-- Posted 6 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $652.80 | +$2.00 |
Silver | $13.60 | +$0.10 |
XAU | 139.96 | +0.52% |
HUI | 334.64 | +0.33% |
GDM | 1076.69 | +0.35% |
JSE Gold | 2790.43 | +1.51% |
USD | 84.77 | +0.34 |
Euro | 129.81 | +0.55 |
Yen | 83.26 | +0.15 |
Oil | $58.88 | +$0.14 |
10-Year | 4.765% | -0.043 |
T-Bond | 110.78125 | +0.46875 |
Dow | 12666.31 | +0.04% |
Nasdaq | 2471.49 | +0.04% |
S&P | 1448.00 | +0.07% |
The Metals:
Gold fell a few dollars in after hours access trade yesterday, rose back to about unchanged near $650 in Asia, added a few more dollars in London, and rose to roughly 1% higher on the day to about $658 in early New York trade before it fell back to $650.10 by late morning, but it then rallied back higher into the close and ended with a gain of 0.31%. Silver rose to about $13.80 in early New York trade before it fell back to $13.52 by late morning, but it also rallied back higher into the close and ended with a gain of 0.74%.
Euro gold rose over €503, platinum gained $10 to $1,180, palladium lost $3 to $338, and copper rose over 6 cents to about $2.50.
Gold and silver equities rose over 1% at the open before they fell back to about unchanged by late morning, but they then rallied back higher into the close and ended slightly higher.
The Economy:
There were no major economic reports today, but some remarks from Treasury Secretary Paulson and fed Chairman Bernanke did have some talking. Paulson noted that economic growth is slowing to a sustainable rate while Bernanke discussed education and the income gap. Tomorrow at 8:30AM EST brings 4th quarter Productivity expected at 2.0% and at 3PM is Consumer Credit for December expected at $6.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose up near $60 in early trade on cold weather, but it then fell back off into the close and ended only slightly higher on indications that OPEC cuts have not been as severe as previously thought as traders also prepared for tomorrow’s inventory reports.
The U.S. dollar index again fell versus the yen as traders had no economic data to act on and instead looked ahead to this weekend’s G7 meeting that is expected to address the yen’s weakness.
Treasuries fell in early trade, but they then cut their losses and turned them into gains leading up to and after a strong 3-year note auction as traders also prepared for tomorrow’s Productivity report and 10-year note auction.
The Dow, Nasdaq, and S&P again traded mixed and near unchanged on various company reports as traders also kept their eye on the oil market which closed only marginally higher after early gains and allowed the three indices to climb slightly higher by the close.
Among the big names making news in the market today were NBC Universal, BP, Toyota, Blackstone and Equity Office, Tyco, MGIC and Radian, and Emerson Electric.
The Commentary:
“There is almost zero interest in the smaller gold/silver stocks. As strange, or as far off as it sounds now, one day there will be nothing for sale. The public’s change in thinking will happen overnight. These shares will soar, many doubling very quickly. Buying in size will be difficult, at least at reasonable prices. Please keep that in mind during this deadsville. The big money is made by being patient.
GATA BE IN IT TO WIN IT!” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 2.6 at 658.7, 5 off the high and 2.9 up from the low.
March Silver closed up 0.115 at 13.675. This was 0.085 up from the low and 0.205 off the high.
The gold market forged a choppy back and forth trade on Tuesday as the oil market also see sawed back and forth during the session. However, the Dollar was at times moderately lower and in the end the oil market did seem to favor positive territory for most of the session. It is also possible that some mid day weakness in the US equity market provided the gold market with a bit of fresh buying as the metals action recently has attracted the attention of many investors. However, the gold market did seem to lag behind the platinum and copper markets on the session and that would seem to hint at a slight shift in speculative interest. It should be noted that gold was indeed lifted later in the session by the release of a private bullish annual gold price forecast that called for a high of $775!
The silver market initially pushed up to another new high for the move but fell back into mid session before ending the session modestly strong. While the energy complex action at times undermined the silver market with its ebb and flow, the energy complex mostly finished positive, the Dollar was lower and the outside metals markets of platinum and copper managed very impressive gains. Therefore, one could suggest that a number of widely varied outside market developments were supportive of the silver market on Tuesday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Dizard: Goldman Sachs and its magic commodities box
Goldman Sachs seeks share of second Indian commodities exchange
Asarco charges Mexican parent company with stealing most valuable asset
Chinese president's shopping excursion arrives in Namibia
M.A. Nystrom: McNosis, retiring boomers, and the silent crash
GATA sympathizers invited to gather in Dublin for drinks and a movie
China's empire building in Africa means trouble for West
China drives copper prices -- and maybe manipulates them
The Statistics:
As of close of business: 2/5/2007
Gold Warehouse Stocks: | 7,490,913 | - |
Silver Warehouse Stocks: | 114,490,361 | + 591,113 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 458.63 | 14,745,324 | US$ 9,572m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,067 | US$ 1,831m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.89 | 349,892 | US$ 229m |
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 2/5/2007 | |
Total Net Assets | $913,599,178 | Ounces of Gold
in Trust | 1,403,670.518 |
Shares Outstanding | 14,150,000 | Tonnes of Gold
in Trust | 43.66 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 2/5/2007 | |
Total Net Assets | $1,588,734,789 | Ounces of Silver
in Trust | 119,551,954.200 |
Shares Outstanding | 12,000,000 | Tonnes of Silver
in Trust | 3,718.48 |
Note: Change in Total Tonnes from yesterday’s data: 1.48 tonnes were subtracted from the trust.
The Stocks:
Barrick’s (ABX) production forecasts, Minco’s (MGH) exploration update, Eldorado’s (EGO) drill results, Randgold’s (GOLD) “Develop or Exploit” speech, AngloGold’s (AU) employee share plan, Kirkland’s (KGI.TO) drill results, Silver Dragon’s (SDRG.OB) 43-101 report, Fury’s (FUR.V) drill results, and First Majestic’s (FR.V) drilling and updated resource were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +5.11% $1.44 |
2. Mines MGMT | MGN +4.74% $5.9699 |
3. Crystallex | KRY +3.78% $2.9889 |
LOSERS
1. Cardero | CDY -3.14% $1.54 |
2. Apex Silver | SIL -2.93% $14.26 |
3. Gold Reserve | GRZ -2.61% $4.86 |
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:
Meridian Gold Inc. Fourth Quarter 2006 Release Date and Conference Call - "Meridian Gold Inc. (NYSE:MDG - News; TSX:MNG - News) would like to announce that the fourth quarter 2006 earnings results will be released after markets close Thursday, February 22, 2007. Following the release, there will be a conference call at 9:00 a.m. EST on Friday, February 23, 2007. " More
- February 06, 2007 | Item | E-mail
Minco Gold Corporation: High Grade Gold Zones Defined on the Jinniushan Gold Project and Aggressive Exploration Program is Underway - "Minco Gold Corporation (formerly "Minco Mining & Metals Corporation") (Toronto Future:MMM.TO - News)(MGH - News) (the "Company") is pleased to update its current exploration program on the Jinniushan or Gold Bull Mountain Gold Project (hereafter the GBM Project) located 6 km north of the famous Xiangxi Gold mine, which has been in production for over one hundred years." More
- February 06, 2007 | Item | E-mail
Quinto Mining Corp: Quebec Update - More
- February 06, 2007 | Item | E-mail
Purepoint Uranium Group Inc: Turnor Lake Project Update - More
- February 06, 2007 | Item | E-mail
Rambler to Begin Trading on the TSX Venture Exchange - More
- February 06, 2007 | Item | E-mail
Crowflight Commences Thompson Nickel Belt Regional Exploration Drilling, Announces Webcast to Discuss 2007 Program and Review 2006 Results - More
- February 06, 2007 | Item | E-mail
New Assays from Sisson Brook Tungsten-Molybdenum-Copper Project Continue to Give Encouraging Results - More
- February 06, 2007 | Item | E-mail
New Island Resources Inc.: Financing Arranged for Pine Cove Gold Mine - More
- February 06, 2007 | Item | E-mail
MetalCORP Limited Retains NORTH STAR for Investor Relations - More
- February 06, 2007 | Item | E-mail
Gemco engages "HabaneroIR" as investor relations firm - More
- February 06, 2007 | Item | E-mail
Abcourt Mines Inc.: The Validation tests on the Cyanidation-Flotation Abcourt Process Are Conclusive - More
- February 06, 2007 | Item | E-mail
Northern Peru Engages Financial Advisor to Pursue Strategic Alternatives - More
- February 06, 2007 | Item | E-mail
Adanac Molybdenum Corporation: General Manager Appointed for Ruby Creek Molybdenum Project - More
- February 06, 2007 | Item | E-mail
East Delta Completes Facility Upgrade At Huaqiao Gold Mine - More
- February 06, 2007 | Item | E-mail
Tribute Announces Additional Results From Fall, 2006 Drill Program - More
- February 06, 2007 | Item | E-mail
Anaconda's Colorado Minerals Signs With Penoles on Carmen Project in Chile - More
- February 06, 2007 | Item | E-mail
US Canadian Minerals, Inc. Announces Cancellation of 37% of Issued and Outstanding Shares and Obtains Option on Mining Claims in Chile - More
- February 06, 2007 | Item | E-mail
Rambler Provides Summary Overview of Exploration Success - More
- February 06, 2007 | Item | E-mail
Alma Resources Completes Barreteros Access Road and Commences 2007 Drill Program - More
- February 06, 2007 | Item | E-mail
Golden Eagle Begins Deep Trenching Campaign to Prove Continuity of Gold Mineralization at C Zone - More
- February 06, 2007 | Item | E-mail
EM Resources Inc. Announces Results of the 2006 Exploration Program - More
- February 06, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: "$381,000 Issue Funds Nevada Drilling Down Payment and Annual Option Payment" Drilling "Late Spring" - More
- February 06, 2007 | Item | E-mail
Asia Now's Results at Habo Confirm Copper-Gold Porphyry - More
- February 06, 2007 | Item | E-mail
Franconia Minerals Corporation: Drilling Continues to Expand Copper-Nickel-PGM Mineralization at Birch Lake, Minnesota - More
- February 06, 2007 | Item | E-mail
Callinan Mines Limited.: VTEM Survey Complete at Fox River, Drill Testing Imminent - More
- February 06, 2007 | Item | E-mail
Premier - Drilling expands gold zones in Red Lake - Major exploration program underway - More
- February 06, 2007 | Item | E-mail
Acquisition of Blizzard Uranium Deposit - Reverse takeover transaction update - More
- February 06, 2007 | Item | E-mail
Colombia Goldfields Begins Drilling at Marmato - More
- February 06, 2007 | Item | E-mail
Bahman Yamini, President and CEO of Canasil Resources, Talks to The Wall Street Transcript - More
- February 06, 2007 | Item | E-mail
African Gold Group, Inc: KB07-16 Intersects 81.5 Meters of 1.30 g/t Au, Including 15.8 Meters of 4.95 g/t Au at Kobada, Mali - More
- February 06, 2007 | Item | E-mail
Tiomin Reports on the Preliminary Economic Assessment Study of its Pukaqaqa Copper-Gold Project in Peru - More
- February 06, 2007 | Item | E-mail
RSM: More on the Potential for Large Copper Oxide Targets South of the Near Surface Gold Oxide Deposits on the Railroad Property, Elko County Nevada - More
- February 06, 2007 | Item | E-mail
Stratabound Options Ontario Massive Sulphide Property - More
- February 06, 2007 | Item | E-mail
Cream Minerals Reports on Gold-Silver Mineralization in Cerro Chacuaco Zone at Nuevo Milenio Project, Mexico - More
- February 06, 2007 | Item | E-mail
Quantitative Methods, Corp. Announces filing SEC form 8 K And Company's reorientation program - More
- February 06, 2007 | Item | E-mail
Pilot Plant Purchased, Pulacayo Zinc Processing to Begin - More
- February 06, 2007 | Item | E-mail
Pacifica Resources Plans $25 Million 2007 Exploration and Development Program - More
- February 06, 2007 | Item | E-mail
Rambler Metals and Mining plc - Approval of TSX Venture Exchange Listing - More
- February 06, 2007 | Item | E-mail
U.S. Precious Metals Appoint New Chief Operating Geologist - More
- February 06, 2007 | Item | E-mail
Tanzania agrees new mining deals to boost tax flows - "Tanzania has agreed new mining deals with two companies including Barrick Gold (ABX.TO: Quote, Profile , Research) that will boost tax revenues for the govenment and was in talks with others, President Jakaya Kikwete said on Tuesday.
Under the new agreements, already agreed with Canada's Barrick and Australia's Resolute Mining Ltd (RSG.AX: Quote, Profile , Research), a tax concession was removed that would bring forward tax payments, he said." More
- February 06, 2007 | Item | E-mail
Sierra Gold Corporation Plans More Aggressive Bulk Sampling for Diamonds On Pampana North Property - More
- February 06, 2007 | Item | E-mail
War Eagle Mining Company Inc.: Expanded Phase II Mine Development Program Approved for the Tres Marias Mine, Chihuahua, Mexico - More
- February 06, 2007 | Item | E-mail
Mesa Uranium Corp.: North Alice Drilling Results - More
- February 06, 2007 | Item | E-mail
Crosshair Targets C Zone Uranium Deposit for 4 Kilometers of Strike Extension - More
- February 06, 2007 | Item | E-mail
Silver Spruce Resources Inc.: Phase Two Drilling Begins at Two Time Zone - More
- February 06, 2007 | Item | E-mail
Phase Two Drilling Begins at Two Time Zone - More
- February 06, 2007 | Item | E-mail
Hinterland acquires "Rebel" Uranium Property in Northern Thelon Basin, Nunavut - More
- February 06, 2007 | Item | E-mail
Trigon Announces Marysvale Utah Drill Program - More
- February 06, 2007 | Item | E-mail
Pan African Mining Corp. Regional Sampling Results Confirm High-Grade Uranium Anomalies in Madagascar's South - More
- February 06, 2007 | Item | E-mail
Silver Dragon Completes 43-101 Report for Cerro las Minitas Silver Project - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to report that it has completed a technical report on the Cerro las Minitas silver, lead and zinc project in Durango, Mexico. The Technical Report was prepared in accordance with Canadian National Instrument 43-101 by Vector Engineering, Inc., an independent engineering firm based in Grass Valley, California." More
- February 06, 2007 | Item | E-mail
Fury Explorations Ltd.: Drilling at Taylor Extends High Grade Silver Fault Zone and Indicates Expansion Potential of Open Pit Resources - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces assay results for an additional 23 drill holes from the Taylor Silver Project, Ely, Nevada. These results are significant as they demonstrate continuity within the high-grade fault zone which remains open at depth and on strike and that known open pit style mineralization appears expandable beyond historically established limits." More
- February 06, 2007 | Item | E-mail
First Majestic Silver Corp.: La Parrilla Silver Mine Update and New NI 43-101 Resource - "The La Parrilla Silver Mine is located about 1km from the village of San Juan de La Parrilla and 75km SE of Durango, Mexico. Covering in excess of 3400 hectares, with excellent infrastructure, the mine is only 4km off of the main highway which links Durango and Zacatecas. Among the several large vein systems included within the La Parrilla property boundaries, the Company is focusing on the La Rosa/Los Rosarios, San Marcos, San Jose, San Nicolas, Vacas, Quebradilla, La Luz and Recuerdo structures." More
- February 06, 2007 | Item | E-mail
Eldorado Gold Corporation: Efemcukuru Drill Results-Continued Positive Results - "Paul N. Wright, President & Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto Future:ELD.TO - News)(AMEX:EGO - News), is pleased to announce a further update from this season's drilling at the Efemcukuru Project ("Efemcukuru") in Western Turkey. The drilling is part of an ongoing 13,000 meter infill and exploration drill program, now approximately 70 percent complete." More
- February 06, 2007 | Item | E-mail
Randgold Resources Limited announces Develop or Exploit - "Is the gold industry being buoyed up by speculative sentiment rather than by the creation of real value? Randgold Resources chief executive Mark Bristow asked the Mining Indaba here today." More
- February 06, 2007 | Item | E-mail
AngloGold Ashanti may expand employee share plan - "The world's third biggest gold producer AngloGold Ashanti Ltd (ANGJ.J: Quote, Profile , Research) is considering expanding its employee share plan to other countries besides its South African home base, the firm said on Tuesday." More
- February 06, 2007 | Item | E-mail
Kirkland Lake Gold Inc.: Drilling on New Southern Discoveries Returns 3.70 Ounces of Gold Over 40.6 Feet and 2.08 Ounces Over 61.5 Feet - "The Lower D North and New South Zones both continue to return significant wide, high grade intersections," said Stewart Carmichael, Chief Exploration Geologist. "As impressive as these intersections are, the continued expansion of the many other associated zones, such as the YYZ, a hanging wall structure to the Lower D North, will continue to add to the reserves and resources to the south." More
- February 06, 2007 | Item | E-mail
Barrick says to hit 2006 output, cost targets - "Barrick Gold Corp. (ABX.TO: Quote, Profile , Research), the world's biggest gold miner, said on Tuesday it was on track to meet its copper and gold production forecasts for 2006 as well as targeted cost savings from its takeover of Placer Dome." More
- February 06, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 6 February, 2007 | |
