-- Posted 7 June, 2011 | |
| Close | Gain/Loss |
Gold | $1542.70 | -$2.90 |
Silver | $37.08 | +$0.26 |
XAU | 198.34 | -0.35% |
HUI | 520.21 | -0.30% |
GDM | 1515.68 | -0.32% |
JSE Gold | 2464.34 | -46.34 |
USD | 73.56 | -0.45 |
Euro | 146.82 | +1.08 |
Yen | 124.88 | +0.04 |
Oil | $99.09 | +$0.08 |
10-Year | 3.011% | +0.009 |
T-Bond | 126.21875 | -0.125 |
Dow | 12070.81 | -0.16% |
Nasdaq | 2701.56 | -0.04% |
S&P | 1284.94 | -0.10% |
The Metals:
Gold climbed $4.49 to $1550.09 in London, but it then fell back off in late morning New York trade and ended near its midday low of $1536.25 with a loss of 0.19%. Silver surged to as high as $37.502 in London before it also fell back off in New York and dropped to as low as $36.48 by late morning, but it then bounced back higher in afternoon trade and ended with a gain of 0.71%.
Euro gold fell to €1051, platinum gained $14.75 to $1824, and copper climbed slightly to about $4.15.
Gold and silver equities waffled near unchanged and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | April | $6.3B | $6.0B | $4.8B |
Tomorrow at 2PM EST brings the fed’s Beige Book from June.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher as traders await official word on quotas that should be out tomorrow following OPEC’s meeting in Vienna.
The U.S. dollar index fell “after a senior Chinese currency regulator repeated warnings about investing too heavily in dollar-denominated assets.”
Treasuries fell as the Dow, Nasdaq, and S&P mostly rose on expectations that Bernanke will remain dovish in his speech this afternoon, but stocks then turned lower as Bernanke actually began to speak in the last 15 minutes of trade. Today’s $32 billion 3-year note auction drew a high yield of 0.765% with a bid to cover of 3.28.
Among the big names making news in the market today were Goldman Sachs, GE, Capital One, ING, Lehman and Barclays, and Ford.
The Commentary:
“There seems to be some risk type trades coming back on in today's session as many of the commodity markets are seeing good inflows of speculative money. In this environment silver will generally outperform gold. I should point out however that the buying is not broad based but seems to be selective in nature. Cotton for instance is sharply lower and copper is having some trouble maintaining any gains. On the flip side, sugar, cattle, hogs, corn and soybeans are higher. The weakness in the Dollar along with a generally higher US equities market has encouraged both short covering and new buying in some markets. Ironically, gold is moving lower as the move toward risk has some selling gold with its safe haven role being minimized somewhat.
Try not to read too much into any given day's price action as tomorrow can just as easily bring risk aversion to the forefront in this fickle environment.
The long bond is lower but has still not broken down through any major support levels indicating that bond traders are not convinced that the risk trades are warranted to any sizeable degree, at least for today.
The Dollar is inching closer to that critical 73 level on the USDX chart. Support seems to have evaporated from beneath the greenback. It has not been able to recover ever since FOMC governor Bullard first pulled out the rug from under it. As stated previously here, the voices of the hawks at the Fed have gone silent and I expect them to remain that way until the economic data numbers begin to improve.
The HUI and the XAU are weaker but continue to hold above their recent lows. They too look rangebound. The summer doldrums are approaching for the precious metals markets. They will need a catalyst to arise to generate some strong excitement.”- Dan Norcini, More at http://www.traderdannorcini.blogspot.com/
GATA Posts:
China currency regulator warns that U.S. could pursue weak dollar policy
Gene Arensberg: When big sellers of silver futures seem timid
Maybe Germany would write off Greek loans in exchange for the Parthenon
The Statistics:
Activity from: 6/06/2011
Gold Warehouse Stocks: | 11,214,185 | +68,064 |
Silver Warehouse Stocks: | 101,022,367 | +487,095 |
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 | 1212.866 | 38,994,859 | US$60,220m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 115.35 | 3,708,632 | US$5,706m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 126.23 | 4,058,350 | US$6,244m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 474,147 | US$705m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 47.99 | 1,543,018 | US$2,390m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,955 | US$8m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 139.04 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,885.40 - No change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRE) symbol change, Brigus Gold’s (BRD) mine update, ECU Silver’s (ECU.TO) sample results, and United Mining’s (UMG.TO) name change and symbol change were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +4.88% $1.72 |
2. Gold Reserve | GRZ +3.72% $1.95 |
3. Golden Minerals | AUMN +3.22% $17.31 |
LOSERS
1. Northern Dynasty | NAK -6.61% $10.18 |
2. Extorre | XG -3.57% $11.09 |
3. US Gold | UXG -3.28% $6.19 |
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:
Corvus Gold Inc. Joint Venture Partner Expands High-Grade Feeder Zone at the LMS Project, Alaska - More
- June 07, 2011 | Item | ShareThis
Mr. Brent Johnson reports OPTION AGREEMENT MINA PASCUA PROPERTY, CHILE - More
- June 07, 2011 | Item | ShareThis
Tanzanian Royalty Changes NYSE-AMEX Trading Symbol to TRX to Avoid Confusion with Other Listed Company - "Tanzanian Royalty Exploration Corporation wishes to announce that it has received approval to change its NYSE-AMEX trading symbol from TRE to TRX. The change will be implemented in order to avoid confusion with the Toronto Stock Exchange (TSX) listed Sino-Forest Corporation whose trading symbol is also TRE. There is no connection whatsoever between Tanzanian Royalty and Sino-Forest Corporation." More
- June 07, 2011 | Item | ShareThis
Re: Postal Disruption-Please See Alternative Voting Procedures for Annual Meeting - More
- June 07, 2011 | Item | ShareThis
Golden Phoenix Joint Venture Partner Scorpio Gold Announces First Production Blast at Drinkwater Pit of 25,000 Tons Grading on Average 1.84 g/t Gold - More
- June 07, 2011 | Item | ShareThis
Northland Resources S.A.: Technical Review in Support of Kaunisvaara May 2011 DFS is Now Available - More
- June 07, 2011 | Item | ShareThis
The First Nation of Nacho Nyak Dun and Victoria Extend Exploration Agreement at Dublin Gulch, Eagle Gold Deposit, Yukon - More
- June 07, 2011 | Item | ShareThis
Trevali Intersects High Grade Mineralization at Halfmile Deposit in New Brunswick, Canada - More
- June 07, 2011 | Item | ShareThis
Philippine Metals Inc.: Corporate Update - More
- June 07, 2011 | Item | ShareThis
Hellix Corroborates USBM's Anomalous Gold on Margarita - More
- June 07, 2011 | Item | ShareThis
Abington Treasure King Phase 1 Results - More
- June 07, 2011 | Item | ShareThis
Hathor's Summer Expansion Drilling is Underway at Roughrider's Far East Zone - More
- June 07, 2011 | Item | ShareThis
Mesa Exploration Announces 100% of Warrants Exercised - More
- June 07, 2011 | Item | ShareThis
Treasury Metals Reports Exceptional 96% to 97% Gold Recoveries from Goliath Gold Project - More
- June 07, 2011 | Item | ShareThis
Tarsis Stakes Rogue District Claims, Yukon (Infographic) - More
- June 07, 2011 | Item | ShareThis
REVISION: Augen Gold-Prolific North Shore Trend Pushed NW of Jerome - More
- June 07, 2011 | Item | ShareThis
Gran Colombia Shareholders and Medoro Securityholders Approve Merger of the Two Companies - More
- June 07, 2011 | Item | ShareThis
Selwyn Resources Ltd.: Don Deposit-Significant Potential at Depth Confirmed - More
- June 07, 2011 | Item | ShareThis
Eurotin Identifies Two New 1.5km Long Mineralised Zones at Oropesa and Satisfies Initial Earn in Conditions - More
- June 07, 2011 | Item | ShareThis
Re: Postal Disruption-Please See Alternative Voting Procedures for Annual Meeting - More
- June 07, 2011 | Item | ShareThis
ECU Silver Enters High Grade Workings of Terneras Mine - "ECU Silver Mining Inc. (TSX:ECU - News) is pleased to report that the Company has sampled up to 14.03 grams per tonne (g/t) gold (Au), 155 g/t silver (Ag), 1.21% lead (Pb) and 4.26% zinc (Zn) over 1.50 meters (5 feet) in the Terneras Mine. Historical workings in Terneras have demonstrated significant continuity reaching up to 1200 meters (3,940 feet)." More
- June 07, 2011 | Item | ShareThis
Castle Resources Initiates Baseline Environmental Studies at Granduc Copper Project, British Columbia - More
- June 07, 2011 | Item | ShareThis
Zincore Says Humala Strikes Conciliatory Tone in Victory Speech - More
- June 07, 2011 | Item | ShareThis
Arrowhead Business and Investment Decisions Publishes Updated Due Diligence and Valuation Report on Mawson Resources Limited - More
- June 07, 2011 | Item | ShareThis
Rare Earth Metals Secures Highly Prospective New Rare Earth Prospect in Sudbury Area, Ontario and Commences Coldwell Airborne Survey in Marathon Area, Ontario - More
- June 07, 2011 | Item | ShareThis
Crazy Horse Continues to Extend Mineralization at Taysan Copper-Gold Project in Holes CZT024 to CZT028 - More
- June 07, 2011 | Item | ShareThis
LIM Signs Impact Benefits Agreement With Innu Matimekush-Lac John - More
- June 07, 2011 | Item | ShareThis
B2Gold Corp. Announces Positive Initial Exploration Drill Results from the Cebollati Project in Uruguay - More
- June 07, 2011 | Item | ShareThis
Yellowhead Mining Announces the Granting of Stock Options - More
- June 07, 2011 | Item | ShareThis
Queenston Reports the Discovery of a New Gold Zone and Updates Drill Results at Upper Canada - More
- June 07, 2011 | Item | ShareThis
Midland Exploration Resumes Exploration With JOGMEC on its Rare Earth Ytterby Project - More
- June 07, 2011 | Item | ShareThis
Benton Drilling Identifies Significant Gold Trend on Shebandowan Gold Project - More
- June 07, 2011 | Item | ShareThis
Silver Spruce Reports on Phase 1 Drilling on Big Easy Gold/Silver Property Eastern Newfoundland - More
- June 07, 2011 | Item | ShareThis
Starcore International Mines Ltd.: Shareholders Approve Rights Plan and Financing - More
- June 07, 2011 | Item | ShareThis
Tintina Intersects 4.5 Meters Grading 11.4% Copper in the Lower Copper Zone at Its Sheep Creek Copper-Cobalt-Silver Project, Montana, USA - More
- June 07, 2011 | Item | ShareThis
Houston Lake Mining Appoints Henry J. Kloepper as New Chief Executive Officer (CEO) - More
- June 07, 2011 | Item | ShareThis
AndeanGold Reports Additional Noteworthy AGE Assay Results, Urumalqui Au-Ag Project, Peru - More
- June 07, 2011 | Item | ShareThis
Talison Lithium Announces Purchases of Ordinary Shares - More
- June 07, 2011 | Item | ShareThis
Fjordland Exploration Inc.: Woodjam Joint Venture and Gold Fields Add Ground to Woodjam Copper-Gold-Molybdenum Project, British Columbia - More
- June 07, 2011 | Item | ShareThis
Crosshair Commences Drilling at Juniper Ridge - More
- June 07, 2011 | Item | ShareThis
Crown Gold Confirms High Silver Assays at Black Warrior in Nevada - More
- June 07, 2011 | Item | ShareThis
Seymour Ventures Subsidiary Rare Earth Industries Begins Work on Former US Tantalum Production Property; Appoints Critical Metals Expert James Hedrick - More
- June 07, 2011 | Item | ShareThis
Camino Minerals Corporation: Diamond Drill Program to Begin at Rodeo Gold Project; Induced Polarization Survey to Start at Los Volcanes - More
- June 07, 2011 | Item | ShareThis
Rig Onsite, Drilling at Leitch-Sand River, as Goldstone Begins 2011 Beardmore Exploration Program - More
- June 07, 2011 | Item | ShareThis
Huakan International Mining Inc. Closes the Sale of its Myrtle-Proserpine, Promise Properties - More
- June 07, 2011 | Item | ShareThis
Advanced Explorations Inc. Completes Phase 1 Geotechnical Drilling for Port Development Study on Roche Bay Iron Project - More
- June 07, 2011 | Item | ShareThis
Star Gold Receives Technical Report and Resource Estimation for Its Longstreet Property - More
- June 07, 2011 | Item | ShareThis
Mercator Production for Two Months Exceeds Projected Q2 2011 Production Guidance - More
- June 07, 2011 | Item | ShareThis
Hunter Bay Completes Sela Creek Airborne Geophysical Survey - More
- June 07, 2011 | Item | ShareThis
Foran Phase One Drilling Continues to Intersect Good Grades & Widths at McIlvenna Bay - More
- June 07, 2011 | Item | ShareThis
Probe Mines Announces Assay Results for its Borden Lake Gold Project near Chapleau, Ontario; Gold Zone Extended to 1.2 km Strike Length - More
- June 07, 2011 | Item | ShareThis
Halo Increases West Red Lake Claim Position - More
- June 07, 2011 | Item | ShareThis
PC Gold Files Technical Report for 1.26 Million Ounce Pickle Crow Gold Project - More
- June 07, 2011 | Item | ShareThis
Mineral Mountain's Cook Zone Expanding to Depth GH11-49 intersects Broad Interval of 133.3 Metres Grading 0.65 g/t Au Including 47.0 Metres Grading 1.47 g/t Au - More
- June 07, 2011 | Item | ShareThis
Crocodile Gold Reports Results for Quarter Ended March 31, 2011 - More
- June 07, 2011 | Item | ShareThis
Century Provides Gold Production Update on the Lamaque Mine - More
- June 07, 2011 | Item | ShareThis
American Manganese Inc.: Drilling Continues to Intersect Thick Manganese Mineralization; Hole AP-11-59 Returns 3.21% Mn Over 34.20 Meters (105 Feet) - More
- June 07, 2011 | Item | ShareThis
PBX Identifies New Drill Targets at Sierra Pintada IOCG Property, Chile - More
- June 07, 2011 | Item | ShareThis
Mariana Resources Limited TSX Listing Approved - More
- June 07, 2011 | Item | ShareThis
Northland Buys Properties in Preparation for the Hannukainen Mine in Finland - More
- June 07, 2011 | Item | ShareThis
Eastern Platinum Limited: Annual General Meeting Proxy Deadline Extended - More
- June 07, 2011 | Item | ShareThis
United Mining Group Announces Name Change to United Silver Corp. and Symbol Change - "United Mining Group, Inc. ("UMG" or the "Company") (TSX:UMG - News)(OTCQX: UMGZF)(Frankfurt:UM8 - News) is pleased to announce that the Company's name change to United Silver Corp. will become effective for trading on Wednesday June 8, 2011. The Company's shareholders voted 90 percent in favour of the name change at the Company's Annual General Meeting held April 28, 2010." More
- June 07, 2011 | Item | ShareThis
Barrick Offer for Equinox-Additional Shares Acquired - "Barrick Gold Corporation (NYSE:ABX - News)(TSX:ABX - News) ("Barrick" or "the Company") and its wholly-owned subsidiary, Barrick Canada Inc. (the "Offeror"), announced today that an additional 24,515,589 common shares (the "Equinox Shares") of Equinox Minerals Limited (TSX:EQN - News)(ASX:EQN - News) ("Equinox") representing approximately 3% of the outstanding Equinox Shares on a fully diluted basis have been taken up under the offer (the "Offer") by the Offeror to acquire all of the Equinox Shares at a price of C$8.15 per Equinox Share. The Offeror has now acquired 753,210,694 Equinox Shares pursuant to the Offer. Barrick and its affiliates now collectively own 771,408,747 Equinox Shares, representing approximately 88% of the outstanding Equinox Shares on a fully diluted basis." More
- June 07, 2011 | Item | ShareThis
Brigus Gold Provides Black Fox Mine Update - “We are encouraged by the production growth at the Black Fox Mine,” said Wade K. Dawe, President and CEO of Brigus. “Increasing production levels and ongoing positive drilling results from our newly discovered 147 Zone confirm that we have turned the corner at Black Fox and set the stage for a positive second half of the year. We will reach steady state production of over 100,000 ounces annually in the third quarter.” More
- June 07, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 7 June, 2011 | |