-- Posted 25 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $648.30 | +$1.20 |
Silver | $13.36 | +$0.18 |
XAU | 138.45 | -1.26% |
HUI | 330.98 | -1.10% |
GDM | 1062.56 | -1.13% |
JSE Gold | 2877.96 | +1.51% |
USD | 85.12 | +0.17 |
Euro | 129.29 | -0.28 |
Yen | 82.52 | -0.12 |
Oil | $54.23 | -$1.14 |
10-Year | 4.867% | +0.057 |
T-Bond | 109.71875 | -0.59375 |
Dow | 12502.56 | -0.94% |
Nasdaq | 2434.24 | -1.30% |
S&P | 1423.90 | -1.13% |
The Metals:
Gold remained near unchanged in Asia and rose about $5 to above $650 in London and early New York trade, but it then fell off a bit into the close and ended with a gain of just 0.19%. Silver rose up to about $13.50 before it also fell off into the close, but it still ended with a respectable gain of 1.37%.
Euro gold remained above €500, platinum rose $5 to $1,180, palladium gained $1 to $350, and copper rose over 5 cents to about $2.66.
Gold and silver equities rose over 1% in the first couple hours of trade, but they then fell off for most of the rest of trade and ended over 1% lower.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 1/20 | 325K | 310K | 289K |
Existing Home Sales | Dec | 6.22M | 6.30M | 6.27M |
Help-Wanted Index | Dec | 33 | 31 | 29 |
Tomorrow at 8:30AM EST is the Durable Goods Orders report expected at 3.5% and at 10AM is the New Home Sales report expected at 1,050,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on signs that OPEC is not living up to its stated production cuts as oil began pumping out of a Northern Iraqi pipeline as well.
The U.S. dollar index followed treasury note yields higher as higher interest rates in the U.S. encourage investment in the currency.
Treasuries fell despite lower than expected Existing Home Sales as home prices moved higher and inventories of unsold homes fell.
The Dow, Nasdaq, and S&P fell about 1% despite good earnings reports as worries over home sales and higher interest rates weighed heavily on the markets.
Among the big names making news in the market today were Nokia, Dow Chemical, Blackstone and Equity Office, Ford, AT&T, Baxter, and Cardinal Health and Blackstone.
The Commentary:
“February Gold finished down 0.1 at 648.1, 6.5 off the high and 1.1 up from the low.
March Silver closed up 0.217 at 13.49. This was 0.09 up from the low and 0.11 off the high.
The gold market showed early strength, added to the early gains and then the market softened into mid session and then probably disappointed the bulls with the closing action. It is important to note that the gold managed the mid morning gains without the help of a weak Dollar and or beneficial oil price action. In fact, the morning gold rally was forged in the face of weak US economic stats and a generally soft US equity market which is surprising in its own right. While the gold market could have been supported by mid session news of escalating violence in Lebanon, the gold market in general didn't seem to pay much attention to the latest potentially supportive development from the Middle East. However, it is possible that developing oil market weakness served to dampen the potential speculative lift off the situation in Lebanon, as the oil market weakened throughout the session.
Certainly fund buying was part of the early rally in the silver market on Thursday. In fact, with a number of outside market influences patently bearish for silver in the face of the morning rally, some players were quite surprised with the action. However, into mid session the silver market saw a significant reversal and at times the market was actually back into negative ground. However, the silver market did manage to re-gather itself after the mid session swoon and in general left the trade was left with a mostly bullish outlook. In fact, with the copper market showing significant strength and the Chinese posting a very strong growth reading ahead of the US session, it would seem like the silver market was getting both physical and investment interest during the trade Thursday. In the end, the silver market clearly outperformed the gold market and that might have some bulls discounting the gains the silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gulf states seen shifting away from U.S. assets
Gold Fields closes Western Areas hedge book
Doug Hornig: The gold price-fixing conspiracy
Gold Rush 21 DVD promotion posted at YouTube
Fed economist proposes revaluing coins before they're melted down
The Statistics:
As of close of business: 1/24/2007
Gold Warehouse Stocks: | 7,463,524 | - |
Silver Warehouse Stocks: | 114,160,390 | - |
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 | 450.30 | 14,477,672 | US$ 9,294m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.48 | 2,780,439 | US$ 1,796m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,737 | US$ 222m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.25 | 329,405 | US$ 211m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/24/2007 | |
Total Net Assets | $909,087,161 | Ounces of Gold
in Trust | 1,404,140.630 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.67 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 1/24/2007 | |
Total Net Assets | $1,532,184,002 | Ounces of Silver
in Trust | 116,112,664.800 |
Shares Outstanding | 11,650,000 | Tonnes of Silver
in Trust | 3,611.51 |
Note: Change in Total Tonnes from yesterday’s data: 92.97 tonnes were subtracted from the trust.
The Stocks:
Tanzanian Royalty’s (TRE) drill results, Newmont’s (NEM) trial in Indonesia, Gold Fields’ (GFI) earnings, $1.2 billion private placement, and terminated Western Areas hedge book, and Excellon’s (EXN.V) stock options were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Almaden | AAU +5.88% $2.34 |
2. Nevsun | NSU +3.65% $2.27 |
3. Freeport | FCX+3.62% $58.38 |
LOSERS
1. Gold Fields | GFI -5.56% $16.99 |
2. Fronteer | FRG-4.25% $10.15 |
3. Cumberland | CLG -3.73% $5.68 |
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:
Excellon Grants Incentive Stock Options - "Excellon Resources Inc. (TSX VENTURE:EXN - News) is pleased to announce it has granted an incentive stock option to Mr. John Sullivan, the Company's new Vice President - Exploration, to purchase up to 400,000 common shares, exercisable at a price of $1.41 for a period of five years expiring on January 25, 2012." More
- January 25, 2007 | Item | E-mail
Denison Mines' hunt for uranium heats up - More
- January 25, 2007 | Item | E-mail
Uracan Resources Ltd. grants stock options - More
- January 25, 2007 | Item | E-mail
Corriente delays Mirador production, stock sinks - More
- January 25, 2007 | Item | E-mail
$1 Million Program Planned for Fiji Property - More
- January 25, 2007 | Item | E-mail
Harte Gold Corp. and Corona Gold Corporation: Joint News Release - More
- January 25, 2007 | Item | E-mail
Alma Resources Trading on Frankfurt Stock Exchange - More
- January 25, 2007 | Item | E-mail
DIOS Reports a Uranium Anomaly on Hotish East Block - More
- January 25, 2007 | Item | E-mail
Universal Uranium intersects additional mineralization during Phase Two drilling - More
- January 25, 2007 | Item | E-mail
Excellon Grants Incentive Stock Options - More
- January 25, 2007 | Item | E-mail
Tanzanian Royalty Reports High Grade Results from Kigosi Project - "Tanzanian Royalty Exploration Corporation is pleased to announce that impressive assay results have been returned from six, shallow reverse circulation drill holes completed late last year on its Luhwaika prospect within the Kigosi Project Area in the Lake Victoria goldfields of Tanzania." More
- January 25, 2007 | Item | E-mail
Canadian Royalties Inc.: 2006 Exploration Results-Mesamax Deposit, High-grade Mineralization Discovered at Depth and Resource Updated - More
- January 25, 2007 | Item | E-mail
Silver Shield Resources Inc. Completes Option Agreements - More
- January 25, 2007 | Item | E-mail
Ditem Explorations: Proposed $2.75 Million Private Placement - More
- January 25, 2007 | Item | E-mail
Gabriel Announces Year End 2006 Results and Project Update on Rosia Montana - More
- January 25, 2007 | Item | E-mail
Mayfair Mining & Minerals, Inc., 2006 -- the Year in Review - More
- January 25, 2007 | Item | E-mail
Newmont Announces Fourth Quarter and Year-end Earnings Call - "Newmont Mining Corporation (NYSE: NEM - News) announced it will report 2006 fourth quarter and year-end earnings, as well as 2006 reserves, on February 22, 2007. A conference call will be held that day at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time) that will be carried on the Company's web site." More
- January 25, 2007 | Item | E-mail
Tornado Gold Requests Proxy Votes - More
- January 25, 2007 | Item | E-mail
Canadian Shield Announces Exploration Results - More
- January 25, 2007 | Item | E-mail
Alturas Reports up to 82.0 metres @ 1.17 grams/tonne Gold and 6.51 grams/tonne Silver from Drilling at Huilacollo Gold Project, Peru - More
- January 25, 2007 | Item | E-mail
Ecstall Mining Corporation updates status of technical report for Akie property - More
- January 25, 2007 | Item | E-mail
MDN Northern Mining: Tulawaka Mine Produces 139,655 Ounces of Gold in 2006 - More
- January 25, 2007 | Item | E-mail
North American Palladium Appoints New Vice-President of Exploration & Development - More
- January 25, 2007 | Item | E-mail
Marathon Measured and Indicated In-Pit Resource Grows 39% - More
- January 25, 2007 | Item | E-mail
Alexco Announces Additional High Grade 2006 Keno Hill Drill Results: Bellekeno Mine Area - More
- January 25, 2007 | Item | E-mail
Normabec Mining Resources Ltd.: Drill Program Initiated on Pitt Gold High Discovery - More
- January 25, 2007 | Item | E-mail
Western Goldfields Announces Completion of C$70 Million Public Offering of Common Shares - More
- January 25, 2007 | Item | E-mail
Unico, Inc. Announces New Metallurgist for Mill and Processing Facility at the Deer Trail Mine - More
- January 25, 2007 | Item | E-mail
Western Warrior acquires Redvers project in Northwestern Ontario - More
- January 25, 2007 | Item | E-mail
Geneva Gold Corp. Reaches Letter Agreement to Acquire Majority Interest in Vilcoro Gold Property, Peru - More
- January 25, 2007 | Item | E-mail
Colibri Resource Corp. Drilling Expands Near-Surface Silver-Lead-Zinc Mineralization at Ramard Project, Sonora, Mexico - More
- January 25, 2007 | Item | E-mail
Scorpio's Underground Drilling Hits Multiple New High-Grade Lenses Adjacent to North and South Extensions of Nuestra Senora Deposit - More
- January 25, 2007 | Item | E-mail
Columbia Announces Receiving Final TSX-V Approval for a $2,000,000 Non-Brokered Private Placement and Appointment of New Chief Financial Officer - More
- January 25, 2007 | Item | E-mail
Golden Eagle's C Zone Pilot Operations Working to Confirm Core Gold Mineralization Identified During Exploration Program - More
- January 25, 2007 | Item | E-mail
Ron Guill joins Galway's Board - More
- January 25, 2007 | Item | E-mail
Goldcrest Announces Results from its 1,385 Metre RC Drilling Program at the Kampti Gold Project in Burkina Faso - More
- January 25, 2007 | Item | E-mail
Shareholder Update - More
- January 25, 2007 | Item | E-mail
Keegan Arranges Non Brokered Private Placement for the Rapid Advancement of Esaase and Asumura Gold Projects - More
- January 25, 2007 | Item | E-mail
Everton Announces 2007 Exploration Program in the Dominican Republic - More
- January 25, 2007 | Item | E-mail
Globex, Inc. Announces Shareholder Approval of Uranium Mining Claims Acquisition and Plans to Establish Mining Subsidiary - More
- January 25, 2007 | Item | E-mail
Corriente Resources Inc.: Mirador Project Timeline Extended - More
- January 25, 2007 | Item | E-mail
Idaho General Mines, Inc. Announces Addition of Patrick C. Rogers as Director of Environmental and Permitting for the Mount Hope Molybdenum Project in Nevada - More
- January 25, 2007 | Item | E-mail
REPEAT: Alexis Minerals Announces Conference Call and Webcast for Thursday, Jan 25th at 10 AM E.S.T. - More
- January 25, 2007 | Item | E-mail
Golden Phoenix's Ashdown Project Completes Second Sale of Molybdenum Concentrate - More
- January 25, 2007 | Item | E-mail
Dhanoa Minerals Develops the Infrastructure in Order to Maximize Production and Revenues - More
- January 25, 2007 | Item | E-mail
Cameco Reports Progress on Remediation of Cigar Lake Project - More
- January 25, 2007 | Item | E-mail
GenX Resource Corporation Reduces Common Shares Outstanding by More Than 50% From 48m to 28m - More
- January 25, 2007 | Item | E-mail
Triex Minerals Corporation: Follow-up Drilling is Planned Following Positive Results from Phase I Program at Mann Lake, Athabasca Basin - More
- January 25, 2007 | Item | E-mail
Hinterland to drill Plateau Project PGE Discovery in Quebec - More
- January 25, 2007 | Item | E-mail
Uranium Energy Corp Announces Progress on Mine Permitting and Development at its 100%-Owned Goliad Uranium Project - More
- January 25, 2007 | Item | E-mail
Formation Capital Corporation: 2006 Diamond Drilling on Virgin River Uranium Project Returns Highest Grade Thickness Product to Date - More
- January 25, 2007 | Item | E-mail
Bayswater Commences Airborne Surveys in Athabasca Basin to Identify Uranium Drill Targets - More
- January 25, 2007 | Item | E-mail
Cash Minerals to Host Conference Call to Discuss Results From 2006 Exploration at Igor Property, Wernecke Uranium District, Yukon - More
- January 25, 2007 | Item | E-mail
Indonesia Newmont boss says charges don't hold up - "The head of the Indonesian unit of Newmont Mining Corp. (NEM.N: Quote, Profile , Research) told a court on Thursday that prosecutors had failed to provide evidence supporting pollution charges against him." More
- January 25, 2007 | Item | E-mail
Gold Fields Limited: US$1.2 Billion Capital Raising - "Gold Fields Limited (Gold Fields) (NYSE: GFI , JSE: GFI , DIFX: GFI) today announces a capital raising by way of a private placement to institutional investors of new shares in the Company (the "Capital Raising") to raise the ZAR-equivalent of up to US$1,200 million. The Capital Raising will be undertaken as a Vendor Consideration Placing under the JSE Listings Requirements." More
- January 25, 2007 | Item | E-mail
Gold Fields: Operating Profit Maintained at R2 Billion (US$270 Million) Generating Bottom Line Earnings of R767 Million (US$104 Million) - "Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings for the December 2006 quarter of R767 million compared with R698 million in the September 2006 quarter and R284 million for the December quarter of 2005. In US dollar terms net earnings for the December 2006 quarter were US$104 million compared with US$98 million in the September 2006 quarter and US$44 million for the December quarter of 2005." More
- January 25, 2007 | Item | E-mail
Gold Fields Terminates Western Areas Hedge Book - "Gold Fields inherited the Western Areas hedge book when it took control of Western Areas in December 2006. The hedge book had a maturity profile from December 2006 to December 2014 and consisted of options, with a delta of 1,005,000 gold ounces, and deferred premiums. At the end of the last quarter, on 29 December 2006, the marked to market value of the hedge book was US$383 million, with a deferred premium of US$ 157 million, for a total of US$540 million. This compares to the total cost of termination of US$528 referred to above." More
- January 25, 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 25 January, 2007 | |
