-- Posted 9 July, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1209.50 | +$14.20 | +0.09% |
Silver | $18.04 | +$0.18 | +1.46% |
XAU | 175.08 | +2.46% | +3.13% |
HUI | 462.61 | +2.22% | +5.28% |
GDM | 1392.08 | +2.24% | +1.87% |
JSE Gold | 2452.49 | +40.95 | -1.08% |
USD | 83.98 | +0.30 | -0.67% |
Euro | 126.43 | -0.50 | +0.60% |
Yen | 112.84 | -0.32 | -0.91% |
Oil | $76.09 | +$0.65 | +5.48% |
10-Year | 3.056% | +0.036 | +2.58% |
Bond | 126.28125 | -0.50 | -0.69% |
Dow | 10197.72 | +0.58% | +5.28% |
Nasdaq | 2196.44 | +0.97% | +5.00% |
S&P | 1077.93 | +0.72% | +5.41% |
The Metals:
Gold traded near unchanged in Asia and London and then surged higher in early morning New York trade before it pared its gains a bit in the last few hours of trade, but it still ended near its midmorning high of $1213.40 with a gain of 1.19%. Silver followed a similar pattern and ended near its session high of $18.20 with a gain of 1.01%.
Euro gold rose to about €957, platinum gained $15.20 to $1525.20, and copper rose nearly 4 cents to about $3.05.
Gold and silver equities rose over 3% by midmorning before they pared their gains a bit, but they still ended with over 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | May | 0.5% | 0.4% | 0.2% |
All of this week’s other economic reports:
Next week’s economic highlights include the Trade Balance and Treasury Budget on Tuesday, Retail Sales, Export and Import Prices, Business Inventories, and FOMC Minutes on Wednesday, Initial Jobless Claims, PPI, the Empire Manufacturing Index, Industrial Production, Capacity Utilization, and the Philadelphia Fed on Thursday, and CPI, Net Long Term TIC Flows, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil climbed to over $76 a barrel on hopes for improving energy demand on the back of economic growth.
The U.S. dollar index rose as the euro pared yesterday’s ECB driven gains.
Treasuries fell as the Dow, Nasdaq, and S&P rose on expectations for positive earnings reports next week.
Among the big names making news in the market Friday were Time Warner, BP, and Google.
The Commentary:
“U.S. Stock Market – While I don’t believe I could be any clearer on my outlook, some people still don’t seem to grasp my view (their constant emails suggest this). While there shall be rallies and sell-offs, it’s my belief that the U.S. stock market will go nowhere fast and end up like the Japanese market did from 1989 on. That’s why I haven’t shorted the market despite signaling the end of the counter-trend major rally. It’s just mainly an avoid as far as I’m concerned until further notice.
U.S. Bonds -I wouldn’t touch with a ten foot pole
Gold – I couldn’t agree more with this article that this BIS news is actually tremendously bullish. Gold is indeed the most valuable asset over paper. As noted previously, the $1,185 was the downside risk and we traded there twice and held. While we’re not out of the woods yet as the summer doldrums continue for several more weeks, the constant chatter gold is dead once again has allowed for a pause that refreshes…”- Peter Grandich, Grandich Letter
GATA Posts:
Julian Phillips: BIS swap shows gold is back as money
CNBC Europe interviews Hinde Capital's Davies on gold paper risk
James Turk: Inflation, not deflation, is the threat to the dollar
Mysterious BIS gold swaps are likely a bullion bank bailout
The Statistics:
Activity from: 7/08/2010
Gold Warehouse Stocks: | 10,960,436 | +1,661 |
Silver Warehouse Stocks: | 114,102,049 | -400,279 |
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 Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1316.036 | 42,311,864 | US$51,137m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 123.99 | 3,986,415 | US$4,836m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,874 | US$554m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.39 | 1,587,822 | US$1,918m |
NASDAQ Dubai | Dubai Gold Securities | 0.155 | 4,973 | US$6m |
Note: Change in Total Tonnes from yesterday’s data: SPDR subtracted 0.445 tonnes and the LSE added 0.29 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 87.68: +0.61 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9151.78 - No change from yesterday’s data.
The Miners:
Goldcorp’s completed private placement in Evolving Gold (EVG.V), Taseko’s (TGB) production results, and Excellon’s (EXN.TO) production and sales volumes were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Fronteer | FRG +7.04% $6.54 |
2. Northern Dynasty | NAK +6.91% $7.12 |
3. Taseko | TGB +6.58% $4.05 |
LOSERS
1. Solitario | XPL -0.98% $2.02 |
2. Randgold | GOLD-0.92% $93.90 |
3. Capital Gold | CGC -0.52% $3.83 |
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:
Mega Uranium Ltd. Announces Departure of CFO - More
- July 09, 2010 | Item | ShareThis
Goldcorp Completes Private Placement in Evolving Gold Corp. - "GOLDCORP INC. (TSX:G - News)(NYSE:GG - News) announced today that it has completed the acquisition of 19,047,721 common shares of Evolving Gold Corp. (TSX-V:EVG - News)(Frankfurt:EV7 - News) by way of a private placement at a price of C$0.82 per share for aggregate gross proceeds to Evolving Gold of C$15,619,131." More
- July 09, 2010 | Item | ShareThis
Evolving Gold Completes Private Placement with Goldcorp Inc. - Issues 19,047,721 Shares at $0.82 Per Share - More
- July 09, 2010 | Item | ShareThis
Tagish Lake Gold Corp. CCAA Proceedings Update - More
- July 09, 2010 | Item | ShareThis
Sage Continues Private Placement Activities - More
- July 09, 2010 | Item | ShareThis
Excellon Reports Q2 2010 Volumes - "For the six months to June 30, 2010, Platosa continued to produce at levels above the formal guidance provided." stated Peter Crossgrove, Excellon's Chairman and CEO. "The second quarter was weaker than the first quarter due to mining lower grades as the higher grade Guadalupe South manto was inaccessible due to the installation of water control systems." More
- July 09, 2010 | Item | ShareThis
Taseko Announces Strong Production Results - "The Gibraltar concentrator continued to perform very well during the quarter with all circuits stabilized and operating at budgeted levels. Metal production for the period was slightly lower than the first quarter as a result of decreased copper head grade, a typical fluctuation as mining advances through the pit. The lower grade ore also had a minor effect on copper recoveries. Grade and recoveries are expected to trend higher for the third quarter." More
- July 09, 2010 | Item | ShareThis
Creso Exploration Brings Onboard Bob Casaceli to Lead Development of Shining Tree Gold Assets - More
- July 09, 2010 | Item | ShareThis
Xstrata Zinc Commences Construction of Bracemac-McLeod Mine - More
- July 09, 2010 | Item | ShareThis
Ateba Completes Private Placement - More
- July 09, 2010 | Item | ShareThis
Donner Metals Ltd.: Xstrata Zinc Announces Construction of the Bracemac-McLeod Mine in the Matagami Camp in Central Quebec - More
- July 09, 2010 | Item | ShareThis
Agreement Between Vior and Northern Abitibi - More
- July 09, 2010 | Item | ShareThis
AQM Copper Inc. Expands High-Grade Enrichment Zone Intercepting 188m of 0.73% Cu and 0.13 g/t Au - More
- July 09, 2010 | Item | ShareThis
SNS Precious Metals Inc.: Proposed Share Consolidation and Name Change - More
- July 09, 2010 | Item | ShareThis
Steele Recording Corporation Announces New CEO: Mining Veteran Scott Dockter - More
- July 09, 2010 | Item | ShareThis
Golden Chalice Resources Inc: Trygve Hoy, PhD, P.Eng., Joins Board of Directors - More
- July 09, 2010 | Item | ShareThis
Kilo Drilling Intersects 45.50 Metres Grading 3.18 g/t Gold, Part of a 151.00 Metre Zone Grading 1.61 g/t Gold on the Somituri Project, DRC - More
- July 09, 2010 | Item | ShareThis
EurOmax announces that Ilovitza 4 permit to be subject to tender - More
- July 09, 2010 | Item | ShareThis
Darnley Bay Resources and Diadem Resources Announce New Joint Venture - More
- July 09, 2010 | Item | ShareThis
Nevada drill program expected to start in 3 weeks - More
- July 09, 2010 | Item | ShareThis
Far West Mining Announces Appointment of Richard Mundie to Board of Directors - More
- July 09, 2010 | Item | ShareThis
Victory Nickel Continues to Demonstrate Continuity in Minago North Limb - More
- July 09, 2010 | Item | ShareThis
Kola Mining Corporation: Souker Project Test Results - More
- July 09, 2010 | Item | ShareThis
MERCATOR GOLD plc: THEMAC Resources Group Releases Copper Flat PEA Results - More
- July 09, 2010 | Item | ShareThis
Radisson Mining Announces Closing of $600,000 Placement of Flow-Through Shares - More
- July 09, 2010 | Item | ShareThis
Vena Upgrades 1,000,000 Tonnes to Measured Resources at Azulcocha - More
- July 09, 2010 | Item | ShareThis
Medusa Mining Limited: Appointment of Non-Executive Chairman - More
- July 09, 2010 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 9 July, 2010 | |
