-- Posted 2 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $645.70 | -$11.30 | +0.17% |
Silver | $13.29 | -$0.34 | +0.23% |
XAU | 138.89 | -1.56% | +0.18% |
HUI | 332.32 | -2.00% | -0.06% |
GDM | 1068.19 | -1.53% | +0.36% |
JSE Gold | 2761.62 | -1.76% | -0.95% |
USD | 84.95 | +0.31 | -0.34% |
Euro | 129.61 | -0.67 | +0.38% |
Yen | 82.57 | -0.31 | +0.40% |
Oil | $59.02 | +$1.72 | +6.50% |
10-Year | 4.827% | -0.010 | -1.07% |
Bond | 110.09375 | +0.3125 | +0.51% |
Dow | 12653.49 | -0.16% | +1.33% |
Nasdaq | 2475.88 | +0.30% | +1.66% |
S&P | 1448.39 | +0.17% | +1.84% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly lower in Asia and London and rose to find slight gains by 9AM EST in New York, but it then dropped markedly over the next two hours of trade and fell to as low as $642.40 a little after 11EST before it rebounded a bit into the close and ended with a loss of 1.72%. Silver fell to as low as $13.20 before it also rebounded into the close, but it still ended with a loss of 2.49%.
Euro gold fell under €500, platinum lost $37 to $1,154, palladium lost $11 to $332, and copper fell nearly ten cents to about $2.42.
Gold and silver equities fell over 2% in morning trade before they rebounded a bit in afternoon trade, but they still ended with about 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Jan | 111K | 150K | 206K |
Unemployment Rate | Jan | 4.6% | 4.5% | 4.5% |
Hourly Earnings | Jan | 0.2% | 0.3% | 0.4% |
Average Workweek | Jan | 33.8 | 33.9 | 33.9 |
Factory Orders | Dec | 2.4% | 1.8% | 1.2% |
Michigan Sentiment | Jan | 96.9 | 97.8 | 98.0 |
October’s, November’s, and December’s payrolls data were revised up by 104,000 jobs to offset January’s less than expected number. The BLS net birth/death adjustment subtracted 175,000 jobs to January’s payrolls.
All of this week’s economic reports:
Next week’s economic highlights include ISM Services on Monday, Productivity and Consumer Credit on Wednesday, and Initial Jobless Claims and Wholesale Inventories on Thursday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil eventually rose in choppy trade on cold weather and geopolitical risks in Nigeria, Iran, and Venezuela.
The U.S. dollar index initially fell on weaker than expected January payrolls, but it then rebounded and ended modestly higher as traders looked into the report and found positive revisions to October’s, November’s, and December’s jobs.
Treasuries rose on weaker than expected headline payrolls and weaker than expected Michigan Sentiment as traders also prepared for next week’s refunding of $38 billion in debt sales.
The Dow, Nasdaq, and S&P traded mixed and near unchanged on varied economic and company reports.
Among the big names making news in the market Friday were Harley-Davidson, Nissan, Chevron, Ericsson, Equity Office and Vornado, NYSE Group, ITT, and Merrill, Credit Suisse, and Enron.
The Commentary:
“*The IMF gold accounting changes are likely to wreak all sorts of havoc regarding gold that isn’t there anymore and cannot be retrieved without sending gold to the moon. My guess is that A talk of this is now leading to B, which is now leading to C … C being the realization that much of the central bank gold is not there to deliver, or that central bank gold out on lease cannot be retrieved without sending gold to the moon. There must be a whole lot of "Oh goshes" uttered at IMF central banks, and at the IMF itself.
*The latest gold surge is further confirmation of GATA’s influence on the gold price at pivotal, strategic times. There have been TOO MANY coincidences over the years for that not to be the case.”- From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished down 11.5 at 651.5, 13.8 off the high and 3.5 up from the low.
March Silver closed down 0.35 at 13.375. This was 0.105 up from the low and 0.355 off the high.
After a huge failure from what appeared to be an overdone technical condition, the gold market was ripe with talk of major fund liquidations. With the Dollar forging a very impressive upward extension, in the face of what some could have considered to be bearish Non farm payroll data, it is clear that some gold players were concerned about more gains in the Dollar. With the US Factory orders report and the University of Michigan Sentiment readings also highlighting growth and the equity market suggesting that the payrolls report was "perfect" it is possible that gold simply lost out to paper assets.
The silver market apparently wasn't immune to the liquidation pressure in the gold market on Friday as prices pulsed sharply lower in the wake of a failure at the critical even number zone of $13.50. Certainly a massive slide in the copper market, a higher Dollar and generally weak oil prices provided the bears with some cover and probably also prompted some longs to bank profits and move to the sidelines. Some players suggested that the overall impact from the US scheduled numbers were disappointing to the physical metal traders but with the Factory Orders numbers strong that argument doesn't seem to carry water.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Congressional investigators to report on credit derivatives
The Statistics:
As of close of business: 2/1/2007
Gold Warehouse Stocks: | 7,491,315 | +32,150 |
Silver Warehouse Stocks: | 113,935,516 | -34,164 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 454.00 | 14,596,630 | US$ 9,634m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,191 | US$ 1,814m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.67 | 342,707 | US$ 222m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,376 | US$ 217m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.7 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/1/2007 | |
Total Net Assets | $922,768,235 | 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 2/1/2007 | |
Total Net Assets | $1,616,725,761 | Ounces of Silver
in Trust | 119,101,460.600 |
Shares Outstanding | 11,950,000 | Tonnes of Silver
in Trust | 3,704.47 |
Note: Change in Total Tonnes from yesterday’s data: 61.97 tonnes were added to the trust.
The Stocks:
Harmony’s (HMY) earnings, Bre-X’s trial result due date, Gold Fields’ (GFI) further issued shares, Exeter’s (XRA) stock options, Imperial’s (ILL.TO) and Taseko’s (TGB) raised bids for bcMetals (C.V), Freeport’s (FCX) set special meeting date for the shareholder vote on the Phelps Dodge (PD) merger agreement, ECU’s (ECU.V) exploration program, and Great Panther’s (GPR.TO) production update and projection were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Great Basin | GBN +8.20% $1.98 |
2. Gold Reserve | GRZ +5.24% $4.82 |
3. Fronteer | FRG +2.58% $10.74 |
LOSERS
1. Northgate | NXG -4.34% $3.53 |
2. Claude Resources | CGR -4.29% $1.36 |
3. Rio Narcea | RNO -4.14% $2.78 |
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:
Silver Wheaton to Release Year End Results on February 19, 2007 - "Silver Wheaton Corp. (Toronto Future:SLW.TO - News)(NYSE:SLW - News) will release its 2006 year end financial results on Monday, February 19, 2007 after market close." More
- February 02, 2007 | Item | E-mail
New Discovery by Cameco Adjacent to Thunder Sword's Dufferin West Property - More
- February 02, 2007 | Item | E-mail
Imperial again raises bcMetals bid, trumps Taseko - "Imperial Metals Corp. (III.TO: Quote, Profile , Research) again upped the ante in a takeover tussle for bcMetals Corp. (C.V: Quote, Profile , Research) on Friday, sweetening its cash offer and bettering a just-raised offer from Taseko Mines Ltd. (TKO.TO: Quote, Profile , Research).
Imperial's new bid of C$1.70 per share in a deal now worth about C$65.3 million ($55.3 million), has been extended to 4 p.m. Pacific time Feb. 16." More
- February 02, 2007 | Item | E-mail
Imperial Raises Bid for bcMetals to C$1.70 - "Imperial Metals Corporation (Toronto Future:III.TO - News) today announced that it's wholly owned subsidiary, CAT-Gold Corporation, will increase its all-cash offer to acquire the outstanding common shares of bcMetals Corporation to $1.70 per share." More
- February 02, 2007 | Item | E-mail
Bre-X gold fraud trial result due on July 31 - "A long-awaited verdict on a key player in the multibillion-dollar Bre-X Minerals Ltd. gold mining fraud will be delivered on July 31, an Ontario Court judge said on Friday." More
- February 02, 2007 | Item | E-mail
DIOS Reports Pontax Winter Update - More
- February 02, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold and Phelps Dodge Set Special Meeting Date of March 14, 2007 for Shareholder Votes on Merger Agreement - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) and Phelps Dodge Corp. (NYSE: PD - News) today announced each company will hold a special meeting of its stockholders on March 14, 2007, to vote on the proposed acquisition of Phelps Dodge by FCX. Stockholders who hold shares of FCX and Phelps Dodge common stock at the close of business on February 12, 2007, the record date of each special meeting, will be entitled to vote on the proposed merger." More
- February 02, 2007 | Item | E-mail
First Narrows Provides Update on Chester Feeder Deposit Project - More
- February 02, 2007 | Item | E-mail
Gold Fields places more shares at 113.50 rand - "South Africa's Gold Fields Ltd. (GFIJ.J: Quote, Profile , Research) will issue a further 11.85 million new shares at 113.50 rand per share as part of its capital raising, which will yield a total of about 10.3 billion rand ($1.43 billion)." More
- February 02, 2007 | Item | E-mail
Global Gold Announces the Appointment of Principal Officers - More
- February 02, 2007 | Item | E-mail
Waseco Resources Inc.: Geophysical Study Expands Uranium Targets - More
- February 02, 2007 | Item | E-mail
La Quinta Resources Corporation: WBK Commences Court Action Against Banro sprl in Democratic Republic of Congo - More
- February 02, 2007 | Item | E-mail
Battle Mountain Applies to List On the TSX - More
- February 02, 2007 | Item | E-mail
Geneva Gold Corp. Receives EM-16 Survey Results and Sets Drill Targets on George's Lake Properties, Saskatchewan, Canada - More
- February 02, 2007 | Item | E-mail
Oriental Minerals Receives Title to Sangdong Mine and Completes First Drill Hole to 750 Metres - More
- February 02, 2007 | Item | E-mail
Fischer-Watt Completes First Tranche of Mexican Asset Sale - More
- February 02, 2007 | Item | E-mail
Sunridge Gold Drilling Increases Size of Emba Derho Deposit With Intersections Including 6 Metres at 69.48 g/t Gold and 49.59 Metres at 2.42% Copper - More
- February 02, 2007 | Item | E-mail
Temex : Drilling intersects high grade silver Gowganda Silver Project - More
- February 02, 2007 | Item | E-mail
ECU Silver Initiates New 32,000 Meters Exploration Program for the Velardena Project - "Mr. Michel Roy, Chairman and CEO of ECU Silver Mining Inc. (CDNX:ECU.V - News) is pleased to announce the Company has signed new drilling contracts with "Forages G4 Ltee" (G4) and secured drills to execute a 32,000 meters drilling program accelerating definition of the Company's major discoveries made in 2006. One machine will drill an initial 8,000 meters at Santa Juana, plus additional definition drilling with two "bazooka" drills. A second machine will drill 8,000 meters testing three known veins, the San Mateo, the Sanjuanes and the Terneras at the Velardena Project. On surface, the machines will be used for an initial program of 16,000 meters. Total planned initial exploration drilling for 2007 comprises of 32,000 meters." More
- February 02, 2007 | Item | E-mail
Harmony Quarterly Earnings per Share Fall 33% - "Harmony Gold [NYSE:HMY; JSE:HAR], the third largest producer of South African gold, generated headline earnings per share (HEPS) for the quarter to end December of 44 cents compared to 66 cents on JSE in the June quarter as costs increased and less gold was produced." More
- February 02, 2007 | Item | E-mail
Strathmore Updates Shareholders on U.S. and Canadian Uranium Properties, Year End 2006 - More
- February 02, 2007 | Item | E-mail
Globex, Inc. Announces Plans to Acquire Additional Uranium Mining Claims in Northern Quebec - More
- February 02, 2007 | Item | E-mail
Commander Reports Initial Drill Results From Hermitage Project - More
- February 02, 2007 | Item | E-mail
Pele Mountain Assembles Expert Team to Advance Technical, Environmental and Economic Studies of 33-Million Pound U3O8 Resource at Elliot Lake - More
- February 02, 2007 | Item | E-mail
Great Panther Provides Production Update for 2006 and Projections for 2007 - "GREAT PANTHER RESOURCES LIMITED (Toronto Future:GPR.TO - News) is pleased to provide the following update of 2006 production and projections for 2007 for its two 100%-owned mines in Mexico. In its inaugural year as a primary silver producer, Great Panther brought both the Topia Silver-Lead-Zinc Mine in Durango and the Guanajuato Silver-Gold Mine in Guanajuato into production and steadily increased throughput at both operations from their respective starts through the balance of the year." More
- February 02, 2007 | Item | E-mail
Exeter Grants Incentive Stock Options - "Exeter Resource Corporation (TSX VENTURE:XRC - News; AMEX:XRA - News; FWB:EXB) ("Exeter") has granted incentive stock options to employees and consultants to purchase 785,000 shares. The options have a term of five years and are exercisable at a price of $2.52 per share." More
- February 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 2 February, 2007 | |
