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Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week

By: Chris Mullen, Gold-Seeker.com


-- Posted 19 June, 2009 | | Source: SilverSeek.com

 

Close

Gain/Loss

On Week

Gold

$935.45

+$1.90

-0.40%

Silver

$14.20

UNCH

-4.51%

XAU

141.63

+2.97%

-2.40%

HUI

340.30

+3.48%

-2.67%

GDM

1054.48

+3.26%

-3.19%

JSE Gold

2499.17

+58.79

+3.99%

USD

80.31

-0.28

+0.10%

Euro

139.51

+0.45

-0.38%

Yen

103.93

+0.37

+2.26%

Oil

$69.55

+$1.82

-3.46%

10-Year

3.789%

-0.045

+0.03%

Bond

116.00

+0.328125

+0.19%

Dow

8539.73

-0.19%

-2.95%

Nasdaq

1827.47

+1.09%

-1.69%

S&P

921.23

+0.31%

-2.64%

 
 

 

The Metals:

 

Gold remained near unchanged in Asia and turned mostly slightly higher in London before it fell back near unchanged in late morning New York trade and then spiked up to as high as $938.65 by about noon EST, but it then fell back off into the close and ended with a gain of just 0.2%.  Silver jumped over 1% higher to as high as $14.375 by about noon, but it then fell to its session low of $14.12 in the last couple of hours of trade and ended unchanged on the day.

 

Euro gold remained at about €669, platinum gained $8.50 to $1209, and copper fell a couple of cents to about $2.25.

 

Gold and silver equities rose about 4% midday before they fell back off a bit in the last four hours of trade, but they still ended roughly 3% higher on the day.

 

The Economy:

 

U.S. homes recovery distressingly slow: Reuters/UMich  Reuters

Unemployment of 10% Spreads, Risking U.S. Recovery  Bloomberg

California's Credit Rating May Be Lowered by Moody's Amid Financial Crisis  Bloomberg

 

There were no major economic reports today.  Next week’s economic highlights include Existing Home Sales on Tuesday, Durable Goods Orders, New Home Sales, and a FOMC rate decision on Wednesday, Initial Jobless Claims and GDP on Thursday, and Personal Income and Spending and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil fell on worries over sustained demand.

 

The U.S. dollar index fell as traders opted for higher yielding assets.

 

Treasuries saw slight gains as traders prepared for next week’s fed statement and record high issuance of government debt.

 

The Dow, Nasdaq, and S&P traded mixed and near unchanged with little news to react to.

 

Among the big names making news in the market Friday were BHP Billiton, Rio Tinto, CarMax, and GM.

 

The Commentary:

 

“August Gold closed up 1.6 at 936.2. This was 3 up from the low and 3.5 off the high.

 

July Silver finished down 0.04 at 14.2, 0.17 off the high and 0.08 up from the low.

 

The gold market mostly held within the prior trading session's range on Friday. The market also generally gave off a bullish vibe and in part extended a recent pattern of higher lows on the charts. With the Dollar starting out weak and then coming under additional pressure because of ratings agency concerns toward the State of California, one might even suggest that gold was getting some fresh flight to quality type speculative buying. Some traders suggested that gold also garnered support from higher oil price action and perhaps even from lingering geopolitical tensions in Iran off the recent election.

 

The silver market did retest the vicinity of this week's highs but in general the September contract seemed content on Friday to remain inside the week's trading range. Clearly the gold market provided some support to the silver market but it is also likely that a weaker Dollar contributed to the initial attempt to rally silver prices on Friday morning. With equity prices falling back after mid session and copper prices reversing their early morning strength it appears as if the outside market influences for silver finished the week in favor of the bear camp.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Korelin Economics Report interviews GATA's Ed Steer

J.S. Kim: Strange inconsistencies in the $134.5 billion bearer bond mystery

Congress approves IMF gold sales, line of credit

Jim Willie: China commodities undercut U.S. dollar

 

The Statistics:

As of close of business: 6/19/2009

Gold Warehouse Stocks:

8,744,561

+6,995

Silver Warehouse Stocks:

118,590,889

-722,988

 

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$ 34,227m

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

Gold Bullion Securities

135.78

4,365,595

US$ 4,080m

Australian Stock Exchange (ASX)

Gold Bullion Securities

13.72

440,404

US$ 412m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

35.92

1,154,730

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 6/18/2009

 

Total Net Assets

$2,097,176,311

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 6/18/2009

 

Total Net Assets

$3,979,410,953

Ounces of Silver
in Trust

280,510,676.900

Shares Outstanding

284,850,000

Tonnes of Silver
in Trust

8,724.86

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

 

The Miners:

 

IAMGOLD’s (IAG) equity position in Oromin (OLE.TO), Mines Management’s (MGN) stockholder rights plan, and Excellon’s (EXN.TO) completed rights offering were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1.  Rubicon

RBY+13.73% $3.23

2.  Minefinders

MFN+10.57% $7.53

3.  Aurizon

AZK+10.00% $3.85

 

LOSERS

1.  Nevsun

NSU -5.31% $1.07

2.  Tanzanian Royalty

TRE -2.72% $2.86

3.  Golden Star

GSS -1.67% $1.77

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:

IAMGOLD Announces Equity Position in Oromin Explorations Ltd. - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(TSX: IMG)(NYSE: IAG)(BOTSWANA: IAMGOLD) today announced it has acquired 16,088,636 common shares at C$0.70 per share for a total investment of $11.26 million, or 17% of the now issued and outstanding common shares of Oromin Explorations Ltd. ("Oromin") in partial subscription to a private placement. Oromin is a TSX listed company with its principal property being an interest in a joint venture covering a large landholding in Senegal in close proximity to the Sabodala mine." More
- June 19, 2009 | Item | E-mail


Eagle Hill Engages Investor Cubed Inc. - More
- June 19, 2009 | Item | E-mail


Kodiak Options Gold Prospect in Manitoba - More
- June 19, 2009 | Item | E-mail


Underworld Resources Completes $16 Million Brokered Private Placement and $0.55 Million Non-Brokered Private Placement - More
- June 19, 2009 | Item | E-mail


Amerigo Announces Short Term Copper Hedging Program - More
- June 19, 2009 | Item | E-mail


VVC Exploration Completes Drilling on Santa Valeria Property, Mexico - More
- June 19, 2009 | Item | E-mail


Malaga: clarifications regarding Pasto Bueno's resources and reserves - More
- June 19, 2009 | Item | E-mail


Minority Shareholders Ratify Termination of Mashitu Acquisition - More
- June 19, 2009 | Item | E-mail


HudBay CEO Unveils Strategic Plan at AGM - More
- June 19, 2009 | Item | E-mail


GOWEST Appoints Mr. Ewan Mason and Mr. Jeremy Niemi to Board of Directors - More
- June 19, 2009 | Item | E-mail


Osisko Announces $10.6 Million Flow-Through Financing - More
- June 19, 2009 | Item | E-mail


Firstgold Updates Status - More
- June 19, 2009 | Item | E-mail


Stellar signs Letter of Intent for Earn-In Agreement and commissioning of production plant for bulk testing of existing gold resource - More
- June 19, 2009 | Item | E-mail


GoldTrain Announces $450,000 Non Brokered Flow-Through Private Placement - More
- June 19, 2009 | Item | E-mail


Mph Ventures Acquires Yukon Property Adjacent to Underworld's White Gold Project - More
- June 19, 2009 | Item | E-mail


Augyva Mining Resources Inc.: More Results From First Phase Drilling at Duncan - More
- June 19, 2009 | Item | E-mail


Valdez Gold Inc. Announces Results of the Recently Completed Diamond Drill Programme on the Gaby II Claim in Chihuahua State, Mexico - More
- June 19, 2009 | Item | E-mail


Iberian Minerals Announces Granting of Options - More
- June 19, 2009 | Item | E-mail


Unico, Inc. Chairman Reports Acquisition of Over 3.2 Million Shares of Common Stock - More
- June 19, 2009 | Item | E-mail


High River Gold Reports Updated NI 43-101 Compliant Resource Estimate for the Bissa Gold Project - More
- June 19, 2009 | Item | E-mail


Grandview Gold Inc. Signs Letter of Intent With Private Peruvian Group; Agreement Subject to Completion of Due Diligence and Regulatory Approval - More
- June 19, 2009 | Item | E-mail


Anaconda Mining Announces Private Placement Financing - More
- June 19, 2009 | Item | E-mail


Joint Venture Agreement Signed for North Sleeper (NV) Gold Project - More
- June 19, 2009 | Item | E-mail


African Copper Plc ('ACU') and Zambia Copper Investments Limited ('ZCI') Term Loan Agreement Between ACU and ZCI - More
- June 19, 2009 | Item | E-mail


Mines Management, Inc. Shareholders Approve Stockholder Rights Plan - "Mines Management, Inc. (NYSE Amex:MGN)(TSX:MGT - News) is pleased to report that its Board of Directors has adopted a shareholder rights plan (the “Rights Plan”), following 71% approval by shareholders at the Company’s annual meeting held on June 18, 2009. In accordance with the terms of the Rights Plan, the Board of Directors declared a dividend distribution of one preferred share purchase right (a “Right”) on each outstanding share of the Company’s common stock. In addition, Russell Babcock was reelected as a director by a vote of 96%." More
- June 19, 2009 | Item | E-mail


Excellon Announces Completion of Fully-Subscribed Rights Offering - "Excellon Resources Inc. (TSX:EXN - News) is pleased to announce that it has completed its previously announced rights offering for aggregate gross proceeds of $5,694,065. The rights offering was fully subscribed with a total of 137,495,784 rights being exercised for 17,186,973 common shares and 7,569,831 common shares being issued pursuant to the additional subscription privilege. Maison Placements Canada Inc. acted as the managing dealer for the rights offering." More
- June 19, 2009 | Item | E-mail

 

- Chris Mullen, Gold Seeker Report

 

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© 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 19 June, 2009 | |


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