-- Posted 1 July, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $941.00 | +$14.50 |
Silver | $13.73 | +$0.17 |
XAU | 144.33 | +3.82% |
HUI | 354.54 | +4.36% |
GDM | 1085.11 | +4.24% |
JSE Gold | 2372.50 | +60.94 |
USD | 79.66 | -0.51 |
Euro | 141.46 | +1.11 |
Yen | 103.4 | -0.26 |
Oil | $69.31 | -$0.58 |
10-Year | 3.544% | +0.011 |
T-Bond | 118.234375 | -0.125 |
Dow | 8504.06 | +0.68% |
Nasdaq | 1845.72 | +0.58% |
S&P | 923.33 | +0.44% |
The Metals:
Gold and silver saw slight gains in Asia and London before they jumped higher in morning New York trade and rose to as high as $946.25 and $13.862 by a little after noon EST before both metals fell back off slightly in the last hour or so of trade, but gold still ended with a gain of 1.57% while silver added 1.25%.
Chinese Government Wants To Purchase Another $80 Billion Of Gold! Numismaster
Mr. Sunshine? Ron Paul Wins Support to Audit Fed Reserve FOXNews
Fair Treatment for Precious Metals Investors Act CoinLegislation
Euro gold rose to about €664, platinum gained $22 to $1192.50, and copper gained over 6 cents to about $2.33.
Gold and silver equities rose to see over 5% gains by early afternoon before they fell back off a bit into the close, but they still ended with about 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ADP Employment | June | -473K | -394K | -485K |
Construction Spending | May | -0.9% | -0.6% | 0.6% |
ISM Index | June | 44.8 | 44.9 | 42.8 |
Pending Home Sales | May | 0.1% | 0.0% | 7.1% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/27 expected at 615,000 and June’s government jobs data. Nonfarm Payrolls are expected at -363,000, the Unemployment Rate is expected at 9.6%, Hourly Earnings are expected at 0.1%, and the Average Workweek is expected at 33.1. At 10AM is the Factory Orders report for May expected at 0.8%. US markets are closed on Friday in observance of Independence Day. Canadian markets will remain open. The Gold Seeker report will return on Monday. The release of this week’s CoT report is delayed until Monday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil again erased overnight gains and eventually fell as crude inventories at the key Cushing, Oklahoma plant increased 200,000 barrels and gasoline inventories overall grew by 2.3 million barrels while distillates added 2.9 million barrels. Crude inventories overall fell by 3.7 million barrels, but that was not enough to overcome what is seen as an overbought market.
The U.S. dollar index and treasuries fell as China was rumored to have requested “a reserve currency debate at next week's meeting of the Group of Eight economies, but few believe it will happen.”
The Dow, Nasdaq, and S&P rose as today’s varied economic reports showed some signs of encouraging relative strength with also enough evidence of weakness to help the argument of keeping interest rates low.
Among the big names making news in the market today were Ford, McDonald’s, General Mills, Freddie Mac, AB InBev, and Dow Chemical.
The Commentary:
“Dear CIGAs,
News that China wants to further press the issue of an alternative to the Dollar as the main currency for global trade sent the Greenback reeling and enabled gold to beat back selling associated with further weakness in crude oil. Buying entered the gold arena when the $940 level was breached inducing short covering by weak-handed bears and sending the market up and through all of the major moving averages after finding support near the 100 day. The close was in the upper half of the day’s trading range and under normal circumstances one would expect to see further upside follow through – then again, that assumes a freely traded market which gold is not.
Today is the start of a new trading month and a new quarter and that means yesterday’s bizarre price movements associated with book squaring and positioning are hopefully behind us and we can get a better read on the price action of these whimsical markets. To show you how idiotic yesterday’s whackiness was, the HUI has taken back everything it lost yesterday and then some. Up, down, up, down, up, down… And to think that we thought we were through playing with yo-yo’s when we got out of junior high.
The fact that gold was able to shrug off selling associated with weakness in the energies and in some of the grains is encouraging. Interestingly enough, all of the metals were higher today, including platinum and palladium and copper. Resistance in gold is at today’s session high followed by $950 and then $958- $960. It will take a closing push through $960 to target our old pal at $980. Support is at today’s session low near the 100 day moving average.
The Dollar is perched perilously just below the 80 level on the USDX and from a technical perspective there does not look to be much in the way of support for it until you get closer to 79. As long as weakness in the greenback continues, gold bears will be forced to expend a tremendous amount of ammunition to absorb hedge fund buying in gold. It would help things tremendously in the gold pit were crude oil to mount a charge back above $71 and maintain its footing there. A charge higher in crude will reveal that inflationary thinking is dominating that pit rather than a deflationary mindset.
I will try to get a monthly chart of gold up for June later today as time permits.”- Dan Norcini, More at JSMineset.com
“August Gold closed up 13.9 at 941.3. This was 10.8 up from the low and 5.7 off the high.
September Silver finished up 0.16 at 13.76, 0.11 off the high and 0.125 up from the low.
The gold market started out modestly higher and then gained upside momentum. Clearly a reversal in the Dollar and surprisingly strong US equity market action assisted the bull camp but it is also possible that a slightly up beat spin on the state of the US auto sector provided an added measure of support to gold prices. Some players might have been buying gold off suggestions that the Fed wasn't ready yet to establish an exit strategy on their quantitative easing policies. With the US Administration also announcing another foreclosure prevention program and the trade basically spinning developments into an upbeat economic outlook, it wasn't surprising to see increased fund buying of gold.
The silver market mostly forged an inside day on Wednesday, but the reversal in prices seemed to be the result of a series of developments. Certainly a renewed slide in the Dollar gave the silver bulls some hope, but seeing sharply higher copper prices and upbeat talk about the US auto sector coming out of the doldrums seemed to give silver and a host of physical commodity markets a lift. Perhaps silver was even lifted by favorable supply side news or maybe silver was seeing long term fund buying on the first day of a new quarter.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Liberty Dollar prosecution update
Sen. Crapo proposes equal tax treatment for precious metals
James Turk: The first half of 2009
Brad Zigler: Gold manipulation redux
Market manipulation obvious to CNBC analysts
Paul wins huge support in House for bill to audit Fed
Video of GATA presentation in Vancouver posted at YouTube
The Statistics:
As of close of business: 7/01/2009
Gold Warehouse Stocks: | 8,737,284 | +5,583 |
Silver Warehouse Stocks: | 117,583,739 | +8,829 |
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 | 1,120.55 | 36,026,770 | US$ 33,655m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 134.89 | 4,336,945 | US$ 4,081m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.72 | 440,347 | US$ 415m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 37.25 | 1,197,770 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 2.19 tonnes and the LSE added 0.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 6/30/2009 | |
Total Net Assets | $2,108,731,246 | 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 6/30/2009 | |
Total Net Assets | $3,908,633,789 | 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:
With Canadian markets closed for Canada Day, there was little news in the gold and silver mining industry making headlines today.
WINNERS
1. Ivanhoe | IVN +22.86% $6.88 |
2. Entree | EGI +11.00% $1.11 |
3. DRDGOLD | DROOY+10.80% $8.41 |
LOSERS
1. Paramount | PZG-3.29% $1.47 |
2. Banro | BAA-2.13% $1.84 |
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:
Trilliant Exploration Featured in Resource World Magazine - More
- July 01, 2009 | Item | E-mail
Mitsubishi Corporation Withdraws from Proposed Participation in the Rooipoort and Mapochsgronde Platinum Projects in South Africa - More
- July 01, 2009 | Item | E-mail
General Metals Engages Mark Bailey & Company as Company Auditors - More
- July 01, 2009 | Item | E-mail
Gold Resource Corporation Conference Call; El Aguila Project Update - More
- July 01, 2009 | Item | E-mail
Gold Resource Corporation Closes $20 Million Private Placement With Hochschild Mining Strengthening Strategic Alliance - More
- July 01, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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© Gold Seeker 2009
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-- Posted 1 July, 2009 | |
