-- Posted 12 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $662.20 | -$4.50 |
Silver | $13.64 | -$0.19 |
XAU | 140.07 | -1.13% |
HUI | 336.89 | -0.93% |
GDM | 1077.10 | -1.08% |
JSE Gold | 2854.07 | +1.10% |
USD | 85.12 | +0.24 |
Euro | 129.61 | -0.52 |
Yen | 82.12 | -0.13 |
Oil | $57.81 | -$2.08 |
10-Year | 4.804% | +0.020 |
T-Bond | 110.3125 | -0.1875 |
Dow | 12552.55 | -0.22% |
Nasdaq | 2450.38 | -0.38% |
S&P | 1433.37 | -0.33% |
The Metals:
Gold opened briefly higher in Asia before it fell in choppy trade for most of the rest of the day and dropped to a low as $659.30 at one point, but it did rally a bit in afternoon New York trade and ended nearly three dollars off its low with a loss of 0.67%. Silver dropped to as low as $13.46 before it also rallied into the close and ended over 1% off its low with a loss of 1.37%.
Euro gold fell back near €510, platinum lost $12 to $1,182, palladium lost $6 to $334, and copper fell nearly 7 cents to about $2.43.
Gold and silver equities fell a little over 1% by late morning and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Jan | $38.2B | $40.0B | $21.0B |
Tomorrow at 8:30AM EST is the Trade Balance for December expected at -$59.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell after the Saudi Arabian oil minister indicated there will be no further production cuts at OPEC’s next meeting as he called the oil market in “much, much better health and balance.” Mild weather forecasts and easing worries over Iran also had traders selling.
The U.S. dollar index rose as the G7 meeting did not address weakness in the yen as some had hoped for, but gains were somewhat limited as traders looked ahead to a plethora of economic data later in the week and fed chairman Ben Bernanke's testimony before the Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday.
Treasuries continued Friday’s fall on speculation Bernanke will talk tough on inflation before congress and push interest rates higher.
The Dow, Nasdaq, and S&P fell on disappointments over acquisitions as traders took caution ahead of a busy economic week.
Among the big names making news in the market today were Four Seasons, Home Depot, Thomas Cook and MyTravel, LSE and Nasdaq, Vodafone and Hutch Essar, Merrill Lynch, GE, HP, Lilly, MFS, Deutsche Bank, REIT, Blackstone, Ford, Occidental, and Pulte.
The Commentary:
“April Gold finished down 5 at 667.3, 4 off the high and 3 up from the low.
March Silver closed down 0.2 at 13.715. This was 0.2 up from the low and 0.165 off the high.
The gold market mostly finished moderately lower on the day but enough above the lows of the session to partially discount the steep slide in oil prices. In fact, with crude oil prices at times $2.60 per barrel lower the gold bulls might have been fortunate to have avoided a real drubbing. With the recent overly long COT report positioning, the slide in the energy complex and the rally in the Dollar conditions were so bearish that the bears might even be a little disappointed in the action. As suggested in the mid day coverage, news of a possible terrorist incident in Japan also failed to support gold prices and that would seem to leave the market with some form of underlying support. With the US economic report slate thin again on Tuesday, the gold market will probably continue to be heavily influenced by the ebb and flow of oil prices.
The silver market finished moderately lower but did manage to reject a test of the critical $13.51 level. With the Press late on Monday trumpet the potentially overextended spec long positioning in silver from the COT report, one has to be watchful of the potential for stop loss selling activity. With the copper market failing to hold at critical support and the US equity market also giving off the impression of macro economic slowing, it is likely that the silver market is under the influence of physical commodity and fund related selling pressure.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Time frames
James Turk: Gold pulling away from $600
Gene Arensberg's 'Got Gold Report' at Resource Investor
Bloomberg columnist may not know as much about gold as he thinks
MorganChase executive considered for Treasury's international job
Qatar will keep riyal's peg to dollar
G7 asks finance ministers to talk with hedge fund managers
Markets can handle hedge funds by themselves, treasury secretary tells G7
How to profit most from $1,000 gold: juniors and self-publicists
G-7 presses China on yuan flexibility, wants hedge funds watched
South African president pledges to hasten land redistribution
Fed Reserve's Bies, policy centrist, to step down March 30
Miners are dangerous foes for Bolivia's president
Doug Hornig: About those IMF gold sales
The Statistics:
As of close of business: 2/9/2007
Gold Warehouse Stocks: | 7,487,683 | - |
Silver Warehouse Stocks: | 114,838,597 | +84,643 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 461.58 | 14,840,145 | US$ 9,860m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.09 | 2,799,881 | US$ 1,853m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.08 | 355,818 | US$ 236m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,366 | US$ 212m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 0.13 tonnes and the ASX added 0.15 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/9/2007 | |
Total Net Assets | $936,859,889 | 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 2/9/2007 | |
Total Net Assets | $1,730,227,305 | Ounces of Silver
in Trust | 125,030,899.100 |
Shares Outstanding | 12,550,000 | Tonnes of Silver
in Trust | 3,888.90 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
U.S. Gold’s (UXG) commenced tender offers, Newmont’s (NEM) chairman, International Royalty’s (ROY) bought-deal financing, IAMGOLD’s (IAG) Rosebel work stoppage update, Almaden’s (AAU) drill results, Solitario’s (XPL) drill results, Fortuna’s (FVI.V) and Continuum’s (CNU.V) optioned mining concessions, and Silver Dragon’s (SDRG.OB) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +4.70% $5.12 |
2. Solitario | XPL+3.53% $3.8822 |
3. Endeavour | EXK +3.18% $4.86 |
LOSERS
1. Kimber | KBX -9.41% $1.54 |
2. Cardero | CDY -6.02% $1.56 |
3. Miramar | MNG-5.03% $4.15 |
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:
Aurus Obtains Advantageous Financial Package - More
- February 12, 2007 | Item | E-mail
Newmont Announces Seymour Schulich to Continue as Chairman of Newmont Capital but Will Not Stand for Re-Election to Newmont Board - "Newmont Mining Corporation (NYSE: NEM - News) today announced that Mr. Seymour Schulich will remain as Chairman of Newmont Capital Limited (a Newmont subsidiary) and will continue to serve as a consultant to the Company, but will not stand for re-election to the Newmont Board of Directors at the Company's Annual Meeting of Stockholders in April 2007. Mr. Schulich was the Chairman and Co-Chief Executive Officer of Franco-Nevada Mining Corporation Limited, which was acquired by Newmont in 2002 in connection with the three-way merger of Newmont, Franco-Nevada and Normandy Mining Corporation." More
- February 12, 2007 | Item | E-mail
International Royalty completes fully subscribed bought-deal financing - "International Royalty Corporation ("IRC") (TSX:IRC, AMEX: ROY) is pleased to announce that it has closed its offering of 7,408,000 units (the "Units") of IRC at a price of $5.40 per unit for total gross proceeds of Cdn.$40,003,200 (the "Offering"). Each Unit is composed of one common share (each, a "Common Share") of IRC and one-half of one common share purchase warrant of IRC, with each whole common share purchase warrant entitling the holder thereof to acquire a further Common Share at an exercise price of $6.50 per share until November 12, 2007, and at $7.00 per share from November 13, 2007 until August 12, 2008." More
- February 12, 2007 | Item | E-mail
IAMGOLD Corporation: Update on Work Stoppage at Rosebel - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(ASX:IGD.AX - News)(Boston:IAMGOLD - News) has announced today that effort continues to resolve the current work stoppage at Rosebel Gold Mine in Suriname. An offer was made to employees last week, that includes a substantial wage increase, increased vacation and benefits, and a lump sum payment to employees to reward the good work thus far on the project. The offer resulted from consultations and meetings between the Union, the Mediation Board, and Rosebel Management." More
- February 12, 2007 | Item | E-mail
Bellhaven Signs Definitive US$4.0 Million/5 Yr. JV Agreement with Western Troy Capital Resources for 70% Stake in Its Viento Frio Concession - More
- February 12, 2007 | Item | E-mail
Almaden Minerals Ltd.: 2006 Results From the Skoonka Creek Project, B.C. - "Almaden Minerals' partner Strongbow Exploration Ltd. has reported extremely encouraging results from their 2006 exploration program on the Skoonka Creek Project. Strongbow's 18 hole 4,545 m drill program on the JJ Showing confirmed the presence of well developed gold bearing quartz veins at depth. Highlights from the program include 16.3 g/t over 0.23 meters and 17.0 g/t gold over 0.5 meters." More
- February 12, 2007 | Item | E-mail
American Creek enters into further earn-in agreement on the Tide Project - More
- February 12, 2007 | Item | E-mail
Rochester Closes $2.22 Million Private Placement - More
- February 12, 2007 | Item | E-mail
Harte Gold Announces Financing of up to $7.2 Million - More
- February 12, 2007 | Item | E-mail
Piedmont Mining Announces Engagement of Investor Relations Agent - More
- February 12, 2007 | Item | E-mail
Firstgold Corp. Hires New Mine Manager at Relief Canyon - More
- February 12, 2007 | Item | E-mail
Breakthrough Reached in Right-of-Way Negotiations for XYZ Gold Mine Site, PAIM Announces - More
- February 12, 2007 | Item | E-mail
Uruguay Mineral Exploration Grants Stock Options - More
- February 12, 2007 | Item | E-mail
StrataGold intersects 29 metres of 2.32 g/t gold at Tassawini, Guyana - More
- February 12, 2007 | Item | E-mail
Ressources Appalaches Expands Its Team - More
- February 12, 2007 | Item | E-mail
Dejour Announces Peace River Arch Projects & Adds Piceance-Uinta Acreage - More
- February 12, 2007 | Item | E-mail
Puma Exploration Announces Modifications to its IR Team - More
- February 12, 2007 | Item | E-mail
Caldera Resources Inc.: Barrick Joint Venture on Mt. Carulina Project-South Australia - More
- February 12, 2007 | Item | E-mail
Lero Gold Corp. Announces the Appointment of Mark Corra as a Non-Executive Director and the Resignation of Mr A J Ali - More
- February 12, 2007 | Item | E-mail
Silvermet Defines Nickel-Copper-PGM Drill Targets by Large Soil Geochemical Survey on Muskox Complex, Nunavut - More
- February 12, 2007 | Item | E-mail
Fortuna and Continuum Option Additional Exploration Ground Around San Jose Project, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; "Fortuna"). Mr. Jorge Ganoza, President of Fortuna, is pleased to announce that Fortuna and Continuum Resources Ltd. ("Continuum") have signed an option agreement for a 100% interest in a 30,000 hectare mineral concession around the San Jose project area in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76%) and Continuum (24%)." More
- February 12, 2007 | Item | E-mail
Geoinformatics Commences Drilling Program at its Thunder Project - More
- February 12, 2007 | Item | E-mail
Aurus Takes Steps to Become Fully Reporting - More
- February 12, 2007 | Item | E-mail
Hawk Closes Final Tranche of Financing and Raises a Total of Over $4.2 Million - More
- February 12, 2007 | Item | E-mail
Paragon Expands High-Grade Gold Mineralization at JBP Linear Project - More
- February 12, 2007 | Item | E-mail
Capital Gold to Begin New Drilling Program at El Chanate Gold Mining Project in Mexico - More
- February 12, 2007 | Item | E-mail
Goldstake strikes uranium deal in Utah - More
- February 12, 2007 | Item | E-mail
Birim Goldfields: Follow-Up Drilling Under Way at Chert Ridge - More
- February 12, 2007 | Item | E-mail
Network Exploration appoints Mr. Ken Thorsen to its board of directors - More
- February 12, 2007 | Item | E-mail
Alberta Star Receives Provisional Approval From the Department of Natural Resources for Its Land Survey on the Glacier Lake Uranium Claims - More
- February 12, 2007 | Item | E-mail
Bellhaven Signs Definitive US$4.0 Million/5 Yr. JV Agreement with Western Troy Capital Resources for 70% Stake in Its Viento Frio Concession - More
- February 12, 2007 | Item | E-mail
Acrex/Moneta commence drilling on the Michaud Property, Timmins, Ontario - More
- February 12, 2007 | Item | E-mail
Northland's Metallurgical Testwork at Stora Sahavaara Produces Viable Pellet Feed - More
- February 12, 2007 | Item | E-mail
Colibri continues to expand Near-Surface Silver-Lead-Zinc Mineralization at Ramard Project, Sonora, Mexico - More
- February 12, 2007 | Item | E-mail
Tournigan Appoints COO - More
- February 12, 2007 | Item | E-mail
Liberty Star - XState Resources Ltd. - Elle Uranium Drilling Program to Start February 15, 2007 - More
- February 12, 2007 | Item | E-mail
Drilling Begins at Largo's Maracas Vanadium-PGM Project in Bahia, Brazil - More
- February 12, 2007 | Item | E-mail
Solitario Intersects Widespread Gold Mineralization on Its Mercurio Gold Project in Brazil - "Solitario Resources Corporation (AMEX:XPL - News; TSX:SLR - News) today announced the results of its second round of drilling completed in late 2006 on its 100%-owned Mercurio gold project in northern Brazil. Highlights include core holes SB-16 that intersected 7.0 meters grading 6.9 grams per tonne ("g/t") gold, SB-18 that intersected 34.0 meters of 2.7 g/t gold and SB-20 that intersected 26.0 meters grading 1.6 g/t gold. In total, nine of the eleven widely spaced drill holes intersected significant gold mineralization in this program." More
- February 12, 2007 | Item | E-mail
Anglo Platinum Sees 2006 Earnings Soar - "Anglo Platinum Ltd., the miner more than three quarters owned by Anglo American PLC, said Monday that 2006 profit more than doubled as platinum prices rose and the company boosted production." More
- February 12, 2007 | Item | E-mail
U.S. Gold Commences Tender Offers For White Knight Resources, Nevada Pacific Gold & Tone Resources - "U.S. GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) is pleased to announce that it will file with securities regulators in the United States and Canada its formal offers to acquire all the outstanding shares of White Knight Resources Ltd., Nevada Pacific Gold Ltd. and Tone Resources Limited. U.S. Gold is commencing the mailing of its offering circulars, prospectus and related documents to shareholders of the three target companies immediately." More
- February 12, 2007 | Item | E-mail
Silver Dragon Identifies 429,800 Tonne Ore Reserve Containing Ag-Cu Deposits from Initial Exploration Work at Zhuanxinhu, China - "Zhuanxinhu is one of the nine properties which Sanhe Sino-Top Resources and Technologies, Ltd. ("Sino-Top"), a Chinese company, holds the exclusive exploration and mining rights to, including a silver mine located in the prolific Erbahuo Silver District in Inner Mongolia, China. Silver Dragon has a 60% ownership interest in Sino-Top." More
- February 12, 2007 | Item | E-mail
Trigon completes offering of $3 million - More
- February 12, 2007 | Item | E-mail
Gold Resource Corporation Engages COREVI to Commence the Permitting Process and Lyntek to Commence Engineering at the El Aguila Project, Mexico - More
- February 12, 2007 | Item | E-mail
Uranium One and UrAsia Energy Announce Combination to Create Emerging Senior Uranium Company - More
- February 12, 2007 | Item | E-mail
First Narrows Terminates Option Agreements on Three New Brunswick Properties - More
- February 12, 2007 | Item | E-mail
Denroy Resources Completes Private Placements, Appoints a New Management Team and Proposal to Acquire Nevada Gold Projects - More
- February 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 February, 2007 | |
