-- Posted 29 June, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $940.75 | +$0.35 |
Silver | $13.95 | -$0.16 |
XAU | 143.63 | -0.12% |
HUI | 352.82 | -0.19% |
GDM | 1077.78 | -0.24% |
JSE Gold | 2404.31 | -39.12 |
USD | 79.87 | +0.04 |
Euro | 140.80 | +0.23 |
Yen | 104.15 | -0.95 |
Oil | $71.49 | +$2.33 |
10-Year | 3.492% | -0.014 |
T-Bond | 118.5625 | +0.03125 |
Dow | 8529.38 | +1.08% |
Nasdaq | 1844.06 | +0.32% |
S&P | 927.23 | +0.91% |
The Metals:
Gold traded mixed in Asia and saw slight gains at $942.57 in London before it fell to see a $6 loss at as low as $934.21 by about 10AM EST in New York, but it then rallied back higher into the close and ended with a gain of 0.04%. Silver briefly flirted with a small gain in London before it fell all the way to $13.85 by about noon in New York, but it then rallied back higher in the last hour and a half of trade and ended with a loss of just 1.13%.
Euro gold remained at about €668, platinum lost $15 to $1182.50, and copper rose slightly to about $2.31.
Gold and silver equities waffled near unchanged throughout trade and ended barely lower.
The Economy:
There were no major economic reports today. Tomorrow at 9AM EST brings Consumer Confidence for June expected at 55.3 and the S&P/Case-Shiller Home Price Index for April expected at -18.63%. At 9:45 is Chicago PMI for April expected at 39.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil gained over 3% after China said it would boost its oil reserves and Nigerian militants attacked an oil platform and forced a partial shutdown.
The U.S. dollar index and treasuries found slight gains “after Chinese central bank Governor Zhou Xiaochuan said his country is sticking with its foreign-currency reserve policy for now. Purchases of U.S. debt by foreign buyers are helping limit the first-half losses for Treasuries that have been the biggest in at least three decades.”
The Dow, Nasdaq, and S&P ended with decent gains as the markets followed shares in oil related companies higher.
Among the big names making news in the market today were Apple, Porsche and VW and Enterprise Products and Teppco.
The Commentary:
“Dear CIGAs,
This movement away from the Dollar is gaining momentum. It appears to me that we are witnessing the early stages of a global consensus that the Dollar can no longer be the SOLE reserve currency. What many do not seem to realize is that currency risk due to foreign exchange volatility is a huge factor in the profitability of various import and export-related businesses. This is especially exasperating to risk management departments which are forced to conduct trade in a currency not even related to the nation that they are doing business with.”- Dan Norcini, More at JSMineset.com
“August Gold closed down 0.3 at 940.7. This was 6.1 up from the low and 2.4 off the high.
September Silver finished down 0.181 at 13.975, 0.105 off the high and 0.11 up from the low.
The gold market tried to show a positive early tilt, but the trade simply lost its resolve in the face of minimal strength in the US Dollar. It is also possible that the gold trade was partially undermined by lingering fears of a very long and slow economic recovery. In fact, the metals trade might have been undermined by EIA forecasts predicting extremely soft energy demand. As suggested in the mid day coverage, the energy complex wasn't undermined by the slack demand forecasts from the EIA, but given the ongoing strength in Treasuries, it would seem like the fear of slowing was hanging around just under the surface in a number of markets.
Divergence between gold and silver was seen early in the trade Monday and sometimes that can signal a lack of a dominating theme in the precious metals markets. While strength in the Dollar might have undermined gold and silver prices today, the Dollar wasn't really giving off a major signal. With mostly better than expected US scheduled data and a mostly positive day in the US equity markets, one might have expected silver and other physical commodity markets to have garnered some support, but instead silver behaved very poorly at the start of a new week of trade.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Vanished Canadian mint gold not a miscount, audit says
Just 30 years ago rigging gold price was acknowledged policy
China, Brazil would exit dollar in bilateral trade
James Turk reviews Edwin Vieira's 'Pieces of Eight'
Monetary historian Vieira plans reprinting 'Pieces of Eight'
Lawmakers attack Fed for being too secretive
The Statistics:
As of close of business: 6/29/2009
Gold Warehouse Stocks: | 8,720,134 | -4,823 |
Silver Warehouse Stocks: | 118,241,433 | -244,051 |
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$ 34,084m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 134.81 | 4,334,427 | US$ 4,067m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,357 | US$ 414m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 37.26 | 1,197,820 | 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 6/26/2009 | |
Total Net Assets | $2,139,769,145 | 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 6/26/2009 | |
Total Net Assets | $3,998,615,576 | 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) confirmed option agreement, Claude’s (CGR) drill results, Gammon’s (GRS) amended credit facility, and Fronteer’s (FRG) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. ITM | THM +7.97% $3.25 |
2. Golden Star | GSS +2.45% $2.09 |
3. Alexco | AXU +2.12% $1.93 |
LOSERS
1. Mines MGMT | MGN-10.92% $1.55 |
2. Paramount | PZG -6.90% $1.62 |
3. New gold | NGD -6.06% $2.79 |
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:
Pediment Gold Corp.: Drill Testing Resumes at La Colorada Gold Mine Project - More
- June 29, 2009 | Item | E-mail
RT Minerals Corp. Announces a Private Placement - More
- June 29, 2009 | Item | E-mail
Imperial Metals Corporation: Huckleberry Extends Mine Life - More
- June 29, 2009 | Item | E-mail
Freewest Resumes Diamond Drilling on Its 100%-Owned McFaulds Property in the James Bay Lowlands, Northern Ontario - More
- June 29, 2009 | Item | E-mail
Soho Resources Corp. Announces NI 43-101 Technical Report for its Tahuehueto Project in Durango, Mexico has Been Filed on SEDAR - More
- June 29, 2009 | Item | E-mail
IAMGOLD Confirms Option Agreement on La Arena and Equity Position in Mexican Silver Mines Ltd. - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today announced it has acquired 8,024,511 common shares and 1,500,000 warrants of Mexican Silver Mines Ltd. ("Mexican Silver"), having had the same number of common shares and warrants of Rio Alto Mining Limited ("Rio Alto") immediately prior to the amalgamation with Mexican Silver announced on June 29, 2009." More
- June 29, 2009 | Item | E-mail
Castillian Closes Shares for Debt Settlement - More
- June 29, 2009 | Item | E-mail
First Narrows Provides Project Status Update - More
- June 29, 2009 | Item | E-mail
Romarco extends land position 2.4 km along Haile trend - More
- June 29, 2009 | Item | E-mail
Anglo Swiss Resources Kenville Gold Mine Property Rebuilds Onsite Assay Lab - More
- June 29, 2009 | Item | E-mail
Murgor resources announces the closing of a $399,800 private placement and starts a new phase of exploration at its Windfall Gold Property in Quebec - More
- June 29, 2009 | Item | E-mail
Sacre-Coeur Readies For Test Mining Rich Alluvial Zone At Million Mountain; Preliminary Testing Suggests Significant Gravity Recoverable Gold - More
- June 29, 2009 | Item | E-mail
Maya Gold & Silver Inc. Closes the Second Tranche of a Private Placement - More
- June 29, 2009 | Item | E-mail
Pelangio Exploration Provides Property Update and Confirms Completion of Continuance - More
- June 29, 2009 | Item | E-mail
Eagle Plains/Prize Mining Complete Ramp-Up to Commercial Production at Yellowjacket Gold Project, Atlin, B.C. - More
- June 29, 2009 | Item | E-mail
Sutter Gold Mining provides technical production update on Lincoln Project, California - More
- June 29, 2009 | Item | E-mail
Yamiri Gold and Energy Inc. restructures - More
- June 29, 2009 | Item | E-mail
Petaquilla signs Memorandum of Understanding for 25 MW Hydroelectric Plant in Panama - More
- June 29, 2009 | Item | E-mail
B2Gold Options Radius's Nicaraguan Project Portfolio - More
- June 29, 2009 | Item | E-mail
Norsemont closes $16 million rights offering - More
- June 29, 2009 | Item | E-mail
Virgin Metals Announces Adjournment of Shareholder Meeting Scheduled for June 30, 2009 - More
- June 29, 2009 | Item | E-mail
Breakwater Resources Ltd.: Update on Honduras - More
- June 29, 2009 | Item | E-mail
USCorp Discloses Selected Assay Results from Phase 1 and Phase 2 Drilling at Its Twin Peaks Gold and Silver Project - More
- June 29, 2009 | Item | E-mail
Centamin Egypt: First Gold Pour From the Sukari Gold Project - More
- June 29, 2009 | Item | E-mail
General Metals Management Discussion of the Surface Oxide Mineralization Under Development and the Independence Gold Skarn Mineralization Beneath - More
- June 29, 2009 | Item | E-mail
Bayswater's Tejana Mesa Property & Immediate Region has Potential for Up to 45 Million lbs U3O8 - More
- June 29, 2009 | Item | E-mail
Uranium Energy Corp Completes Financing - More
- June 29, 2009 | Item | E-mail
AuEx Ventures, Inc.: 2009 Drilling Expands Long Canyon Gold Deposit - More
- June 29, 2009 | Item | E-mail
Legend International Holdings Inc. Announces Major Milestones Achieved for Its Phosphate Project in Queensland, Australia - More
- June 29, 2009 | Item | E-mail
Pacific North West Capital grants option to Fire River Gold on Nixon Fork Gold Mine Alaska - More
- June 29, 2009 | Item | E-mail
Golden Phoenix Minerals Appoints Clyde Harrison to Its Board of Directors - More
- June 29, 2009 | Item | E-mail
Converge Global and Uranium Hunter Join Sparrowtech to Develop Arizona Mining Property - More
- June 29, 2009 | Item | E-mail
Sparrowtech Sells Mining Options to Uranium Hunter and Converge Global - More
- June 29, 2009 | Item | E-mail
Romios Announces Proposed Working Capital Offering of Up to $500,000 - More
- June 29, 2009 | Item | E-mail
Geovic Reports Progress Toward Resolving Accounting Dispute - More
- June 29, 2009 | Item | E-mail
Crosshair Appoints New Director - More
- June 29, 2009 | Item | E-mail
Hana Mining Announces $500,000 Non-Brokered Private Placement - More
- June 29, 2009 | Item | E-mail
Solitaire Minerals Corp. Reduces Price of the Private Placement - More
- June 29, 2009 | Item | E-mail
Solitaire Minerals Corp. Reduces Price of the Private Placement - More
- June 29, 2009 | Item | E-mail
Win-Eldrich announces new Director, status of Ashdown Operations and Options - More
- June 29, 2009 | Item | E-mail
Yankee Hat Issues 5,830,888 Common Shares - More
- June 29, 2009 | Item | E-mail
Alexis Minerals Revises Joint Venture Minority Interest in Q1-2009 Balance Sheet - More
- June 29, 2009 | Item | E-mail
Claude Resources Intercepts 1.81 oz/t over 4 Feet in the 8 Zone at Madsen Deep - "Claude Resources Inc. (TSX-CRJ; NYSE Amex-CGR) today reported new drill results from its 8 Zone underground drill program at the Madsen Project, Red Lake, Ontario. Drilling continues to demonstrate down plunge continuity of the 8 Zone as well as confirming the high grade nature of the system, with all five holes completed to date having intercepted significant amounts of visible gold." More
- June 29, 2009 | Item | E-mail
Gammon Gold Announces Amended Credit Facility that Restores Full Access to Credit Facility - "Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): Gammon is pleased to announce that the Company and its current lending syndicate comprised of the Bank of Montreal and the Bank of Nova Scotia, have agreed to amend the Company's current credit facility that will restore the Company's ability to access the undrawn portion of its current US$50 million credit facility." More
- June 29, 2009 | Item | E-mail
Fronteer Development Group Inc.: Metallurgical Drilling Returns 4.15 Grams Per Tonne Gold Over 50.8 Metres at Long Canyon, Nevada - "Fronteer Development Group Inc. (TSX:FRG - News)(AMEX:FRG - News) is pleased to announce that it has intersected more wide intervals of high grade mineralization and discovered an additional gold zone at its 51%-owned and operated Long Canyon project in northeastern Nevada." More
- June 29, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 29 June, 2009 | |
