-- Posted 20 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $657.50 | -$11.00 |
Silver | $13.81 | -$0.14 |
XAU | 140.60 | -1.76% |
HUI | 338.91 | -2.36% |
GDM | 1090.65 | -1.74% |
JSE Gold | 2739.22 | -1.55% |
USD | 84.17 | +0.10 |
Euro | 131.35 | +0.01 |
Yen | 83.28 | -0.59 |
Oil | $58.07 | -$1.32 |
10-Year | 4.680% | -0.010 |
T-Bond | 111.625 | +0.125 |
Dow | 12786.64 | +0.15% |
Nasdaq | 2513.04 | +0.67% |
S&P | 1459.68 | +0.28% |
The Metals:
Gold rose over $672 in early Asian trade on Monday, but it then fell back near unchanged by the open in London and traded mostly slightly higher heading into Tuesday. Gold then fell slightly in late Asian trade on Tuesday and dropped another few dollars in London before it accelerated its losses in New York and fell to as low as $655.30 before a small rebound into the close that left it with a loss of 1.65%. Silver rose over $14.00 in Asia on Monday before it also fell for much of trade on Tuesday and dropped to as low as $13.63 in New York before it rallied over 1% from its lows in the last 2 and ½ hours of trade and ended with a loss of 1.00%.
Euro gold fell near €500, platinum gained $8 to $1,210, palladium lost $1 to $336, and copper fell a couple cents to about $2.58.
Gold and silver equities fell about 2% in the first hour and a half of trade and remained near their lows into the close.
The Economy:
There were no major economic reports today, but some comments from fed governor Bies about the housing sector did have some talking (see more below). Tomorrow at 8:30AM EST brings CPI for January expected at 0.1% and Core CPI expected at 0.2%. At 10AM is the Leading Economic Indicators report for January expected at 0.2% and at 2PM is the release of FOMC minutes from the fed’s January 31st meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell nearly 2% on warm weather forecasts and optimism that Iran may halt its uranium enrichment program and return to negotiations.
The U.S. dollar index found slight gains as the yen fell on uncertainty about the Bank of Japan’s policy meeting that may or may not raise interest rates from 0.25% to 0.5%.
Treasuries rose after fed governor Bies said there was a high potential for a correction to occur in the housing market, but gains were limited as she stated that bad debt problems in the mortgage market were concentrated in the subprime, low-income sector.
The Dow, Nasdaq, and S&P fell in early trade on disappointing earnings reports, but they then rose and ended slightly higher after oil prices fell and fed governor Bies said slumping demand for housing may have bottomed out.
Among the big names making news in the market today were Kraft, Nissan, EMI and Warner Music, Wal-Mart, Home Depot, Sirius and XM, Shire and New River, and JetBlue.
The Commentary:
“April Gold finished down 11.8 at 661, 9.7 off the high and 2 up from the low.
March Silver closed down 0.16 at 13.83. This was 0.15 up from the low and 0.17 off the high.
The gold market closed sharply lower today after lower energy markets and a stronger dollar sparked some liquidation selling, which in turn appeared to spark some technical selling. April gold fell below last week's consolidation lows around $666.5 and eventually traded below $650 before recovering slightly into the close. Energy prices were lower this morning after a warmer turn in the weather sparked ideas of lower heating oil consumption. The fact that the Dollar gained in the face of weaker US economic data (in the form of a softer than expected Chicago Fed National Activity Index reading this morning) might be considered especially troubling to gold. News that workers at a DRDGold returned to work after what the company called an illegal strike might also have given gold an additional downside push in the morning action.
After holding its own early in the session, silver sold off sharply around mid-morning, following steep declines in the gold and copper markets. There was strong, upbeat talk today that the amount of money flowing into commodities in the form of commodity funds could still expand by as much as 25% to 50% of current levels, which was probably a supportive development for all the physical commodities, especially against the backdrop of softening US numbers. However, it was difficult to fight long liquidation in the metals today, as well as declines in crude oil and surprising gains in the Dollar in the face of weak US economic data. The silver market didn't seem to garner any support from the idea that Mexico's Penoles mine was seeing some closures off labor issues. Apparently that strike was in response to unsafe mine conditions and is somewhat of an old issue from last year and that might be why the market discounted the development.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Invest with Barclays and watch it sell you short
James Turk offers World Gold Council the evidence it missed
Bank of Nova Scotia identified as Indian gold ETF custodian
Who will get China -- the Chinese or Wall Street?
Mining companies looking for takeovers find prospects growing thin
Report of Russian firm's bid for AngloGold disputed
Stephen Roach: Global TIC-tock
Central banks face rising pressures from politicians
Richard Russell agrees with GATA: Central banks rig gold
Will U.S. dollar coins build acceptance of monetary debasement?
Russian miner bids for AngloGold
John Mauldin: Gold is rising in all currencies
U.S. Rep. Ron Paul: Proposals for transparency at the Fed
Jason Hommel: Has the IMF admitted GATA is right?
The Statistics:
As of close of business: 2/16/2007
Gold Warehouse Stocks: | 7,487,582 | - |
Silver Warehouse Stocks: | 116,266,796 | + 527,826 |
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 | 475.76 | 15,296,086 | US$ 10,172m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.08 | 2,799,633 | US$ 1,845m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.08 | 355,787 | US$ 235m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,311 | US$ 220m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/16/2007 | |
Total Net Assets | $938,612,930 | 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 2/16/2007 | |
Total Net Assets | $1,737,562,996 | 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:
Silver Wheaton’s (SLW) earnings, Almaden’s purchase of Comaplex’s Caballo Blanco stake, Golden Star’s (GSS) public offering filing, Banro’s (BAA) drill results, Canyon’s (CAU) drill results, International Royalty’s (ROY) completed royalty acquisition, Northern Dynasty’s (NAK) new resource estimate, Seabridge’s (SA) new gold resource, Minco Silver’s (MSV.TO) vice president of operations appointment, Sterling Mining’s (SRLM.OB) power substation, and Bear Creek’s (BCM.V) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +13.81% $15.25 |
2. Kimber | KBX +5.93% $1.769 |
3. Fronteer | FRG+4.37% $13.38 |
LOSERS
1. Golden Star | GSS -8.55% $3.53 |
2. Mines MGMT | MGN -8.53% $5.68 |
3. Eldorado Gold | EGO -6.15% $6.10 |
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:
Kinross and Bema Announce Acquisition Closing Date of February 27, 2007 - "Kinross Gold Corporation ("Kinross") (Toronto:K.TO - News)(NYSE:KGC - News) and Bema Gold Corporation ("Bema") (Toronto:BGO.TO - News)(NYSE:BGO - News)(AIM: BAU) announced today that the closing of the acquisition of Bema has been set for February 27, 2007. Bema shareholders voted 91 per cent in favour of the transaction on January 30, 2007, and the transaction was approved by the Ontario Superior Court of Justice on January 31, 2007." More
- February 20, 2007 | Item | E-mail
Almaden Buys Comaplex Out of Caballo Blanco - "Almaden Minerals Ltd. ("Almaden") is pleased to announce that it has purchased Comaplex Minerals Corp.'s ("Comaplex") 60% interest in the Caballo Blanco project, Mexico. In 2006 Comaplax earned a 60% interest in the project by spending US$2 Million on exploration as stipulated in a 2002 option agreement between Almaden and Comaplex. Almaden purchased this 60% interest for a cash payment of US$1.25 Million. The Caballo Blanco project covers a large high sulphidation gold system where limited past drilling by Comaplex in one area of the property included 40 meters of 2.35 grams per tonne gold (in hole CB5-03) and 144 meters of 1 g/t (in hole CB06-03)." More
- February 20, 2007 | Item | E-mail
Acero Drills 29.50 Meters of 2.25 g/t (Gold Equivalent) and 12.00 Meters of 4.22 g/t (Gold Equivalent) at Pinaya - More
- February 20, 2007 | Item | E-mail
Copper Ridge options out Scheelite Dome Gold Property - More
- February 20, 2007 | Item | E-mail
Silver Wheaton in talks to acquire assets - "Silver Wheaton Corp. is in talks with “many different companies” about acquiring long-term silver purchase contracts and silver assets, the company said Tuesday.
“Discussions are at all sorts of different stages, but I would say there's a lot of interest in the Silver Wheaton model,” chief executive officer Peter Barnes told a conference call with analysts." More
- February 20, 2007 | Item | E-mail
GAIA Resources, Inc. Announces Frankfurt Trading - More
- February 20, 2007 | Item | E-mail
Canarc Resource Corp. to Present at GoldSeek.com Virtual Gold Investment Conference on February 22, 2007 - More
- February 20, 2007 | Item | E-mail
Firestone Ventures Finalizes Expansion of Alberta Sun Uranium Project - More
- February 20, 2007 | Item | E-mail
Calypso Reports Acquisition of the Rahueco Uranium District in Neuquen Province, Argentina - More
- February 20, 2007 | Item | E-mail
Capella Resources Ltd. Enters Into an Agreement to Acquire Tripple Uranium Resources - More
- February 20, 2007 | Item | E-mail
Dynacor to spin off gold assets to shareholders - More
- February 20, 2007 | Item | E-mail
St Andrew Announces Appointment of Don Shaxon as Investor Relations Manager - More
- February 20, 2007 | Item | E-mail
Gold Canyon Starts 2007 Winter Drill Program at Springpole - More
- February 20, 2007 | Item | E-mail
Konigsberg's Yoquivo Gold Silver Project Returns 22.10 g/t Gold, 2,820 g/t Silver - More
- February 20, 2007 | Item | E-mail
Freeport reports Spanish Mountain Airborne Survey completed - More
- February 20, 2007 | Item | E-mail
Oromonte Resources Inc. Provides Update On Its Chimbuza Project. - More
- February 20, 2007 | Item | E-mail
Environmentally Safe Engineering Process Identified for Pulacayo Mineral Recovery - More
- February 20, 2007 | Item | E-mail
Target Mining Operation Increased by 40% to 3,500 t/day - More
- February 20, 2007 | Item | E-mail
/C O R R E C T I O N from source -- Marathon PGM Corporation/ - More
- February 20, 2007 | Item | E-mail
Temoris: Technical Report - More
- February 20, 2007 | Item | E-mail
Gold Hawk Resources Inc.: Coricancha Mine Start Up - More
- February 20, 2007 | Item | E-mail
Slam Exploration reports base metal results - More
- February 20, 2007 | Item | E-mail
La Quinta Acquires Kampene Gold Project in D.R. Congo - More
- February 20, 2007 | Item | E-mail
Cream Minerals Update on Nuevo Milenio Project, Mexico - More
- February 20, 2007 | Item | E-mail
ABV Gold Nominates Dr. Marcel Morin as Vice-President of Exploration - More
- February 20, 2007 | Item | E-mail
BacTech Announces Increase in Flow-Through Financing to Meet Investor Demand - More
- February 20, 2007 | Item | E-mail
Candorado Operating Company Ltd. Acquires Large Claim Group in Central British Columbia and Forms Advisory Committee - More
- February 20, 2007 | Item | E-mail
Murgor Releases NI-43-101 Resource estimate on the Fon Zinc deposit in Saskatchewan and starts drilling to upgrade the Resource - More
- February 20, 2007 | Item | E-mail
Phase I drilling to commence on Abuelo project; additional positive surface sampling outlines large gold anomaly - More
- February 20, 2007 | Item | E-mail
Continental Completes $37.5 Million Financing - More
- February 20, 2007 | Item | E-mail
Columbia Metals Signs Definitive Agreement for Plant in Mexico - More
- February 20, 2007 | Item | E-mail
Teryl Resources Corp. Receives Additional Assays on the Gold Hill Property, Bisbee, Arizona - More
- February 20, 2007 | Item | E-mail
Western Troy Clarifies Panama Gold Project Resource - More
- February 20, 2007 | Item | E-mail
Nord Resources Corporation Announces Results of Phase 2 Geophysics Program and Commencement of Drill Program At Coyote Springs Project - More
- February 20, 2007 | Item | E-mail
General Metals Establishes Advisory Board and Appoints P.K. Rana Medhi as Chairman - More
- February 20, 2007 | Item | E-mail
Scoping Study Underway at Odyssey's Alous Copper-Silver Deposit - More
- February 20, 2007 | Item | E-mail
Longview Capital Partners Acquires Diamond Assets - More
- February 20, 2007 | Item | E-mail
John Burzynski Appointed to Aura Gold Board of Directors - More
- February 20, 2007 | Item | E-mail
Liberty Star Gold Corp - Engages Financial Consultant and Investor Relations Firm - More
- February 20, 2007 | Item | E-mail
Southwestern Resources Corp.: Partners Approve Drilling Program at Numa West Silver Zone - More
- February 20, 2007 | Item | E-mail
Wits Basin Updates Current Developments Related to Merger Progress and Acquisition of China Mining Properties - More
- February 20, 2007 | Item | E-mail
Golden Hope Mines Reports 12 g/t Au Over 2 Meters; 6.16g/t Over 4 Meters; and 4.57g/t Over 5 Meters - More
- February 20, 2007 | Item | E-mail
Marifil Cuts More Strong Gold Values Near High Grade Indium Find at San Roque - More
- February 20, 2007 | Item | E-mail
Consolidated Gold Win Ventures Inc.: Independent Geologist Recommends Further 'Development' Type Drilling Pattern at Dolly Varden Discovery Site - More
- February 20, 2007 | Item | E-mail
Anvil Mining Limited Year-end 2006 Financial Results Conference Call - More
- February 20, 2007 | Item | E-mail
EURO Ressources S.A.: Significant Increase in Mineral Inventory at Rosebel: Resumption of Production and Labour Accord - More
- February 20, 2007 | Item | E-mail
Donna Wichers Joins EMC as Senior Vice President - More
- February 20, 2007 | Item | E-mail
International KRL Reports Assays From Sampling Program at Nor; Company Secures Diamond Drill for 2007 Drill Season - More
- February 20, 2007 | Item | E-mail
Golden Star files for public offering - "Proceeds would be used to buy a stake in an electric power station in Ghana; to complete the company's Bogoso sulfide expansion project in Ghana; to do a feasibility study and develop the company's Hwini-Butre and Benso properties, both in Ghana; and for general corporate use." More
- February 20, 2007 | Item | E-mail
Minco Silver Appoints Vice President, Operations - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce the appointment of Mr. Timothy D. Marlow as Vice President, Operations, of Minco Silver, effective February 15, 2007. Mr. Marlow is a graduate of the Camborne School of Mines, U.K, with over 35 years experience as senior mining engineer and mining executive. He has been involved in all phases of mine exploration, planning and development, bankable feasibility study, and mining operation and has been actively involved in mining projects in Africa, North America and the Asia Pacific Region." More
- February 20, 2007 | Item | E-mail
Sterling to Install Power Substation at 3100 Ft-Level at Sunshine Mine - "Sterling Mining Company (OTCBB: SRLM - News) today reported that it has scheduled the re-installation of power to the Sunshine Mine's 3100 foot level and the construction of a power substation there. Work is scheduled to begin in February with the excavation of the substation room and a 50 ft ventilation drift." More
- February 20, 2007 | Item | E-mail
EU approves Freeport's purchase of Phelps Dodge - "Freeport-McMoRan Copper & Gold Inc. (FCX.N: Quote, Profile , Research) won permission from the European Commission on Tuesday to buy much larger Phelps Dodge Corp. (PD.N: Quote, Profile , Research) for $25.9 billion in cash and stock." More
- February 20, 2007 | Item | E-mail
Banro announces further drilling results from its Namoya project - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce further drilling results from the Company's wholly-owned Namoya project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC")." More
- February 20, 2007 | Item | E-mail
Phase I drilling to commence on Abuelo project; additional positive surface sampling outlines large gold anomaly - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce sampling has defined several drilling targets on its El Abuelo gold project, located midway between Barrick Gold's Pierina and Alto Chicama mines." More
- February 20, 2007 | Item | E-mail
Monster Copper Provides Update on Uranium Properties, Labrador - More
- February 20, 2007 | Item | E-mail
Forum Uranium Completes Orchid Lake Drilling; Moves to Hobo - More
- February 20, 2007 | Item | E-mail
Uranium Energy Corp Expands Its West Ranch Project in New Mexico - More
- February 20, 2007 | Item | E-mail
Strateco: Matoush Continues to Deliver, With an Intersection of 2.13% U308 Over 15.2 Metres, Including 3.20% Over 8.4 Metres - More
- February 20, 2007 | Item | E-mail
Otish Uranium Melkior Santoy Team up With Majescor - More
- February 20, 2007 | Item | E-mail
Globex, Inc. Announces Completion of Acquisition - More
- February 20, 2007 | Item | E-mail
Trigon Announces Expansion of Uranium Team - More
- February 20, 2007 | Item | E-mail
Canyon Completes Briggs Phase II Drilling - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company is pleased to announce the final results of its 16,025 foot Phase II reverse circulation development and exploration drilling program at its Briggs Mine in Inyo County, California." More
- February 20, 2007 | Item | E-mail
International Royalty completes acquisition of Pascua Gold Royalty - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") reports that it has concluded the second of two closings to acquire the Pascua gold royalty. The second closing, for a cash price of US$26 million, covers approximately the final two-thirds of the total royalty being purchased." More
- February 20, 2007 | Item | E-mail
Northern Dynasty Minerals Ltd.: New Resource Estimate Confirms Pebble East as One of the World's Most Important Copper-Gold-Molybdenum Deposits - "Ronald W. Thiessen, President and CEO of Northern Dynasty Minerals Ltd. (CDNX:NDM.V - News)(AMEX:NAK - News), reports that a new mineral resource estimate has increased the inferred mineral resources in the Pebble East copper-gold-molybdenum deposit by nearly 90%, to 3.4 billion tonnes. The Pebble East deposit is contiguous to and deeper than the 4.1 billion tonne near surface Pebble West deposit and is higher grade." More
- February 20, 2007 | Item | E-mail
Seabridge Confirms Major New Gold Resource at Mitchell - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that a National Instrument 43-101 compliant study of its Mitchell gold-copper discovery has confirmed a major new resource which may have significant expansion potential. The study by Resource Modeling Inc. ("RMI") of Tucson, Arizona will be filed on SEDAR within 45 days. The Mitchell porphyry is located on Seabridge's 100% owned Kerr-Sulphurets project near Stewart, British Columbia." More
- February 20, 2007 | Item | E-mail
Golden Star Files Preliminary Prospectuses - "Golden Star Resources Ltd. (AMEX:GSS - News; TSX:GSC - News) today announced that it has filed a preliminary short-from prospectus with regulatory authorities in Canada and a preliminary prospectus supplement in the United States with the United States Securities and Exchange Commission, both relating to its proposed public offering of common shares. The underwriters for the offering will be BMO Capital Markets, Wellington West Capital Markets, Canaccord Capital and GMP Securities." More
- February 20, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 20 February, 2007 | |
