The Premier Silver Resource Website
Visit GoldSeek.com
Visit GoldReview.com
Visit UraniumSeek.com

- CLICK HERE TO VISIT THE NEW SILVERSEEK.COM -
Live Spot Silver
Navigation
Silver Market Articles
Silver Discussions at the Forum
Silver Company Links
Silver Market Updates
Silver & Gold Headlines
Silver Stock News
Silver Equity Quotes
Silver & Precious Metals Quotes







 
Gold Seeker Closing Report: Gold and Silver Close Mixed

By: Chris Mullen, Gold-Seeker.com



-- 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

 

- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here

Additional Resources for today’s Gold Seeker Report can be found:

© Gold Seeker 2011

Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.

 

 

Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions.  The author of this report is not a registered financial advisor.  Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate.  The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action.  Past results are not necessarily indicative of future results.  Any statements non-factual in nature constitute only current opinions, which are subject to change.  Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein.  Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.


-- Posted 7 June, 2011 | |


Latest Articles


Gold Seeker Closing Report: Gold and Silver Fall Over 2% More
13 December, 2011

Gold Seeker Closing Report: Gold and Silver Fall Almost 3%
12 December, 2011

Gold Seeker Weekly Wrap-Up: Gold and Silver Fall Slightly on the Week
9 December, 2011

Gold Seeker Closing Report - Article Archive List

SilverSeek.com is presented to you by:

© 2003 - 2011
SilverSeek.com, Silver Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of SilverSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on SilverSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of SilverSeek.com, its affiliates or advertisers. SilverSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of SilverSeek.com, is strictly prohibited. In no event shall SilverSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.