-- Posted 28 February, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $668.00 | -$15.60 |
Silver | $14.13 | -$036 |
XAU | 139.63 | +1.58% |
HUI | 339.80 | +1.52% |
GDM | 1086.54 | +1.40% |
JSE Gold | 2734.93 | -64.85 |
USD | 83.54 | +0.06 |
Euro | 132.32 | -0.12 |
Yen | 84.48 | +0.08 |
Oil | $61.79 | +$0.33 |
10-Year | 4.550% | +0.037 |
T-Bond | 113.00 | -0.40625 |
Dow | 12268.63 | +0.43% |
Nasdaq | 2416.13 | +0.34% |
S&P | 1406.82 | +0.56% |
The Metals:
Gold fell about $25 to under $660 in after hours access trade late yesterday before it rebounded in Asia and climbed above $675 by early trade in London, but it then steadily fell back off in later London and morning New York trade, remained near its lows in afternoon trade, and ended with a loss of 2.28%. Silver fell near $14.00 in after hours trade yesterday, rebounded to above $14.30 in London, fell to as low as $13.95 in late morning New York trade, and ended over 1% off its low with a loss of 2.48%.
Euro gold fell near €505, platinum lost $10 to $1,238, palladium lost $3 to $347, and copper fell a couple of cents to about $2.72.
Gold and silver equities saw slight losses in early trade, but they then rose for the rest of the day and ended with about 1.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q4 | 2.2% | 2.3% | 3.5% |
Chain Deflator | Q4 | 1.7% | 1.5% | 1.5% |
Chicago PMI | Feb | 47.9 | 50.0 | 48.8 |
New Home Sales | Jan | 937K | 1080K | 1123K |
Bernanke spoke before the House Budget Committee and stated that there is “no material change in our expectations for the U.S. economy.” He also calmed fears over liquidity and the subprime mortgage market, for most on Wall Street at least.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 2/24 expected at 325,000, Personal Income for January expected at 0.3%, and Personal Spending expected at 0.4%. At 10AM are Construction Spending for January expected at -0.4% and the ISM Index for February expected at 50.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil continued to fall for most of trade on continued concern over falling demand from China, but it then rallied higher in late trade and ended with small gains as those concerns were discounted and gasoline and distillate inventories fell. Crude inventories built 1.4 million barrels, gasoline inventories fell 1.9 million barrels, and distillates fell 3.8 million barrels.
The U.S. dollar index rebounded from yesterday’s notable losses and treasuries pulled back from yesterday’s sizeable gains as Bernanke calmed the markets, but gains in the dollar and losses in bonds were limited as economic data came in worse than expected and capped any notable moves higher in interest rates.
The Dow, Nasdaq, and S&P also rebounded from yesterday’s huge losses on Bernanke’s optimistic remarks before congress, but gains were limited to less than 1% compared to yesterday’s more than 3% losses.
Among the big names making news in the market today were Martha Stewart, Airbus, Merck, Sprint, Home and Depot.
The Commentary:
“With the pullback in so many markets, it is fair to say that the gold and silver pullback is not about gold and silver. The $ is down below $1.32:€, oil is still over $60, long-term gold buyers are still gripping their gold in tight fists, so it is a case of no-change in the fundamentals of these markets.
These falls are to do with short-term traders perceptions and Technical selling. They are also to do with funds, trying to break prices down too. There are dangerous signals of fundamental pressures in many markets [not gold & silver], which are causing some of the nervous traders to pull some money off the table.
What is very clear is that there has been a gear-shift rise in volatility in all world markets, something we are going to have to get used to, so expect vigorous moves both up and down to continue.” - Julian D.W. Phillips, www.goldforecaster.com
“April Gold finished down 14.7 at 672.5, 5.5 off the high and 8.5 up from the low.
March Silver closed down 0.445 at 14.1. This was 0.12 up from the low and 0.2 off the high.
The gold market started out weak, added to the declines in mid session and then mostly waffled around $12 to $15 per ounce lower on the day. With the Dollar managing to hold in positive ground in the face of slack US economic numbers, it wasn't surprising that the Gold market remained in a weak posture but one might have expected a strong recovery move in the equity market to have taken some of the pressure off the precious metals markets. Apparently the gold market was being hit with profit taking interest off the idea that some amount of macro economic slowing was ahead and that many investors in gold might be inclined to seek other investments in that type of environment. In fact, with US new Home sales in January declining by 16% and the Chicago Purchasing managers report also showing weakness it isn't surprising that the threat of recession is surfacing in the marketplace.
With the gold market off moderately during the session Wednesday it wasn't surprising to see the silver market come under additional long liquidation pressure. Some players suggested that the magnitude of the losses in silver might have prompted fresh out right selling and perhaps longer term technical selling. In the end, seeing weak US economic numbers, a higher US Dollar and sharply lower copper prices, it would seem like silver was being confronted with a patently bearish fundamental picture.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Commodities exchange computer glitch story was a spoof
As yen carry trade unwinds, U.S. interest rate cut is anticipated
Computer glitch suppressed gold price since 1995
GATA Director Wistar Holt to host reception during PDAC in Toronto
Morgan executive to run international affairs for U.S. Treasury
Britain's public employees face raises below inflation rates
Computer problem exaggerated Dow's plunge
Market plunge doesn't scare gold advocates Grandich and Sinclair
Blanchard research note: Why it's time to load up on gold
The Statistics:
As of close of business: 2/27/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 117207516 | + 597,436 |
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$ 10,595m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,384 | US$ 1,878m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,955 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.73 | 345,134 | US$ 233m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.49 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/27/2007 | |
Total Net Assets | $973,258,828 | 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 2/27/2007 | |
Total Net Assets | $1,825,497,413 | 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:
NovaGold’s (NG) year-end results, Metallica’s (MRB) increased reserves, Seabridge’s (SA) filed 43-101 report, IMPACT’s (IPT.V) acquisition, South American Silver’s (SAC.TO) completed share sale, SNS Silver’s (SNS.V) granted stock options, and Esperanza’s (EPZ.V) and Silver Standard’s (SSRI) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +24.76% $1.31 |
2. International Royalty | ROY +4.65% $5.18 |
3. Kinross Gold | KGC +4.45% $14.08 |
LOSERS
1. U.S. Gold | UXG -4.99% $4.57 |
2. Entree Gold | EGI -4.64% $1.44 |
3. Exeter | XRA -3.98% $1.93 |
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:
NovaGold Year-End Financial Results and Project Update - "The last 12 months have certainly been exciting for NovaGold and its shareholders. In 2006 the Company continued to make significant headway at its three most advanced projects, acquired a "green" power company, survived a hostile takeover attempt and delivered outstanding shareholder returns. NovaGold is exceptionally well positioned in 2007 to take full advantage of the bull market in gold, silver and copper, leveraging its large and growing North American reserve and resource base that will continue to add significant new value for shareholders, and for the communities in which it works." More
- February 28, 2007 | Item | E-mail
Amerix Adds Technical Team - More
- February 28, 2007 | Item | E-mail
Landmark and Ucore Agree to Merge - More
- February 28, 2007 | Item | E-mail
Wealth Minerals Significantly Expands Diamante-Los Patos Uranium Property - More
- February 28, 2007 | Item | E-mail
Houston Lake Mining Closes $354,121 Non-Flow Through Private Placement - More
- February 28, 2007 | Item | E-mail
Landmark Enters Joint Venture to Acquire Past Producing Uranium Mine in Alaska - More
- February 28, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Diamond Drilling Underway-2007 Abitibi Grassroots Exploration Program - More
- February 28, 2007 | Item | E-mail
Etruscan reports 2006 year end results - More
- February 28, 2007 | Item | E-mail
Superior Canadian Intends to Raise Up to $3.5 Million - More
- February 28, 2007 | Item | E-mail
RESCHEDULED: Gabriel Announces Year End 2006 Results and Project Update on Rosia Montana - More
- February 28, 2007 | Item | E-mail
Simberi Announces Khandaker Partners Initiate Coverage - More
- February 28, 2007 | Item | E-mail
RJK Explorations Ltd. Land Position near Churchill Increased - More
- February 28, 2007 | Item | E-mail
Verena Raises $2,556,250 From the Exercise of 100% of the Company's Warrants - More
- February 28, 2007 | Item | E-mail
Cantex acquires uranium license - More
- February 28, 2007 | Item | E-mail
Denison Extends Offer Period to Acquire OmegaCorp Limited - More
- February 28, 2007 | Item | E-mail
Copper Canyon Receives $1,473,000 Share Payment From NovaGold - More
- February 28, 2007 | Item | E-mail
Goldeye and Polar Complete Detailed Sampling of the Sonia Target on the Sonia Project, Region V, Chile - More
- February 28, 2007 | Item | E-mail
IMPACT Silver Acquires 200km2 Mining District in Mexico - "IMPACT Silver Corp. ("IMPACT") (TSX VENTURE:IPT - News) is pleased to announce that it has been awarded a 100% interest in the 200km2 Mamatla Mining District through an 'invitation only' auction held by the Mexican Geological Survey. IMPACT's winning bid was US$200,000 payable over two years plus a 1% NSR production royalty payable to the Mexican Geological Survey." More
- February 28, 2007 | Item | E-mail
Africo Appoints Mine Construction Team at Kalukundi - More
- February 28, 2007 | Item | E-mail
Tribute Intersects Two Zones of Base Metal Sulphides on Copperlode-Core to Be on Display at the PDAC - More
- February 28, 2007 | Item | E-mail
Nuinsco Hits Massive Sulphide in First Drill Hole at Elmalaan - More
- February 28, 2007 | Item | E-mail
Explor Resources Inc.: Private Placement - More
- February 28, 2007 | Item | E-mail
Freewest Intersects 12.45 g/t Gold Over 4.50 Metres and 12.51 g/t Gold Over 3.00 Metres at Clarence Stream, New Brunswick - More
- February 28, 2007 | Item | E-mail
Alturas Minerals Announces Engagement of Chief Financial Officer and Proposed New Director - More
- February 28, 2007 | Item | E-mail
Stratabound Reports More Drill Results from Elmtree Gold - More
- February 28, 2007 | Item | E-mail
Intrepid Mines Announces Convertible Financing for Paulsens Mine - More
- February 28, 2007 | Item | E-mail
Globex, Inc. Announces beginning of phase 2 of drilling program and negotiating a venture agreement to begin extraction of Uranium - More
- February 28, 2007 | Item | E-mail
Solitaire Minerals Corp.: Riou Lake Geochemistry Predicts 'Very High Probability' of Uranium Over Selected Drill Targets - More
- February 28, 2007 | Item | E-mail
Typhoon Acquires Uranium Property on Quebec's North Shore - More
- February 28, 2007 | Item | E-mail
Campbell Resources exits CCAA and provides an update on the Copper Rand Mine - More
- February 28, 2007 | Item | E-mail
Goldbelt signs agreement to acquire Barrick's West African properties - More
- February 28, 2007 | Item | E-mail
Pediment Exploration Ltd.: Daniel Project Update; Financing - More
- February 28, 2007 | Item | E-mail
Galantas Gold Corporation: Total Voting Rights - More
- February 28, 2007 | Item | E-mail
Queenston Intersects Wide Intervals of High-Grade Gold at Upper Beaver - More
- February 28, 2007 | Item | E-mail
Rimfire Welcomes New Partner Rubicon - More
- February 28, 2007 | Item | E-mail
Golden Phoenix to Display Specimens From One of the World's Richest Molybdenum Deposits at International Mine Conference in Toronto - More
- February 28, 2007 | Item | E-mail
Unico, Inc. Announces Proposed Amendment to Large-Scale Mining Plan Covering New Construction at Mill and Processing Facility at the Deer Trail Mine - More
- February 28, 2007 | Item | E-mail
Grenville Completes LOU to Purchase La Tigrera Concession - More
- February 28, 2007 | Item | E-mail
Métanor announces the first DDH results on the Bachelor deposit extension - More
- February 28, 2007 | Item | E-mail
Rochester Commences Regular Shipments of Gold & Silver Production - More
- February 28, 2007 | Item | E-mail
Consolidated Spire Ventures: Yago Mexico Gold/Silver Property-Update and Review - More
- February 28, 2007 | Item | E-mail
Geocom Confirms IP Anomalies Coincident With Gold Soil Anomalies, Identifies Drill Targets and Increases Land Position at Its La Carolina Gold Project - More
- February 28, 2007 | Item | E-mail
General Minerals Corporation Announces Exercise of Over-Allotment Option of SASC - More
- February 28, 2007 | Item | E-mail
Sierra Gold Corporation Confirms the Presence of Rare Earth Metals With Encouraging Results - More
- February 28, 2007 | Item | E-mail
Murgor releases NI-43-101 resource estimate on the Hudvam copper-gold-zinc deposit in Manitoba - More
- February 28, 2007 | Item | E-mail
Asian Star Begins Active Ore Extraction at XinQiao Mine - More
- February 28, 2007 | Item | E-mail
Troy Resources NL: Half Year Profit of $7.3 Million - More
- February 28, 2007 | Item | E-mail
TSX: GEM - Pele Mountain Completes First 16 Drill Holes at Elliot Lake
- February 28, 2007 | Item | E-mail
Pele Mountain Completes First 16 Drill Holes at Elliot Lake - More
- February 28, 2007 | Item | E-mail
Ur-Energy Inc. Shows at PDAC 2007 - More
- February 28, 2007 | Item | E-mail
Uranium Star Corp. Acquires Remaining 25% Ownership of its Sagar Uranium/Gold Property - More
- February 28, 2007 | Item | E-mail
South American Silver Corp. Announces Closing of Over-Allotment Option - "South American Silver Corp. ("SASC")(TSX:SAC - News) is pleased to announce that it has completed the sale today of 5,100,000 common shares at a price of $0.50 per common share pursuant to the exercise in full of an over-allotment option (the "Over-Allotment Option") by MGI Securities Inc., as lead agent with Dundee Securities Corporation (collectively, the "Agents")." More
- February 28, 2007 | Item | E-mail
Metallica Resources Increases Reserves at Cerro San Pedro Project, Mexico - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to report updated mineral reserves and economics for its 100% owned Cerro San Pedro ("CSP") heap-leach gold and silver project in Mexico. The updated mineral reserve estimate was calculated using prices of $475/oz for gold and $8.00/oz for silver, which approximate the historical three-year average, and indicates a gold-equivalent reserve of approximately 2.6 million ounces, when using a silver-to-gold price ratio of 60:1. " More
- February 28, 2007 | Item | E-mail
SNS Silver Grants Stock Options - "SNS Silver Corporation ("SNS Silver" or the "Company") (TSX-V: SNS - News) reports today that pursuant to the Company's Stock Option Plan, a total of 1,535,000 incentive stock options were granted on February 27, 2007, to directors, officers, consultants and employees of the Company. Of the total stock options granted, 1,300,000 options were granted to directors and senior officers. The options are exercisable at a price of $1.40 per share until February 27, 2012." More
- February 28, 2007 | Item | E-mail
Seabridge Files 43-101 Report on Updated Gold Resource at Courageous Lake - "Seabridge Gold Inc. (CDNX:SEA.V - News)(AMEX:SA - News) announced today that it has filed on SEDAR the updated Technical Report on its 100% owned Courageous Lake project (see news release dated January 9, 2007). The updated Technical Report confirms the previously announced new resource estimate." More
- February 28, 2007 | Item | E-mail
Esperanza and Silver Standard Announce New San Luis High-Grade Drill Results - "Esperanza Silver Corporation (CDNX:EPZ.V - News) and Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) are pleased to announce results of 15 additional drill holes, SL06-26 to -28 and SL-001 to -012. The drill holes were completed in late 2006 and January, 2007 at their San Luis high-grade gold and silver joint-venture property in central Peru." More
- February 28, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 28 February, 2007 | |
