tonne over 13.38 metres at Jerome - More
- August 01, 2008 | Item | E-mail
Consolidated Thompson Iron Mines Signs Rail Transportation Contract With Quebec North Shore and Labrador Railway Company - More
- August 01, 2008 | Item | E-mail
Harmony says Mt Magnet deal with Monarch ended - "South African miner Harmony Gold (HARJ.J: Quote, Profile, Research, Stock Buzz) said on Friday an agreement to sell its Mount Magnet operations to Australian junior miner Monarch Gold (MON.AX: Quote, Profile, Research, Stock Buzz) had been terminated.
Harmony said in a statement Monarch had been placed in voluntary administration and would not press ahead with the A$65 million ($61.90 million) purchase." More
- August 01, 2008 | Item | E-mail
Uranium Bay 2008 Initial Uskawanis Field Campaign Confirms the Presence of Multiple Target Areas That Are the Source of the Uranium Anomalies Identified - More
- August 01, 2008 | Item | E-mail
Eldorado Gold Corporation: Q2 2008 Financial and Operating Results - "Our consolidated net income for the second quarter of 2008 was $25.2 million or $0.07 per share, compared with net income of $26.7 million or $0.08 per share in the second quarter of 2007. In the second quarter of 2008, we sold 88,610 ounces of gold at an average price of $904 per ounce, compared to 112,702 ounces at an average price of $664 per ounce in the second quarter of 2007." More
- August 01, 2008 | Item | E-mail
Northgate Generates Cash Flow from Operations of $41 million in the Second Quarter - "Northgate Minerals Corporation recorded consolidated revenue of $138,880,000 in the second quarter of 2008, compared with consolidated revenue of $80,878,000 in the same period last year. Net earnings for the quarter were $1,085,000 or $0.00 per diluted common share, compared with net earnings of $8,647,000 or $0.03 per diluted common share during the corresponding quarter of 2007." More
- August 01, 2008 | Item | E-mail
AngloGold Ashanti Limited - Dealings in Securities by a Director in Terms of the AngloGold Ashanti Share Incentive Scheme - "In terms of JSE Listings Requirement 3.63 AngloGold Ashanti gives notice that the following director has exercised share options, after having received clearance to do so in terms of Listings Requirement 3.66. The options were granted in terms of the AngloGold Share Incentive Scheme." More
- August 01, 2008 | Item | E-mail
Gold Fields Improves Operational Performance Due to Stabilization of Power Supplies in South Africa - "Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings for the June 2008 quarter of R843 million, compared with earnings of R1,248 million and R528 million for the March 2008 and the June 2007 quarters respectively. In US dollar terms net earnings for the June 2008 quarter were US$105 million, compared with earnings of US$167 million and US$74 million for the March 2008 and the June 2007 quarters respectively." More
- August 01, 2008 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 August, 2008 | |
