-- Posted 1 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $657.00 | +$5.10 |
Silver | $13.63 | +$0.18 |
XAU | 141.08 | +085 |
HUI | 339.11 | +0.92% |
GDM | 1084.84 | +0.92% |
JSE Gold | 2811.16 | +0.61% |
USD | 84.64 | +0.04 |
Euro | 130.28 | +0.01 |
Yen | 82.88 | +0.09 |
Oil | $57.30 | -$0.84 |
10-Year | 4.837 | +0.011 |
T-Bond | 110.0625 | -0.625 |
Dow | 12673.68 | +0.41% |
Nasdaq | 2468.38 | +0.18% |
S&P | 1445.94 | +0.54% |
The Metals:
Gold traded mostly slightly higher in Asia and London and rose nearly $10 above $660 by 10AM EST in New York before it fell back off into the close, but it still ended with a gain of 0.78%. Silver rose near $13.75 before it also fell back off into the close, but it still ended with a gain of 1.34%.
Euro gold rose to about €505, platinum gained $8 to $1,191, palladium gained $5 to $343, and copper fell roughly 6 cents to about $2.51.
Gold and silver equities rose over 2% at the open, but they then slowly and steadily sold off from there and ended with less than 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Dec | 0.5% | 0.5% | 0.3% |
Personal Spending | Dec | 0.7% | 0.7% | 0.5% |
Initial Claims | 1/27 | 307K | 315K | 327K |
ISM Index | Jan | 49.3 | 51.5 | 51.4 |
Also making economic news today was the Pending Home Sales report which jumped 4.9% in December for the largest gain in almost 3 years.
“People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Depression.”
Tomorrow at 8:30AM EST is January’s jobs data. Nonfarm Payrolls are expected at 150,000, the Unemployment Rate is expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.9. At 10AM are Factory orders for December expected at 1.8% and Michigan Sentiment for January expected at 97.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after natural gas inventories fell a smaller than expected 186 billion cubic feet as a weaker than expected ISM Index also pointed to lower demand due to slowing economic growth.
The U.S. dollar index remained near unchanged on mixed economic data as traders looked ahead to tomorrow’s jobs report.
Treasuries rose in early trade, but they then fell on rising price pressures contained in the ISM report and on encouraging results from the Pending Home Sales report.
The Dow, Nasdaq, and S&P rose on mixed earnings reports and varied economic data that made it increasingly likely the fed will not raise interest rates anytime soon.
Among the big names making news in the market today were Ford, Toyota, Exxon Mobil, Vornado, and Equity Office, Comcast, American Standard, CVS, Marsh & McLennan and Putnam, and Shell.
The Commentary:
“April Gold finished up 5.1 at 663, 4 off the high and 2.3 up from the low.
March Silver closed up 0.155 at 13.725. This was 0.075 up from the low and 0.105 off the high.
The gold market managed to weather a number of potentially damaging fundamental headlines on Thursday and in the process the market managed to reach the highest level since August 9th. In fact, the gold market seemed to hold most of the gains, despite the fact that the Dollar attempted to drift back into positive ground in the afternoon action the gold market didn't seem to be deterred at all. It is possible that a run up in the equity market and a favorable NAR Index reading provided the gold bulls with an offset to the somewhat slack US economic readings released early in the session. In short, the market sees ongoing growth in the US, the prospect of inflation inspired by generally rising oil prices and that is a supportive environment for gold.
While the March silver did manage to forge a distinct new high for the move, the market was unable to hold above the prior sessions highs. Certainly the silver and gold markets were boosted by ongoing fund buying, but the lack of upside follow through in the energy complex and a rather significant washout in copper prices might have prompted some profit taking incentives late in the session. However, with the US equity market managing to post some impressive gains and the markets still of a mind that the Fed is on-hold, it would seem like a number of fundamental factors continue to favor the bull camp.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Blanchard & Co. research note: IMF can't scare gold anymore
FNArena notes IMF gold sale idea and GATA
There's gonna be a great day
IMF would sell gold because European central banks won't anymore
Venezuela gets a fuhrer
Jim Sinclair: Any IMF sales will be great for gold
Central banks must be running low: IMF talks gold sales again
The Statistics:
As of close of business: 1/31/2007
Gold Warehouse Stocks: | 7,459,165 | + 27,810 |
Silver Warehouse Stocks: | 113,969,680 | + 11,660 |
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$ 9,415m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.10 | 2,800,222 | US$ 1,842m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,711 | US$ 226m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,380 | US$ 214m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 1/31/2007 | |
Total Net Assets | $915,195,905 | 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 1/31/2007 | |
Total Net Assets | $1,563,924,865 | Ounces of Silver
in Trust | 117,108,945.800 |
Shares Outstanding | 11,750,000 | Tonnes of Silver
in Trust | 3,642.50 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Royal Gold’s (RGLD) second quarter results, Aurizon’s (AZK) drill results and operations update, Tanzanian Royalty’s (TRE) private placement, Northern Dynasty’s (NAK) award, Eldorado’s (EGO) year end update, Crystallex’s (KRY) new President and CEO, DRDGOLD’s (DROOY) restructuring, Southern Silver’s (SSV.V) private placement, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +13.65% $4.58 |
2. Aurizon | AZK +8.28% $3.14 |
3. Vista Gold | VGZ +7.48% $8.77 |
LOSERS
1. Tanzanian Royalty | TRE -3.47% $5.1837 |
2. Minefinders | MFN -3.30% $10.25 |
3. Entree Gold | EGI -2.55% $1.53 |
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:
Hemisphere Gold Provides Details on Recent Acquisition - More
- February 01, 2007 | Item | E-mail
Weststar Resources Corp.: Forward Share Split - More
- February 01, 2007 | Item | E-mail
Running Fox Acquires 200 Prospective Uranium Claims - More
- February 01, 2007 | Item | E-mail
St Andrew Announces Exploration, Development and Production Plans for Holloway-Holt Gold Mine - More
- February 01, 2007 | Item | E-mail
Adanac Molybdenum Corporation: New Relationship Supports Major Step Towards New Mine - More
- February 01, 2007 | Item | E-mail
Merrex Expands Jubilee Zinc Deposit and Announces an Additional 15,000 Metres of Drilling - More
- February 01, 2007 | Item | E-mail
BacTech Hires Investor Relations Consultant - More
- February 01, 2007 | Item | E-mail
Revett Announces Exploration Program at the Troy Mine Complex - More
- February 01, 2007 | Item | E-mail
Hinterland acquires "Yankee" Uranium Property in Northern Thelon Basin - More
- February 01, 2007 | Item | E-mail
Noront Resources Ltd.: Drilling Commences "El Verde" Project, Mexico - More
- February 01, 2007 | Item | E-mail
Eaglecrest Encounters High Grade Gold in the L463 Shoot - More
- February 01, 2007 | Item | E-mail
"Sable Resources presents technical results at the Mineral Exploration Roundup 2007." - More
- February 01, 2007 | Item | E-mail
NewWest Gold Corporation extends mineralization at Silica Ridge - More
- February 01, 2007 | Item | E-mail
Dia Bras Renews Investor Relations Agreement - More
- February 01, 2007 | Item | E-mail
Klondike Star Releases Bulk Sampling Results Including 1.33 g/t over 24 Meters - More
- February 01, 2007 | Item | E-mail
Phase two exploration to commence at Caldera's gold and copper zones and newly acquired claims - More
- February 01, 2007 | Item | E-mail
Feasibility Study for Moly Mines Molybdenum Project on Schedule for Mid-Year Completion - More
- February 01, 2007 | Item | E-mail
Carpathian Gold intersects: 250 m at 1.01 g/t Au eq. at Rovina Porphyry (including 100 m at 1.61 g/t Au eq.) & 133 m at 1.10 g/t Au eq. at Colnic Porphyry - More
- February 01, 2007 | Item | E-mail
REPEAT: Aberdeen Acquires Key Gold-Copper-Zinc Exploration Concessions in Ethiopia - More
- February 01, 2007 | Item | E-mail
Renforth Resources Inc.: Press Release - More
- February 01, 2007 | Item | E-mail
Robex - Drilling begins on N'Golopene - More
- February 01, 2007 | Item | E-mail
Mediterranean announces appointment of Company Director - More
- February 01, 2007 | Item | E-mail
International Gold Resources Update on Arizona Copper Project - More
- February 01, 2007 | Item | E-mail
San Gold Amends New Resources Upwards by 200,000 Ounces - More
- February 01, 2007 | Item | E-mail
SearchGold Updates on Belleterre Drill Campaign - More
- February 01, 2007 | Item | E-mail
Silver Shield Completes 43-101 Technical Report on Welsh Silver Mine - More
- February 01, 2007 | Item | E-mail
Continental Precious Minerals Receives Conditional Approval to List on the Toronto Stock Exchange - More
- February 01, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Progress of Reconstruction of the Mill and Processing Facility at the Deer Trail Mine - More
- February 01, 2007 | Item | E-mail
Rainy River Overburden Drill Program to Begin in NW Ontario - More
- February 01, 2007 | Item | E-mail
Latin American Minerals Inc. Acquires Zinc-Silver Property in La Rioja, Argentina - More
- February 01, 2007 | Item | E-mail
Soltoro Grants Stock Options - More
- February 01, 2007 | Item | E-mail
Tonogold Resources, Inc. Issues Summary Report on the Rainbow Gold Project, Goodpaster Mining District, Alaska - More
- February 01, 2007 | Item | E-mail
Aurelio Reports High Grade Drill Results from the Central Zone of the Courtland Area, Arizona - More
- February 01, 2007 | Item | E-mail
Alhambra Resources Ltd. - Conference Webcast and Investor Tour - More
- February 01, 2007 | Item | E-mail
Franklin Mining, Inc. Executives Considering Stock Buy-Back Plan - More
- February 01, 2007 | Item | E-mail
Paramount Gold to Acquire 100% of the Cotaruse Cu-Ag-Au Property in Southern Peru - More
- February 01, 2007 | Item | E-mail
Drilling Further Confirms Continuity of High-Grade Sulphide-Gold Mineralization Below Near-Surface Oxide Zone At Golden China's Beyinhar Project - More
- February 01, 2007 | Item | E-mail
Erdene Gold Announces Agreement with Xstrata Copper to Explore Former Falconbridge Projects in Mongolia - More
- February 01, 2007 | Item | E-mail
Idaho General Mines, Inc. Announces Completion of Purchase of Hall-Tonopah Molybdenum & Copper Royalty - More
- February 01, 2007 | Item | E-mail
Jaguar Mining Announces Adoption of Shareholder Rights Plan - More
- February 01, 2007 | Item | E-mail
Southwestern Resources Corp.: First Phase Drilling on Millo-Azucar Project, Peru Returns Intersection - More
- February 01, 2007 | Item | E-mail
Canarc Reports Updated NI 43-101 Resource Estimate For New Polaris Gold Project, British Columbia - More
- February 01, 2007 | Item | E-mail
Houston Lake Mining Initiates Winter Drilling Program on the West Cedartree Gold Project - More
- February 01, 2007 | Item | E-mail
Aurizon Discovers New Gold Bearing Quartz Zone at Casa Berardi - "Aurizon Mines Ltd. (Toronto Future:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce the most significant discovery of mineralization to date outside of the Casa Berardi fault, 350 metres south and 900 metres east of the existing West Mine infrastructure, at its Casa Berardi project, located in Northwestern, Quebec." More
- February 01, 2007 | Item | E-mail
Aurizon Provides Operations Update at Casa Berardi - "Aurizon Mines Ltd. (Toronto Future:ARZ.TO - News)(AMEX:AZK - News) reported today that significantly higher than planned gold grades and mill recoveries allowed its 100% owned Casa Berardi Mine to produce approximately 13,000 ounces of gold in January 2007, within 5% of the 13,750 ounce forecast, despite a temporary suspension of operations in late January 2007." More
- February 01, 2007 | Item | E-mail
Southern Silver $6.5 Million Non-Brokered Private Placement Fully Subscribed - "Southern Silver Exploration Corp. (TSX VENTURE:SSV - News; FWB:SEG) reported today that the company's previously reported (January 29th, 2007) non-brokered private placement of up to 13 million units at a price of $0.50 per unit has been fully subscribed." More
- February 01, 2007 | Item | E-mail
Tanzanian Royalty Chairman Proceeds with Eighth Tranche of C$3 Million Private Placement - "Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair is proceeding with the eighth tranche of the private placement announced on January 13, 2005 (the "Placement") whereby Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2005, of which seven tranches have been completed to date." More
- February 01, 2007 | Item | E-mail
Northern Dynasty Team Wins Thayer Lindsley International Discovery Award - "Northern Dynasty Minerals Ltd. ("Northern Dynasty" or the "Company") (CDNX:NDM.V - News)(AMEX:NAK - News) announces that it has been selected to receive the Thayer Lindsley International Discovery Award from the Prospector's and Developer's Association of Canada. The Thayer Lindsley Award is presented annually to recognize an individual or a team of explorationists credited with a recent significant mineral discovery anywhere in the world. Representatives of the Company's exploration and management team will receive the award for the discovery of the Pebble East deposit." More
- February 01, 2007 | Item | E-mail
Uranium Energy Corp Appoints Experienced Mine Developer Curtis O. Sealy as Vice President of Production - More
- February 01, 2007 | Item | E-mail
Pacific Bay Geophysical Report Projects Matoush Uranium Trend, Otish Mountains, Quebec - More
- February 01, 2007 | Item | E-mail
Dejour Retains San Diego Torrey Hills Capital - More
- February 01, 2007 | Item | E-mail
Eldorado Gold Corporation: Year End Update; Tanjianshan Gold Mine Announcement of Commercial Production - "2006 was a milestone year in which Eldorado Gold completed construction of two mines and began commercial production in July at our Kisladag Mine in Turkey," commented Earl W. Price, Chief Financial Officer. "We are very pleased our Tanjianshan Mine in China has begun commercial production and we would like to thank, in particular, the mine site staff at all our operations for a job well done." More
- February 01, 2007 | Item | E-mail
Apogee Completes Resource Definition Drilling and Identifies Expansion Potential of SILVER-ZINC MINERALIZATION AT Paca Open Pit - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has received additional results from the Phase II resource definition diamond drilling program at the Company's Paca Silver-Zinc Open Pit Target that have confirmed the intersection of broad zones of silver, zinc and lead mineralization on the western side of target area. Drilling is complete and Micon International have commenced resource calculation and NI43-101 Technical Report." More
- February 01, 2007 | Item | E-mail
Royal Gold Reports Record Revenue, Net Income and Free Cash Flow in Second Quarter Of Fiscal 2007 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading publicly-traded precious metals royalty company, today announced fiscal second quarter 2007 net income of $5.6 million, or $0.24 per basic share, on royalty revenue of $12.3 million. This compares to net income for the second quarter of fiscal 2006 of $2.9 million, or $0.12 per basic share, on royalty revenue of $7.6 million. Higher revenues were largely derived from increased production at several royalty properties, contributions from two new producing royalty positions, and higher metal prices." More
- February 01, 2007 | Item | E-mail
Gordon Thompson Appointed President and CEO of Crystallex - "Crystallex International Corporation (Toronto Future:KRY.TO - News) (AMEX:KRY - News) announced today effective February 1st, 2007 Mr. Gordon Thompson, has been appointed President, CEO and Director of Crystallex International Corporation. Mr. Thompson, who was a director of Crystallex from 2000 to 2002, has more than 30 years experience in the financial services sector including significant expertise in raising debt and equity in Canadian and US Capital Markets including Project Finance." More
- February 01, 2007 | Item | E-mail
S.Africa's DRDGOLD says Emperor Mines to restructure - "South African miner DRDGOLD (DRDJ.J: Quote, Profile , Research) is considering moves to restructure Emperor Mines Ltd. (EMP.AX: Quote, Profile , Research), in which it has a majority stake, and retire the unit's long term debt, DRDGOLD said on Thursday." More
- February 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 February, 2007 | |
