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 Fall Slightly

By: Chris Mullen, Gold-Seeker.com



-- Posted 8 June, 2011 | |

 

Close

Gain/Loss

Gold

$1536.90

-$5.80

Silver

$36.62

-$0.46

XAU

194.11

-2.13%

HUI

508.62

-2.22%

GDM

1480.61

-2.31%

JSE Gold

2385.65

-78.69

USD

73.94

+0.38

Euro

145.70

-1.19

Yen

125.16

+0.26

Oil

$100.74

+$1.65

10-Year

2.962%

-0.049

T-Bond

126.9375

+0.71875

Dow

12048.94

-0.18%

Nasdaq

2675.38

-0.97%

S&P

1279.56

-0.42%

 
 

 

The Metals:

 

Gold fell $12.04 to $1530.66 by a little after 8AM EST before it shot up in early New York trade and saw a slight gain at $1542.81 about an hour and a half later, but it then drifted back lower into the close and ended with a loss of 0.38%.  Silver dropped to as low as $36.059 before it rallied back higher in New York, but it still ended with a loss of 1.24%.

 

Euro gold climbed back over €1052, platinum lost $5.50 to $1818.50, and copper fell 4 cents to about $4.11.

 

Gold and silver equities fell over 2% by late morning and remained near that level for the rest of the day.

 

The Economy:

 

Report

For

Reading

Expected

Previous

MBA Mortgage Index

6/04

-0.4%

-

-4.0%

 

The fed’s Beige Book “said the economy expanded at a “steady pace” in most of the U.S. while slowing in four of 12 regions as consumers contended with higher food and fuel prices and shortages of parts reduced auto production.”

 

Fed: U.S. default a huge risk; Fitch may slash rating  Yahoo

China warns U.S. debt-default idea is "playing with fire"  Reuters

Dimon Asks Bernanke Whether He ‘Has Fear Like I Do’ About U.S. Regulation  Bloomberg

Recovery Still Needs Stimulus: Bernanke  Bloomberg

 

Tomorrow at 8:30AM EST brings Initial Jobless Claims for 6/04 expected at 423,000 and the Trade Balance for April expected at -$48.7 billion.  At 10AM is the Wholesale Inventories report for April expected at 0.9%.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil climbed back above $100 a barrel after OPEC surprisingly failed to come to a decision on output levels.  The Energy Information Administration reported that crude inventories fell 4.9 million barrels, gasoline inventories rose 2.2 million barrels, and distillates rose 810,000 barrels.

 

The U.S. dollar index rose on concerns over global economic growth that encouraged cash raising.

 

Treasuries remained higher after today’s $21 billion 10-year note auction drew a high yield of 2.967% with a bid to cover of 3.23.

 

The Dow, Nasdaq, and S&P fell on worries over rising oil prices and poor earnings reports.

 

Among the big names making news in the market today were Morgan Stanley, Wells Fargo, Facebook, Axa and Citigroup, and McDonald’s.

 

The Statistics:

Activity from: 6/07/2011

Gold Warehouse Stocks:

11,214,185

-

Silver Warehouse Stocks:

101,014,684

-7,683

 

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$59,937m

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$5,703m

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$6,241m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

474,141

US$702m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

47.99

1,543,001

US$2,384m

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: 9,914.21: +28.81 change from yesterday’s data.

 

The Miners:

 

Pretivm’s (PVG.TO) drill results, Revett’s (RVM) exploration drilling and litigation, Kimber’s (KBX) updated PA, and Silver Quest’s (SQI.V) exploration activities were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Gold Reserve

GRZ +3.59% $2.02

2.  Buenaventura

BVN+2.24% $36.98

3.  Entree

EGI +0.97% $2.09

 

LOSERS

1.  Gold Resource

GORO-10.04% $23.74

2.  Endeavour Silver

EXK -8.50% $7.97

3.  Minco Gold

MGH -8.15% $1.69

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:

Bullion Monarch Launches Bauxite Exploration in Brazil - More
- June 08, 2011 | Item | ShareThis


SouthGobi Resources Renews Common Share Repurchase Program - More
- June 08, 2011 | Item | ShareThis


Arcus Starts 2011 Dawson Gold Program - More
- June 08, 2011 | Item | ShareThis


Augusta Resource Provides Board of Directors Update - More
- June 08, 2011 | Item | ShareThis


VMS Ventures Drills 13.41 Metres of 1.48 g/t Gold; Outlines Gold Mineralization on Its Sails Lake Project Near Snow Lake, Manitoba - More
- June 08, 2011 | Item | ShareThis


Greenwood Gold Resources Inc. Provides Corporate Update - More
- June 08, 2011 | Item | ShareThis


Portage & Freewest JV Releases Further Drill Results of 0.79 g/t Gold Over 80.19 Metres Including 1.00 g/t Gold Over 36.75 Metres From Golden Ridge, New Bru - More
- June 08, 2011 | Item | ShareThis


Iron Creek Retains Investor Relations Consultants - More
- June 08, 2011 | Item | ShareThis


Lake Shore Gold Announces Management Appointments, Creates Distinct Operations and Project Teams - More
- June 08, 2011 | Item | ShareThis


Creso Announces Drill Results From the Duggan Zone at Shining Tree - More
- June 08, 2011 | Item | ShareThis


Castle Resources Starts Drilling at the Granduc Copper Project, B.C. - More
- June 08, 2011 | Item | ShareThis


Ubika Research Provides Commentary Update -- Potential Porphyry Copper Gold System at Huicicila Can Transform Focus Gold's Prospects - More
- June 08, 2011 | Item | ShareThis


Cadan Reports Results From Its Tagpura Copper-Gold Project - More
- June 08, 2011 | Item | ShareThis


American Bonanza Sells Iskut JV Property - More
- June 08, 2011 | Item | ShareThis


Cascadero Copper Corporation: Oculto Mineral District - More
- June 08, 2011 | Item | ShareThis


Ethos Commences Exploration in the White Gold District, Yukon - More
- June 08, 2011 | Item | ShareThis


Uranium North Mobilizes Drill to the Amer Lake Property - More
- June 08, 2011 | Item | ShareThis


Jourdan Plans Spin Out of Uranium Asset - More
- June 08, 2011 | Item | ShareThis


Abcourt Mines Inc.: Amendment to the Stock Option Plan and Grant of Stock Options in Favor of Directors - More
- June 08, 2011 | Item | ShareThis


Gold Bullion Identifies Strong, New Vein Structure at Castle Silver Mine, Gowganda - More
- June 08, 2011 | Item | ShareThis


Viking Minerals Provides an Update on Its Dolly Varden Gold and Copper Property in Mineral-Rich Elko County, Nevada - More
- June 08, 2011 | Item | ShareThis


Evolving Gold Intersects 14.7 Meters at 8.76 gpt Gold Carlin Trend, Nevada - More
- June 08, 2011 | Item | ShareThis


OREX: Update on Drilling Campaign at Goldboro - More
- June 08, 2011 | Item | ShareThis


Velocity Minerals Ltd. Announces Completion of Staking of 40 Additional Claims at Orogrande - More
- June 08, 2011 | Item | ShareThis


B2Gold Corp. Announces Further Positive Exploration Drill Results from La Libertad Mine Property in Nicaragua, Increasing the Size of the Jabali and Mojon - More
- June 08, 2011 | Item | ShareThis


Minemakers Limited: Sandpiper Joint Venture Definitive Feasibility Study Progress - More
- June 08, 2011 | Item | ShareThis


Columbus Gold Accelerates Earn-In Terms for 1.9 Million oz. Paul Isnard Gold Project - More
- June 08, 2011 | Item | ShareThis


Wolverine Closes $5.4 Million in Private Placements - More
- June 08, 2011 | Item | ShareThis


Skyline Gold Acquires Key Properties and Substantially Concludes Its Land Consolidation Program - More
- June 08, 2011 | Item | ShareThis


Drilling at Curraghinalt Intersects 2.06 Metres Grading 111.6 g/t of Gold And 1.11 Metres Grading 26.84 g/t of Gold - More
- June 08, 2011 | Item | ShareThis


Orosur Mining Inc. Production Update - More
- June 08, 2011 | Item | ShareThis


Quest and Partner Search Minerals Drills New REE Zone South of the B-Zone, Returns 1.78% TREO Over 24.0 M, Strange Lake Area, Labrador - More
- June 08, 2011 | Item | ShareThis


Teuton to Drill Tennyson, High Properties; Begin Work on Clone, Yellow Chris and Red Chris South Properties - More
- June 08, 2011 | Item | ShareThis


Concordia Resource Corp. Announces Commencement of Summer Drill Campaign - More
- June 08, 2011 | Item | ShareThis


Logan Announces Property Acquisition - More
- June 08, 2011 | Item | ShareThis


Foundation Acquires 70% Interest in a High-Grade Gold-Silver Project in Mexico - More
- June 08, 2011 | Item | ShareThis


Sagebrush Gold Announces Acquisition of Red Rock and North Battle Mountain Exploration Rights in Northern Nevada - More
- June 08, 2011 | Item | ShareThis


Continental Nickel Announces Appointment of Study Manager for Ntaka Hill - More
- June 08, 2011 | Item | ShareThis


Gold Finder Intersects Gold Mineralization at Emerald Lake - More
- June 08, 2011 | Item | ShareThis


Cardero Names Michael Hunter President & Files NI 43-101 Resource Estimate on Carbon Creek Project - More
- June 08, 2011 | Item | ShareThis


Great Western Minerals Group Appoints Elizabeth Nash as Corporate Secretary - More
- June 08, 2011 | Item | ShareThis


Signing of a CA$10 Million Agreement With Quadra FNX on the Lac Gayot Project - More
- June 08, 2011 | Item | ShareThis


Drilling at Reno Creek Uranium Project, Wyoming Shows Positive Results - More
- June 08, 2011 | Item | ShareThis


Tahoe Resources Updates Escobal Drilling -- Expands Known Mineralization - More
- June 08, 2011 | Item | ShareThis


Rodinia Lithium Intersects High Grade Lithium and Potash and Provides Project Update on Salar de Diablillos - More
- June 08, 2011 | Item | ShareThis


Alexis Initiates Turnaround Plan for Lac Herbin Mine - More
- June 08, 2011 | Item | ShareThis


U3O8 Corp. Identifies Tenth Uranium-Bearing Structure in the Kurupung Project, Guyana - More
- June 08, 2011 | Item | ShareThis


Canaco Drills 57.7 Metres at 3.02 Grams Per Tonne Gold and 34.0 Metres at 3.71 Grams Per Tonne Gold From Magambazi and Magambazi Central - More
- June 08, 2011 | Item | ShareThis


Molycor Gold Corp.: Phase I Drilling Commences on the Beaverdell Silver Property - More
- June 08, 2011 | Item | ShareThis


Fairmont Commences Exploration on Marmion South Contact Property, Ontario - More
- June 08, 2011 | Item | ShareThis


RX Exploration Announces Court-Ordered Adjournment of Shareholders' Meeting to July 6, 2011, Allowing Shareholders to Vote for Superior Slate of Directors - More
- June 08, 2011 | Item | ShareThis


Revett Advances Troy Mine Exploration and Progresses Rock Creek Litigation - "Exploration core drilling at Revett Minerals' Troy Mine in western Montana has identified an additional 1.2 million tons of indicated resource (1,157,946 tons at a grade of 1.07 opt silver and 0.41% copper estimated as of June 1, 2011) in the C Bed mining horizon, approximately a 50% increase of the C Bed inferred resources that were reported January 8, 2011." More
- June 08, 2011 | Item | ShareThis


Pretium Resources Inc.: Brucejack's Valley of the Kings Drilling Intersects 18,755 Grams per Tonne Gold - "Pretium Resources Inc. (TSX:PVG - News) ("Pretivm") is pleased to report that one of the first holes drilled in the 2011 Brucejack Project exploration program has encountered the highest-grading gold intersection to date on the property." More
- June 08, 2011 | Item | ShareThis


Kimber Announces Updated Preliminary Assessment and Mineral Resource Estimate for Monterde Gold-Silver Project, Mexico - "Kimber Resources Inc. (NYSE AMEX:KBX, TSX:KBR) is pleased to announce that it has received the results of an updated independent Preliminary Assessment ("PA") prepared by Micon International Limited. ("Micon"), with assistance by Kirkham Geosystems Ltd., Knight Piésold Consulting Ltd. and various consultants employed directly by Kimber on its 100% owned Monterde project, located in Mexico's Sierra Madre mining district. This National Instrument 43-101 compliant PA is based on the updated mineral resource estimate for the Carmen deposit and the existing mineral resource estimate for the Veta Minitas deposit at Monterde prepared by Micon. The PA is based on combined open pit and underground mining and a focus on the high grade gold-silver mineralization and demonstrates significantly improved financial outcomes compared to the initial PA, a summary of which was discussed in a news release issued by Kimber on June 2, 2010." More
- June 08, 2011 | Item | ShareThis


Silver Quest Commences Exploration on the 3Ts Project, B.C. - "Silver Quest Resources (TSX VENTURE:SQI - News; "Silver Quest" or "the Company") is pleased to announce the commencement of 2011 exploration activities on its 3Ts Project in central British Columbia, located approximately 120 kilometres southwest of Vanderhoof. For additional information please visit the Company's website www.silverquest.ca." More
- June 08, 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 8 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.