• Gold: 1,472.80 -0.25
  • Silver: 17.16 -0.00
  • Euro: 1.107 0.000
  • USDX: 97.915 0.091
  • Oil: 57.06 1.74

June 6: Gold Gains While Silver Surges

Chris Mullen
|
Wednesday, June 6th
 

Close

Gain/Loss

Gold

$1619.60

+$1.20

Silver

$29.40

+$0.84

XAU

165.69

+0.18%

HUI

454.71

+0.23%

GDM

1315.50

+0.11%

JSE Gold

2668.53

+27.83

USD

82.18

-0.59

Euro

125.73

+1.20

Yen

126.21

-0.77

Oil

$85.02

+$0.73

10-Year

1.651%

+0.095

T-Bond

149.34375

-1.875

Dow

12414.79

+2.37%

Nasdaq

2844.72

+2.40%

S&P

1315.13

+2.30%

 
 

The Metals:

 

Gold rose $22.40 to $1640.80 at about 8:30AM EST, but it then fell back off in early afternoon trade and ended with a gain of just 0.07%. Silver surged to as high as $29.895 before it also fell back off, but it still ended with a gain of 2.94%.

 

Euro gold fell to about €1288, platinum gained $22.70 to $1458.70, and copper gained 7 cents to about $3.37.

 

Gold and silver equities rose about 2% at the open before they fell to see over 1% losses by midafternoon, but they then rallied back higher in late trade and ended with slight gains.

The Economy:

 

Report

For

Reading

Expected

Previous

Productivity

Q1

-0.9%

-0.8%

-0.5%

Unit Labor Costs

Q1

1.3%

2.3%

2.0%

 

The fed’s Beige book “said today that the U.S. economy maintained a moderate pace of growth as factory output rose and the real-estate market improved.”

 

Bernanke testifies tomorrow at 10AM EST before the congressional Joint Economic Committee. Additionally tomorrow at 8:30AM are Initial Jobless Claims for 6/02 expected at 375,000 and at 3PM is Consumer Credit for April expected at $12.7 billion.

 

The Markets:

 

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

 

Oil rose as the U.S. dollar index fell “after European Central Bank President Mario Draghi hinted officials remain open to easing policy, while U.S. central banks said more bond purchases remains an option.”

 

Treasuries fell as the Dow, Nasdaq, and S&P rose on “speculation policy makers will take steps to revive the slowing economy.”

 

Among the big names making news in the market today were GE, Apple, Morgan Stanley, Starbucks, and Chesapeake.

 

GATA Posts:

 

 

Barrick Gold ousts CEO Aaron Regent

Russian central bank won't answer gold questions

Jim Rickards: U.S. can't audit gold without revealing its importance and the tricks played with it

 

The Statistics:

As of close of business: 6/05/2012

Gold Warehouse Stocks:

11,006,826.314

-160.75

Silver Warehouse Stocks:

142,926,101.697

+596,793.03

 

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

awaited

awaited

US$awaited

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

Gold Bullion Securities

awaited

awaited

US$awaited

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

ETFS Physical Gold

awaited

awaited

US$awaited

Australian Stock Exchange (ASX)

Gold Bullion Securities

awaited

awaited

US$awaited

Johannesburg Securities Exchange (JSE)

New Gold Debentures

awaited

awaited

US$awaited

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

 

COMEX Gold Trust (IAU) Total Tonnes in Trust: 176.91: +0.76 change from yesterday’s data.

Silver Trust (SLV) Total Tonnes in Trust: 9,669.08: +30.18 change from yesterday’s data.

 

The Miners:

 

Kinross Gold’s (KGC) unlawful work stoppage, Barrick’s (ABX) CEO appointment, and Pretivm’s (PVG) drill results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1. Mines MGMT

MGN +7.59% $1.56

2. Pretivm

PVG+6.60% $15.02

3. Avino

ASM +6.42% $1.41

LOSERS

1. Aurizon

AZK-5.48% $5.00

2. ITH

THM-5.22%$3.45

3. Nevsun

NSU-4.77%$3.79

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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© Gold Seeker 2012

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