-- Posted 26 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $940.40 | +$1.50 | +0.53% |
Silver | $14.11 | +$0.11 | -0.63% |
XAU | 143.80 | -1.59% | +1.53% |
HUI | 353.50 | -1.75% | +3.88% |
GDM | 1080.40 | -1.77% | +2.46% |
JSE Gold | 2443.43 | -7.86 | -2.23% |
USD | 79.83 | -0.58 | -0.60% |
Euro | 140.70 | +0.79 | +0.85% |
Yen | 105.08 | +0.86 | +1.11% |
Oil | $69.16 | -$1.07 | -0.56% |
10-Year | 3.506% | -0.040 | -7.47% |
Bond | 118.53125 | +0.515625 | +2.18% |
Dow | 8438.39 | -0.40% | -1.19% |
Nasdaq | 1838.22 | +0.47% | -1.19% |
S&P | 918.90 | -0.15% | -0.25% |
The Metals:
Gold and silver steadily rose in Asia and London and climbed to as high as $947.55 and $14.30 by about 8:30AM EST in New York before they fell back off to about unchanged at as low as $936.90 and $14.05 by about noon, but they then rallied back higher in the last hour and a half of trade and gold ended with a gain of 0.16% while silver was able to add a respectable 0.79%.
Euro gold fell to about €668, platinum gained $10 to $1197.50, and copper remained at about $2.30.
Gold and silver equities rose nearly 1% at the open before they dropped to see roughly 2% losses midday, but they then chopped back higher in afternoon trade and ended with only a little over 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | May | 1.4% | 0.3% | 0.7% |
Personal Spending | May | 0.3% | 0.3% | 0.0% |
PCE Core | May | 0.1% | 0.1% | 0.3% |
Michigan Sentiment | June | 70.8 | 69.0 | 68.7 |
Bernanke Grilling May Weaken Case for Fed as Risk Regulator Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Consumer Confidence, the S&P/Case-Shiller Home Price Index, and Chicago PMI on Tuesday, Chicago PMI, Construction Spending, the ISM Index, and Pending Home Sales on Wednesday, and June’s jobs data, Initial Jobless Claims, and Factory Orders on Thursday. US markets will be closed on Friday in observance of the 4th of July Holiday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back below $70 on renewed worries over demand and a calming of tensions in Nigeria after pledges to abide by a 60-day ceasefire.
The U.S. dollar index fell after China again called for a new worldwide currency to replace the dollar. “The restatement of Governor Zhou Xiaochuan’s proposal in March added to speculation that China will diversify its currency reserves, the world’s largest at more than $1.95 trillion. Chinese investors, the biggest foreign owners of U.S. Treasuries, reduced holdings by $4.4 billion in April to $763.5 billion after Premier Wen Jiabao expressed concern about the value of dollar assets.”
Treasuries added to this week’s gains in continued relief over the government’s ability to sell another huge round of debt this past week.
The Dow, Nasdaq, and S&P fell noticeably at the open on news that Americans are saving at a higher rate than expected, but stocks then grinded back higher for the rest of trade and ended near unchanged on the day.
Among the big names making news in the market Friday were AIG, UBS, KB Home, and Boeing.
The Commentary:
“August Gold closed up 1.5 at 941. This was 4.4 up from the low and 8 off the high.
September Silver finished up 0.124 at 14.156, 0.179 off the high and 0.081 up from the low.
In looking back at the week it was clear that gold was judged by a portion of the trade to be overdone on the initial decline to the $913 level in August gold. However, periodic strength in the Dollar and lingering slowing concerns were reversed by the end of the week and that seemed to justify some of the recovery action in gold. Early gains in gold may have also been tied to China's Central Bank's call for a super-sovereign reserve currency to be created. But news of a drop in investment demand in gold-back index funds may have also encouraged some pre-weekend profit taking in the metal.
Silver continued to push higher as the market recovered from an earlier in the week sell off. Another thrust lower in the Dollar seemed to be the primary basis of silver's price support raising some inflation hedge appeal for the metal. But a slide in crude oil, a break in copper and lower equity markets pulled silver off of session highs as the outside market action seemed to encourage traders to book profits ahead of the weekend.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China's central bank repeats call for new world currency
The Statistics:
As of close of business: 6/26/2009
Gold Warehouse Stocks: | 8,724,957 | +9,716 |
Silver Warehouse Stocks: | 118,485,484 | -97,977 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,125.74 | 36,193,684 | US$ 33,913m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 134.82 | 4,334,572 | US$ 4,071m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,371 | US$ 414m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 37.26 | 1,197,830 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 5.5 tonnes and the JSE added 0.49 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/25/2009 | |
Total Net Assets | $2,136,152,071 | Ounces of Gold
in Trust | 2,275,302.120 |
Shares Outstanding | 23,150,000 | Tonnes of Gold
in Trust | 70.77 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/25/2009 | |
Total Net Assets | $3,889,269,689 | 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:
Golden Star’s (GSS) lower power costs, Apollo Gold’s (AGT) private placement financings, Gold Fields’ (GFI) updated guidance, and Alexco’s (AXU) awarded contract were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Paramount | PZG +16.78% $1.74 |
2. US Gold | UXG+10.55% $2.62 |
3. Mines MGMT | MGN +7.51% $1. 74 |
LOSERS
1. Royal Gold | RGLD-8.54% $42.07 |
2. Nevsun | NSU -6.35% $1.18 |
3. Banro | BAA -5.61% $1.85 |
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:
Cluff Gold Delivers AGM Statement - Amendment - More
- June 26, 2009 | Item | E-mail
Golden Star Reports Significantly Lower Power Costs in Ghana - "Golden Star has been informed by the Volta River Authority (VRA) that all inclusive electricity rates will be lowered to approximately US$0.08 per kWh and this rate will be retroactive to January 1, 2009. This is an interim rate which will be in effect until a final power rate formula is implemented." More
- June 26, 2009 | Item | E-mail
Quest Completes $1.5 Million Private Placement - More
- June 26, 2009 | Item | E-mail
Century Mining Concludes Annual Meeting Of Shareholders - More
- June 26, 2009 | Item | E-mail
Excel Gold Mining Inc. ("Excel or the "Company") Receives Approval From the TSX Venture Exchange for the Acquisition of the "Batiscan II" Mining Properties - More
- June 26, 2009 | Item | E-mail
Eaglecrest Announces Increase of Non-Brokered Private Placement to US$2,503,450 - More
- June 26, 2009 | Item | E-mail
White Pine Resources-Noront Resources-Golden Valley Mines Intersect Significant Zn-Cu-Ag Values in Multiple Anomalies - More
- June 26, 2009 | Item | E-mail
Apollo Gold Announces Bought Deal Private Placement Financings of CDN$10,000,000 - "Apollo Gold Corporation (“Apollo” or the “Company”) (NYSE AMEX: AGT) (TSX: APG - News) announces private placement financings pursuant to which Apollo proposes to sell 13,888,889 flow-through common shares for purposes of the Income Tax Act (Canada) (“Flow Through Shares”) at CDN$0.54 per Flow Through Share and 5,555,556 common shares (the “Common Shares”) at a price of CDN$0.45 per Common Share on a bought deal basis, to raise gross proceeds of CDN$10,000,000 (together, the “Offering”)." More
- June 26, 2009 | Item | E-mail
MetalCORP Announces New CFO Appointment and Shareholder Meeting Results - More
- June 26, 2009 | Item | E-mail
Klondike Silver Increases Land Position in Slocan Silver Camp and Closes Private Placement - More
- June 26, 2009 | Item | E-mail
Trelawney Signs Letter Agreement to Acquire Interest in Chester Property - More
- June 26, 2009 | Item | E-mail
Garrison Announces Investor Relations Agreement Between Asia Intercept Mining Group and Wakabayashi Fund LLC - More
- June 26, 2009 | Item | E-mail
Altius Minerals Corporation (TSX: ALS) Reports Annual Net Earnings of $28.5 Million - More
- June 26, 2009 | Item | E-mail
Cypress & Skyharbour Update on Drilling at Bruce Channel / Red Lake Gold Project, NW Ontario - More
- June 26, 2009 | Item | E-mail
Canadian Shield Appoints Keith Laskowski to Its Board of Directors - More
- June 26, 2009 | Item | E-mail
Quest Announces New $600,000 Flow-Through Private Placement - More
- June 26, 2009 | Item | E-mail
Scotia Capital Appointed by Klondex as Financial Advisor to Review Silvercorp Bid and Alternatives - More
- June 26, 2009 | Item | E-mail
Platinum Group Metals Ltd. Company Update - More
- June 26, 2009 | Item | E-mail
Marum changes name to StrikePoint Gold - More
- June 26, 2009 | Item | E-mail
Cluff Gold Delivers AGM Statement - More
- June 26, 2009 | Item | E-mail
Gold Fields Expected to Beat Guidance and Increase Production by 4% to Approximately 905koz During Q4 F2009 - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) today updated its operational guidance for Q4 F2009. Attributable production for Q4 F2009 is expected to increase by about 4% to approximately 905koz, which is better than the guidance provided on 7 May 2009. Total cash cost and Notional Cash Expenditure (NCE)(1) for the Group are expected to be slightly higher than guidance at approximately US$525/oz and US$750/oz. This is solely due to converting at a much stronger rand/US dollar exchange rate." More
- June 26, 2009 | Item | E-mail
Alexco Environmental Services Group Awarded Contract for Sludge Management at Underground Mine in Colorado - "Alexco Resource Corp. (Toronto:AXR.TO - News)(AMEX:AXU - News) ("Alexco" or the "Company") is pleased to announce the award to Alexco Resource U.S. Corp. (a wholly owned subsidiary of Alexco) of a mine-water solids transfer and treatment contract at the Platoro underground gold mine located at 10,000 feet elevation in the San Juan mountains of southern Colorado. The value of the contract is estimated at more than $CAD1.1 million." More
- June 26, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 June, 2009 | |
