-- Posted 27 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $683.60 | -$2.20 |
Silver | $14.49 | -$0.16 |
XAU | 137.46 | -6.96% |
HUI | 334.72 | -7.49% |
GDM | 1071.56 | -6.93% |
JSE Gold | 2799.78 | -3.23% |
USD | 84.48 | -0.46 |
Euro | 132.44 | +0.65 |
Yen | 84.44 | +1.49 |
Oil | $61.46 | +$0.07 |
10-Year | 4.513% | -0.118 |
T-Bond | 113.40625 | +1.21875 |
Dow | 12216.24 | -3.29% |
Nasdaq | 2407.87 | -3.86% |
S&P | 1399.04 | -3.47% |
The Metals:
Gold remained near unchanged in Asia, fell nearly $10 in London, dropped to as low as $674.20 in morning New York trade, and then rocketed higher between 11AM and noon EST and found slight gains on the day, but it then fell back off into the close and ended with a loss of 0.32%. Silver dropped to $14.25 by midmorning in New York before it rallied over 30 cents from its lows between 11AM and noon EST, but it also fell back off a bit into the close and ended with a loss of 1.09%.
The above paragraph was today’s session. At the time of writing, both metals have fallen roughly 3% from their closes in after hours access trade and have exceeded their lows made in today’s session. At roughly 4:30PM EST, gold is trading nearly $25 lower below $660 and silver is trading almost 50 cents lower near $14.00.
Euro gold fell near €505, platinum gained $12 to $1,248, palladium lost $4 to $350, and copper fell roughly 7 cents to about $2.71.
Gold and silver equities fell throughout most of trade along with the major U.S. indices and ended about 1% off their lows with roughly 7% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Jan | -7.8% | -3.0% | 2.8% |
Consumer Confidence | Feb | 112.5 | 109.0 | 110.2 |
Existing Home Sales | Jan | 6.46M | 6.24M | 6.27M |
Tomorrow at 8:30AM EST brings Q4 GDP expected at 2.3% and the Chain Deflator expected at 1.5%. At 9:45 is Chicago PMI for February expected at 50.0 and at 10AM are New Home Sales for January expected at 1,080,000 and Bernanke’s testimony before the House Budget Committee.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly higher after early losses as traders weighed possible waning demand from China versus potentially bullish inventory data tomorrow.
The U.S. dollar index fell and the yen found impressive gains as world market volatility encouraged traders to unwind carry trades. Poor Durable Goods Orders data and worries over the subprime mortgage market also gave strength to the euro versus the dollar.
Treasuries rallied higher and ended with relatively huge gains on global market uncertainty and economically disappointing Durable Goods Orders data.
World market problems started in China as the Shanghai Composite Index ended nearly 9% lower on worries that China will take measures to slow the country’s impressive economic growth, though the loss comes after 13% gains over just the past two weeks took it to a record close above 3,000 on Monday. Losses in China eventually extended to the rest of the world as Asian markets, European markets, Russia, India, and indices in the Americas all ended with sharp losses.
The Dow fell over 500 points, the Nasdaq fell over 100 points, and the S&P fell over 50 points at one point in late day trading before all three indices rebounded into the close, but they still ended with losses of over 3%. When all was said and done, it was the worst day for the three indices since March 24th 2003.
Among the big names making news in the market today were Target, Delphi, Sirius, Harrah’s, RadioShack, Volvo, Cablevision, Toyota, CBS, Freddie Mac, and Federated.
The Commentary:
“April Gold finished down 2.6 at 687.2, 5.3 off the high and 9.7 up from the low.
March Silver closed down 0.145 at 14.545. This was 0.285 up from the low and 0.105 off the high.
The gold market at times was sharply lower but into mid session the April contract attempted to return to unchanged levels. While the Dollar started out under significant pressure and mostly remained weak throughout the session, that outside market influence didn't seem to benefit the gold market. Perhaps the mid day recovery in gold prices was the result of an improvement in the US economic numbers and perhaps the bounce was the result of a recovery in oil prices. For the majority of the gold trading session, the US equity market remained under significant duress and that seemed to give off a deflationary influence on gold.
The silver market did manage to reject a large portion of the early losses into mid session but with the US equity market down sharply, US Durable goods much softer than expected and copper prices sharply lower during the session Tuesday, it wasn't surprising to see the silver remain under selling pressure. Like the gold market, the silver market just wasn't benefiting from the weakness in the Dollar and rising oil prices and that would seem to suggest that investment interest or concerns of slumping physical demand was behind the price weakness.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: A critical juncture
Malaysians increasingly see gold as money, not jewelry
Postal Service plans inflation-proof stamp, like gold-backed dollars of old
Goldman Sachs takes over New York Stock Exchange
Chavez decrees takeover of Venezuelan oil projects run by foreigners
Are central banks preparing to prop up stocks directly?
The Statistics:
As of close of business: 2/26/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 116,610,080 | + 593,412 |
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$ 10,745m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,416 | US$ 1,860m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,959 | US$ 241m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.24 | 329,286 | US$ 225m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 2/26/2007 | |
Total Net Assets | $976,970,649 | Ounces of Gold
in Trust | 1,423,505.730 |
Shares Outstanding | 14,350,000 | Tonnes of Gold
in Trust | 44.28 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 2/26/2007 | |
Total Net Assets | $1,836,865,001 | 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:
Kinross Gold’s (KGC) completed acquisition of Bema Gold, Barrick’s (ABX) completed feasibility study, Glencairn’s (GLE) drill results, South American Silver’s (SAC.TO) exercised over-allotment option, Endeavour’s (EXK) acquired exploration contracts, and Valencia’s (VVI.V) drill program were among the big stories in the gold and silver mining industry making headlines today.
No “winners” today.
LOSERS
1. Lihir Gold | LIHR -11.68% $25.26 |
2. Claude Resources | CGR-11.60% $1.7148 |
3. Vista Gold | VGZ -11.38% $7.79 |
3. Great basin | GBN -10.57% $2.03 |
3. Endeavour | EXK -10.32% $4.52 |
3. Fronteer | FRG -10.21% $11.96 |
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:
Colibri Resource Corporation announces brokered private placement - More
- February 27, 2007 | Item | E-mail
Explor Resources Inc.: New Stock Option Plan - More
- February 27, 2007 | Item | E-mail
Palladon Ventures Ltd. Announces Letter of Intent for Major Chinese Steel Concern to Acquire Luxor Capital Partners' Interest in Iron Mountain Project - More
- February 27, 2007 | Item | E-mail
Exploration license renewed, drilling in progress at Wadi Qutabah, new gold results for drilling at the Al Hariqah gold deposit, Yemen - More
- February 27, 2007 | Item | E-mail
UEX Commences 2007 Winter Exploration Program at Black Lake Uranium Project - More
- February 27, 2007 | Item | E-mail
Golden Patriot Mining Inc. to Change its Name to Hana Mining Ltd. - More
- February 27, 2007 | Item | E-mail
C2C Inc. Update Ecuador - More
- February 27, 2007 | Item | E-mail
DIA BRAS: 2006 Exploration Results and 2007 Exploration Program on the Cu-Zn Bolivar Property - More
- February 27, 2007 | Item | E-mail
Kinbauri Retains Jean Bailly to Manage Company's Gold Operations in Northern Spain. - More
- February 27, 2007 | Item | E-mail
Canadian Shield Increases Private Placement Offering - More
- February 27, 2007 | Item | E-mail
St Andrew Announces New Zealand Exploration Company Glass Earth Limited Enters Into Joint Venture Agreement With Newmont Mining Corporation - More
- February 27, 2007 | Item | E-mail
Baltic Resources Inc.: Press Release - More
- February 27, 2007 | Item | E-mail
Paragon and Meridian to Begin Phase 2 Drill Program at Huxter Lane Gold Project - More
- February 27, 2007 | Item | E-mail
Vantex Makes Important Gold Discovery in Guillet - More
- February 27, 2007 | Item | E-mail
Campbell Resources announces the sale of its Eastmain Mine Property - More
- February 27, 2007 | Item | E-mail
Eastmain Acquires Second Deposit Gold - More
- February 27, 2007 | Item | E-mail
Typhoon Exploration Inc.: Overview of the Winter 2007 Drilling Campaign - More
- February 27, 2007 | Item | E-mail
South American Silver Corp. Announces Receipt of Notice of Exercise of Over-Allotment Option - "South American Silver Corp. ("SASC") (TSX:SAC - News) announces that it has received notice from MGI Securities Inc., as lead agent on behalf of itself and Dundee Securities Corporation (collectively, the "Agents"), of the exercise in full of the over-allotment option (the "Over-Allotment Option"), previously granted to the Agents by SASC in connection with the initial public offering of common shares of SASC that closed on February 19, 2007." More
- February 27, 2007 | Item | E-mail
AMEX: EXK - Endeavour Acquires Exploitation Contracts to Unidad Bolanitos Silver Mines, Guanajuato, Mexico
- February 27, 2007 | Item | E-mail
Aurelian Announces Graduation to TSX - More
- February 27, 2007 | Item | E-mail
Etruscan's Youga Gold Mine on schedule for June 2007 Commissioning - More
- February 27, 2007 | Item | E-mail
Credit Suisse upgrades Barrick Gold - "Credit Suisse upgraded Barrick Gold Corp. (ABX.N: Quote, Profile , Research) and Freeport-McMoRan Copper & Gold Inc. (FCX.N: Quote, Profile , Research), as it expects recent inventory builds to stabilize or fall and metal prices to remain strong." More
- February 27, 2007 | Item | E-mail
Verena Private Placement - More
- February 27, 2007 | Item | E-mail
StrataGold intersects 1.99 g/t gold over 18.36 metres at Monosse, Guyana - More
- February 27, 2007 | Item | E-mail
Olympus: Commences Drilling at Capcapo Gold Property, Northern Philippines - More
- February 27, 2007 | Item | E-mail
Pearl Asian Mining Signed an Agreement With a Cooperative to Develop, Explore, and Mine Gold at the Gango Gold Rush Site - More
- February 27, 2007 | Item | E-mail
Threegold Resources Inc.: 2.4M$ Budget Approved by Board - More
- February 27, 2007 | Item | E-mail
MacDonald Mines' Winter Program Underway Targeting Copper, Zinc, Gold and Diamonds in the McNugget Property - More
- February 27, 2007 | Item | E-mail
South-Malartic: Geophysical survey confirms major alteration zone at Cusalito and structural continuity at Piedra Rodante, Natora Property, Mexico - More
- February 27, 2007 | Item | E-mail
Northland Releases More Iron-Copper-Gold Results for the Hannukainen Project, Finland - More
- February 27, 2007 | Item | E-mail
Tonogold Resources, Inc. Announces the Red Gold Project, Nye County, Nevada - More
- February 27, 2007 | Item | E-mail
Geneva Gold Corp. Completes Acquisition of Majority Interest in Vilcoro Gold Property, Peru - More
- February 27, 2007 | Item | E-mail
Aura Silver Signs MOU with Tribune Resources Corp. to Advance Exploration on the Potonico Project, El Salvador - More
- February 27, 2007 | Item | E-mail
Northland Appoints CFO and COO - More
- February 27, 2007 | Item | E-mail
Laurion Mineral Commences Phase 2 Exploration Programs on the Enid-Massey, East Clavos and German Projects, Timmins, ON - More
- February 27, 2007 | Item | E-mail
Crew Gold Announces Lefa Operations Update - More
- February 27, 2007 | Item | E-mail
Moto Goldmines Congo protocol is void-vice minister - More
- February 27, 2007 | Item | E-mail
Rockcliff Drilling Hits High Grade Zinc-Silver Massive Sulphides - More
- February 27, 2007 | Item | E-mail
Keegan Resources Inc.: Resource Drilling Program Continues to Identify High Gold Grades at Esaase Gold Project - More
- February 27, 2007 | Item | E-mail
Fortune Minerals announces government & industry funding for Nico Road engineering & environmental work - More
- February 27, 2007 | Item | E-mail
Aura Gold Encouraged by Results From Inaja Project - More
- February 27, 2007 | Item | E-mail
General Metals Reaches Definitive Agreement Terms to Acquire 150 Sq. Km. Nyhinahin Mining Concession near Bibiani, Ghana, West Africa. - More
- February 27, 2007 | Item | E-mail
Lake Shore Appoints Hannu Virtanen as Vice President, Project Development - More
- February 27, 2007 | Item | E-mail
Uranium North Resources Acquires Two Properties With Widespread Uranium Mineralization - More
- February 27, 2007 | Item | E-mail
Idaho General Mines, Inc. Announces the Appointment of Mark A. Lettes to the Board of Directors and the Retirement of Llee Chapman - More
- February 27, 2007 | Item | E-mail
Lincoln Gold Corp.: Kinross Commences Drilling at Jenny Hill Mineral & Nye Counties, Nevada - More
- February 27, 2007 | Item | E-mail
Gold Resource Corporation Acquires Fourth High-Grade Property in Oaxaca, Mexico - More
- February 27, 2007 | Item | E-mail
Cloudbreak Welcomes Senior UK Engineer to the Board of Directors - More
- February 27, 2007 | Item | E-mail
Amerix Reports Drill Results and Update on VPR Gold Property, Brazil - More
- February 27, 2007 | Item | E-mail
Denison to Acquire U.S. Uranium Deposits and Sign Uranium Sales Contract - More
- February 27, 2007 | Item | E-mail
Northern Continental Resources Inc.: 2007 Program Update-Russell Lake Uranium Property, Athabasca Basin - More
- February 27, 2007 | Item | E-mail
Bluerock Resources Signs Option Agreement to Purchase 100% of the PSC Project, Garfield County, Utah - More
- February 27, 2007 | Item | E-mail
Hathor Announces 2007 Exploration Program at Russell Lake Project, Athabasca Basin - More
- February 27, 2007 | Item | E-mail
Endeavour Acquires Exploitation Contracts to Unidad Bolanitos Silver Mines, Guanajuato, Mexico - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it has acquired the exploitation contracts to the producing Unidad Bolanitos silver (gold) mines and plant located in the northern parts of the famous Guanajuato and La Luz silver districts in the state of Guanajuato, Mexico." More
- February 27, 2007 | Item | E-mail
Forum Uranium Proposes to Acquire Advanced Stage Uranium Project Near Midwest Lake Mine - More
- February 27, 2007 | Item | E-mail
Paladin Announces Takeover Offer for Summit Resources Limited - More
- February 27, 2007 | Item | E-mail
More Consolidation Among the Juniors: Toronto's Mega Uranium and Vancouver's Titan Uranium to partner on Thelon Basin Project in Canada - More
- February 27, 2007 | Item | E-mail
Kinross Completes Acquisition of Bema Gold Corporation - "Kinross Gold Corporation ("Kinross") (Toronto:K.TO - News)(NYSE:KGC - News) announced today that it has completed its acquisition of Bema Gold Corporation ("Bema"). Effective today, each common share of Bema has been exchanged for 0.4447 of a common share of Kinross and Cdn.$0.01." More
- February 27, 2007 | Item | E-mail
Barrick completes feasibility on its next Tanzanian gold mine - and looking at nickel too - "Barrick Gold Tanzania, a subsidiary of the Toronto based Barrick Gold Corp, has announced that it has completed the feasibility study on its Buzwagi gold project which is situated in north western Tanzania, south of Lake Victoria." More
- February 27, 2007 | Item | E-mail
Valencia Ventures Inc.: 2007 Drill Program Underway to Expand Resource at the Cachinal Silver-Gold Project - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) has commenced the first phase of its 2007 exploration program to expand the existing resource at the Cachinal Silver-Gold Project in northern Chile. The exploration program will focus on four immediate target areas of potential mineralization with a 2,500 metre reverse circulation (RC) drill campaign." More
- February 27, 2007 | Item | E-mail
Glencairn Intercepts High-Grade Gold Values at Libertad - "Glencairn Gold (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) is pleased to announce several high-grade drill intersections at its Libertad gold mine in Nicaragua. A highlight of the program to date was hole M13, which intercepted 3.1 metres true width grading 40.2 grams gold per tonne (g/t). This hole was part of a drilling program on the Santa Maria and the Crimea deposits located near the Libertad Mine." More
- February 27, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 February, 2007 | |
