-- Posted 15 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $666.60 | -$0.60 |
Silver | $13.90 | UNCH |
XAU | 144.64 | +0.70% |
HUI | 349.83 | +1.03% |
GDM | 1119.16 | +0.98% |
JSE Gold | 2826.07 | -0.33% |
USD | 84.02 | -0.16 |
Euro | 131.35 | +0.09 |
Yen | 83.69 | +0.90 |
Oil | $57.99 | -$0.01 |
10-Year | 4.706% | -0.024 |
T-Bond | 111.3125 | +0.28125 |
Dow | 12765.01 | +0.18% |
Nasdaq | 2497.10 | +0.35% |
S&P | 1456.81 | +0.10% |
The Metals:
Gold traded $1-$3 higher for most of trade in Asia and London before it came into New York near unchanged and then fell for the rest of the morning to as low as $662.90 at one point, but it then rebounded in afternoon trade and ended with a loss of just 0.09%. Silver rose to over $14.00 in London before it dropped to $13.82 in late morning New York trade, but it also rebounded into the close and ended unchanged on the day.
Euro gold remained just under €510, platinum gained $2 to $1,208, palladium lost $4 to $338, and copper rose about 7 cents to above $2.60.
Gold and silver equities remained near unchanged in morning trade, but they then rallied higher in afternoon trade and ended with about 1% gains.
Gold demand up 6% in Q4 on investment, jewelry Mining Weekly
US gold futures retrace losses to end a tad lower Reuters
Gold futures close lower after two-session win MarketWatch
Gold Falls on Metal's Reduced Appeal as Hedge Against Inflation Bloomberg
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Jan | 0.3% | 0.3% | 0.7% |
Export Prices ex-ag. | Jan | 0.3% | - | 0.5% |
Import Prices | Jan | -1.2% | -1.0% | 1.1% |
Import Prices ex-oil | Jan | 0.0% | - | 0.5% |
Initial Claims | 2/10 | 357K | 315K | 313K |
NY Empire State Index | Feb | 24.4 | 11.0 | 9.1 |
Net Foreign Purchases | Dec | $15.6B | $60.0B | $84.9B |
Capacity Utilization | Jan | 81.2% | 81.7% | 81.8% |
Industrial Production | Jan | -0.5% | 0.0% | 0.5% |
Philadelphia Fed | Feb | 0.6 | 4.0 | 8.3 |
Net Foreign Purchases came in at the lowest since January 2002 and came nowhere near to covering December’s trade deficit of $61.2 billion. The NAHB/Wells Fargo Housing Market Index rose to 40 from 35 in January to offset the day’s mostly economically disappointing data.
Tomorrow at 8:30AM EST brings Housing Starts for January expected at 1,600,000, Building Permits expected at 1,590,000, PPI for January expected at -0.6%, and Core PPI expected at 0.2%. At 10AM is Michigan Sentiment for February expected at 96.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil dropped over a dollar in early trade on warm weather forecasts, but it rallied back higher and ended near unchanged after OPEC revised its demand forecast higher.
The U.S. dollar index fell and treasuries rose again as mostly poor economic data pushed interest rates lower.
The Dow, Nasdaq, and S&P rose modestly as economic data made it more likely that the fed will keep interests rates unchanged.
Among the big names making news in the market today were Bear Stearns, Molson Coors, Biogen, General Motors and Chrysler, and Hershey.
The Commentary:
“*The increasingly desperate Gold Cartel (I sent them their "Desperation Cologne" for Valentine’s Day, as planned) does not have enough available central bank gold at the moment to meet the enormous supply/demand deficit. They are scrambling and buying time by hitting gold in the derivatives markets to keep the price from exploding.
*Demand is very firm at these levels, perhaps increasing spec interest in anticipation of a US move on Iran. That said, today’s sharp drop in the price of oil ($59 per barrel, off $1.06) showed no such concern.
*Outside market factors such as rising oil and a weakening dollar have been generally supportive at times. Although, since gold’s move of $66 off its low at the beginning of the year, NEITHER have done anything price-wise (net change that is).” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished down 0.6 at 671.4, 2.8 off the high and 4.9 up from the low.
March Silver closed down 0.003 at 13.962. This was 0.132 up from the low and 0.068 off the high.
The gold market started out positive but then seemed to fade in the wake of soft US economic numbers and moderate weakness in oil prices. Certainly the gold market was underpinned by the favorable World Gold Council demand figures, but the trade was also talking up the fact that short term technical indicators were becoming overdone and there were stories in the Press hinting at a desire to bank some profits ahead of a long weekend. In the end weakness in the Dollar seemed to mitigate the selling pressure flowing from the energy complex, but with the US numbers generally slack, it is possible that some gold bulls might be losing interest. The headline story that world gold demand rose by 6% over the prior year will probably echo around the globe overnight and that could provide some countervailing force to the Thursday afternoon profit taking.
While the silver market remains tightly correlated to the gold market, it seemed as if silver managed to defend against outside market pressure better than the gold market in the action Thursday. As suggested in the mid day coverage, ongoing strength in the copper market might have helped the silver market downplay the continued softening of US economic numbers. However, the silver bulls can point to the fact that the New York Fed manufacturing data was much stronger than expected and therefore one can't totally conclude that the US economy is definitively slowing down.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
GATA sympathizers invited to lunch in Melbourne
China doesn't seem to see an end to commodities boom
John Embry: Great performance of gold, silver is practically a secret
The Statistics:
As of close of business: 2/14/2007
Gold Warehouse Stocks: | 7,487,582 | - |
Silver Warehouse Stocks: | 115,437,975 | - |
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 | 467.74 | 15,038,384 | US$ 10,048m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.08 | 2,799,788 | US$ 1,874m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.08 | 355,807 | US$ 238m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,329 | US$ 220m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/14/2007 | |
Total Net Assets | $936,668,319 | 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 2/14/2007 | |
Total Net Assets | $1,745,112,695 | 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:
IAMGOLD’s (IAG) restarting production at Rosebel, Kimber’s (KBX) project update, UC Resources’ (UC.V) production update, Silver Wheaton’s (SLW) restated US GAAP reconciliation note, and Apogee’s (APE.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Pacific Rim | PMU +5.62% $1.13 |
2. Gammon Lake | GRS +5.18% $17.86 |
3. Kimber Resources | KBX +5.13% $1.64 |
LOSERS
1. Northern Dynasty | NAK -3.24% $8.96 |
2. Great Basin | GBN -2.58% $1.89 |
3. Banro | BAA -2.25% $11.31 |
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:
Harris Exploration Inc. Ecuador Gold Project - More
- February 15, 2007 | Item | E-mail
Silver Fields property update - More
- February 15, 2007 | Item | E-mail
Details of Imminent Diamond Drilling Program, Louise Lake Project, North American Inc. - More
- February 15, 2007 | Item | E-mail
Explor Resources Inc.: Acquisition of the Opawica Property - More
- February 15, 2007 | Item | E-mail
Continental and Jinchuan Sign Framework Agreement for Equity Financing, Capital Financing, Concentrate Off-Take and Other Mine Building Support - More
- February 15, 2007 | Item | E-mail
Timberline Reports $3.21 Million in Quarterly Revenue - More
- February 15, 2007 | Item | E-mail
Trench Results From Cerro Colorado, Urique Project - More
- February 15, 2007 | Item | E-mail
New Guinea Gold Corporation: 13m at 13.5g/t Gold & 13.8m at 10.74g/t Gold (High of 1m at 90.2g/t Gold) in Trench at Sinivit Project - More
- February 15, 2007 | Item | E-mail
Gold Bullion Development Corp. to Acquire the Castle Mine Property From Milner Consolidated Silver Mines Ltd. - More
- February 15, 2007 | Item | E-mail
Klondike Star Discovers New Mineralized Zones at Ultra Project - More
- February 15, 2007 | Item | E-mail
Goldcliff Acquires Major Position in North American Silver Camp - More
- February 15, 2007 | Item | E-mail
Iamgold sees Rosebel at full production next week - "Iamgold Corp. (IMG.TO: Quote, Profile , Research) said on Thursday it expects full production to resume at its Rosebel gold mine in Suriname early next week, as workers start returning after a production halt of more than two weeks." More
- February 15, 2007 | Item | E-mail
Tribute to Mobilize a Second Drill to Confederation Lake - More
- February 15, 2007 | Item | E-mail
U.S. Precious Metals Announces Exploration Efforts at Solidaridad in Michoacan, Mexico - More
- February 15, 2007 | Item | E-mail
Northland Reports Positive Pelletizing Tests From Stora Sahavaara - More
- February 15, 2007 | Item | E-mail
Eloro Intersects Significant Zinc-Silver-Gold, Confirms Continuity of Sulphides at Hurdman Property, Ontario - More
- February 15, 2007 | Item | E-mail
Eagle Plains/Blue Sky Execute Letter of Intent on Karin Lake Uranium Project - More
- February 15, 2007 | Item | E-mail
Mega Fast Tracks Lake Maitland Development Studies - More
- February 15, 2007 | Item | E-mail
Galantas Ships First Concentrate From Omagh Gold Mine - More
- February 15, 2007 | Item | E-mail
Rare Element Resources' Bear Lodge Rare-Earth Drilling Scheduled for Spring - More
- February 15, 2007 | Item | E-mail
NewWest Gold Corporation Extends Mineralization at Sandman - More
- February 15, 2007 | Item | E-mail
Robex - Gold resource calculation (43-101) on Nampala, South Mali - More
- February 15, 2007 | Item | E-mail
SearchGold Welcomes Roy Corrans as Special Advisor to the Board of Directors - More
- February 15, 2007 | Item | E-mail
Colibri Resource Corp. Completes Core Drilling and IP-Resistivity Survey on Colibri Gold Project, Sonora, Mexico. - More
- February 15, 2007 | Item | E-mail
General Metals Corp Prepares For Phase 1 Shallow Drilling Program and Undertakes Expansion Program for Phase 2 Deep Drilling - More
- February 15, 2007 | Item | E-mail
UC Resources' Update on La Yesca Silver & Gold Production in Mexico - "Peak efficiencies of feed-rates, extraction results and good, general performance of a newly commissioned operating facility are never achieved in the first few weeks of operations. This can sometimes take up to 6 to12 months to achieve. We are striving to be as efficient and productive as possible at the initial stage of this new plant's operating life. The technology used at this facility, although highly effective and more efficient than traditional extraction technologies, is still relatively new; therefore, there will be a learning curve that we will need to deal with. We are confident in our abilities of bringing this facility to its optimum performance capability." More
- February 15, 2007 | Item | E-mail
Marifil Finds High Grade Indium in San Roque Gold Vein - More
- February 15, 2007 | Item | E-mail
Castillian Assumes Operator-Ship of the Mangabal Project in Brazil From Xstrata and Initiates US$2.5 Million Exploration Program - More
- February 15, 2007 | Item | E-mail
Yorbeau Intercepts a New Gold Bearing Structure on the Augmitto Block - More
- February 15, 2007 | Item | E-mail
Halo Reports First Three Drill Holes of 30,000 m Sherridon Program - More
- February 15, 2007 | Item | E-mail
Golden China Announces Second Quarter Results - More
- February 15, 2007 | Item | E-mail
Acero-Martin Announces Financings Totaling $8M - More
- February 15, 2007 | Item | E-mail
West Excelsior Enterprises Inc. Announces New Management Appointments - More
- February 15, 2007 | Item | E-mail
Kimber provides update on Monterde project - "Kimber owns a 100% interest, royalty-free, in the 28,000 hectare Monterde property located in the prolific Sierra Madre Gold belt, one of the most active new gold and silver mining districts in the world with seven major projects and mines in the belt. Monterde is located approximately 80 kilometres north of Goldcorp's El Sauzal mine and 40 kilometres east of Palmarejo Silver & Gold Corp's Palmarejo project. Kimber is also well funded, with over C$8 million in the treasury and has no debt." More
- February 15, 2007 | Item | E-mail
Uranium Resources, Inc. Provides Operational Update - More
- February 15, 2007 | Item | E-mail
IKI Announces PR Firm - More
- February 15, 2007 | Item | E-mail
Silver Wheaton Restates US GAAP Note Disclosure for Non-Cash Charges - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) is restating its United States Generally Accepted Accounting Principles ("US GAAP") reconciliation note in past financial statements due to a recent interpretation by the United States regulatory authorities of the US accounting rules contained in the Statement of Financial Accounting Standards ("SFAS") 133, Accounting for Derivative Instruments and Hedging Activities which determines the current US accounting treatment of the Company's share purchase warrants." More
- February 15, 2007 | Item | E-mail
Coeur d'Alene Mines Corporation Announces Fourth Quarter and Year-End 2006 Earnings Conference Call Schedule - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News) will report its fourth quarter and year-end 2006 results on Thursday, February 22, 2007 before the New York Stock Exchange opens for trading. There will be a conference call that day at 1:00 p.m. Eastern time." More
- February 15, 2007 | Item | E-mail
Apogee Drilling Expands Potential Resource Area at La Solucion Mine - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has intersected additional significant silver-zinc-lead mineralization in the Hampaturi South Zone, at the southwestern end of Apogee's 100% owned La Solucion Mine." More
- February 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 February, 2007 | |
