-- Posted 12 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $939.25 | -$21.00 | -2.29% |
Silver | $14.87 | -$0.59 | -3.38% |
XAU | 145.12 | -3.05% | -3.68% |
HUI | 349.65 | -3.27% | -4.94% |
GDM | 1089.19 | -3.09% | -4.01% |
JSE Gold | 2403.36 | -30.29 | -5.78% |
USD | 80.23 | +0.77 | -0.62% |
Euro | 140.04 | -1.04 | +0.26% |
Yen | 101.63 | -0.87 | +0.42% |
Oil | $72.04 | -$0.64 | +5.26% |
10-Year | 3.788% | -0.074 | -1.92% |
Bond | 115.78125 | +0.78125 | +0.97% |
Dow | 8799.26 | +0.32% | +0.41% |
Nasdaq | 1858.80 | -0.19% | +0.51% |
S&P | 946.21 | +0.14% | +0.65% |
The Metals:
Gold and silver fell throughout most of world trade and dropped to as low as $936.70 and $14.778 in early New York trade before they rebounded slightly into the close, but gold still ended with a loss of 2.19% while closed down 3.82%.
Euro gold fell to about €669, platinum lost $13 to $1250, and copper fell over 7 cents to about $2.37.
Gold and silver equities fell over 3% at the open before they roughly halved their losses by midmorning, but they then fell back off into the close and ended with about 3% losses on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | May | 1.3% | 1.4% | 1.1% |
Import Prices ex-oil | May | 0.2% | - | -0.2% |
Export Prices | May | 0.6% | - | 0.4% |
Export Prices ex-ag. | May | 0.3% | - | 0.2% |
Michigan Sentiment | June | 69.0 | 69.5 | 68.7 |
Geithner Said to Tell Bernanke Fed Gains Most in Rules Overhaul Bloomberg
Bernanke Success May Come at Cost of Congress Curbing Fed Power Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include the NY Empire Manufacturing Index and Net Long-Term TIC Flows on Monday, Building Permits, Housing Starts, PPI, Capacity Utilization, and Industrial Production on Tuesday, CPI on Wednesday, and Initial Jobless Claims, Leading Economic Indicators, and the Philadelphia Fed survey on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell almost 1% as the U.S. dollar index rebounded from yesterday’s pounding on trader positioning ahead of this weekend’s G8 meeting.
Treasuries rose on continued relief from the government’s mostly successful auctions of $65 billion worth of debt this past week.
The Dow, Nasdaq, and S&P traded mixed and near unchanged on little news before a summer weekend.
Among the big names making news in the market Friday were Barclays, Hartford, and BlackRock.
The Commentary:
“Dear Friends,
You know that information that comes to me has been reliable. You also know that the entire purpose of all of working here at JSMineset has been to get you through this safely. You also know that if we had not been here hundreds of thousands of people now holding gold would not be.
So please pay attention to the following.
I have heard rumors for some time, but today it was confirmed to me, that the Canadian mint’s present problems are not unique and that other depositories (vaults) have had an army of auditors descend on them in the last two weeks. Some of these depositories have names so famous that it would scare the hell out of you. The repercussions would be drastic if they turn out to be troubled.
Why take the risk?
I suggest to you now that you take delivery of all gold held in vaults and depositories on your behalf, but this time even from the most prestigious.
You can get delivery via armored car service to your bank and utilize safe depository, spread over a few banks. You can insure your safe depository if you do not mind making your holdings public.
I believe that this recommendation is warranted, but also it will be the financial savior of many.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“August Gold closed down 21.3 at 940.7. This was 4.5 up from the low and 6.8 off the high.
July Silver finished down 0.618 at 14.875, 0.195 off the high and 0.095 up from the low.
After a surprisingly turbulent trade on Friday morning, it seemed as if a combination of issues were serving to undermine gold prices. In addition to a surprising bounce in the Dollar, gold also seemed to be undermined by broad based weakness in a host of physical commodities, weak oil prices and concerns that macro economic sentiment had gotten ahead of reality. Clearly the proximity to the G8 meeting made the Dollar action even more critical to the metals trade on Friday and that in turn might have served to push some gold longs to the sidelines.
The silver market was under early pressure in the early morning trade, with the market managing a mid day recovery bounce that failed to hold into the early afternoon. Apparently weakness in the copper and platinum markets contributed to the weakness in silver but with a long list of physical commodity markets under pressure on Friday, there appeared to be a bearish spillover impact in many markets. Certainly residual strength in the Dollar added to the pressure in silver, especially since the US equity market wasn't serving to prop up recovery ideas with its performance Friday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Central banks might put half of reserves into gold: WGC
The Statistics:
As of close of business: 6/12/2009
Gold Warehouse Stocks: | 8,736,457 | +4,540 |
Silver Warehouse Stocks: | 120,491,640 | +115,607 |
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 | 1,132.15 | 36,399,884 | US$ 34,484m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 137.19 | 4,410,943 | US$ 4,153m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,437 | US$ 415m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 35.92 | 1,154,820 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.30 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/11/2009 | |
Total Net Assets | $2,158,649,112 | Ounces of Gold
in Trust | 2,245,823.814 |
Shares Outstanding | 22,850,000 | Tonnes of Gold
in Trust | 69.85 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/11/2009 | |
Total Net Assets | $4,174,320,209 | Ounces of Silver
in Trust | 276,670,924.100 |
Shares Outstanding | 280,950,000 | Tonnes of Silver
in Trust | 8,605.43 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Centerra’s (CG.TO) exploration results and suspended license and Newmont’s (NEM) assessment in Indonesia were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Nevsun | NSU +2.72% $1.51 |
2. Banro | BAA +2.17% $2.82 |
3. Tanzanian Royalty | TRE +1.12% $3.62 |
LOSERS
1. Mines MGMT | MGN -8.74% $1.67 |
2. Coeur | CDE-5.65% $12.53 |
3. Endeavour | EXK -5.39% $1.93 |
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:
Gold Canyon Resources Inc.: Grant of Incentive Stock Options - More
- June 12, 2009 | Item | E-mail
Glen Eagle Resources Inc.: Update on Kinbauri Transaction - More
- June 12, 2009 | Item | E-mail
Marathon Intersects Sulphide Lenses at Coppermine Zone - More
- June 12, 2009 | Item | E-mail
Denarii Resources Engages Senior Exploration Geologist - More
- June 12, 2009 | Item | E-mail
Centerra Gold Kumtor Exploration and Operation Update - "Centerra Gold Inc. (Toronto:CG.TO - News) announced today that exploration drilling undertaken in April and May at the Kumtor Project in the Kyrgyz Republic continues to return good results from the southwest extension of the SB Zone and the Stockwork Zone." More
- June 12, 2009 | Item | E-mail
Coniagas appoints Patrick Highsmith as President and CEO - More
- June 12, 2009 | Item | E-mail
Strateco Resources Inc.: Nomination of a New Chief Financial Officer - More
- June 12, 2009 | Item | E-mail
Kyrgyzaltyn JSC announces the closing of arrangements relating to the Kumtor Project - More
- June 12, 2009 | Item | E-mail
Ditem Closes $500,000 Flow-Through Private Placement - More
- June 12, 2009 | Item | E-mail
Southern Hemisphere Mining Ltd Announces Drilling Results at Los Pumas - More
- June 12, 2009 | Item | E-mail
Abitex completes first tranche of private placement raising $1,880,000 - More
- June 12, 2009 | Item | E-mail
Vaaldiam Resources Ltd.: Gold Potential of the Brauna Property - More
- June 12, 2009 | Item | E-mail
Rimfire and Geoinformatics Enter Into Definitive Agreement to Combine - More
- June 12, 2009 | Item | E-mail
Gossan's Partner Provides Coppermine Drill Results at the Bird River Project - More
- June 12, 2009 | Item | E-mail
Underworld Intersects New Gold-Silver Rich Deep Zone Below Golden Saddle, White Gold Property, Yukon - More
- June 12, 2009 | Item | E-mail
Centerra Gold Boroo Mine Operating Licenses Suspended - "Centerra Gold Inc. (Toronto:CG.TO - News) announces that it received a notice today from the Minerals Resources Authority of Mongolia that the Boroo Mine's main operating licenses have been suspended for a period up to three months. The notice was based on a report from the State Specialized Inspection Agency which recently visited the Boroo minesite." More
- June 12, 2009 | Item | E-mail
Indonesia plans assessment of Newmont unit's value - "Indonesia plans to appoint an independent appraiser to assess the value of the local unit of Newmont Mining Corp (NEM.N) in order to speed up a divestiture sale, the energy and mining minister said on Friday." More
- June 12, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 June, 2009 | |
