-- Posted 24 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $933.75 | +$10.10 |
Silver | $13.89 | +$0.05 |
XAU | 140.37 | +2.93% |
HUI | 342.83 | +3.34% |
GDM | 1052.65 | +2.95% |
JSE Gold | 2417.43 | +94.58 |
USD | 80.42 | +0.58 |
Euro | 139.35 | -1.46 |
Yen | 104.60 | -0.45 |
Oil | $68.67 | -$0.57 |
10-Year | 3.685% | +0.045 |
T-Bond | 116.59375 | -0.609375 |
Dow | 8299.86 | -0.28% |
Nasdaq | 1792.34 | +1.55% |
S&P | 900.94 | +0.65% |
The Metals:
Gold and silver saw slight losses in Asia and decent gains in London before they exploded markedly higher in early New York trade to as high as $941.30 and $14.102 by about 9AM EST, but they then fell back off a bit into the close and gold ended with a gain of 1.09% while silver closed out with a gain of 0.36%.
Euro gold rose to about €667, platinum gained $5.50 to $1162, and copper gained seven cents to about $2.27.
Gold and silver equities rose about 4% by late morning before they fell back off a bit in mid-afternoon trade, but they then rallied back up into the close and ended with about 3% gains on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | May | 1.8% | -0.9% | 1.8% |
Durable Orders, Ex-Trans. | May | 1.1% | -0.5% | 0.4% |
New Home Sales | May | 342K | 360K | 344K |
The fed held interest rates in their target range of 0-0.25% and said they will remain there for an extended period of time, as expected. The only real change in the statement was the removal of their worry about deflation. They did not announce any further plans to buy more bonds than previously announced and did not telegraph when they may start to raise interest rates again as some had hoped for.
Fed engaged in "cover-up" of BofA deal: lawmaker Reuters
U.S. MBA Mortgage Applications Index Rose 6.6 Percent Last Week Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/20 expected at 608,000, first quarter GDP expected at -5.7%, Personal Income for May expected at 0.2%, Personal Spending expected at 0.4%, and PCE Core expected at 0.2%. At 9:55 is Michigan Sentiment for June expected at 69.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil erased early losses and saw gains midday after crude inventories fell a surprisingly large 3.8 million barrels, but a larger than expected build of 3.9 million barrels of gasoline and an increase of 2.1 million barrels in distillate inventories tempered those gains later in the day and oil ended slightly lower.
The U.S. dollar index saw decent gains as the fed’s statement was not quite as dovish as some had expected overall.
Treasuries saw slight gains after today’s successful debt auction, but they then fell back off after the fed did not announce any plans for additional bond purchases.
The Dow, Nasdaq, and S&P traded mostly slightly higher in morning trade before the Dow turned lower following the fed’s statement, but the Nasdaq and S&P still closed with gains while the Dow ended only marginally lower.
Among the big names making news in the market today were Rite Aid, Monsanto, Sinopec and Addax, Xstrata and Anglo, Citigroup, and Apple.
The Commentary:
“August Gold closed up 10.1 at 934.4. This was 6.4 up from the low and 10 off the high.
July Silver finished up 0.065 at 13.91, 0.195 off the high and 0.12 up from the low.
With the gold market managing some of its impressive early morning gains Wednesday in the face of a generally positive Dollar, it almost seemed as if the gold trade was attempting to rekindle classic inflationary views again. The gold market seemed to be disappointed with the FOMC statement, as August gold prices consistently gave ground in the aftermath of the release of the official communication from the Federal Reserve. It is also possible that the recovery in the Dollar in the later portion of the trading session served to yank the rug out from under the bull camp.
The silver market showed some positive early action in the wake of a better than expected US durable goods reading and perhaps because of the stellar bullish leadership provided by the gold market in the morning action. Like gold, the silver market didn't seem to be that interested in an initial upward bias in the US Dollar and that would seem to suggest that something other than classic currency related issues were serving to lift precious metals prices on Wednesday morning. However, a late surge in the Dollar clearly undermined gold and silver prices and that in turn virtually erased the very favorable technical action initially forged by the markets on Wednesday morning.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
HoweStreet.com interviews GATA Chairman Murphy
Patrick A. Heller: Guess who is pushing gold lower
The Statistics:
As of close of business: 6/24/2009
Gold Warehouse Stocks: | 119,232,596 | +1,902,590 |
Silver Warehouse Stocks: | 8,699,743 | -4,612 |
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 | 1,131.24 | 36,370,426 | US$ 33,479m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 135.60 | 4,359,669 | US$ 4,062m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,380 | US$ 411m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 36.77 | 1,182,150 | 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 6/23/2009 | |
Total Net Assets | $2,101,613,796 | Ounces of Gold
in Trust | 2,275,302.120 |
Shares Outstanding | 23,150,000 | Tonnes of Gold
in Trust | 70.77 |
Note: Change in Total Tonnes from yesterday’s data: 0.92 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 6/23/2009 | |
Total Net Assets | $3,861,324,833 | 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:
Xstrata’s (XTA.L) sweetened bid for Anglo American (AAL.L) and ECU’s (ECU.TO) response to a Notice of Arbitration were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Richmont | RIC +9.32% $3.40 |
2. Anglo American | AAUK +8.39% $14.86 |
3. Hecla | HL +7.91% $2.73 |
LOSERS
1. International Royalty | ROY -8.24% $3.12 |
2. Solitario | XPL -1.48% $2.00 |
3. Alexco | AXU -1.03% $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:
Gowest Announces the Grants of Options - More
- June 24, 2009 | Item | E-mail
Global Gold Holds Annual Meeting - More
- June 24, 2009 | Item | E-mail
Soltoro Ltd. Closes First Tranche of Financing for $894,000 - More
- June 24, 2009 | Item | E-mail
Xstrata resumes wooing Anglo with $1 bln synergies - "Mining group Xstrata (XTA.L) put more pressure on takeover target Anglo American Plc (AAL.L) to come to the negotiating table on Wednesday, releasing details of its proposal which includes cost savings of $1 billion.
The Anglo-Swiss firm also attempted to reassure South Africa, whose mining minister has strongly criticised the plan, by pledging a merger would not add to the country's high unemployment." More
- June 24, 2009 | Item | E-mail
Roxmark discovers high-grade gold in new structures at Northern Empire Mine Property - More
- June 24, 2009 | Item | E-mail
Midlands Minerals Announces Agreement With South Africa's E PC Engineering & Projects Company - More
- June 24, 2009 | Item | E-mail
WTM Intersects 83.40 Metres (273.55 Feet) Grading 12.75 g/t (0.37 oz/t) Gold on Thunder Creek Property, Timmins, Ontario - More
- June 24, 2009 | Item | E-mail
Mawson stakes high grade sandstone-hosted uranium projects in Sweden - More
- June 24, 2009 | Item | E-mail
Mantis mobilizes drill to its Cree Lake Gold Property - More
- June 24, 2009 | Item | E-mail
SLAM Exploration focuses on gold projects - More
- June 24, 2009 | Item | E-mail
Skygold Begins 2009 Field Programs - More
- June 24, 2009 | Item | E-mail
International Wayside Gold Mines Ltd.: NI 43-101 Report Filed on Recently Acquired Cariboo Land Package - More
- June 24, 2009 | Item | E-mail
Amador Gold Corp: Horwood Gold Project Exploration Update - More
- June 24, 2009 | Item | E-mail
Golden Chalice Resources Commences Surface Exploration Program on Claims Adjacent to Explor Resources Discovery - More
- June 24, 2009 | Item | E-mail
Denarii Announces Negotiations to Acquire An Advanced Gold Property - More
- June 24, 2009 | Item | E-mail
Hana Mining Announces NI 43-101 Technical Report for Its Ghanzi Copper-Silver Deposit in Botswana Has Been Filed on SEDAR - More
- June 24, 2009 | Item | E-mail
Orezone Confirms Mineralization at Bombore Below Surface Resources - More
- June 24, 2009 | Item | E-mail
New Dawn Common Stock Begins Trading on Frankfurt Stock Exchange - More
- June 24, 2009 | Item | E-mail
Volta Resources intersects 41 metres (at) 3.23 grams per tonne of gold at its Kampti gold project in Burkina Faso - More
- June 24, 2009 | Item | E-mail
Merrex Termite Mound Geochemical Survey Results Siribaya Gold Project - More
- June 24, 2009 | Item | E-mail
General Metals Completes Baseline Environmental Surveys Required for the Permitting of the Independence Project - More
- June 24, 2009 | Item | E-mail
Royal Mines and Minerals Corp. Update - More
- June 24, 2009 | Item | E-mail
Minera IRL Limited: Preliminary Results for Year Ended 31st December 2008 - More
- June 24, 2009 | Item | E-mail
WTM Intersects 83.40 Metres (273.55 Feet) Grading 12.75 g/t (0.37 oz/t) Gold on Thunder Creek Property, Timmins, Ontario - More
- June 24, 2009 | Item | E-mail
Lake Shore Gold Reports 12.75 Grams Per Tonne Over 83.40 Metres at Thunder Creek - More
- June 24, 2009 | Item | E-mail
ECU Silver Responds to Notice of Arbitration - "ECU Silver Mining Inc. ("ECU Silver") (TSX:ECU - News) announces that it has received a Notice of Arbitration (the "Notice") from its San Diego Property joint venture partner, Golden Tag Resources Ltd. ("Golden Tag"), wherein Golden Tag is seeking to refer certain matters, pertaining to the operation of the joint venture, to arbitration for resolution." More
- June 24, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 June, 2009 | |
