The Premier Silver Resource Website
Visit GoldSeek.com
Visit GoldReview.com
Visit UraniumSeek.com

- CLICK HERE TO VISIT THE NEW SILVERSEEK.COM -
Live Spot Silver
Navigation
Silver Market Articles
Silver Discussions at the Forum
Silver Company Links
Silver Market Updates
Silver & Gold Headlines
Silver Stock News
Silver Equity Quotes
Silver & Precious Metals Quotes







 
Gold Seeker Closing Report: Gold and Silver Fall With Stocks and Oil As Dollar Rebounds

By: Chris Mullen, Gold-Seeker.com


-- Posted 15 June, 2009 | | Discuss This Article - Comments: Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$927.25

-$12.00

Silver

$14.07

-$0.80

XAU

139.90

-3.60%

HUI

334.99

-4.19%

GDM

1045.05

-4.05%

JSE Gold

2368.81

-34.55

USD

81.18

+0.95

Euro

137.96

-2.21

Yen

102.20

+0.60

Oil

$70.62

-$1.42

10-Year

3.713%

-0.075

T-Bond

116.621

+0.84375

Dow

8612.13

-2.13%

Nasdaq

1816.38

-2.28%

S&P

923.72

-2.38%

 
 

 

The Metals:

 

Gold and silver fell throughout most of world trade and ended near their session lows of $925.84 and $14.03 with losses of 1.28% and 5.38%.  Gold mounted a rally to back near unchanged in early New York trade from its almost 1% losses seen in late Asian action, but it ultimately fell to new session lows in the last couple of hours of trade and ended the day at a new 3 week low.

 

Euro gold rose to about €673 on euro weakness, platinum lost $45 to $1205, and copper fell nearly 9 cents more to about $2.28.

 

Gold and silver equities fell throughout most of trade and ended with about 4% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

NY Empire Man. Index

June

-9.41

-4.60

-4.55

Net Long-Term TIC Flows

April

$11.2B

$60.0B

$55.4B

 

Tomorrow at 8:30AM EST brings Housing Starts for May expected at 485,000, Building Permits expected at 508,000, PPI for May expected at 0.6%, and Core PPI expected at 0.1%.  At 9:15 are Capacity Utilization for May expected at 68.4% and Industrial Production expected at -1.0%.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell back below $70 before rebounding a bit, but it still ended with about a 2% loss as the dollar rose markedly after Russian finance minister Kudrin supported the currency as “irreplaceable” over the weekend at the G8 meeting.  The support seemed to come not because of the dollar’s merits, but instead because Kudrin sees no other choice.

 

Treasuries found decent gains as the Dow, Nasdaq, and S&P slid over 2% lower with most other world markets on renewed worries over the economy and the makeup of the financial system.

 

Among the big names making news in the market today were Bank of America, Extended Stay, Six Flags, Boeing, Airbus, AIG, Lincoln National, Facebook, Delta, and AMR.

 

The Commentary:

 

Dear Comrades In Golden Arms,

 

Today is made up of lawyer talk from Russia's Finance Minister Kudin. He is calling the dollar "irreplaceable" as a reserve currency at a time when China, India and Russia have all simultaneously reported significantly REDUCING their purchases of US dollar instruments. I am sure he is talking his position while today further reducing any new purchases.

 

Of course there is no way to substitute the US dollar in the reserves of all world central banks as they are simply stuck with too many.

 

There are too few SDRs at the present time.

 

There are no SDR bonds yet that are to issued so the IMF can join in Quantitative Easing in a more enthusiastic way. Governments would prefer a basket of depreciating paper rather than one single currency, even the euro, to diversify their reserves, risk, and to slow down their losses.

 

Today the IMF complimented the Federal Reserve for its enthusiastic monetary actions. That means applause for printing money with a confidence that if required the US Federal Reserve would continue along that path.

 

There is even some who are declaring Chairman Bernanke the greatest Fed Chairman anywhere.

 

The market hears what it wants to hear but does not take into consideration the further deterioration of fundamentals, now in the Treasury International Capital Flows (TIC).

 

When technical analysis first came on the scene it was a method of knowing fundamentals that were not evident in the marketplace. Then along came the millions who adopted TA as a religion. This religion further appointed high priests who became the Holy Seers of algorithms which were further financed by titanic amounts of money.

 

Now you need to know the fundamentals perfectly because TA is a Siren song attracting you by emotional pressure up on the rocks of a dollar that will not survive the fall and winter of 2009.

 

TA now makes the short term explosions up and down, but take a step back and look at the big picture. TA does not make the long term trends of all these practitioners or failed to own gold at $300.

 

Today is comical based on the senseless movement of algorithms and the now pushing of a non-concept that the US dollar is somehow going into a bull market and gold has had it.

 

The US dollar is going to .7200, .6200, and .5200. Gold is going to $1224 then to $1650 and onto Alf's numbers.

 

This is a perfect setup for a June low in this reaction. Armstrong feels if this happens $5000 is set in cement.

 

Ignore the top callers. Understand trading these markets is reserved for the professional only. The pubic cannot trade for insurance. Understand the pull inside you to trade is that of the gambleholic's emotional parade to destruction. Listen to Kenny Rogers "The Gambler."

 

Stay the course.”- Jim Sinclair, JSMineset.com

 

“August Gold closed down 13.2 at 927.5. This was 1 up from the low and 11.3 off the high.

 

July Silver finished down 0.845 at 14.03, 0.425 off the high and equal to the low.

 

Gold traded to its lowest level in almost a month today, breaking hard in the face of a stronger dollar. The dollar got a lift from a statement by the Russian Finance Minister indicating that the Dollar is likely to remain the world's primary reserve currency. The stronger dollar pressured a broad range of commodity markets early today, including crude oil and gold. Disappointing New York Fed Manufacturing Index data and a contraction in Canadian Manufacturing shipments turned the economic outlook more negative today, pressuring the stock market and adding to the negative sentiment in a number of commodity markets, including gold.

 

Like gold, silver broke hard today. While the early pressure may have come from the strength in the dollar, the selling appeared to pick up steam after the release of a disappointing New York Fed Manufacturing Index figure, disappointing Canadian Manufacturing Shipments data and from and the subsequent break in the stock market. Aggressive selling in the equities appeared to give sellers of industrial commodities an edge, and sharp declines in crude oil and commodities in general fed the selling.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Don't bury yourself with your coins

Jake Towne: R.I.P. -- the London Gold Pool, 1961-1968

Trace Mayer: What is your gold standard?

MineSite cites GATA presentation at Vancouver show

Korelin Economics Report interviews GATA's Ed Steer

The paper gold marketer is afraid to look in the vault

Your gold is safe; it's somebody else's that's missing           

 

The Statistics:

As of close of business: 6/15/2009

Gold Warehouse Stocks:

8,741,646

+5,189

Silver Warehouse Stocks:

118,749,971

-1,741,669

 

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) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

1,132.15

36,399,884

US$ 34,111m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

137.19

4,410,795

US$ 4,094m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.72

440,423

US$ 410m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.92

1,154,810

US$ 1m

NASDAQ Dubai

Dubai Gold Securities

0.16

5,000

US$ 5m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 6/12/2009

 

Total Net Assets

$2,111,013,990

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 6/12/2009

 

Total Net Assets

$4,168,729,608

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:

 

Exeter’s (XRA) drill results, Gammon’s (GRS) ended strike, IAMGOLD’s (IAG) increased gold reserves, Great Basin’s (GBG) land purchases, Oro Silver’s (OSR.V) drilling, and Silvercorp’s (SVM.TO) formally commenced bid for Klondex (KDX.TO) were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  NovaGold

NG +2.81% $4.76

2.  Golden Star

GSS+1.06% $1.91

 

LOSERS

1.  Banro

BAA -11.35% $2.50

2.  Coeur

CDE-10.77% $11.18

3.  Vista

VGZ -10.48% $2.05

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:

Canadian Royalties' Results of the 2009 Annual General Meeting and Corporate Update - More
- June 15, 2009 | Item | E-mail


Nevoro to Acquire Major Increase in Stillwater Land Position - More
- June 15, 2009 | Item | E-mail


Beartooth Platinum Announces Sale of Stillwater Assets to Nevoro - More
- June 15, 2009 | Item | E-mail


Caerus Resource Acquires Gold Interests in Colombia - More
- June 15, 2009 | Item | E-mail


Uranium International Corp. Continues Due Diligence Review on Thirteen Exploration Licences Covering Eight Uranium Deposits in Sweden - More
- June 15, 2009 | Item | E-mail


Abcourt Mines Inc. Has Hired MI3 Communications Inc to Provide Market-Making Activities for Abcourt - More
- June 15, 2009 | Item | E-mail


Colt to Proceed with a Non-Brokered Private Placement - More
- June 15, 2009 | Item | E-mail


Ventana Announces Receipt of Mineralogical Characterization and Predictive Metallurgy Report for La Mascota Samples - More
- June 15, 2009 | Item | E-mail


Molycorp Minerals, LLC Withdraws Bid for Assets of Great Western Minerals Group - More
- June 15, 2009 | Item | E-mail


Xtra-Gold Resources Corp. Commences Phase II Drill Program Designed to Extend Gold Mineralization at the Kibi Gold Trend Project in Ghana - More
- June 15, 2009 | Item | E-mail


Callinan Intersects Gold Zone at Berry Creek - More
- June 15, 2009 | Item | E-mail


Loreto Resources Corporation Announces an Agreement to Purchase Minera Huallanca S.A. in Peru - More
- June 15, 2009 | Item | E-mail


Santa Fe Gold Options Pilar Gold Exploration Property, Sonora, Mexico - More
- June 15, 2009 | Item | E-mail


Rare Element Announces 2009 Rare-Earth Exploration Program - More
- June 15, 2009 | Item | E-mail


Beeston Negotiating To Acquire Joint Venture Interests - More
- June 15, 2009 | Item | E-mail


Detour Gold to Be Included in S&P/TSX Indices - More
- June 15, 2009 | Item | E-mail


Freeport Advances towards Feasibility at Hutton Garnet Beaches - More
- June 15, 2009 | Item | E-mail


Sutter Gold Mining appoints additional Directors - More
- June 15, 2009 | Item | E-mail


Iberian Minerals Announces CFO Appointment - More
- June 15, 2009 | Item | E-mail


Nevada Exploration Stakes Additional Claims at the Bull Creek Gold Project - More
- June 15, 2009 | Item | E-mail


Gitennes announces equity financing - More
- June 15, 2009 | Item | E-mail


Canadian Mining Validates Major Anomalous Features & Defines Targets - More
- June 15, 2009 | Item | E-mail


Gossan Awards Incentive Stock Options - More
- June 15, 2009 | Item | E-mail


Denison Completes Definitive Agreements Relating to Cdn $94.9 Million of Equity Financing and Also a Uranium Offtake Agreement With KEPCO - More
- June 15, 2009 | Item | E-mail


Great Western Minerals Group and Molycorp Minerals, LLC Terminate Discussions of Proposed Transaction - More
- June 15, 2009 | Item | E-mail


Uranium One Announces Agreement to Acquire 50% Interest in Karatau Uranium Mine and 35% Increase in 2010 Production Guidance - More
- June 15, 2009 | Item | E-mail


Lake Victoria Mining Company Defining One Kilometer Strike Length at Kinyambwiga Gold Project, Tanzania - More
- June 15, 2009 | Item | E-mail


Daniel E. Wolfus Appointed to Evolving Gold Board of Directors - More
- June 15, 2009 | Item | E-mail


High Desert Gold Corporation Transfers Its Listing to the TSX Venture Exchange - More
- June 15, 2009 | Item | E-mail


Blue Note Mining Obtains Creditor Protection; Announces Restructuring - More
- June 15, 2009 | Item | E-mail


Northern Superior Resources Inc. (TSX VENTURE: SUP) Announces Adoption of Shareholders Rights Plan - More
- June 15, 2009 | Item | E-mail


Oro Silver Commences Drilling On El Compas Property, Zacatecas, Mexico - "Oro Silver Resources Ltd. ("Oro Silver" or the "Company") (TSX VENTURE:OSR - News) reports that it has commenced a diamond drill program on its 34 km2 El Compas property in Zacatecas, Mexico. This drill program was initiated at the El Orito and El Compas vein targets with the aim of increasing the Company's National Instrument 43-101 gold-silver resource (65,000 gold-equivalent ounces in the Indicated category and 41,200 in the Inferred category, calculated at a 3 g/t gold-equivalent cut-off (see Oro Silver's press release dated September 18, 2008)." More
- June 15, 2009 | Item | E-mail


Exeter Resource Corporation: Drilling Continues to Expand Caspiche Gold Copper Porphyry - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that drill hole CSD039a has returned 876 metres (2,874 ft) at a grade of 0.75 grams per tonne ("g/t") gold (0.022 ounces per ton ("oz/ton")) and 0.29% copper, including a 582 metre (1,909 ft) section assaying 1.00 g/t gold (0.029 oz/ton) and 0.36% copper. This new drill hole tested the continuity of mineralization to depth below previous holes with shallower intercepts." More
- June 15, 2009 | Item | E-mail


Gammon Gold Announces Successful End to the El Cubo Strike: El Cubo Union Adopts Continuous Work Schedule - "Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): Gammon Gold is pleased to announce the successful conclusion of the strike action at its El Cubo mine in Guanajuato State, Mexico. The union representatives agreed to recommend to its members the adoption of a seven-day continuous work schedule that Management had tabled as part of the negotiations of the union's collective agreement. The changes to the agreement were ratified at a vote by the union membership on June 13, 2009. The new agreement will be registered with the Secretariat and the workers will be returning to work today, June 15, 2009." More
- June 15, 2009 | Item | E-mail


IAMGOLD Announces Essakane Project Ahead of Schedule & on Budget; Gold Reserves Increase by 8% to 3.37 Million Ounces With Additional In Pit Resources - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced a construction update and an updated gold reserve and resource statement for its 90% owned Essakane gold project in Burkina Faso, West Africa. Probable Reserves increased by 8% or 245,000 ounces, to 3.37 million ounces and an additional 201,000 ounces of in-pit Indicated Resources from the nearby Falagountou deposit has also been defined." More
- June 15, 2009 | Item | E-mail


Great Basin Gold Purchases Rock Creek Lands to Protect Important Western Shoshone Cultural Site - "Great Basin Gold Ltd (TSX: GBG; NYSE Amex: GBG; JSE: GBG) ("Great Basin Gold" or the "Company") is pleased to announce that it has created the Rock Creek Conservancy, LLC for the purpose of holding lands recently purchased by it, and the establishment of the Rock Creek Conservancy Fund. Great Basin Gold has purchased four sections in Lander County along Rock Creek and another section west of Rock Creek to prevent future real estate or mineral development on these lands." More
- June 15, 2009 | Item | E-mail


Silvercorp Metals Inc. Formally Commences Offer to Acquire All of the Outstanding Shares of Klondex Mines Ltd. - "Silvercorp Metals Inc. (Toronto:SVM.TO - News)(AMEX:SVM - News) ("Silvercorp") announced today that it has formally commenced its offer to acquire all of the outstanding common shares of Klondex Mines Ltd. (Toronto:KDX.TO - News) ("Klondex"). Silvercorp will today deliver to Klondex's principal office and file with the Canadian securities regulators and with the SEC its formal offer and take-over bid circular (together, the "Circular"). The circular will be sent to Klondex shareholders shortly following Silvercorp's receipt of Klondex's shareholder list, which was formally requested on June 5, 2009." More
- June 15, 2009 | 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 2009

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 15 June, 2009 | | Discuss This Article - Comments:


Latest Articles


Gold Seeker Closing Report: Gold and Silver Fall Over 2% More
13 December, 2011

Gold Seeker Closing Report: Gold and Silver Fall Almost 3%
12 December, 2011

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
9 December, 2011

Gold Seeker Closing Report - Article Archive List

SilverSeek.com is presented to you by:

© 2003 - 2011
SilverSeek.com, Silver Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of SilverSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on SilverSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of SilverSeek.com, its affiliates or advertisers. SilverSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.