• Gold: 1,197.49 -3.82
  • Silver: 16.35 -0.13
  • Euro: 1.240 0.001
  • USDX: 88.279 0.638
  • Oil: 76.81 0.15

June 8: Gold and Silver End Mixed on the Week

Chris Mullen
|
Friday, June 8th
 

Close

Gain/Loss

On Week

Gold

$1594.60

+$3.00

-1.70%

Silver

$28.61

UNCH

+0.53%

XAU

162.10

+0.60%

-0.37%

HUI

442.71

+0.64%

-0.40%

GDM

1280.04

+0.55%

-0.59%

JSE Gold

2540.74

+3.58

-3.44%

USD

82.50

+0.28

-0.39%

Euro

125.02

-0.59

+0.60%

Yen

125.94

+0.34

-1.65%

Oil

$84.10

-$0.72

+1.05%

10-Year

1.637%

-0.017

+11.59%

Bond

149.21875

+0.15625

-2.23%

Dow

12554.20

+0.75%

+3.59%

Nasdaq

2858.42

+0.97%

+4.04%

S&P

1325.66

+0.81%

+3.73%

 
 

The Metals:

 

Gold continued yesterday’s dive and fell another $34.70 to as low as $1556.90 in early Asian trade, but it then climbed its way back higher for most of the rest of the day and ended with a gain of 0.19%. Silver slipped to as low as $27.948 by a little after 4AM EST before it also rallied back higher in London and New York and ended unchanged on the day.

 

Euro gold rose to about €1276, platinum lost $6.50 to $1431.50, and copper dropped 6 cents to about $3.31.

 

Gold and silver equities fell about 2% at the open, but they soon rallied back to about unchanged on the day and ended with modest gains.

The Economy:

 

Report

For

Reading

Expected

Previous

Trade Balance

Apr

-$50.1B

-$49.7B

-$52.6B

Wholesale Inventories

Apr

0.6%

0.5%

0.3%

 

U.S. debt load falling at fastest pace since 1950s Yahoo

All of this week’s other economic reports:

 

Consumer Credit - April

$6.5B v. $12.4B

Initial Claims - 6/2

377K v. 389K

Productivity - Q1

-0.9% v. 0.5%

Unit Labor Costs - Q1

1.3% v. 2.0%

ISM Services - May

53.7 v. 53.5

Factory Orders - April

-0.6% v. -2.1%

 

Next week’s economic highlights include Export and Import Prices and the Treasury Budget on Tuesday, Retail Sales, PPI, and Business Inventories on Wednesday, Initial Jobless Claims, CPI, and the Current Account Balance on Thursday, and Empire Manufacturing, Net Long Term TIC Flows, Industrial Production, Capacity Utilization, and Michigan Sentiment on Friday.

 

The Markets:

 

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

 

Oil fell as the U.S. dollar index and treasuries rose “after a Spanish credit rating downgrade added to investor reluctance to take on risk and ratcheted up concern the European debt crisis was intensifying.”

 

The Dow, Nasdaq, and S&P fell at the open on worries about Europe, but they then turned back higher midmorning and ended with decent gains on hopes that talks over the weekend will result in a bailout for Spain.

 

Among the big names making news in the market Friday were Chesapeake, Google, Facebook, Anadarko, and McDonald’s.

 

GATA Posts:

 

 

GoldSeek Radio interviews GATA Chairman Bill Murphy

 

The Statistics:

Activity from: 6/07/2012

Gold Warehouse Stocks:

11,007,594.074

-32.15

Silver Warehouse Stocks:

143,486,176.317

-

 

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

1274.789

40,985,746

US$65,794m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra)

Gold Bullion Securities

118.33

3,804,423

US$6,022m

London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam

ETFS Physical Gold

139.97

4,500,069

US$7,338m

Australian Stock Exchange (ASX)

Gold Bullion Securities

14.21

472,184

US$723m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

38.75

1,245,980

US$1,956m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 177.27: No change from yesterday’s data.

 

Silver Trust (SLV) Total Tonnes in Trust: 9,669.08: -0.17 change from yesterday’s data.

 

The Miners:

 

Buenaventura’s (BVN) resumed operations and Comstock’s (LODE) cured BLM notice were among the big stories in the gold and silver mining industry making headlines Friday.

 

WINNERS

1. Gold Reserve

GRZ+5.40% $3.32

2. Rubicon

RBY +5.05% $2.91

3. Richmont

RIC +3.31% $6.25

LOSERS

1. Extorre

XG-12.00% $ $2.64

2. ITH

THM -5.01% $3.22

3. McEwen

MUX -3.49% $2.49

Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.

Please see Yahoo’s Mining/Metals News Wire for all of today’s mining news.

- Chris Mullen, Gold Seeker Report

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

© Gold Seeker 2012

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.

 

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