-- Posted 8 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $657.70 | +$5.50 |
Silver | $13.68 | +$0.05 |
XAU | 141.91 | +1.90% |
HUI | 340.75 | +2.50% |
GDM | 1091.07 | +1.89% |
JSE Gold | 2729.29 | -1.32% |
USD | 84.69 | -0.02 |
Euro | 130.34 | +0.25 |
Yen | 82.61 | -0.20 |
Oil | $59.71 | +$2.00 |
10-Year | 4.730% | -0.015 |
T-Bond | 111.09375 | +0.125 |
Dow | 12637.63 | -0.23% |
Nasdaq | 2488.67 | -0.07% |
S&P | 1448.31 | -0.12% |
The Metals:
Gold traded near unchanged for most of trade in Asia and about $2-$4 lower for most of trade in London, but it then rallied higher throughout most of trade in New York and rose to about $660 in early afternoon trade before it fell off slightly into the close and ended with a gain of 0.84%. Silver dropped to as low as $13.45 at the open in New York before it also rallied higher for most of the rest of trade and ended with a gain of 0.37%.
Euro gold rose to over €505, platinum lost $4 to $1,195, palladium lost $7 to $337, and copper remained at about $2.42.
Gold and silver equities started the day off slightly lower, but they then steadily rose throughout the rest of trade and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/03 | 311K | 310K | 308K |
Wholesale Inventories | Dec | -0.5% | 0.6% | 1.1% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose late in the day and got back near $60 after news came out that an Occidental Petroleum oil field in California caught fire on Tuesday and there was no time frame as to when it would restart. Cold weather and increased geopolitical worried over Iran and Nigeria also had traders buying.
The U.S. dollar index remained in a tight range near unchanged ahead of this weekend’s G7 meeting, but it did fall slightly as the euro found some strength on indications that the ECB will hike interest rates at their next meeting in March.
Treasuries rose after a strong 30-year note auction capped the third and final leg of the Treasury’s $38 billion in quarterly refunding this week.
The Dow, Nasdaq, and S&P fell despite mostly strong retail sales reports as worries about the housing market had traders nervous, but all three indices did pare their losses by the close and ended just marginally lower.
Among the big names making news in the market today were New Century, Aetna, HSBC, Circuit City, Toll Brothers, Kodak, PepsiCo, and McDonald’s.
The Commentary:
“For years GATA has heard from the know-nothings that IF there is a gold price manipulation scheme, the price-fixers are doing a lousy job … one only has to look at gold rising year after year, say they. These people do a serious disservice to the gold world because they are too lazy to do their homework … they have no idea what this is all about.
Why? The Gold Cartel has no choice but to let the price of gold rise, gradually for now, explosively later, because they are running out of available central bank gold to ration demand, as mentioned above. The only way to slow down demand is by price rises … to create "Sticker Shock." In this way The Gold Cartel can conserve what gold they have left. As is, the cabal crew is on a short leash, as their sources of supply are gradually going the way of the Dodo bird. They surely know it and are probably working overtime trying to work on deals to elicit supply.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 5.5 at 662.8, 2.5 off the high and 9.3 up from the low.
March Silver closed up 0.06 at 13.77. This was 0.23 up from the low and 0.11 off the high.
After some initial choppy action early in the session the gold market settled back into a mostly positive track into the close. With the Dollar showing minor weakness and oil prices persistently firming off the weak opening it wasn't surprising to see the metals lifted by renewed buying interest. Reports of fund buying certainly helped to lift gold but with higher oil prices and generally weak equity market action it would seem like there were a number of reasons to favor the bull camp. It is possible that the rise above $661.8 prompted a wave of technical buying in gold, as the trade did see some early intense selling that took prices below the prior two session's lows. In other words, early sellers in gold might have been forced to buy back positions into mid session.
The silver market managed a pretty impressive recovery off its early lows and even managed to discount a lower European fix. With copper prices managing to reject a fairly aggressive early wave of selling, it is possible that some silver buyers were similarly inspired. Not surprisingly the weakness in the equity market was mostly discounted by silver which apparently continues to get most of its direction from the gold and energy trade. In fact, with a strong finish in the energies, the outlook for both gold and silver might be expected to remain positive into the Friday opening.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Spending spree over as Americans walk tightrope without safety net
S. African Reserve Bank adds 700,000 gold ounces to reserves in January
The Statistics:
As of close of business: 2/7/2007
Gold Warehouse Stocks: | 7,487,683 | - |
Silver Warehouse Stocks: | 114,753,954 | +34,165 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 461.71 | 14,844,449 | US$ 9,701m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,800,005 | US$ 1,844m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 10.93 | 351,084 | US$ 231m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,366 | US$ 212m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.08 tonnes and the ASX added 0.04 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/7/2007 | |
Total Net Assets | $915,544,252 | 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 2/7/2007 | |
Total Net Assets | $1,631,729,360 | Ounces of Silver
in Trust | 119,551,954.200 |
Shares Outstanding | 12,000,000 | Tonnes of Silver
in Trust | 3,718.48 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Miramar’s (MNG) drill results, Aurizon’s (AZK) ore extraction, ASA’s (ASA) general meeting results, and Aquiline’s (AQI.TO) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Cardero | CDY +10.79% $1.69 |
2. Golden Star | GSS+9.17% $3.6901 |
3. Endeavour | EXK +7.48% $4.60 |
LOSERS
1. Almaden | AAU -1.63% $2.41 |
2. U.S. Energy | USEG -1.62% $4.85 |
3. Arizona Star | AZS -1.56% $12.00 |
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:
Explor Resources Inc.: Acquisition of the Nelligan Property - More
- February 08, 2007 | Item | E-mail
Western Goldfields Reports Exciting New Drill Results at Mesquite Mine - More
- February 08, 2007 | Item | E-mail
Grandview Signs Sanshaw-Bonanza, Red Lake Property Option Agreement - More
- February 08, 2007 | Item | E-mail
Silvermet Advances its Waelz Kiln Zinc Project in Turkey - More
- February 08, 2007 | Item | E-mail
Madison Minerals Inc.: Drilling Confirms and Expands Lewis Gold Mineralization - More
- February 08, 2007 | Item | E-mail
Production resumes at Aurizon's Casa Berardi mine - "Aurizon Mines Ltd. (ARZ.TO: Quote, Profile , Research) (AZK.A: Quote, Profile , Research) said on Thursday that ore extraction has resumed at its Casa Berardi gold mine in northwestern Quebec after a temporary suspension in late January.
Production was halted Jan. 24 after ground movement, triggered by blasting, caused more ore than expected to fall into the production area. Ground support remediation work has been completed." More
- February 08, 2007 | Item | E-mail
Carat Exploration Inc. - First drilling program completed, Weaver Lake Zone, Seneca Property, BC - More
- February 08, 2007 | Item | E-mail
Milner Granted Title to the San Lucas Mineral Concession - More
- February 08, 2007 | Item | E-mail
International Arimex plans Athabasca Basin exploration - More
- February 08, 2007 | Item | E-mail
Melkior Acquires Uranium Property Near Bancroft - More
- February 08, 2007 | Item | E-mail
BacTech Announces Board Changes - More
- February 08, 2007 | Item | E-mail
Rockel Joins Goldcliff - More
- February 08, 2007 | Item | E-mail
Klondike Star Discovers New Mineralized Zone at Lone Star Gold Project - More
- February 08, 2007 | Item | E-mail
Alpha Gold to Drill Carlin-Style Valley Zone and Conduct Major IP Survey on New Ground to the South - More
- February 08, 2007 | Item | E-mail
Miramar Reports Final 2006 Hope Bay Drill Results - "The objective of Miramar's 2006 work at Hope Bay was to define a second phase (Phase II) of production following the proposed Doris North Mine (Phase I) which is now in the permitting process. Originally, Phase II was planned to be primarily underground at Madrid, supported by the high grade ores from Boston and Doris Central. However, early in 2006 internal studies indicated that there were possible opportunities for larger scale production at Hope Bay. During 2006, the Company conducted drill programs and studies to determine the potential for a large scale Phase II operation (either open pit or underground) centered at Madrid." More
- February 08, 2007 | Item | E-mail
Acrex Ventures Completes strategic property acquisition at Spanish Mountain - More
- February 08, 2007 | Item | E-mail
Canadian Golden Dragon Resources Ltd.: $3m JV for Vanguard Zinc-Copper-Gold-Silver Property - More
- February 08, 2007 | Item | E-mail
Romarco Grants Options - More
- February 08, 2007 | Item | E-mail
Golden Eagle Moves Several Steps Closer to Full-Scale Operations at Its C Zone Pilot Plant - More
- February 08, 2007 | Item | E-mail
Unico, Inc. Releases February 2007 Edition of Investor Newsletter - More
- February 08, 2007 | Item | E-mail
Natividad Underground Drill Program Moves to Level 6 for Additional 2500 Meters of Drilling - More
- February 08, 2007 | Item | E-mail
Royal Standard Minerals Inc.: Goldwedge Project Progress, Nye County, Nevada - More
- February 08, 2007 | Item | E-mail
Ungava Minerals Corp. Releases Technical Report and Profitability Review - More
- February 08, 2007 | Item | E-mail
Aurizon Re-Commences Ore Extraction at Casa Berardi - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) reported today that ore extraction has resumed at its 100% owned Casa Berardi Mine, following a temporary suspension in late January 2007. The Casa Berardi Mine is presently in the commissioning and ramp-up phase of operations and commercial production is expected to commence in the second quarter of 2007." More
- February 08, 2007 | Item | E-mail
ASA (Bermuda) Limited Announces Results of Voting at Annual General Meeting of Shareholders - "ASA (Bermuda) Limited (NYSE: ASA - News) announced that at today's annual general meeting of shareholders, shareholders voted to elect all of the nominees for directors of the Company and to ratify the appointment of Ernst & Young LLP to serve as the Company's independent auditors for the fiscal year ending November 30, 2007, and authorize the Company's audit committee to set the independent auditor's remuneration." More
- February 08, 2007 | Item | E-mail
Aurus Announces an Important Addition to Its Board - More
- February 08, 2007 | Item | E-mail
Moly Mines Agrees to Gold Assets Sale - More
- February 08, 2007 | Item | E-mail
Tornado Gold Reports Significant Gold Assay Results - More
- February 08, 2007 | Item | E-mail
Caldera Resources Inc: Runton Diamond Project-Western Australia - More
- February 08, 2007 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property - More
- February 08, 2007 | Item | E-mail
Trelawney Resources Inc.: Undercut Hole # MC-07-62 Continues to Hit Widespread Gold Mineralization at Depth - More
- February 08, 2007 | Item | E-mail
REPEAT: Inter-Citic Minerals Inc.: Five New Mineralized Gold Zones Discovered Near Dachang East Main Zone - More
- February 08, 2007 | Item | E-mail
Majescor Intersects 21.5 m of 0.7% Copper, 0.5 g/t Gold, 1.1% Zinc and 21.4 g/t Silver at its Besakoa Polymetallic Prospect, Madagascar - More
- February 08, 2007 | Item | E-mail
Alexco Announces Additional High Grade 2006 Keno Hill Drill Results - More
- February 08, 2007 | Item | E-mail
Drill Program Underway at Jinshan's Dadiangou Project - More
- February 08, 2007 | Item | E-mail
Merrex Drilling Intersects 10.14 g/t Au/4m and Extends Siribaya Gold Zone to Four Kilometres - More
- February 08, 2007 | Item | E-mail
Rocher DeBoule Minerals Corp.: Company Acquires Additional Claims at Their IOCG Mineral Target - More
- February 08, 2007 | Item | E-mail
X-Clearing Corporation Announces Judgment Against Mercantile Gold Company, nka MGM Mineral Resources, Inc. - More
- February 08, 2007 | Item | E-mail
Candente Resource Corp. and Canaco Resources Inc.: Drill Targets Identified at El Oro Gold-Silver Property, Mexico - More
- February 08, 2007 | Item | E-mail
Aquila Looks to Expand Back Forty Resource in 2007 With Drilling Underway - More
- February 08, 2007 | Item | E-mail
Uranerz Energy Corporation: Powder River Basin Property Acquisitions Closed - More
- February 08, 2007 | Item | E-mail
Uranium Power Corp. Announces Acquisition of 14 Breccia Pipe Targets - More
- February 08, 2007 | Item | E-mail
Hinterland acquires "Hearne" Uranium Property in Northern Manitoba - More
- February 08, 2007 | Item | E-mail
Forum Uranium Identifies Drill Targets at the Hobo Zone, Key Lake Road Project, Northern Saskatchewan - More
- February 08, 2007 | Item | E-mail
Uranium Resources, Inc. Comments on Dispute with Kleberg County - More
- February 08, 2007 | Item | E-mail
Aquiline Releases New Navidad Results Including 97.6 Meters of 417 g/t Silver - "Aquiline Resources Inc. ("Aquiline") (TSX:AQI - News) is pleased to report on the results of 26 new diamond drill holes at the Navidad Project in Chubut Province, Argentina. The holes were completed under the planning and direct supervision of Aquiline Resources Inc. between November - December of last year and were all drilled within the defined resource areas between Galena Hill and Navidad Hill." More
- February 08, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 February, 2007 | |
