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Gold Seeker Closing Report: Gold and Silver End Slightly Lower

By: Chris Mullen, Gold-Seeker.com



-- Posted 1 August, 2011 | |

 

Close

Gain/Loss

Gold

$1618.50

-$9.20

Silver

$39.22

-$0.85

XAU

206.99

+0.57%

HUI

548.32

+0.87%

GDM

1591.06

+0.81%

JSE Gold

2442.54

+41.57

USD

74.29

+0.42

Euro

142.61

-1.42

Yen

129.61

-0.56

Oil

$94.89

-$0.81

10-Year

2.740%

-0.065

T-Bond

129.00

+0.875

Dow

12132.49

-0.09%

Nasdaq

2744.61

-0.43%

S&P

1286.94

-0.41%

 
 

 

The Metals:

 

Gold fell $17.65 to as low as $1610.15 by a little after 9:30AM EST before it jumped to as high as $1631.74 by early afternoon in New York, but it then fell back off a bit in the last hour of trade and ended with a loss of 0.57%.  Silver fell to $39.027 before it climbed to as high as $40.02, but it also fell back off in late trade and ended with a loss of 2.12%.

 

Euro gold climbed to about €1137, platinum gained $9.25 to $1787.25, and copper dropped 7 cents to about $4.40.

 

Gold and silver equities rose over 1% in the first half hour of trade before they fell back off a bit, but they still ended with modest gains.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ISM Index

July

50.9

54.0

55.3

Construction Spending

June

0.2%

0.0%

0.3%

 

“Congressional leaders scrambled for enough votes on Monday to push through an 11th-hour White House-backed deal to raise the U.S. borrowing limit and avert an unprecedented debt default.

 

Just one day before the deadline to lift the government's borrowing authority, the Democratic-led Senate was expected to pass the $2.1 trillion deficit-cutting plan later on Monday but lingering uncertainty about its fate in the more fractious Republican-controlled House of Representatives rattled financial markets worldwide.

 

Leaders of both parties worked furiously to sell their rank-and-file on a deal reached with President Barack Obama on Sunday in a bid to end an acrimonious impasse that has undermined America's stature at home and abroad.”

 

Tomorrow at 8:30AM EST brings Personal Income for June expected at 0.1%, Personal Spending expected at 0.1%, and Core PCE Prices expected at 0.2%.

 

The Markets:

 

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

 

Oil fell while the U.S. dollar index and treasuries rose on weak economic data that sent the Dow, Nasdaq, and S&P markedly lower at times, but optimism over a debt deal gave some strength to the major indices both at the open and also in late trade.

 

Among the big names making news in the market today were Google, Kodak, Honda, HSBC, Allstate, and American Express and Verizon Wireless.

 

GATA Posts:

 

Gene Arensberg: Market signals turning against gold

Deficits don't matter -- till China says they do

 

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

1263.580

40,625,345

US$65,910m

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$6,007m

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$6,577m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

473,853

US$741m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

48.09

1,546,286

US$2,442m

NASDAQ Dubai

Dubai Gold Securities

0.154

4,952

US$8m

 Note: Change in Total Tonnes from yesterday’s data: SPDR added 0.606 tonnes to a new 6-month high.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 156.16: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,915.86: No change from yesterday’s data.

 

The Miners:

WINNERS

1.  Exeter

XRA +6.44% $4.46

2.  Midway

MDW+5.88% $2.52

3.  Lake Shore

LSG +5.54% $2.42

 

LOSERS

1.  Solitario

XPL -2.14% $2.75

2.  Gold Reserve

GRZ -1.26% $2.35

3.  Randgold

GOLD-0.93% $89.97

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:

http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1051">Bullion Monarch Mining Reports a Per Share Increase in Net Income of 142% - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1050">Ur-Energy Announces Appointment of Wayne Heili as Chief Executive Officer - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1049">Lone Star Gold Inc. Announces the Official Launch of Its Corporate Website - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1048">Uranerz Commences ISR Uranium Mine Construction - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1047">Alto Group Holdings Announces the Formation of Mexican Wholly Owned Subsidiary - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1046">U.S. Precious Metals Inc. Engages New York Based Investment Bankers DME Securities - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1045">Bellhaven Expands Mineralization Footprint at the La Mina Project with New Gold-Copper Intercepts at the Middle Zone and Filo de Oro Prospects - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1044">Goldrich Announces Closing of Private Placement Financing - More
- August 01, 2011 | Item | ShareThis


http://www.goldreview.com/images/arrow2.png" type="#_x0000_t75" o:spid="_x0000_i1043">Silver Standard Sells Bowdens Project - "Silver Standard Resources Inc. ("Silver Standard") (TSX: SSO - News)(NASDAQ: SSRI - News) announced today that it has entered into a definitive agreement with Kingsgate Consolidated Limited ("Kingsgate") to sell 100% of the Bowdens project in NSW, Australia ("Bowdens") for an aggregate consideration of A$75 million ($83 million). Kingsgate is an Australian-based company listed on the Australian Stock Exchange." More
- August 01, 2011 | Item | ShareThis


 

- Chris Mullen, Gold Seeker Report

 

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© 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 1 August, 2011 | |


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