-- Posted 31 January, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $651.90 | +$7.80 |
Silver | $13.45 | +$0.17 |
XAU | 139.89 | +1.37% |
HUI | 336.01 | +1.95% |
GDM | 1074.91 | +1.57% |
JSE Gold | 2794.18 | +2.10% |
USD | 84.60 | -0.40 |
Euro | 130.27 | +0.65 |
Yen | 82.79 | +0.56 |
Oil | $58.14 | +$1.17 |
10-Year | 4.826% | -0.049 |
T-Bond | 110.125 | +0.625 |
Dow | 12621.69 | +0.79% |
Nasdaq | 2463.93 | +0.62% |
S&P | 1438.24 | +0.66% |
The Metals:
Gold traded as much as $3 higher in Asia and London before it fell at the New York open and traded over $2 lower at $641.90 at about 9AM EST, but it then rose over $10 in the next 2 hours of trade, fell back off a bit, rallied back higher into the close, and ended with a gain of 1.21%. Silver fell to $13.20 before it rallied over 40 cents higher in the next 2 hours of and trade and then fell back off a bit into the close, but it still ended with a gain of 1.28%. At the time of writing, both metals are also trading slightly higher from their closes in reaction to the fed’s statement.
Euro gold rose over €500, platinum gained $4 to $1,183, palladium remained unchanged at $338, and copper gained a few cents to about $2.57.
Gold and silver equities rose about 2% in the first couple hours of trade before they fell back off a bit leading up to the fed’s statement, but they soon returned close to their highs of the day following the fed’s statement and closed with near 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q4 | 3.5% | 3.0% | 2.0% |
Chain Deflator | Q4 | 1.5% | 1.6% | 1.9% |
Employment Cost Index | Q4 | 0.8% | 1.0% | 1.0% |
Chicago PMI | Jan | 48.8 | 52.0 | 51.6 |
Construction Spending | Dec | -0.4% | 0.0% | 0.1% |
The fed’s statement kept interest rates unchanged at 5.25% and noted moderate growth, low inflation, and tentative signs of stabilization in the housing market.
Tomorrow at 8:30AM EST brings Personal Spending for December expected at 0.7%, Personal Income expected at 0.5%, and Initial Jobless Claims for 1/27 expected at 315,000. At 10AM is the ISM Index for January expected at 51.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil seesawed on either side of unchanged after inventory reports showed crude inventories built 2.7 million barrels, gasoline inventories built 3.8 million barrels, and distillates fell 2.6 million barrels, but it then rose and ended near its highs after the fed came out and was positive on economic growth.
The U.S. dollar index rose following strong GDP, fell after Chicago PMI and Construction Spending came in weaker than expected, fell further after Treasury Secretary Paulson boosted the yen with some comments that he is watching the value of the currency "very, very closely," and fell even further following the fed’s statement that dashed any possible hopes for a fed interest rate hike anytime soon.
Treasuries fell after strong GDP, rose after weaker than expected Chicago PMI and Construction Spending, and gained even further following the fed’s statement that sent interest rates lower.
The Dow rose on decent earnings while the Nasdaq and S&P remained near unchanged ahead of the fed’s statement, but all three indices rose markedly following the fed’s statement and the Dow made a new all-time closing high while the S&P ended near a new 6 year high.
Among the big names making news in the market today were Google, Ford, Altria, US Airways and Delta, Boeing, Time Warner, Kodak, Lilly, and Tata Steel and Corus.
The Commentary:
“… The point is "the insiders" have an un-American unfair advantage over the little guy investor. It is an outrage. However, because they are the rich and powerful, when it comes to supporting the politicians, few are willing to take them on and expose the corruptness in this mess.
That sad part is The Gold Cartel and PPT crew have taken away the barometers from the investing public. Things might not be as copacetic as they appear on the surface, or according to that barometer. A rising gold price elicits such warnings, as does a volatile stock market in which the public is frightened out at times due to sharp corrections. IMO they have been put to sleep in both cases. Therefore, they are likely to be stunned one day and unprepared for some severe financial market distress. MANY will be left holding the bag, while the "insider banker, investment houses" will have either jumped out of the way of serious market losses, or made so much money up until then, the chaos will have little effect on their personal financial well-being.
Only then will a GATA be heard in the US. Too late for most. The Titanic will have already struck the iceberg.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 7.7 at 657.9, 2.4 off the high and 10.4 up from the low.
March Silver closed up 0.195 at 13.57. This was 0.29 up from the low and 0.13 off the high.
At first blush one might have viewed the US economic data on Wednesday morning as neutral. However, seeing US GDP growth come in strong and seeing the Employment Cost Index decline might have set the ground work for a wider acceptance of an "on-hold" Fed, which might have been seen as a bullish setup for gold. With oil prices also managing to roar off some early highs, it is likely that flight to quality buying was present in the gold trade. In fact, the Press was already trumpeting an influx of investment interest prior to the favor turn in the energy complex and therefore the gold market saw a number of bullish themes come alive. In the end the FOMC meeting result seemed to provide a late buying burst to the gold market and in turn put the Dollar under additional pressure and that was a distinctly bullish result.
While the Fed hinted at lower inflation threats, the silver market didn't seem to be undermined that development. Instead gold and silver was lifted as a result of the potential for a steady Fed, as that might allow US growth to re-gather itself. With oil prices showing amazing strength in the wake of the weekly oil inventory reports and the US equity market lifted by the Fed outcome, it would seem like market conditions for silver ended the day somewhat improved over those present early in the session. Neither silver or copper was that concerned about the Fed's view that both growth and inflation were set to moderate, and that in turn might mean that investment interest will generally continue to flow toward silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mining giants indignant that someone else should rape and pillage Africa
Central banks can't determine how much leverage is out there
The Statistics:
As of close of business: 1/30/2007
Gold Warehouse Stocks: | 7,431,355 | - |
Silver Warehouse Stocks: | 113,958,020 | - |
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$ 9,338m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 86.47 | 2,780,254 | US$ 1,815m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,715 | US$ 224m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,384 | US$ 212m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/30/2007 | |
Total Net Assets | $904,253,518 | 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 1/30/2007 | |
Total Net Assets | $1,539,353,074 | Ounces of Silver
in Trust | 117,108,945.800 |
Shares Outstanding | 11,750,000 | Tonnes of Silver
in Trust | 3,642.50 |
Note: Change in Total Tonnes from yesterday’s data: 30.99 tonnes were added to the trust.
The Stocks:
Bema’s (BGO) acquisition approval by Kinross (KGC), Minco’s (MMK) spin-off and name change, Taseko’s (TGB) copper cathode production, Cumberland’s (CLG) drill results, Banro’s (BAA) increased resources, Gold Fields’ (GFI) raised capital, ECU’s (ECU.V) drill results, Palmarejo’s (PJO.V) drilling updates, IMPACT’s (IPT.V) Frankfurt listing, Bear Creek’s (BCM.V) drill results, and Strategic Nevada’s (SNS.V) power restoration were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +12.57% $4.03 |
2. Minco Mining | MMK +6.59% $1.471 |
3. Exeter | XRA +6.53% $2.12 |
LOSERS
1. Tanzanian Royalty | TRE -4.62% $5.37 |
2. Apex Silver | SIL -3.07% $13.881 |
3. Great Basin | GBN -0.53% $1.8601 |
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:
Largo Resources Begins Platinum and Palladium Sampling Program at the Maracas Project in Bahia, Brazil - More
- January 31, 2007 | Item | E-mail
HudBay Announces January 01, 2007 Mineral Reserves and Mineral Resources - More
- January 31, 2007 | Item | E-mail
Aurus Announces Extension Regarding Date of Record of Dividend - More
- January 31, 2007 | Item | E-mail
Vior Grants 280,000 Share Options to Directors, Officers and Employees - More
- January 31, 2007 | Item | E-mail
bcMetals throws support behind bigger Imperial bid - "bcMetals (C.V: Quote, Profile , Research) threw its support behind a sweetened offer from Imperial Metals (III.TO: Quote, Profile , Research) on Wednesday, the latest round in a bidding battle against Taseko Mines (TKO.TO: Quote, Profile , Research) for control of the junior explorer." More
- January 31, 2007 | Item | E-mail
Drilling Update on its Jeep Property, Manitoba - More
- January 31, 2007 | Item | E-mail
Minco Mining & Metals Corporation to Spin-Off White Silver Mountain and Change Its Name to Minco Gold Corporation - "Minco Mining & Metals Corporation (Toronto Future:MMM.TO - News)(AMEX:MMK - News) (the "Company") announces it will proceed with a reorganization and spin-off of its White Silver Mountain Property to Minco Base Metals Corporation ("Minco Base Metals") with the intention to build a strong base metals company in China." More
- January 31, 2007 | Item | E-mail
Sargold Appoints George Paspalas as President, COO & Director - More
- January 31, 2007 | Item | E-mail
Taseko Mines Limited: Copper Cathode Production Resumes at Gibraltar Mine - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto Future:TKO.TO - News)(AMEX:TGB - News) announces that the first 99.9% pure copper cathode was produced on January 26 from the refurbished and recommissioned solvent extraction and electrowinning (SX-EW) plant at its Gibraltar mine. The 100% owned Gibraltar operation is located near Williams Lake in south-central British Columbia." More
- January 31, 2007 | Item | E-mail
ECU Silver and Golden Tag Announce High Grade Silver-Lead-Zinc Values in Continuing Exploration on the San Diego Joint Venture, Mexico - "We are pleased with all the data collected to date on the San Diego JV property with Golden Tag. The quality of the latest results justify further drilling on the property once the current program is completed as the continuity of the veins as well as the grades have exceeded our expectations." More
- January 31, 2007 | Item | E-mail
Initial Mineral Resource Estimate - Penasco Quemado Zone - More
- January 31, 2007 | Item | E-mail
Skyline Announces Engagement of Driller - More
- January 31, 2007 | Item | E-mail
MDN: Promising Drill Results Below the Tulawaka Open Pit Mine - More
- January 31, 2007 | Item | E-mail
Paladin raises Langer Heinrich uranium estimates - More
- January 31, 2007 | Item | E-mail
SIRIOS RESOURCES INC.: Pluri-Kilometric Gold Corridor Discovered on Kukames, Opinaca Area, James Bay, Quebec - More
- January 31, 2007 | Item | E-mail
Armistice Resources Corp. appoints Chief Operating Officer - More
- January 31, 2007 | Item | E-mail
Aurelian Intersects 102.49 Metres at 4.98 g/t Gold and 171.85 Metres at 3.40 g/t Gold in Drilling at FDN - More
- January 31, 2007 | Item | E-mail
American Bonanza Begins Winter Drilling at Fenelon - More
- January 31, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation Development and Drilling Update - "Drilling at the Palmarejo project during the December 2006 quarter was carried out with a single RC rig at the San Juan de Dios and Cerro de Los Hilos prospects. No drilling was completed on either the La Blanca or La Prieta structures. Since exploration drilling began at the Palmarejo project in November 2003, a total of 102,853 metres of reverse circulation ('RC') drilling and 39,122 metres of diamond core drilling have been completed." More
- January 31, 2007 | Item | E-mail
IMPACT Silver Lists on the Frankfurt Exchange - "IMPACT Silver Corp. (the "Company") (TSX VENTURE:IPT - News; FWB:IKL) is pleased to announces that its shares have been listed for trading on the Frankfurt Stock Exchange under the symbol IKL (ISIN# CA45257A1021). The listing on the Frankfurt Stock Exchange provides the company with increased exposure to worldwide capital markets and enables Europeans to trade the company's common stock in Euros." More
- January 31, 2007 | Item | E-mail
Dia Bras: First Technical Report on Cusi - More
- January 31, 2007 | Item | E-mail
Strathmore Plans to Spin Off Its Canadian Assets - More
- January 31, 2007 | Item | E-mail
Romarco Returns 17 g/t Gold, 196 g/t Silver at Pinos Gold District, Mexico - More
- January 31, 2007 | Item | E-mail
More positive drill results continue to expand Corani silver deposit; New silver and base metals discoveries open potential to the west - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results for thirty-seven additional drill holes (6,024 meters) from the Corani project. These results represent all of the holes drilled since the recently updated resource estimation (see news release 5 December 2006) on this major silver discovery." More
- January 31, 2007 | Item | E-mail
Pele Mountain Adopts Shareholder Rights Plan - More
- January 31, 2007 | Item | E-mail
Romarco Returns 17 g/t Gold, 196 g/t Silver at Pinos Gold District, Mexico - More
- January 31, 2007 | Item | E-mail
312 Grams (10 Troy Ounces) Produced for the Month of January 2007, With Total Gold Inventory Now at 396 Grams (13 Ounces), Pearl Asian Mining Industries, Inc. - More
- January 31, 2007 | Item | E-mail
Franconia Appoints George Tikkanen Chairman - More
- January 31, 2007 | Item | E-mail
Intrepid Mines Reports Operating Activities For the Quarter Ended December 31, 2006 - More
- January 31, 2007 | Item | E-mail
Pelangio completes sale of Detour Lake Property - More
- January 31, 2007 | Item | E-mail
Balkans gold update - More
- January 31, 2007 | Item | E-mail
Western Goldfields Announces Exercise of Over-Allotment Option by Underwriters - More
- January 31, 2007 | Item | E-mail
Carlisle Goldfields Limited (TSX - CGJ) announces additional financing, TSX listing - More
- January 31, 2007 | Item | E-mail
Northland Mobilizes Bulk Sampling Equipment to Stora Sahavaara Iron-Copper Project - More
- January 31, 2007 | Item | E-mail
Repeat: Geneva Gold Corp. Option Agreement With Petaquilla Minerals Ltd. - More
- January 31, 2007 | Item | E-mail
Hemisphere Gold Acquires Gold Property - More
- January 31, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Exercise of Options - Directors' Dealing - More
- January 31, 2007 | Item | E-mail
Gabriel Receives Annex Questions From Romanian Government - More
- January 31, 2007 | Item | E-mail
UBS cuts Pan American Silver to neutral - UBS downgraded the mining companies Pan American Silver Corp. (PAA.TO: Quote, Profile , Research) and Northgate Minerals Corp. (NGX.TO: Quote, Profile , Research) to "neutral" from "buy." More
- January 31, 2007 | Item | E-mail
Odyssey Refines its Focus and Appoints New CEO - More
- January 31, 2007 | Item | E-mail
Scorpio's Drilling of New High-Grade Lens Adjacent to North Extension of Deposit includes 16 metres grading 178.47 g/t Ag - More
- January 31, 2007 | Item | E-mail
Marifil Acquires Amarillo Norte Gold Property - More
- January 31, 2007 | Item | E-mail
Candente Resource Corp.: Starter Pit Delineated at Canariaco Norte, Peru - More
- January 31, 2007 | Item | E-mail
Asian Dragon Group Inc., Finalizes Agreement to Acquire Interest in China Gold Producer, Lingbao Jinshan Gold Mine Confirming Focus on Earnings and Share Value - More
- January 31, 2007 | Item | E-mail
Globex, Inc. Finalizes Acquisition of 222 Uranium Mining Claims in Northern Quebec - More
- January 31, 2007 | Item | E-mail
Azimut and Majescor sign a Letter of Intent for the South Rae Uranium Property, Ungava Bay Region, Quebec - More
- January 31, 2007 | Item | E-mail
Paladin Resources Ltd. Quarterly Report for Period Ending-31 December 2006 - More
- January 31, 2007 | Item | E-mail
Strategic Nevada Resources Announces Completion of the First Stage of Power Restoration at the Crescent Mine - "Last week, Avista Utilities completed the first stage of power restoration to the Crescent Mine, which will allow Strategic Nevada to restore electrical power to the buildings on site and the primary mine infrastructure. The next step, rewiring, is currently being completed by John Groth Electrical of Kingston, Idaho. Primary surface structure power should be completed within three weeks, while full power requirements to the mine should be completed by April 2007." More
- January 31, 2007 | Item | E-mail
Cumberland Reports on 2006 Drill Results at Jennings Project, Yukon: A New Molybdenum-Tungsten Project - "In early 2006, Cumberland entered into an option agreement to earn a 70 % interest in the Jennings project where the presence of stockwork porphyry-style molybdenum and tungsten mineralization was identified by exploration programs carried out in the early 1980's. During 2006, Cumberland completed an initial program of airborne geophysics and exploration diamond drilling in the Central Hornfels Zone, a zone where stockwork porphyry-style molybdenum and tungsten mineralization occurs." More
- January 31, 2007 | Item | E-mail
Banro increases measured and indicated resources at Twangiza by 49% to 3.00 million ounces of gold - "This significant increase in the Measured and Indicated Mineral Resources at Twangiza results from additional core drilling of 10,616.2 metres (38 drill holes) which has been completed since the previous Twangiza mineral resource determination announced on September 28, 2006 (see the Company's press release dated September 28, 2006)." More
- January 31, 2007 | Item | E-mail
Gold Fields Successfully Completes Capital Raising - "In the Capital Raising, 79 million new shares in Gold Fields have been placed with institutional investors by way of a private placement at an offer price of ZAR113.50 (the "Offer Price") per new ordinary share." More
- January 31, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 31 January, 2007 | |
