-- Posted 29 July, 2011 | |
Please Note: Canadian markets will be closed on Monday for a Civic Holiday.
| Close | Gain/Loss | On Week |
Gold | $1627.70 | +$14.80 | +1.67% |
Silver | $40.07 | +$0.26 | +0.05% |
XAU | 205.81 | -2.06% | -6.60% |
HUI | 543.56 | -2.03% | -6.01% |
GDM | 1578.15 | -2.08% | -6.33% |
JSE Gold | 2400.97 | -2.05 | -5.38% |
USD | 73.87 | -0.36 | -0.47% |
Euro | 143.73 | +0.41 | +0.07% |
Yen | 130.03 | +1.39 | +2.02% |
Oil | $95.70 | -$1.74 | -4.18% |
10-Year | 2.805% | -0.146 | -5.36% |
Bond | 128.125 | +2.0625 | +2.63% |
Dow | 12143.24 | -0.79% | -4.24% |
Nasdaq | 2756.38 | -0.36% | -3.58% |
S&P | 1292.28 | -0.65% | -3.92% |
The Metals:
Gold rose to a new record high of $1632.67 by about 9:30AM EST before it pared its advance a bit in late morning trade, but it still ended with a gain of 0.92%. Silver climbed to as high as $40.371 before it also fell back off, but it still ended with a gain of 0.65%.
Euro gold climbed to about €1132, platinum lost $7.20 to $1778, and copper gained a penny to about $4.47.
Gold and silver equities fell about 2% at the open and remained near that level for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q2 | 1.3% | 1.7% | 0.4% |
GDP Deflator | Q2 | 2.3% | 2.0% | 2.7% |
Employment Cost Index | Q2 | 0.7% | 0.5% | 0.6% |
Chicago PMI | July | 58.8 | 58.0 | 61.1 |
Michigan Sentiment | July | 63.7 | 63.8 | 63.8 |
Boehner rewrites his bill, Obama pleads for pact Yahoo
Obama tells Congress to find way out of debt "mess" Reuters
All of this week’s other economic reports:
Next week’s economic highlights include the ISM Index and Construction Spending on Monday, Personal Income and Spending and Core PCE Prices on Tuesday, ADP Employment, Factory Orders, and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and July’s jobs data and Consumer Credit on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on worries over weak energy demand after worse than expected economic data sent the U.S. dollar index lower.
Treasuries jumped higher as the Dow, Nasdaq, and S&P fell on this morning’s poor GDP report, but hopes for a debt deal over the weekend seemed to give some support to the major indices.
Among the big names making news in the market Friday were Expedia, BSkyB, EADS, Chevron, Nintendo, BofA, Goldman Sachs, Google, Alibaba, and Merck.
The Commentary:
“My Dear Friends,
Financial TV actually has a countdown clock to the day of Default. I still feel that a compromise at the last moment that offsets the default but does not do anything meaningful in the over the top debt problem will come.
The question in all our minds is what will such compromise have on the price of gold?
We have written here recently and published the articles of others that state a downgrade of US Treasuries has more serious long-term implications economically than a short term technical default.
I cannot recommend the hedges you hold by owning gold and gold related items be dropped even if gold was trading at $1650.
There is nothing going to happen that is going to offset the borrowing demands of the US Treasury in a significant way. Rating Agencies who have not hesitated to downgrade everything Euro cannot hide from the sloppy process going on now in the Senate and House.
If US rating agencies fail to downgrade US Debt they show themselves to be Europhobic and without any credibility.
Stand strong and hold your gold hedges. What is likely to happen is a US debt downgrade after a compromise on the debt ceiling which will be much ado about nothing.
Regards,”- Jim Sinclair, JSMineset.com
GATA Posts:
Registrations closed as GATA's Gold Rush 2011 conference is fully booked
Brazil starts taxing U.S. dollar shorts
The Statistics:
Activity from: 7/28/2011
Gold Warehouse Stocks: | 11,431,549 | -707 |
Silver Warehouse Stocks: | 104,176,291 | +1,191,683 |
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 | 1262.974 | 40,605,867 | US$66,104m |
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$6,040m |
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$6,609m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 473,869 | US$742m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 48.09 | 1,546,031 | US$2,495m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,952 | US$8m |
Note: Change in Total Tonnes from yesterday’s data: SPDR added 18.175 tonnes to a new 6-month high.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.16: +0.42 change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 9,915.86 - No change from yesterday’s data.
The Miners:
Lake Shore Gold’s (LSG) NYSE Amex listing, Newmont’s (NEM) second quarter results, Avino’s (ASM) NYSE Amex listing, and Excellon’s (EXN.TO) arrangement with Lateegra were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Paramount | PZG +2.73% $3.01 |
2. Extorre | XG+1.99% $12.83 |
3. Entree | EGI +1.80% $2.26 |
LOSERS
1. Almaden | AAU -6.23% $3.31 |
2. Golden Star | GSS -5.60% $2.53 |
3. Jaguar | JAG -5.54% $4.77 |
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:
Sulliden Files NI 43-101 Technical Report for the Updated Mineral Resource Estimate on the Shahuindo Project in Peru - More
- July 29, 2011 | Item | ShareThis
Eastmain Mine Project Drilling Underway - More
- July 29, 2011 | Item | ShareThis
Auriga Gold Completes Second Tranche of Its Private Placement Financing - More
- July 29, 2011 | Item | ShareThis
Houston Reports Fourth Quarter Results - More
- July 29, 2011 | Item | ShareThis
Ivanhoe Australia's Quarterly and Cash Flow Report for the Three Months Ending 30 June 2011 - More
- July 29, 2011 | Item | ShareThis
Ur-Energy Reports Second Quarter 2011 Results - More
- July 29, 2011 | Item | ShareThis
Avino Silver & Gold Mines Ltd. to List on the NYSE Amex - "Avino Silver & Gold Mines Ltd. (the "Company" or "Avino") (TSX-V: ASM)(OTC.BB: ASGMF)(Berlin: GV6.BE - News)(Frankfurt: GV6.BE - News) is pleased to announce that its common shares have been authorized for listing on the New York Stock Exchange Amex ("NYSE Amex"). The Company expects the shares to begin trading on the NYSE Amex on Tuesday, August 2, 2011 under the trading symbol "ASM". The Company will retain its primary listing on the TSX Venture Exchange under the same trading symbol "ASM"." More
- July 29, 2011 | Item | ShareThis
Woulfe Mining Announces New Communications Efforts - More
- July 29, 2011 | Item | ShareThis
Cogitore Resources Inc. Files Technical Report on Updated Resource Estimate For Scott Lake Deposit - More
- July 29, 2011 | Item | ShareThis
Greenock Resources: Annual and Special Meeting Results - More
- July 29, 2011 | Item | ShareThis
New Pacific Metals Corp. Responds to BCSC Comments on Technical Disclosure on the Tagish Lake Gold Project, Yukon - More
- July 29, 2011 | Item | ShareThis
Lateegra Gold Shareholders Vote 99.98% in Favour of Arrangement With Excellon Resources - "Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX-V: LRG) is pleased to announce the results of its Special Meeting of Shareholders (the "Meeting") held on July 29, 2011 in Toronto, Ontario. At the Meeting, Lateegra Shareholders voted 99.98% in favour of the proposed arrangement (the "Arrangement") with Excellon Resources Inc. ("Excellon") (TSX: EXN.TO - News) to be carried out by way of a plan of arrangement pursuant to the Business Corporations Act (British Columbia)." More
- July 29, 2011 | Item | ShareThis
Catalyst Copper Corp. Announces Private Placement - More
- July 29, 2011 | Item | ShareThis
Lake Shore Gold U.S. Listing on NYSE Amex Approved, Trading Expected to Commence Monday, August 1, 2011 Under Symbol LSG - "Lake Shore Gold Corp. (TSX: LSG.TO - News) ("Lake Shore Gold" or the "Company") today announced that its common shares have been authorized for listing on the NYSE Amex stock exchange in the United States. The Company expects the shares to commence trading at the market open on Monday, August 1, 2011 under the symbol LSG. The Company will retain its listing on the TSX in Canada under the same symbol." More
- July 29, 2011 | Item | ShareThis
Afri-Can Has Closed a Private Placement - More
- July 29, 2011 | Item | ShareThis
Recommended Cash Offer by Centamin Egypt Limited for Sheba Exploration (UK) Plc Declared Unconditional in All Respects - More
- July 29, 2011 | Item | ShareThis
Corvus Gold Hires Alaska Exploration Manager and Grants Stock Options - More
- July 29, 2011 | Item | ShareThis
Williams Creek Gold Limited Exercises Warrants, Acquires 5,000,000 Shares in Tyhee Gold Corporation - More
- July 29, 2011 | Item | ShareThis
MBMI Files Petition for Review and Complaint for Tortious Interference - More
- July 29, 2011 | Item | ShareThis
Tyhee Recieves Funds From Early Exercise Of Warrants. - More
- July 29, 2011 | Item | ShareThis
Ditem: Annual Extraordinary Shareholders Meeting - More
- July 29, 2011 | Item | ShareThis
Pacific Ridge Appoints Director and Grants Stock Options - More
- July 29, 2011 | Item | ShareThis
U.S. Silver Issues Warrant Acceleration Notice to Holders from September 2010 Private Placement - More
- July 29, 2011 | Item | ShareThis
Dalradian Reminds Warrantholders of August 10, 2011 Warrant Expiry Date - More
- July 29, 2011 | Item | ShareThis
Mercer Gold Appoints Gary Powers as President, CEO and Director - More
- July 29, 2011 | Item | ShareThis
Romios Delighted With the Results of the Galore Creek Project Prefeasibility Study Announced by NovaGold - More
- July 29, 2011 | Item | ShareThis
Alix and Caribou Receive Positive Rock Assays at Corky - More
- July 29, 2011 | Item | ShareThis
Formation Metals Receives Commitment for Financing of Idaho Cobalt Project - More
- July 29, 2011 | Item | ShareThis
Chalice and ENAMCO Execute Shareholders' Agreement - More
- July 29, 2011 | Item | ShareThis
Bannerman Resources Limited: Quarterly Activities Report - More
- July 29, 2011 | Item | ShareThis
Newmont Announces Second Quarter Net Income From Continuing Operations of $1.06 per Share; Quarterly Dividend Increased 50% to $0.30 per Share - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or the "Company") today announced that its second quarter 2011 attributable net income from continuing operations increased 37% to $523 million ($1.06 per share)(1) compared to $382 million ($0.78 per share) in the second quarter of 2010. Adjusted net income(2) increased 18% to $445 million ($0.90 per share) in the second quarter of 2011, from $377 million ($0.77 per share) in the second quarter of 2010." More
- July 29, 2011 | Item | ShareThis
Newmont Announces Second Quarter Net Income From Continuing Operations of $1.06 per Share; Quarterly Dividend Increased 50% to $0.30 per Share - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or the "Company") today announced that its second quarter 2011 attributable net income from continuing operations increased 37% to $523 million ($1.06 per share)(1) compared to $382 million ($0.78 per share) in the second quarter of 2010. Adjusted net income(2) increased 18% to $445 million ($0.90 per share) in the second quarter of 2011, from $377 million ($0.77 per share) in the second quarter of 2010." More
- July 29, 2011 | Item | ShareThis
Newmont Announces Second Quarter Net Income From Continuing Operations of $1.06 per Share; Quarterly Dividend Increased 50% to $0.30 per Share - "Newmont Mining Corporation (NYSE:NEM - News) ("Newmont" or the "Company") today announced that its second quarter 2011 attributable net income from continuing operations increased 37% to $523 million ($1.06 per share)(1) compared to $382 million ($0.78 per share) in the second quarter of 2010. Adjusted net income(2) increased 18% to $445 million ($0.90 per share) in the second quarter of 2011, from $377 million ($0.77 per share) in the second quarter of 2010." More
- July 29, 2011 | Item | ShareThis
Lateegra Gold Shareholders Vote 99.98% in Favour of Arrangement With Excellon Resources - "Lateegra Gold Corp. ("Lateegra" or the "Company") (TSX-V: LRG) is pleased to announce the results of its Special Meeting of Shareholders (the "Meeting") held on July 29, 2011 in Toronto, Ontario. At the Meeting, Lateegra Shareholders voted 99.98% in favour of the proposed arrangement (the "Arrangement") with Excellon Resources Inc. ("Excellon") (TSX: EXN.TO - News) to be carried out by way of a plan of arrangement pursuant to the Business Corporations Act (British Columbia)." More
- July 29, 2011 | Item | ShareThis
- Chris Mullen, Gold Seeker Report
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-- Posted 29 July, 2011 | |
