-- Posted 24 July, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $953.20 | -$1.20 | +1.64% |
Silver | $13.89 | +$0.11 | +3.81% |
XAU | 149.50 | +0.14% | +3.56% |
HUI | 361.10 | +0.20% | +3.76% |
GDM | 1099.15 | -0.01% | +3.09% |
JSE Gold | 2355.66 | -8.18 | +1.17% |
USD | 78.75 | -0.31 | -0.96% |
Euro | 142.12 | +0.65 | +0.78% |
Yen | 105.52 | +0.19 | -0.42% |
Oil | $68.05 | +$0.89 | +7.06% |
10-Year | 3.670% | -0.039 | +0.52% |
Bond | 116.09375 | +0.46875 | -0.15% |
Dow | 9093.24 | +0.26% | +3.99% |
Nasdaq | 1965.96 | -0.39% | +4.21% |
S&P | 979.26 | +0.30% | +4.13% |
The Metals:
Gold and silver fell about 1% in Asia before they rallied back to about unchanged in London and then turned mixed in New York. Gold held mostly slightly lower and ended with a loss of 0.13% while silver turned higher in afternoon trade and was able to end at its late session high of $13.89 with a gain of 0.80%.
Euro gold fell to about €670, platinum gained $6.50 to $1184.50, and copper remained at about $2.52.
Gold and silver equities traded mostly slightly higher in morning trade, but they then turn generally lower in afternoon trade and ended near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | July | 66.0 | 65.0 | 64.6 |
All of this week’s other economic reports:
Next week’s economic highlights include New Home Sales on Monday, Consumer Confidence and the S&P/CS Home Price Index on Tuesday, Durable Goods Orders and the fed’s Beige Book on Wednesday, Initial Jobless Claims on Thursday, and GDP, Chicago PMI, and the Employment Cost Index on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as the U.S. dollar index fell after Germany’s increase in its business climate index overtook Michigan’s increase in sentiment and pushed the euro higher.
Treasuries rose as the Dow, Nasdaq, and S&P traded mostly lower on generally disappointing earnings reports, but Dow and S&P rose in late trade and ended slightly higher on optimism heading into next weak while the Nasdaq remained lower on yesterday’s poor report from Microsoft.
Among the big names making news in the market Friday were Microsoft, Arch Coal, Exelon, Schlumberger, JPMorgan, Citigroup, CIT, and Guaranty Financial.
The Commentary:
“Dear Comrades In Golden Arms,
I loathe to bring attention to this as we are read by the Fed and Treasury. That fact is a compliment, but the inadvertent contribution to MOPE cannot be denied.
I guess being a family member of "Our Crowd" has bought me some leeway as long as I remain economically focused and do not get personal with the real power. I will not in an attempt to look out for all our best interests.
Yesterday and today we have been playing with a key area in the US dollar at which intervention is reasonable to assume.
It is key for sure as .7200 and then into the high .6000 is what is lurking in this Battle Royal.
Strong dollar policy is intervention to modify the decline from the rout it has the power to be.
With the entire planet with the exception of GB loudly or quietly wanting dollar diversification, the high .6000s is a magnet of great substance pulling NOW strongly on the USDX.
The value of gold is all in the inverse of the value of the US dollar.
Respectfully yours,”- Jim Sinclair, JSMineset.com
“August Gold closed down 1.7 at 953.1. This was 2.7 up from the low and 1.3 off the high.
September Silver finished up 0.105 at 13.875, 0.01 off the high and 0.14 up from the low.
While the press was trumpeting profit taking for the Friday morning weakness in gold prices, less definitively bullish equity market action might have prompted some bulls to second guess their positioning. In fact, with silver, platinum, copper and energy prices periodically showing strength throughout the Friday trading session, there didn't appear to be a marked shift in the macro economic outlook that seemed to dominate for most of the week. However, with the Dollar lingering around a downside breakout on the charts, energy prices showing fleeting momentums of strength and equities mostly managing to discount a short term overbought condition, the prospect of more upcoming volatility in gold prices seems to be pretty high.
The silver market managed a series of higher highs and higher lows for the week, with the September silver contract at times reaching up to the highest level since June 30th. Like the gold market, the silver trade seemed to be alternatively cheered by an improvement in macro economic sentiment or by lingering weakness in the US Dollar. With a mostly positive week's trade in copper and energy prices, it is also possible that silver prices were getting a bit of industrial commodity market spillover buying interest.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold demand surges in S. Africa as bar ownership is legalized
Julian Phillips: Will big bank gold shorts be forced to cover?
SEC responds to GATA's complaint against Goldman Sachs
Stewart Dougherty: Fort Knox, Fort Hocks, or Fort Shocks
The Statistics:
Activity from: 7/23/2009
Gold Warehouse Stocks: | 9,137,533 | +998 |
Silver Warehouse Stocks: | 118,020,046 | -320,392 |
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 | 1,086.61 | 34,935,439 | US$ 33,179m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 132.79 | 4,269,462 | US$ 4,071m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,239 | US$ 421m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 40.54 | 1,303,440 | US$ 1m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE subtracted 0.78 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/23/2009 | |
Total Net Assets | $2,217,412,297 | Ounces of Gold
in Trust | 2,323,676.559 |
Shares Outstanding | 23,650,000 | Tonnes of Gold
in Trust | 72.27 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/23/2009 | |
Total Net Assets | $3,877,273,587 | Ounces of Silver
in Trust | 281,863,452.300 |
Shares Outstanding | 286,350,000 | Tonnes of Silver
in Trust | 8,766.93 |
Note: No change in Total Tonnes from yesterday’s data.
The Miners:
Kinross Gold’s (KGC) stock price leadership, Royal Gold’s (RGLD) upheld royalty interest, Pacific Rim’s (PMU) year end results, Gold Fields’ (GFI) offer for Glencar, International Royalty’s (ROY) closed over-allotment option, and Paramount’s (PZG) update on its business combination were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Alexco | AXU+4.02% $2.07 |
2. Minefinders | MFN+3.02% $8.53 |
3. Ivanhoe | IVN +2.77% $8.16 |
LOSERS
1. Banro | BAA -4.04% $1.90 |
2. US Gold | UXG-3.23% $3.00 |
3. ITH | THM-2.43% $3.21 |
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:
Ontario Court Confirms Royal Gold's Holt Royalty Interest - "ROYAL GOLD, INC. (NASDAQ: RGLD - News) (TSX: RGL - News), a leading precious metals royalty company, announced today that on July 23, 2009, the Ontario Superior Court of Justice rendered a decision in an action seeking clarification of the royalty obligations on the Holt portion of the Holloway-Holt mining project in Ontario, Canada." More
- July 24, 2009 | Item | E-mail
Northern Gold Mining Inc. Announces Closing of $221,633 Non-Brokered Private Placement and Announces $450,000 Non-Brokered Private Placement - More
- July 24, 2009 | Item | E-mail
Pacific Rim Mining Announces Fiscal 2009 Year End Results - "For the fiscal year ended April 30, 2009, Pacific Rim recorded a loss for the period of $(6.3) million or $(0.05) per share, compared to a loss of $(12.7) million or $(0.11) per share for the fiscal year ended April 30, 2008 and $(9.4) million or $(0.09) per share for the fiscal year ended April 30, 2007." More
- July 24, 2009 | Item | E-mail
South Africa's economy faces wave of wage strikes - "South African gold producers raised their pay offer for miners on Tuesday, averting a possible strike for now.
The unions are due to meet on July 28 for a final session of negotiations before deciding whether to declare a strike." More
- July 24, 2009 | Item | E-mail
Sierra Minerals Sets New Quarterly Production Record - More
- July 24, 2009 | Item | E-mail
Paramount Gold and Silver Corp. Provides Update on Business Combination - "Paramount Gold and Silver Corp. (NYSE:PZG - News)(TSX:PZG - News)(Frankfurt:P6G - News)(WKN: A0HGKQ) ("Paramount") announces that Silvercorp Metals Inc. ("Silvercorp") has terminated its unsolicited offer to acquire all the outstanding shares of Klondex Mines Ltd. (TSX:KDX - News)(OTC.BB:KLNDF - News) ("Klondex")." More
- July 24, 2009 | Item | E-mail
A Great Quest Subsidiary is Granted an Autorisation d'Exploration on a Malian Phosphate Concession - More
- July 24, 2009 | Item | E-mail
Gold Fields Makes an Offer for Glencar - "Gold Fields Limited (Gold Fields) (JSE, NYSE, NASDAQ Dubai: GFI) is pleased to announce that it has, through a wholly owned subsidiary, reached agreement with Glencar Mining Plc (Glencar) (AIM: GBX ISE: GEX) on the terms of a recommended cash offer for the entire issued share capital of Glencar.
Under the terms of the Offer, Glencar shareholders will be entitled to receive, for each Glencar share, 9 pence Sterling in cash upon acceptance of the Offer, should the required acceptances be achieved." More
- July 24, 2009 | Item | E-mail
Orvana Receives Notification that Kinbauri has Agreed to Waive Its Shareholder Rights Plan - More
- July 24, 2009 | Item | E-mail
Equinox Announces Change to Management & Board - More
- July 24, 2009 | Item | E-mail
Adriana Enters into Memorandums of Understanding with a Major Chinese Steel Company - More
- July 24, 2009 | Item | E-mail
Kria Resources to Commence Trading on TSX Venture Exchange - More
- July 24, 2009 | Item | E-mail
Minera Andes announces CDN$20 million equity financing - More
- July 24, 2009 | Item | E-mail
Kinross Gold in heavy demand - "Kinross Gold has recently assumed stock price leadership of the loosely-defined Tier 1 global gold stocks sector, which includes 12 names with an aggregate market value of just under $200bn. Kinross's NYSE stock price displays 12-month lows and highs of $6.85 and $20.98 a share, with current trades around the $20.28 mark, and with indications of a higher opening on Friday." More
- July 24, 2009 | Item | E-mail
International Royalty closes on C$7.5 million over-allotment option - "International Royalty Corporation (NYSE-A: ROY, TSX: IRC) ("IRC") is pleased to announce that it closed today on the full over-allotment option (the "Option") associated with IRC's recent bought-deal financing (the "Offering"). The Option of 2,115,000 shares was fully subscribed at a price of C$3.55 per share for gross proceeds of C$7,508,250. Closing of the Option brings total gross proceeds from the Offering to C$57,563,250, and net proceeds to approximately C$54.1 million. IRC's total common shares outstanding after the issue are 94,695,356 shares." More
- July 24, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 July, 2009 | |
