-- Posted 26 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $685.80 | +$2.90 |
Silver | $14.65 | +$0.16 |
XAU | 147.72 | +1.30% |
HUI | 361.82 | +1.27% |
GDM | 1151.29 | +1.23% |
JSE Gold | 2892.29 | -0.03% |
USD | 83.94 | -0.10 |
Euro | 131.79 | +0.10 |
Yen | 82.91 | +0.28 |
Oil | $61.39 | +$0.25 |
10-Year | 4.631% | -0.047 |
T-Bond | 112.1875 | +0.5625 |
Dow | 12632.26 | -0.12% |
Nasdaq | 2504.52 | -0.42% |
S&P | 1449.37 | -0.13% |
The Metals:
Gold rose nearly $5 in Asia before it fell back off a bit and traded around $2 higher in London, but it then rose back higher in early New York trade and saw over $5 gains ahead of another sell of that took it as low as $682.30 by early afternoon. Any losses were brief, however, as gold rose back up into the close and ended with a gain of 0.42%. Silver dropped to $14.48 in New York after it saw about 1% gains in Asia, but it also rallied higher into the close and ended with a gain of 1.10%.
Euro gold rose over €520, platinum gained $5 to $1,236, palladium remained unchanged at $354, and copper fell a couple of cents to about $2.78.
Gold and silver equities rose over 1% at the open, fell back near unchanged by early afternoon, and then rallied back higher into the close and ended with over 1% gains.
The Economy:
There were no major economic reports today, but some comments from former fed chairman Greenspan about a possible U.S. recession did have some talking. Tomorrow at 8:30AM EST brings Durable Orders for January expected at -3.0% and at 10AM are Existing Home Sales for January expected at 6,240,000 and Consumer Confidence for February expected at 109.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended higher in mixed trade on cold weather forecasts and continued worries over Iran.
The U.S. dollar index fell and treasuries rose on expectations that economic data released this week will show slowing growth.
The Dow, Nasdaq, and S&P opened higher on buyout news, but they then fell off and ended with modest losses on worries over a correction to recent gains in the indices.
Among the big names making news in the market today were Temple-Inland, XM Satellite, KKR, Texas Pacific and TXU, Station Casinos, and Dow Chemical.
The Commentary:
An email this morning from Charleston Voice:
The below scan is page 21 from this PDF link. Clearly the large commercials DO NOT HAVE 'adequate "deliverable supply" ' Gold (or Silver) to deliver to honor their contracts and are in total non-compliance and violate CFTC rules! Compose and send your own complaints to CFTC contacts from this CFTC link. Copy in your own congressman as well. We are at the edge of having a repeat of 1980 in which the CFTC changed their rules to bailout Armand Hammer and other shorts by squeezing Bunker Hunt and other silver longs. How high would silver have gone then w/o CFTC interference? The shorts had no Silver in 1980 to deliver against their promises, and HAVE NO SILVER NOW! This unfolding development should spur even more apprehension about the gold and silver ETFs. Will these escrowed metals be available through "loans" to underwrite a bailout? You better get the physical in your own possession is all I can say.
"...For clarity, that was just the increase in the LCNS [Large Commercials, Net Short] since January 9. The total commercial net short position covers COMEX contracts for about 523 tonnes of the yellow metal worth notionally about $11.5 billion. As of Tuesday COMEX commercials held net short positions of about the same amount of gold as is held in all the gold ETFs sponsored by the World Gold Council in other words. One wonders where the price of gold would be today without the counterbalance of global gold ETF investor demand.
One aspect not to be overlooked is that with gold in the $680s nearly all of the gold short positions on the COMEX (and for that matter on other bourses large and small) are off side, so upward thrusts of the metal relative to paper currencies tend to trip short trailing stops and has the potential to snowball into short covering routs."..... Resource Investor
[PDF]
CFTC OVERSIGHT OF COMMODITY FUTURES AND OPTIONS
File Format: PDF/Adobe Acrobat - View as HTML
CFTC Market Surveillance. Utilizes daily reports of large trader positions in all. markets. Special information requests and routine contacts ...
www.ksg.harvard.edu/hepg/Papers/Shilts%2001-25-02.pdf – 
|
“April Gold finished up 3.1 at 689.8, 2 off the high and 4.3 up from the low.
March Silver closed up 0.095 at 14.69. This was 0.19 up from the low and 0.02 off the high.
With a pattern of higher lows, rising oil prices and a somewhat vulnerable US Dollar, the gold bulls seemed to have most of the typical fundamentals working in their favor on Monday. Once again it seemed like the gold market was seeing its share of fund buying but with the Iranian situation in the headlines and the US equity market under significant pressure it wouldn't be surprising to find out that flight to quality buying was also contributing to the upward bias in prices. With the US economic numbers Monday better than expected and oil prices mostly firm, it is also possible that the some in the gold trade were hopeful of renewed inflationary concerns.
After some divergence with gold early in the session the silver market managed to fight its way back into positive ground and finish the session on an upbeat note. With yet another new high for the move and the market climbing above a series of critical chart points it is certainly possible that silver was lifted by the funds and by classical technical buying. In fact, with copper and platinum prices strong and the US economic readings released during the session coming in better than expected it seems that silver was once again seeing support from both the physical and investment themes.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold council's ETF reaches $10 billion in assets
Technical analysis likes metals; central bankers read it, and don't
Euro and gold look better to central banks for reserves
Peter Schiff: Is the Fed finally losing its credibility?
With gold assets scarce, Barrick will mine other metals
Barrick eliminates non-project hedges but still owes 9.5 million oz.
Hedging to cost Barrick nearly $1 billion by mid-year
Yamana joins XAU as Kinross absorbs Bema
The Statistics:
As of close of business: 2/23/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 116,016,668 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 487.47 | 15,672,701 | US$ 10,702m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,447 | US$ 1,922m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,963 | US$ 249m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,297 | US$ 224m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 1.54 tonnes to its trust.
COMEX Gold Trust (IAU)
Profile as of 2/23/2007 | |
Total Net Assets | $972,162,691 | Ounces of Gold
in Trust | 1,423,505.730 |
Shares Outstanding | 14,350,000 | Tonnes of Gold
in Trust | 44.28 |
Note: Change in Total Tonnes from yesterday’s data: 0.62 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 2/23/2007 | |
Total Net Assets | $1,799,130,853 | Ounces of Silver
in Trust | 126,026,951.100 |
Shares Outstanding | 12,650,000 | Tonnes of Silver
in Trust | 3,919.88 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Cardero’s (CDY) drill results, Golden Star’s (GSS) restated GAAP, NovaGold’s (NG) drill results, Aurizon’s (AZK) sampling results, Great Basin’s (GBN) project update, Rubicon’s (RBY) involvement with Rob McEwen, Avino’s (ASM.V) drill results, Southern Silver’s (SSV.V) exchange approval and private placement, MAG Silver’s (MAG.V) board appointment, and Strategic Nevada’s (SNS.V) name change and director appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +55.41% $1.15 |
2. Cardero | CDY+23.02%$2.079 |
3. Orezone | OZN +15.85% $1.90 |
LOSERS
1. U.S. Energy | USEG -5.01% $5.88 |
2. Mines MGMT | MGN -4.30% $5.56 |
3. Nevsun | NSU -3.36% $2.30 |
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:
Vena Resources Provides Update on Pucara Au/Cu and Azulcocha Zinc Projects in Peru - More
- February 26, 2007 | Item | E-mail
Cardero Expands Copper-Gold Mineralization at the Huachi Porphyry Project, San Juan Province, Argentina - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that additional diamond drilling has substantially increased the size of the mineralized porphyries at its 100% owned Huachi Copper-Gold Project, San Juan Province, NW Argentina." More
- February 26, 2007 | Item | E-mail
Oremex Update - More
- February 26, 2007 | Item | E-mail
Gold Hawk Resources Inc.: Results of Metallurgical Testing of Coricancha Ore - More
- February 26, 2007 | Item | E-mail
Glass Earth Announces Joint Venture Agreement With Newmont to Explore Hauraki Region in New Zealand - More
- February 26, 2007 | Item | E-mail
Forsys Acquires 70% of Ancash Investments and 5 Additional Uranium Licences - More
- February 26, 2007 | Item | E-mail
Gold Summit Completes Private Placement - More
- February 26, 2007 | Item | E-mail
Bralorne Gold Mines Ltd.: Initial Results From the 2007 King Mine Underground Drilling Program - More
- February 26, 2007 | Item | E-mail
Eastern Goldfields, Inc. Announces Phase 3 Drilling Results, Commencement of Underground Development and Appointment of New Director - More
- February 26, 2007 | Item | E-mail
Rocmec inc.: Corporate Update - More
- February 26, 2007 | Item | E-mail
Golden Star Restates US GAAP Reconciliation Note to Account for Warrants Using FAS 133 - "Golden Star Resources Ltd. (TSX: GSC - News; AMEX: GSS - News) today announced that it has restated its US GAAP note to its financial statements for the years ended December 31, 2003, 2004 and 2005 and quarters ended March 31, June 30, and September 30, 2005 and 2006 to comply with US GAAP accounting for warrants to purchase common shares which have an exercise price in Canadian dollars. No changes were required to the Company's Canadian GAAP financial statements or notes. The changes in earnings are non-cash items that do not impact the Company's consolidated statements of cash flows under US GAAP." More
- February 26, 2007 | Item | E-mail
United Resource Holdings Group, Inc. Announces Retaining KAS Gales Company - More
- February 26, 2007 | Item | E-mail
Avalon announces shipment of bulk samples from Warren Township and Separation Rapids projects, U6 Savant gold project update - More
- February 26, 2007 | Item | E-mail
Avino Announces Drill Results - "Avino Silver & Gold Mines Ltd. (CDNX:ASM.V - News)(OTC BB:ASGMF.OB - News)(Berlin:GV6.BE - News)(FWB: GV6) is pleased to announce the results of the first diamond drill hole on the San Gonzalo gold, silver, lead, zinc deposit situated 2 km northeast of its former producing (1976 - 2001) silver, copper & gold mine approximately 80 km northeast of Durango, Mexico." More
- February 26, 2007 | Item | E-mail
Grenville to List on the Lima Stock Exchange - More
- February 26, 2007 | Item | E-mail
Miranda Gold Corp. Expands PPM Project and Reports 2006 Drill Results From Fuse - More
- February 26, 2007 | Item | E-mail
Melkior Proposes $1.76 Million Private Placement Financing - More
- February 26, 2007 | Item | E-mail
Silver Spruce Resources Signs Investor Relations Agreement with Longview Capital Partners - More
- February 26, 2007 | Item | E-mail
Richview Resources Announces Exploration Program at the Pickle Lake Property - More
- February 26, 2007 | Item | E-mail
Azco Mining Amends Terms of 2006 Convertible Note Financing - More
- February 26, 2007 | Item | E-mail
More Massive Sulphides Intersected at Millstream's Potter Property - More
- February 26, 2007 | Item | E-mail
VVC Exploration completes private placement and Beaver Brook is financed - More
- February 26, 2007 | Item | E-mail
Ditem Explorations/Cree Lake : V-Tem Survey Underway - More
- February 26, 2007 | Item | E-mail
Dutton Associates Announces Investment Opinion: Royal Standard Strong Speculative Buy Rating in Initiating Coverage by Dutton Associates - More
- February 26, 2007 | Item | E-mail
Rusoro Advances Venezuelan Assets - More
- February 26, 2007 | Item | E-mail
New Guinea Gold Corporation: Development/Exploration Update - More
- February 26, 2007 | Item | E-mail
High River Gold Reports More Results From Prognoz and the Resumption of Drilling - More
- February 26, 2007 | Item | E-mail
San Gold Corporation Announces Appointment of New CEO and Executive Chairman - More
- February 26, 2007 | Item | E-mail
Gemco plans for 2007 Burns Group Mineral Exploration Program - More
- February 26, 2007 | Item | E-mail
Sirios: Diamond Drilling on Aquilon Extension Gold Property, James Bay, Quebec - More
- February 26, 2007 | Item | E-mail
Crew Gold Corporation Announces Chairman Appointment - More
- February 26, 2007 | Item | E-mail
Golden Tag Resources Ltd.: Diamond Drilling Commences on Aquilon Extension Property, James Bay, Quebec - More
- February 26, 2007 | Item | E-mail
Update on the Moto Gold Project - More
- February 26, 2007 | Item | E-mail
First Metals Inc.: Announcement - More
- February 26, 2007 | Item | E-mail
RJK Explorations Ltd. announces closing of non-brokered offering - More
- February 26, 2007 | Item | E-mail
Absolut Completes CDN$3.5 Million Private Placement - More
- February 26, 2007 | Item | E-mail
Apolo Signs L.O.I. for Nevada Mining Projects - More
- February 26, 2007 | Item | E-mail
Mountain Lake Signs Exploration Agreement on Cornerstone's Claims - More
- February 26, 2007 | Item | E-mail
Antares encounters high grade primary porphyry Cu-Mo mineralization beneath Haquira SX-EX copper deposit - More
- February 26, 2007 | Item | E-mail
Andina Reports Interim Resource Estimate for Volcan Gold Project - More
- February 26, 2007 | Item | E-mail
SearchGold Updates on Bakoudou Drilling Campaign in Gabon - More
- February 26, 2007 | Item | E-mail
Tornado Gold Announces Shareholder Approval - More
- February 26, 2007 | Item | E-mail
Colombia Goldfields undertakes environmental baseline study - More
- February 26, 2007 | Item | E-mail
Golden Goose Resources Inc. - 3,000 m drill program begins at Lac Levac - More
- February 26, 2007 | Item | E-mail
Mirasol Finalizes Joint Venture Agreement with Hochschild for Claudia and Santa Rita Projects - More
- February 26, 2007 | Item | E-mail
Manicouagan reports more encouraging drill results from its Brabant Lake zinc deposit - 6.17 metres of 15.76% zinc - More
- February 26, 2007 | Item | E-mail
Searchlight Minerals Corp. - Closing of private placements for aggregate gross proceeds of US$14.7 million - More
- February 26, 2007 | Item | E-mail
Enterayon Acquires Two High-Grade Gold-Silver Properties - More
- February 26, 2007 | Item | E-mail
Romarco Modifies Pine Grove Drilling - More
- February 26, 2007 | Item | E-mail
Aura Gold Intersects 5.34 g/t Gold Over 13 Metres at Cumaru Project - More
- February 26, 2007 | Item | E-mail
Semafo granted mining permit for Mana Gold Project - More
- February 26, 2007 | Item | E-mail
Midlands Minerals Announces Commencement of Drilling on Sian Gold Property-Ghana - More
- February 26, 2007 | Item | E-mail
Grandview Gold Inc Announces Planned Financing - More
- February 26, 2007 | Item | E-mail
Copper Fox Metals Inc. announces the renewal of its engagement of Scott F. Gibson & Company Inc. - More
- February 26, 2007 | Item | E-mail
Copper Fox Metals Inc. grants incentive stock options to employees, officers, contractors and directors - More
- February 26, 2007 | Item | E-mail
Franklin Retains Alex Stewart (Assayers) Ltd. as Pulacayo Tailings Project Grows in Value - More
- February 26, 2007 | Item | E-mail
Lero Gold Intersects 1.29 g/t Au and 0.27% Cu Over 151 Metres Including 74 Metres of 1.95 g/t Au and 0.47% Cu at Its Taldybulak Porphyry Cu-Au Target - More
- February 26, 2007 | Item | E-mail
Stillwater Mining Company signs Letter Agreement to Option/Joint Venture Goodnews Bay Platinum Project & to complete a reconnaissance program - More
- February 26, 2007 | Item | E-mail
Candente Resource Corp.: 509 Meters of 0.79% Copper at Canariaco Norte, Peru - More
- February 26, 2007 | Item | E-mail
Oxiana preparing to drill Kalimantan Gold porphyry copper gold targets - More
- February 26, 2007 | Item | E-mail
Scorpio Hits 5.2 metres of 171.96 g/t Ag, 11.36% Zn, 2.27% Cu, 4.81% Pb and 0.11 g/t Au within 19.10 metres - More
- February 26, 2007 | Item | E-mail
Wits Basin Adds Management for China Mining Properties - More
- February 26, 2007 | Item | E-mail
Stellar Pacific entered in uranium play with claims in Otish Mounts - More
- February 26, 2007 | Item | E-mail
Anvil Mining Reports Record Net Earnings of $82.2 Million ($1.65 per share) for Fiscal Year 2006 and an Operating Profit of $107.0 Million - More
- February 26, 2007 | Item | E-mail
Kazakh miner Eurasia plans London IPO next month - More
- February 26, 2007 | Item | E-mail
United Carina Plans Eastern European Uranium Acquisitions and Exploration - More
- February 26, 2007 | Item | E-mail
International KRL Resources Provides Carswell Uranium Project Update - More
- February 26, 2007 | Item | E-mail
Technical Report to Cover Logan Resources' Uranium Project in the Athabasca Basin - More
- February 26, 2007 | Item | E-mail
ESO Uranium Corp.'s 2007 Athabasca Basin Work Programme Underway; NI 43 101 Compliant Reports Commissioned - More
- February 26, 2007 | Item | E-mail
Denison Applies for Listing on AMEX - More
- February 26, 2007 | Item | E-mail
Mega and Titan to Partner on Thelon Basin Project - More
- February 26, 2007 | Item | E-mail
Ur-Energy's CEO to Co-Chair and Present for the Uranium Symposium - More
- February 26, 2007 | Item | E-mail
Mega and Titan to Partner on Thelon Basin Project - More
- February 26, 2007 | Item | E-mail
Consolidated Pacific Bay Minerals Ltd.: $1.44 Million Financing Closed For Otish Uranium Projects - More
- February 26, 2007 | Item | E-mail
Formation Capital to Continue Drilling Virgin River Uranium Property - More
- February 26, 2007 | Item | E-mail
Southern Silver Receives Exchange Approval; Closes $6.5 Million Non-Brokered Private Placement - "Southern Silver Exploration Corp. (TSX VENTURE:SSV - News; FRANKFURT:SEG - News) reported today that the company has received TSX Venture Exchange approval and has now closed the previously reported $6.5 Million non-brokered private placement (February 14th, 2007) of 13,000,000 common shares at a price of $0.50 per unit. The units comprise of one common share and one-half of one common share purchase warrant. Each full warrant can be exercised for one common share at a price of $0.60 per share and for a period of two years." More
- February 26, 2007 | Item | E-mail
NovaGold Reports Further Results From 2006 Drill Campaign at Donlin Creek - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that additional assay results from the 2006 Donlin Creek infill drill program continue to demonstrate continuity of the ore body. This drilling has resulted in a significant increase in Measured and Indicated Resources for the project, further confirming Donlin Creek's world-class potential." More
- February 26, 2007 | Item | E-mail
TSX: GEM - Pele Mountain’s New Elliot Lake Uranium Presentation
- February 26, 2007 | Item | E-mail
Gold Seen in Till Sample Returns 100 Grams of Gold per Tonne at Aurizon's Kipawa Project - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to report results from the follow up till sampling program at its 100 percent owned Kipawa Gold-Uranium project located in north-western Quebec, Canada." More
- February 26, 2007 | Item | E-mail
Great Basin Update on Underground Drilling & Feasibility Study for Hollister Development Block Project - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) ("Great Basin Gold" or the "Company") announces further results from underground drilling and progress on other feasibility work at the Hollister Development Block ("HDB") Project on the Carlin Trend in Nevada, USA." More
- February 26, 2007 | Item | E-mail
Rob McEwen Returns to Red Lake in New Rubicon - "Rubicon Minerals Corporation (Toronto:RMX.TO - News) (AMEX:RBY - News) is pleased to announce that former Goldcorp Inc. Chairman and CEO, Rob McEwen will join with Rubicon in an exciting new North American gold exploration vehicle which will have an important Red Lake focus. In the proposed transaction, McEwen would acquire a major stake in Rubicon through a minimum investment of $10 million." More
- February 26, 2007 | Item | E-mail
MAG Silver Announces Board Appointment and Issues Stock Options - "MAG Silver Corp. (CDNX:MAG.V - News) - Dan MacInnis, President and CEO of MAG Silver Corp., is pleased to announce the appointment of Jonathan Rubenstein to its Board of Directors effective immediately." More
- February 26, 2007 | Item | E-mail
Strategic Nevada Resources Announces Name Change and Director Appointment - "Strategic Nevada Resources Corp. ("Strategic" or the "Company") (CDNX:SNS.V - News) is pleased to announce the official name change to "SNS Silver Corp." The trading symbol of the Company will remain unchanged (CDNX:SNS.V - News). Company management believes the name change more accurately reflects the current activities of the Company, which is focused on continued development and exploration at the Company's Crescent mine property." More
- February 26, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 26 February, 2007 | |
