-- Posted 12 January, 2007 | | Source: SilverSeek.com
Note: All US markets will be closed on Monday for Martin Luther King Day.
| Close | Gain/Loss | On Week |
Gold | $625.40 | +$12.90 | +3.35% |
Silver | $12.78 | +$0.43 | +5.45% |
XAU | 134.78 | +2.49% | +1.31% |
HUI | 320.12 | +3.28% | +1.91% |
GDM | 1028.84 | +2.69% | +1.46% |
JSE Gold | 2731.95 | -0.55% | -1.53% |
USD | 85.03 | -0.25 | +0.44% |
Euro | 129.22 | +0.37 | -0.68% |
Yen | 83.07 | +0.07 | -1.44% |
Oil | $52.99 | +$1.11 | -5.90% |
10-Year | 4.771% | +0.034 | +2.69% |
Bond | 110.8125 | -0.375 | -1.20% |
Dow | 12556.08 | +0.33% | +1.27% |
Nasdaq | 2502.82 | +0.72% | +2.82% |
S&P | 1430.73 | +0.49% | +1.49% |
The Metals:
Gold traded mostly slightly lower in Asia, mostly slightly higher in London, and came into New York about a dollar lower. It next rose over 1% in midmorning trade, remained near its highs for the rest of the morning, and then more than doubled its gains in afternoon trade and closed with a gain of 2.11%. Silver followed a very similar pattern and closed with a gain of 3.48%.
Euro gold rose to about €485, platinum gained $15 to $1,146, palladium gained $6 to $330, and copper fell roughly 8 cents to about $2.49.
Gold and silver equities rose throughout trade and ended near their highs with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Import Prices | Dec | 1.1% | 0.6% | 0.5% |
Import Prices ex-oil | Dec | 0.4% | - | 0.9% |
Export Prices | Dec | 0.7% | 0.3% | 0.4% |
Export Prices ex-ag. | Dec | 0.5% | - | 0.1% |
Retail Sales | Dec | 0.9% | 0.7% | 0.6% |
Retail Sales ex-auto | Dec | 1.0% | 0.5% | 0.7% |
Business Inventories | Nov | 0.4% | 0.3% | 0.2% |
Treasury Budget | Dec | $44.5B | $24.0B | $11.2B |
All of this week’s economic reports:
Next week’s economic highlights include the NY Empire State Index on Tuesday, PPI, Net Foreign Purchases, Capacity Utilization, Industrial Production, and the Fed's Beige Book on Wednesday, CPI, Building Permits, Housing Starts, Initial Jobless Claims, Leading Indicators, and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rebounded from this week’s significant losses as some cold weather forecasts and rumors of an emergency OPEC meeting to cut production encouraged some buying ahead of the long weekend.
The U.S. dollar index fell as world central banks bought euros and traders sold the dollar on the view that this week’s rally was overdone.
Treasuries fell on better than expected economic data that pushed interest rates higher.
The Dow, Nasdaq, and S&P saw losses in early trade on profit warnings and interest rate worries, but all three indices climbed higher in afternoon trade and ended with decent gains on economic optimism.
Among the big names making news in the market Friday were AMD, Cablevision, GE, and Wachovia.
The Commentary:
“February Gold finished up 13 at 626.9, 1.9 off the high and 14.6 up from the low.
March Silver closed up 0.42 at 12.88. This was 0.44 up from the low and 0.06 off the high.
With the gold market seeing a reversal in the Dollar and a bounce in oil prices it wasn't surprising to see gold manage such an impressive run up. However, the magnitude of the gains posted Friday, were significant enough to assume that something other than a simple outside market reaction. In fact, with the grain markets exploding one might come to the conclusion that part of the buying on Friday was in some way inflation or flight to quality orientated. It is also possible that the favorable US retail sales reading prompted buying, especially since the Dollar failed to rally in the wake of that news. The Russia Central Bank expects gold and foreign currency reserves to grow by $70 to $80 billion this year and that might have prompted some players to anticipate an upcoming increase in Russian gold holdings. With the rally in oil prices and the decline in the Dollar some players are wondering if the broad based commodity liquidation wave has run its course.
With a massive upward extension the March silver contract exploded away from the 200 day moving average and in the process might have prompted technical short covering and fresh buying. Surprisingly a sharp slide in copper prices didn't discourage the silver market from making a big upward thrust and that would seem to suggest that investment demand expectations were playing a bigger role in the rally than physical demand expectations. In the end, the silver market rallied this week despite unfavorable US Dollar action, unfavorable Copper market action and despite evidence of rising production! As in the gold market, the silver market seems to have gotten beyond the broad based selling pattern and might be in line for renewed fund buying interest.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul to seek Republican presidential nomination
Western Australia's GATA sympathizers meet for lunch Jan. 22 in Perth
Gulf Arabs reconsider their currency pegs to dollar
The Statistics:
As of close of business: 1/11/2007
Gold Warehouse Stocks: | 7,530,811 | - |
Silver Warehouse Stocks: | 113,766,655 | +21,346 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 453.08 | 14,566,908 | US$ 8,914m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.49 | 2,780,839 | US$ 1,742m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,787 | US$ 215m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,452 | US$ 201m |
Note: change in Total Tonnes from yesterday’s data: The ASX added 0.1 tonnes.
COMEX Gold Trust (IAU)
Profile as of 1/10/2007 | |
Total Net Assets | $874,978,544 | Ounces of Gold
in Trust | 1,428,943.630 |
Shares Outstanding | 14,400,000 | Tonnes of Gold
in Trust | 44.45 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/10/2007 | |
Total Net Assets | $1,514,919,863 | Ounces of Silver
in Trust | 122,091,233.400 |
Shares Outstanding | 12,250,000 | Tonnes of Silver
in Trust | 3,797.46 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
International Royalty’s (ROY) Pascua royalty and Yamana’s (AUY) transfer from the Amex to the NYSE were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Mines MGMT | MGN+10.08% $5.24 |
2. Yamana | AUY +5.77% $12.64 |
3. Eldorado | EGO +5.70% $5.38 |
LOSERS
1. Crystallex | KRY -5.31% $3.21 |
2. Cardero | CDY -3.49% $1.66 |
3. Banro | BAA-2.51% $11.65 |
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:
Harris Exploration, Inc. Appoints New Director and President - More
- January 12, 2007 | Item | E-mail
C2C: Proposed Financing - More
- January 12, 2007 | Item | E-mail
General Minerals Corporation and South American Silver Corp. Announce the Issuance of the Drill Permit at the Escalones Copper-Gold Property in Chile - More
- January 12, 2007 | Item | E-mail
International Royalty completes first closing on Pascua royalty - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") reports that it has concluded the first of two closings on the Pascua royalty. The first closing, for a cash price of US$11.4 million, covers approximately one third of the total royalty being purchased. The purchase of the remaining interest for US 26 million is expected to close in late February, 2007." More
- January 12, 2007 | Item | E-mail
AfriOre reports financial results for the three and nine months ended November 30, 2006 - More
- January 12, 2007 | Item | E-mail
Pan African Mining Corp. International Oil Affiliate Closes Additional $1.28 Million Private Placement - More
- January 12, 2007 | Item | E-mail
Uranium Power Corp. Appoints New President - More
- January 12, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc. - Shareholder Notification - More
- January 12, 2007 | Item | E-mail
Yamana Gold Inc. Celebrates its Transfer from Amex to the NYSE - "Today, NYSE Group, Inc. (NYSE:NYX - News), welcomed Yamana Gold Inc. (NYSE:AUY - News), a transfer from the American Stock Exchange and a global leader in the production and exploration of gold and copper-gold development properties, to the world's leading equity market." More
- January 12, 2007 | Item | E-mail
Paul Valenti to lead Galway's development team - More
- January 12, 2007 | Item | E-mail
BacTech Issues Options - More
- January 12, 2007 | Item | E-mail
Kodiak's Drilling Traces Gold System for 900 Metres at Hercules - More
- January 12, 2007 | Item | E-mail
Robert Cathro Appointed to Board of Advisors - More
- January 12, 2007 | Item | E-mail
Coral Gold Resources Ltd.: Assay Results From Phase II Drilling at Robertson Property - More
- January 12, 2007 | Item | E-mail
Enterayon Acquires Silver Leaf Property - More
- January 12, 2007 | Item | E-mail
Golden Hope Mines-Bellechasse Gold Project - More
- January 12, 2007 | Item | E-mail
Technical Report for Lluvia de Oro Gold Mine Confirms Resource and Additional Exploration Potential - More
- January 12, 2007 | Item | E-mail
Significant Uranium Mineralization Confirmed by Golden Patriot, Corp.'s Successful Drill Program - More
- January 12, 2007 | Item | E-mail
- 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 2007
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 12 January, 2007 | |
