-- Posted 5 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $650.80 | +$5.10 |
Silver | $13.50 | +$0.21 |
XAU | 139.24 | +0.26% |
HUI | 333.54 | +0.37% |
GDM | 1072.94 | +0.44% |
JSE Gold | 2748.96 | -0.46% |
USD | 85.11 | +0.16 |
Euro | 129.26 | -0.35 |
Yen | 83.10 | +0.53 |
Oil | $58.74 | -$0.28 |
10-Year | 4.808% | -0.019 |
T-Bond | 110.3125 | +0.21875 |
Dow | 12661.74 | +0.07% |
Nasdaq | 2470.60 | -0.21% |
S&P | 1446.99 | -0.10% |
The Metals:
Gold traded about $3 higher for most of trade in Asia and London, added a couple dollars more in early New York trade, held near $650 for the rest of trade, and ended with a gain of 0.79%. Silver rose about 10 cents in Asia before it fell back off in London and dropped near $13.25, but it then rallied higher in New York and ended with a gain of 1.58%.
Euro gold rose back above €500, platinum gained $16 to $1,170, palladium gained $9 to $341, and copper rose slightly to about $2.43.
Gold and silver equities rose about 1% by early afternoon, but they then steadily fell off into the close and ended with only minor gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Jan | 59.0 | 57.0 | 56.7 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on cold weather and geopolitical concerns, but it then fell back off and ended slightly lower on indications that no actual supply has come off the market due to those concerns.
The U.S. dollar index rose as ISM Services came in better than expected, but gains were limited as traders bought the yen on speculation the G7 meeting late this week will discuss the yen’s weakness and possibly call for action to strengthen the currency.
Treasuries rose despite the overall strength in the ISM Services report as a labor component within the report fell and brought renewed attention to last week’s poor jobs data.
The Dow, Nasdaq, and S&P traded mixed and near unchanged on varied company reports.
Among the big names making news in the market today were Sallie Mae, Icahn and Lear Corp., Triad Hospitals, State Street and Investors Financial, Humana, and GE.
The Commentary:
“April Gold finished up 4.6 at 656.1, 1.4 off the high and 2.6 up from the low.
March Silver closed up 0.185 at 13.56. This was 0.1 up from the low and 0.03 off the high.
The bull camp might view the action in Monday's trade as a sign that the market is favoring the long side, as early weakness was rejected and the trade didn't seem to be that concerned about recent reports of an overbought speculative positioning. However, seeing slightly better than expected US economic readings, periodic strength in oil prices and generally indecision in the Dollar, seems to favor the bull camp. In the end, the majority of the trade seemed to think that strength in oil prices seemed to be the primary catalyst behind the recovery rally. It is also possible that some recently forced out longs were pulled back into the market, as the April gold contract rose above the prior close.
Just like the gold market, the silver market managed to reject some early signs of weakness to post a pretty impressive rally. While the regularly scheduled US economic information on Monday was indicative of ongoing growth it is possible that silver received some indirect support from a mid session Fed survey that suggested US Consumer and Business credit was set to worsen, as that type of dialogue undermines the Dollar and might add to the flight to quality interest. In the end the copper market did manage to reject some early weakness and managed to close higher and for most of last week the copper market was serving to undermine both gold and silver prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Golden suspicions -- newsletters wonder about market manipulation
Another yen carry trade -- this one boosts Brazilian economy
Syria turns to euro for half of currency reserves
Gene Arensberg's Got Gold Report: Commercials, ETF investors diverge sharply
China spends $800 million to buy Zambia
Tracking and trading market intervention is a growing industry
China prepares to spend $200 billion to buy stuff around the world
Somebody knows it's still money: Gold rush tears up patch of Amazon jungle
A tale of two markets, and two futures
Chinese president takes his African tour to copper-rich Zambia
Unconventional St. Louis money manager invests only in mining companies
St. Louis Business Journal notes GATA's work
Neal Ryan's research note turns into essay at MineWeb
Fishy stuff in gold market is making it into news reports
The Statistics:
As of close of business: 2/2/2007
Gold Warehouse Stocks: | 7,490,913 | -402 |
Silver Warehouse Stocks: | 113,901,352 | -34,164 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 458.63 | 14,745,324 | US$ 9,518m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,098 | US$ 1,815m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.89 | 349,896 | US$ 227m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,366 | US$ 212m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/2/2007 | |
Total Net Assets | $913,599,178 | 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 2/2/2007 | |
Total Net Assets | $1,588,734,789 | Ounces of Silver
in Trust | 119,599,586.000 |
Shares Outstanding | 12,000,000 | Tonnes of Silver
in Trust | 3,719.96 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Randgold’s (GOLD) Q4 results and dividend, Cumberland’s (CLG) permits, Orezone’s (OZN) drill results, Seabridge’s (SA) gold study, Queenstake’s (QEE) merger with YGC, Apogee’s (APE.V) agreement with Trafigura, and Fortuna’s (FVI.V) and Continuum’s processing plant purchase were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minefinders | MFN+5.18% $10.56 |
2. Orezone | OZN +4.90% $1.50 |
3. Mines MGMT | MGN +4.40% $5.70 |
LOSERS
1. Exeter | XRA -4.00% $2.10 |
2. New Gold | NGD-2.42% $7.25 |
3. Solitario | XPL -2.34% $3.75 |
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:
Capella Provides Update on Ecuador Project - More
- February 05, 2007 | Item | E-mail
Golden Patriot Announces $550,000 Private Placement - More
- February 05, 2007 | Item | E-mail
Goldbelt announces cost savings at Inata Gold Project - More
- February 05, 2007 | Item | E-mail
UNOR Reports Significant Uranium Intersections from BOG Drilling - More
- February 05, 2007 | Item | E-mail
Gold Eagle Mines Ltd.: 2007 Update and Launch of New Website - More
- February 05, 2007 | Item | E-mail
Richview Resources Announces Board Nominees - More
- February 05, 2007 | Item | E-mail
Chapleau Resources Ltd. Signs a Letter of Intent with Bear Creek Mining Corporation - More
- February 05, 2007 | Item | E-mail
Keegan Increases Non Brokered Private Placement to $15,125,000 - More
- February 05, 2007 | Item | E-mail
Jaguar Mining Announces Early Exercise of Warrants to Raise Development Capital - More
- February 05, 2007 | Item | E-mail
Marathon Announces the Appointment of Micon International Ltd to Lead its Feasibility Study - More
- February 05, 2007 | Item | E-mail
Golden Phoenix Activates Its Top Leadership: Prahl Made COO; Martin Named President; Caldwell Replaces Ripley as CEO - More
- February 05, 2007 | Item | E-mail
Brownsville Company Retains Investor Relations Firm - More
- February 05, 2007 | Item | E-mail
Anaconda Gold Closes US$2,500,000 Facility for Completion of the Pine Cove Gold Mine - More
- February 05, 2007 | Item | E-mail
Murgor signs aggreement with Noront and Freewest to option 29 claims of the Windfall Property - More
- February 05, 2007 | Item | E-mail
Wildcat Exploration calls Requisitioned Special Meeting for April 12, 2007 - More
- February 05, 2007 | Item | E-mail
GoldQuest Drills 9.74 Meters of 2.06% Cu, 6.24% Zn & 1.52 g/t Au at Las Animas - More
- February 05, 2007 | Item | E-mail
Diamond Fields' Rights Offering Closed - More
- February 05, 2007 | Item | E-mail
Noront Options Murgor/Freewest Project Windfall Lake Area, Quebec - More
- February 05, 2007 | Item | E-mail
North Atlantic Acquires the Kourouba Gold Project in Mali - More
- February 05, 2007 | Item | E-mail
Waseco Increases Land Position - More
- February 05, 2007 | Item | E-mail
Eagle Plains Signs Letter of Intent With Wellstar Energy on Saskatchewan Uranium Project - More
- February 05, 2007 | Item | E-mail
Diadem: Duquesne West Gold Project-Drilling Update - More
- February 05, 2007 | Item | E-mail
Freewest and Murgor Reach Agreement With Noront on Their Windfall Gold Property, Quebec - More
- February 05, 2007 | Item | E-mail
Uracan to begin drilling North Shore Uranium Property, Quebec - More
- February 05, 2007 | Item | E-mail
Notice: DPM 2006 Year End Financial Results - More
- February 05, 2007 | Item | E-mail
Pro-Spect-Or Signs a Letter of Agreement Regarding the Acquisition of 100% Interest in Two Uranium Exploration Properties in Northern Quebec - More
- February 05, 2007 | Item | E-mail
American Bonanza Exploration Drilling Success at Copperstone - More
- February 05, 2007 | Item | E-mail
MetalCORP; BIG LAKE Drilling Yields 3.6% Copper, 1.6% Zinc, 68.0 g/t Silver & 0.1 g/t Gold over 5.8 metres - More
- February 05, 2007 | Item | E-mail
Rockcliff Resources Inc.: Drilling Underway at the Shihan VMS Property - More
- February 05, 2007 | Item | E-mail
Alberta Star Intersects 10.5 Metres (34.7 Feet) of High Grade 117.1 g/ton Silver (3.77 Ounce Per Ton), Including 0.50 Meters of 2,186.0 g/ton Silver - More
- February 05, 2007 | Item | E-mail
Acero-Martin Announces Additional Positive Drill Results From the Pinaya Gold-Copper Project, Peru - More
- February 05, 2007 | Item | E-mail
Crew Gold Announces First Gold Pour From Lefa Expansion Project - More
- February 05, 2007 | Item | E-mail
$6,800 Gross Sale/Revenue From Over 312 Grams (10 Ounces) Is Being Sold This Week From First Gold Production, Pearl Asian Mining Industries, Inc. Announces - More
- February 05, 2007 | Item | E-mail
Geneva Gold Corp. Announces Work Program on George's Lake Properties, Saskatchewan, Canada - More
- February 05, 2007 | Item | E-mail
West Excelsior Enterprises Inc. Stakes More Land - More
- February 05, 2007 | Item | E-mail
Garibaldi Receives Title to Ocampo Area Claims, Acquires Additional Contiguous Claims and Announces Private Placement Financing - More
- February 05, 2007 | Item | E-mail
Sparton Resources Inc.: China Gold and Uranium Programs Underway - More
- February 05, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Agnico-Eagle Doubles Swanson Drilling - More
- February 05, 2007 | Item | E-mail
Scorpio Awards Contracts for Pre-Feasibility Level Studies on Nuestra Senora Silver-Zinc Project, Mexico - More
- February 05, 2007 | Item | E-mail
Coral Gold Resources Ltd.: Drilling Extends Key Gold Zones at Robertson; Resource Calculation to Be Upgraded in 2007 - More
- February 05, 2007 | Item | E-mail
Silk Road Resources Reports Encouraging Drill Results from the Bulagou Property - More
- February 05, 2007 | Item | E-mail
Gold Mining Exporation Company Formed By GAIA - More
- February 05, 2007 | Item | E-mail
Wits Basin Agrees in Principal to Material Terms of Merger - More
- February 05, 2007 | Item | E-mail
International Minerals Begins Drilling Program At Southwestern's Pacapausa Silver-Gold Project, Peru - More
- February 05, 2007 | Item | E-mail
Clifton Prepares Carlin Style Gold Target for Spring Drilling - More
- February 05, 2007 | Item | E-mail
Hemisphere Gold Discovers a Series of Gold Anomalies Trending North-South for Over 20 km - More
- February 05, 2007 | Item | E-mail
Starfield Welcomes New President and CEO - More
- February 05, 2007 | Item | E-mail
Cambridge Mineral Resources Plc: Agreement to Acquire Partner's 50% Holding In Patacancha Claims, Peru - More
- February 05, 2007 | Item | E-mail
Weststar Resources Corp.: Private Placement and Appointment of Marketing and Investor Communication Consultant and Granting of Stock Options - More
- February 05, 2007 | Item | E-mail
Cumberland Obtains Permits to Advance Road Construction to Meadowbank Gold Project, Nunavut - "CUMBERLAND RESOURCES LTD. (Toronto Future:CLG.TO - News)(AMEX:CLG - News) is pleased to report that the Company has obtained all land rights necessary to advance construction of the 110 kilometre all weather access road to the Company's 100% owned Meadowbank gold project located 70 kilometres north of Baker Lake, Nunavut." More
- February 05, 2007 | Item | E-mail
Goldcorp Declares Second Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto Future:G.TO - News)(NYSE:GG - News) is pleased to declare its second monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, February 16, 2007 will be entitled to receive payment of this dividend on Friday, February 23, 2007." More
- February 05, 2007 | Item | E-mail
Queenstake and YGC to Merge - "Queenstake Resources Ltd. ("Queenstake") (Amex: QEE - News; TSX: QRL - News) and YGC Resources Ltd. ("YGC") (TSX: YGC; F: ZH6) are pleased to announce that they have agreed to combine the two companies to create a new publicly traded company ("Newco"). The business combination is proposed to be structured as a plan of arrangement, but other structures are being considered." More
- February 05, 2007 | Item | E-mail
Orezone Resources Inc.: Drilling Identifies New Mineralized Zone at Bondi Gold Project - "Orezone Resources Inc. (Toronto Future:OZN.TO - News)(AMEX:OZN - News) is pleased to report assay results from 2,200m of a 5,800m reverse circulation ("RC") drill program completed in December 2006 on its 924km2 Bondi Project in Burkina Faso, West Africa. Highlights include the discovery of a new gold bearing zone, with the best intersection being 14m at 4.1 g/t in hole BRC635, and 30m at 2.9 g/t in hole BRC632 which is the deepest intersection in the previously discovered neighboring zone." More
- February 05, 2007 | Item | E-mail
Sparton Resources Inc.: China Gold and Uranium Programs Underway - More
- February 05, 2007 | Item | E-mail
Which uranium stock is hot? - More
- February 05, 2007 | Item | E-mail
Fortuna and Continuum Buy Processing Plant for San Jose, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI -News; "Fortuna"). Mr. Jorge Ganoza, President of Fortuna, is pleased to announce the purchase by Fortuna and Continuum Resources Ltd. ("Continuum") of a 100% interest in an operational mineral processing plant and other mine equipment for the high grade San Jose silver-gold project in Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76% ownership) and Continuum (24%)." More
- February 05, 2007 | Item | E-mail
Apogee Enters Agreement With Trafigura for Sale of Concentrates From La Solucion Mine - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has reached an agreement with Consorcio Minero SA (CORMIN) for the sale of zinc and lead concentrates produced from Apogee's La Solucion mine for the 2007 calendar year. CORMIN is an entity owned by Trafigura Beheer BV." More
- February 05, 2007 | Item | E-mail
Seabridge Gold Study Improves Courageous Lake Economics - "Using High Pressure Grinding Rolls technology ("HPGR") at Courageous Lake could reduce crushing and grinding costs by US$1.37 per tonne, or 25%, according to an independent trade-off study conducted by Wardrop Engineering of Vancouver. The study was commissioned by Seabridge as part of the updating of its 2005 Preliminary Assessment of its 100% owned Courageous Lake project located in the Northwest Territories (see news release dated September 21, 2005)." More
- February 05, 2007 | Item | E-mail
Randgold Resources Limited announces Dividend Declaration - "Randgold Resources Limited (LSE:RRS.L - News) (NasdaqGS:GOLD - News) ("Randgold Resources" or the "Company") has declared a dividend for the period ended 31 December 2006 of US$0.10 per share. The dividend payment will be made on 8 March 2007 to shareholders on the register on 16 February 2007. The ex-dividend date will be 14 February 2007." More
- February 05, 2007 | Item | E-mail
Randgold Rescources announces Q4 Results - "LSE and Nasdaq listed gold miner Randgold Resources today reported a 54% increase to US$74 million in profit before tax for the 12 months to 31 December 2006, fuelled by the first full-year contribution from its Loulo operation in Mali and a higher gold price." More
- February 05, 2007 | Item | E-mail
