-- Posted 3 August, 2009 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $956.95 | +$3.15 |
Silver | $14.27 | +$0.32 |
XAU | 153.51 | +3.29% |
HUI | 369.71 | +2.58% |
GDM | 1121.21 | +2.33% |
JSE Gold | 2405.33 | +101.04 |
USD | 77.73 | -0.56 |
Euro | 144.17 | +1.60 |
Yen | 104.97 | -0.67 |
Oil | $71.58 | +$2.13 |
10-Year | 3.639% | +0.138 |
T-Bond | 117.59375 | -1.40625 |
Dow | 9286.56 | +1.25% |
Nasdaq | 2008.61 | +1.52% |
S&P | 1002.63 | +1.53% |
The Metals:
Gold traded mixed in Asia and rose in London and morning New York trade to as high as $962.15 by a little after noon EST before it fell back off in the last hour of trade, but it still ended with a gain of 0.33%. Silver traded roughly 1% higher in Asia and rose in London to as high as $14.462 by about 9AM EST in New York before it fell back off a bit heading into the close, but it still ended with a gain of 2.29%.
Euro gold fell to about €664 on euro strength, platinum gained $28.50 to $1231.50, and copper gained over 11 cents more to about $2.73.
Gold and silver equities rose almost 4% in the first hour of trade before they fell back off a bit in later trade, but they still ended with about 3% gains on the day.
The Economy:
Report | For | Reading | Expected | Previous |
Construction Spending | June | 0.3% | -0.5% | -0.8% |
ISM Index | July | 48.9 | 46.5 | 44.8 |
Tomorrow at 8:30AM EST brings Personal Income for June expected at -1.0% and Personal Spending expected at 0.3%, and at 10AM is the Pending Home Sales report for June expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil gained over $2, the U.S. dollar index and treasuries fell rather markedly, and the Dow, Nasdaq, and S&P gained over 1% on better than expected economic data that raised hopes for future growth.
Among the big names making news in the market today were Ford, Honda, Bank of America, Humana, MGM, Tyson Foods, Google and Apple, and Marathon Oil.
The Commentary:
“Dear CIGAs,
The big news for today was the ISM manufacturing index which came in at 48.9 for the month of July, up from 44.8 in June. That had risk takers out in full force, the idea being that manufacturing is coming out of its prolonged slump. With that, the Dollar was promptly taken out to the woodshed once again with last week’s low made on Friday being obliterated as this last line of technical support above 76 was taken out. We now wait to see how low the Dollar will drift and how close it might fall before that next level comes into play.
The collapse lower in the Dollar was enough to once again spur a ferocious round of short covering in gold. However, once those stops were run, bullion bank price capping appeared near $965 and that was the end of the day’s move higher. Nothing new with that kind of predictable price action at the Comex.
It is encouraging to the bullish cause to see gold building on last Friday’s stunning move higher as it shows that there was more at work there than end of the month positioning. Commodities were higher across the board today with only a few exceptions. Most notable was the strong move higher in both crude oil and natural gas. Nat gas has been the laggard due to oversupply issues and to see it moving sharply higher had to make even the most avid deflationist begin to struggle with self doubt. Even bonds acted “normal” today dropping hard as equities rallied and commodities soared. I am still at a loss to figure out what the heck happened in that pit last Friday as it made no sense whatsoever to this observer.
The point in all this is that with copper continuing to defy gravity (a lot of funds are still trapped on the short side in the red metal pit), silver, platinum, palladium, crude, nat gas, corn, beans, etc, all moving higher, even bullion bank price capping efforts in gold are being strained. Nonetheless, it is evident that they are present by the rather paltry move higher in gold especially when one considers the very strong move higher in the CCI and the breakdown in the greenback. Upward progress in the yellow metal is still being fiercely contested by the same old players.
Technically, gold was able to break through the resistance band in place near the $955 level that had served to contain in over the last few sessions. A close above $965 now sets up a challenge of key resistance at $980. There is very little in the way of overhead chart resistance on the way to $1000 above that level. Support lies first near $955 and then near $942- $940.
Short term gold is reaching overbought levels on the RSI but that will only matter if the Dollar stops dropping.
The HUI managed to finally punch its way through the tough 360 level. If it can maintain a close above this level it has a very good chance of making a run to near 390 and then the very significant chart level of 400 – 402.”- Dan Norcini, More at JSMineset.com
“August Gold closed up 2.9 at 956.6. This was 0.8 up from the low and 6 off the high.
September Silver finished up 0.312 at 14.252, 0.213 off the high and 0.022 up from the low.
The gold market started out higher and saw a slight setback into the regularly scheduled data before making a modest recovery bounce into mid session. Relatively speaking the price gains forged in the October gold contract were somewhat unimpressive especially when compared to the gains seen at times in crude oil and copper. In recent sessions the Dollar started out lower but then recoiled off the lows, but in the action today, the Dollar remained extremely weak and even that action failed to lever up the bulls success.
The silver market started out on a very positive note and tried to add to that strength but the market seemed to be unable to sustain the bullishness seen in the lead up to the scheduled US data flow. In fact, even in the face of ongoing weakness in the Dollar and mostly positive equity market action, the silver market just after mid session had fallen by roughly 23 cents from the morning highs before the market managed to find some form of chart support around the $14.25 level.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Is gold gearing up (again) to break $1,000?
Gary North: Why Bernanke is in panic mode
Wall Street benefits from Fed and Treasury
Wall Street makes 'luxurious' profits from trades with Fed
Jay Taylor interviews James Turk on why you should save in gold
Artist Alain Despert's video upated with more reference to GATA
Fed's bailout loans are properly secret, judge rules
A Hong Kong gold merchant seeks fortune in China
Mint must prove rare seized coins were stolen
Mark Lundeen: U.S. dollar production vs. commodity production
Liberty Dollar suspends operations pending counterfeiting trial
Will China keep buying U.S. bonds?
Billions in Lehman claims could bury an elusive insurer
King World News interviews GATA Chairman Murphy
The Statistics:
Activity from: 7/31/2009
Gold Warehouse Stocks: | 9,142,800 | +2,154 |
Silver Warehouse Stocks: | 117,711,202 | +940 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchage (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1,072.87 | 34,493,747 | US$ 32,377m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 131.02 | 4,212,426 | US$ 4,033m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 13.73 | 440,192 | US$ 423m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 42.86 | 1,377,890 | US$ 1,294m |
NASDAQ Dubai | Dubai Gold Securities | 0.16 | 5,000 | US$ 5m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.299 tonnes and the JSE added 2.32 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/31/2009 | |
Total Net Assets | $2,215,360,708 | 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 7/31/2009 | |
Total Net Assets | $3,867,028,011 | Ounces of Silver
in Trust | 283,831,312.300 |
Shares Outstanding | 288,350,000 | Tonnes of Silver
in Trust | 8,828.14 |
Note: Change in Total Tonnes from yesterday’s data: 61.21 tonnes were added to the trust.
The Miners:
Mining news was pretty slow today with Canadian markets closed in observance of a Civic Holiday, but Kinross (KGC) announced over the weekend that unionized employees voted to end a strike at their La Coipa mine.
WINNERS
1. Banro | BAA +9.27% $2.24 |
2. Silver Wheaton | SLW +8.17% $9.93 |
3. Freeport | FCX +8.03% $65.14 |
LOSERS
1. Nevsun | NSU -1.81% $1.63 |
2. Gammon | GRS -1.72% $6.86 |
3. Tanzanian Royalty | TRE -1.64% $3.00 |
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:
Aurelio Signs Binding Letter of Intent Concerning the Sale of Four Nevada Gold/Silver Projects - More
- August 03, 2009 | Item | E-mail
European Goldfields Limited - Q2 2009 results conference call & webcast - More
- August 03, 2009 | Item | E-mail
Material Fact: LLX Obtains the Construction License for the Sudeste Port - More
- August 03, 2009 | Item | E-mail
General Metals Announces Annual and Special Meeting September 12, 2009, Reno, NV - More
- August 03, 2009 | Item | E-mail
Lake Victoria Mining Company's Gold Tailing Assays Average 2.75 Grams Per Metric Ton, Singida, Tanzania - More
- August 03, 2009 | Item | E-mail
Bonanza Goldfields updates shareholders - More
- August 03, 2009 | Item | E-mail
Orvana Extends Offer to Acquire Kinbauri to August 17, 2009 - More
- August 03, 2009 | Item | E-mail
Ventura Gold Reports Financial Results and Highlights for the Year Ended March 31, 2009 - More
- August 03, 2009 | Item | E-mail
Kinross Gold Corporation: Strike Ends at Mantos de Oro-La Coipa Mine - "Unionized employees at Compania Minera Mantos de Oro in Chile, a subsidiary of Kinross Gold Corporation (TSX:K - News)(NYSE:KGC - News), have voted in favour of a new collective agreement, ending a strike at the La Coipa mine that began on July 8, 2008. Kinross will update the market on the production impact of the strike in the Company's second quarter earnings announcement on August 12, 2009." More
- August 03, 2009 | Item | E-mail
Blackrock Resources Commissions Consulting Geologist for Its Gold Hill Mining Project, Colorado - More
- August 03, 2009 | Item | E-mail
Minera Andes files preliminary short form prospectus for previously announced Cdn$20 million equity financing - More
- August 03, 2009 | Item | E-mail
MBMI Reports on Annual General Meeting - More
- August 03, 2009 | Item | E-mail
Opawica and Washmax Enter Into Option Agreement for Dingman Gold Property, Ontario and Opawica Announces Intention to Apply to List on the TSX Venture Exchange - More
- August 03, 2009 | Item | E-mail
Wallbridge Mining Announces Further Closings of Private Placements - More
- August 03, 2009 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 August, 2009 | |
