-- Posted 1 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $663.20 | -$4.80 |
Silver | $13.58 | -$0.55 |
XAU | 136.71 | -2.11% |
HUI | 334.35 | -1.60% |
GDM | 1065.26 | -1.96% |
JSE Gold | 2732.45 | -0.09% |
USD | 83.73 | +0.19 |
Euro | 131.91 | -0.41 |
Yen | 85.00 | +0.52 |
Oil | $62.00 | +$0.21 |
10-Year | 4.556% | +0.006 |
T-Bond | 112.875 | -0.125 |
Dow | 12234.34 | -0.28% |
Nasdaq | 2404.21 | -0.49% |
S&P | 1403.17 | -0.26% |
The Metals:
Gold rose nearly $10 to over $675 in Asia, traded between $670 and $675 in London, remained on either side of unchanged in morning New York trade, and then fell off in afternoon trade and ended near its low of the day with a loss of 0.72%. Silver traded mostly higher in Asia and London and remained near unchanged in morning New York trade before it sold off dramatically in the last minutes of trade and ended with a loss of 3.89%.
Euro gold fell near €500, platinum lost $5 to $1,233, palladium lost $1 to $346, and copper fell roughly a penny to about $2.71.
Gold and silver equities fell almost 3% at the open before they rebounded for the rest of the morning and saw only slight losses heading into afternoon trade, but they then sold back off for the rest of trade and ended with about 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 2/24 | 338K | 325K | 332K |
Personal Income | Jan | 1.0% | 0.3% | 0.5% |
Personal Spending | Jan | 0.5% | 0.4% | 0.7% |
Construction Spending | Jan | -0.8% | -0.4% | 0.6% |
ISM Index | Feb | 52.3 | 50.0 | 49.3 |
Tomorrow at 10AM EST brings the revised reading for February Michigan Sentiment expected at 93.3.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P opened substantially lower and the Dow fell over 200 points just minutes after the open, but all three indices then rebounded higher following the release of economically positive ISM data at 10AM EST. Minimal gains were accomplished by about 2PM EST, but stocks then fell back off into the close and ended modestly lower.
Oil followed the Dow lower in early trade on further demand concerns, but it then turned higher and ended with slight gains after ISM data pointed towards continued strong demand.
The U.S. dollar index remained near unchanged in early trade as strength in the yen battled weakness in the euro, but it then rose following the stronger than expected ISM reading and ended slightly higher.
Treasuries rose in early trade as the major indices opened markedly lower again, but gains dissipated and turned to small losses as the day wore on and stocks recovered from their early lows.
Among the big names making news in the market today were Viacom, Sears, and Oracle.
The Commentary:
“April Gold finished down 7.4 at 665.1, 11 off the high and 0.6 up from the low.
March Silver closed down 0.57 at 13.53. This was 0.08 up from the low and 0.67 off the high.
All things considered the gold market seemed to fight off a number of outside market negatives without suffering another round of "extremely heavy" liquidation selling. In fact, with the Dollar higher, stock prices at times significantly lower and the energy complex unable to show dominating strength, one has to be impressed that gold managed to avoid renewed selling for most of the session. However, it was clear toward the end of the trading session that the negative developments were weighing on the market and that some players in the end decided to step aside rather than accept the outside market adversity.
While the silver market initially showed signs of discounting the outside market negatives, it was clear that the strength in the Dollar, weakness in gold and ongoing concern of global slowing was simply too much for the bull camp in silver. With the last scheduled report of the session, the ISM coming in slightly better than expected one might have expected the silver market to discount the slowing economy, but weakness in equity prices into the silver close seemed to leave the bear camp with a distinct edge. With the slide in the March silver contract clearly violating a number of critical chart support points, many traders were suggesting that a violation of $13.50 might be in the cards.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 2/28/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 117,193,056 | -14,460 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 481.31 | 15,474,497 | US$ 10,275m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,354 | US$ 1,860m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,951 | US$ 241m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.73 | 345,134 | US$ 233m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 6.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 2/28/2007 | |
Total Net Assets | $952,607,329 | 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 2/28/2007 | |
Total Net Assets | $1,802,787,555 | 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:
Buenaventura’s (BVN) quarterly results and dividend, U.S. Energy’s (USEG) hiring of Behre Dolbear & Company to do a pre-feasibility study, Golden Star’s (GSS) completed share offering, Barrick’s (ABX) construction plans, NovaGold’s (NG) permit, Rubicon’s (RBY) financing, Randgold’s (GOLD) block listing, Great Panther’s (GPR.V) drill results, Oremex’s (ORM.V) silver property status, and South American Silver’s (SAC.TO) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY +6.87% $1.40 |
2. Northern Orion | NTO +4.68% $4.47 |
3. Hecla Mining | HL +3.64% $7.97 |
LOSERS
1. Minco Gold | MGH-8.33% $1.54 |
2. Endeavour | EXK -6.09% $4.32 |
3. Seabridge | SA -6.04% $15.10 |
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:
Peru's Buenaventura net falls on lower gold output - "Buenaventura (BUEv.LM: Quote, Profile , Research) (BVN.N: Quote, Profile , Research), the largest precious metals producer in mineral-rich Peru, posted a 19 percent drop in quarterly profit as its gold output fell by almost half.
Fourth-quarter net profit declined to to $78.8 million from $96.7 million a year earlier as gold output fell 46 percent due to declining production at Yanacocha, the largest gold mine in South America." More
- March 01, 2007 | Item | E-mail
Geophysics Identifies High Chargeability Anomalies At Colquipucro - More
- March 01, 2007 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge-Spar Gold Zone Discovered at Depth - More
- March 01, 2007 | Item | E-mail
U.S. Energy Corp. Announces That Sutter Gold Engages Behre Dolbear for Pre-Feasibility Study on Lincoln Project - "U.S. Energy Corp. (USE) (Nasdaq: USEG - News) announced that Sutter Gold Mining Inc. (TSX-VX: SGM) today announced that it has hired Behre Dolbear & Company (USA), Inc. (BDUSA), a preeminent minerals industry consulting firm, to complete a Canadian NI 43-101 compliant pre-feasibility study on the Lincoln Project, SGM's advanced stage gold property located in the historic Mother Lode District east of Sacramento, California." More
- March 01, 2007 | Item | E-mail
Gold Crest Mines Announces Completion of Regulation D Private Placement - More
- March 01, 2007 | Item | E-mail
MacMillan Gold Commences Drill Program at La Mus - More
- March 01, 2007 | Item | E-mail
Solid Announces Hearing Date - More
- March 01, 2007 | Item | E-mail
Cardero Expands Amable Maria Uranium Prospect, Peru by an Additional 65 Square Kilometres - More
- March 01, 2007 | Item | E-mail
Great Panther Resources Limited: Underground Drilling Extends High Grade Silver-Gold-Lead-Zinc at Topia Mine - "Great Panther Resources Limited (Toronto:GPR.TO - News) is pleased to announce that underground drilling in the deeper portions of the La Dura vein at the Company's 100% owned Topia Silver-Lead-Zinc Mine in Durango, Mexico is continuing to demonstrate high grades of silver, gold, lead and zinc, up to 55.7 oz/t Silver Equivalent(i) (Ag Eq). In particular, gold grades up to 7.21g/t in the drilling are significantly higher than the historical average (less than 1.0g/t) for the Topia Mine." More
- March 01, 2007 | Item | E-mail
Oremex Provides Additional Information Regarding Status of Tejamen Silver Property - "Under Mexican mining law, ownership of mining concessions confers certain rights with respect to minerals. With completion of the final payment to the underlying owner of the mineral concessions, the Company now owns a 100 percent interest in the mineral concessions, with no ongoing obligations or residual royalties payable to, or net profit interests retained by, the former owners." More
- March 01, 2007 | Item | E-mail
Erdene Completes Transaction With Gallant Minerals Limited/Provides Exploration Update on Acquired Properties - More
- March 01, 2007 | Item | E-mail
Klondike Star Advances Dominion Gold Project - More
- March 01, 2007 | Item | E-mail
Wesdome Gold Mines Ltd. - Encouraging Exploration Results at Kiena - More
- March 01, 2007 | Item | E-mail
DIA BRAS: 2006 Exploration Results and 2007 Exploration Program on the Cusi Silver Property - More
- March 01, 2007 | Item | E-mail
Skyline Announces Engagement of BC Mining Research Ltd. - More
- March 01, 2007 | Item | E-mail
Canadian Shield Acquires Anderson Peru Mining and Exploration & Appoints VP Exploration - More
- March 01, 2007 | Item | E-mail
Peru's Buenaventura sees 37 cents 4th-qtr dividend - "The board of Buenaventura (BUEv.LM: Quote, Profile , Research) (BVN.N: Quote, Profile , Research), the largest precious metals producer in Peru, will propose a 37 cents cash dividend per ADS share for the fourth-quarter, its chief executive Roque Benavides said on Thursday." More
- March 01, 2007 | Item | E-mail
Golden Star Announces Successful Completion of US$75.6 Million Common Share Offering - "Golden Star Resources Ltd. (TSX: GSC - News; AMEX: GSS - News) today announced that it has closed its previously announced offering of 21 million common shares priced at US$3.60 per share resulting in US$75.6 million in gross proceeds, or approximately US$72.2 million in net proceeds to the Company." More
- March 01, 2007 | Item | E-mail
SXR starts processing uranium at Dominion Reefs - More
- March 01, 2007 | Item | E-mail
Goldex Options Gold Property in Durango State, Mexico - More
- March 01, 2007 | Item | E-mail
Mesa Uranium Corp.: Acquisition of Exploration Data - More
- March 01, 2007 | Item | E-mail
Matamec Evaluates the Transfer of its Uranium Assets to a Subsidiary - More
- March 01, 2007 | Item | E-mail
Latin American Minerals' Principal Shareholder Announces Intention to Sell a Portion of Its Shares - More
- March 01, 2007 | Item | E-mail
Golden Eagle Announces Conference Call and Webcast - More
- March 01, 2007 | Item | E-mail
Gee-Ten Ventures Inc.: New Acquisitions in the Democratic Republic of Congo - More
- March 01, 2007 | Item | E-mail
Barrick hopes to start work on Pascua Lama in Sept - "Canada's Barrick Gold Corp. (ABX.TO: Quote, Profile , Research), the world's biggest miner of gold, said on Thursday it hoped to start construction at its Pascua Lama project on the Argentine-Chilean border in September.
Chief Executive Greg Wilkins told reporters in Chile that it would then take another three years to construct the proposed mine." More
- March 01, 2007 | Item | E-mail
Alberta Star Intersects 133 Metres (439 Feet) of 8.78 g/t Silver, and 3.0 Meters (9.9 Feet) of 195.7 g/t Silver (6.29 oz/t) - More
- March 01, 2007 | Item | E-mail
Oriental Minerals Initial Drill Results From Sangdong - More
- March 01, 2007 | Item | E-mail
Cline Mining Announces UMC Energy plc to Apply for TSX Listing - More
- March 01, 2007 | Item | E-mail
Vulcan Minerals Inc.: Options Out Uranium Property - More
- March 01, 2007 | Item | E-mail
Douglas Lake Minerals' Morogoro Drill Results of 0.18g to 5.82gAu/t Indicate the Potential For a Bulk Mineable Deposit - More
- March 01, 2007 | Item | E-mail
JACLYN ZONE EXPANDED TO 750 METERS, ZONE REMAINS OPEN; PARTNERS CONSIDER MINI BULK SAMPLE - More
- March 01, 2007 | Item | E-mail
Intrepid Files Preliminary Final Report - More
- March 01, 2007 | Item | E-mail
Northland Hires Dr. Hardy Lindroos as Regional Director of Exploration - More
- March 01, 2007 | Item | E-mail
Full Metal Announces 2007 Alaska Exploration Programs and Update, Lucky Shot Drill Program to Start in March - More
- March 01, 2007 | Item | E-mail
Alexco Expanded Keno Hill Exploration Drilling Program to Begin Mid March; Pre-Feasibility Study Targeted - More
- March 01, 2007 | Item | E-mail
Yorbeau Summarizes its 2006 Drilling Program on the Augmitto and Cinderella Blocks - More
- March 01, 2007 | Item | E-mail
Titan Acquires Ownership Interest in Prolific Past Producer - More
- March 01, 2007 | Item | E-mail
Everton Acquires Large Land Package for Gold, Copper & Uranium in James Bay, Quebec - More
- March 01, 2007 | Item | E-mail
General Metals Update: Independence Mine Phase 1 Drilling Will Help Define Open Pit Ore Reserve and Set Stage for Deep Drilling - More
- March 01, 2007 | Item | E-mail
CZM Starts Third Phase of Drilling at TAG Gold-Silver Project - More
- March 01, 2007 | Item | E-mail
Castillian Appoints Helio B. Diniz as Chief Operating Officer, Provides Update on Drilling at Mangabal Project, Brazil - More
- March 01, 2007 | Item | E-mail
Virginia Mines Inc.: Drilling at Poste Lemoyne Extension - More
- March 01, 2007 | Item | E-mail
Scandinavian Minerals Announces Further Positive Drill Results From Kevitsa, Finland Nickel-Copper-PGE Property - More
- March 01, 2007 | Item | E-mail
Young-Shannon Continues to Intersect High Grade Gold on McMillan Gold Mine Property - More
- March 01, 2007 | Item | E-mail
Aurelio Announces Discovery of a Significant, Near-Surface, New Oxide Copper Deposit in the South Courtland Area of the Hill Copper Project, Arizona - More
- March 01, 2007 | Item | E-mail
GWR Adopts Shareholder Rights Plan - More
- March 01, 2007 | Item | E-mail
St Andrew Announces Appointment of VP Exploration-Minex - More
- March 01, 2007 | Item | E-mail
Wits Basin Commences Operations in Hong Kong - More
- March 01, 2007 | Item | E-mail
South American Silver Corp. Announces the Start of Drilling at the Escalones Copper-Gold Property in Chile - "South American Silver Corp. ("SASC" or the "Company")(TSX:SAC - News) announces that Minera Aurex (Chile) Limitada ("Aurex"), the Chilean subsidiary of Phelps Dodge Corporation, has begun the drilling program at the Escalones porphyry copper-gold prospect in Chile as was previously anticipated in the SASC prospectus dated February 7, 2007." More
- March 01, 2007 | Item | E-mail
NovaGold's Rock Creek Permit to Be Reinstated - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that after an extensive three-month review, the U.S. Army Corps of Engineers will reinstate the wetlands permit for NovaGold's Rock Creek project on March 13th." More
- March 01, 2007 | Item | E-mail
CityView Longonjo: 27 Prospects Identified - More
- March 01, 2007 | Item | E-mail
Freewest Acquires Two New Uranium Properties in Eastern Canada - More
- March 01, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd.: 30 Meters of 0.11% U308 Discovered at Two Time Zone - More
- March 01, 2007 | Item | E-mail
Uranium One Announces Commencement of Processing Uranium Ore at Dominion - More
- March 01, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc. - 30 Meters of 0.11% U(3)0(8) Discovered at Two Time Zone - More
- March 01, 2007 | Item | E-mail
Northwestern confirms uranium occurrences on Niger properties - More
- March 01, 2007 | Item | E-mail
International KRL Reports 4.8% Uranium Assay From Nor IOCG Project - More
- March 01, 2007 | Item | E-mail
Laramide Intercepts 5 metres @ 0.18 % U3O8 on its Lagoon Creek Project Located in the Northern Territory of Australia - More
- March 01, 2007 | Item | E-mail
Commander Acquires New Large Uranium Property Through Option Agreement - More
- March 01, 2007 | Item | E-mail
New Rubicon Financing Increased to $15 Million! - "Rubicon Minerals Corporation (Toronto:RMX.TO - News) (AMEX:RBY - News) is pleased to announce that, pursuant to the terms of the recently announced agreement with former Goldcorp Inc. Chairman and CEO, Rob McEwen and Lexam Explorations Inc., (see news release dated February 26, 2007) Mr. McEwen has arranged for the private placement financing in Rubicon to be increased to its maximum amount of $15 million." More
- March 01, 2007 | Item | E-mail
Randgold Resources announces Block listing - "Randgold Resources Limited (LSE:RRS.L - News) (NasdaqGS:GOLD - News) ("Randgold Resources" or the "Company") announces that an Application has been made to the London Stock Exchange and the UK Listing Authority for a block listing of 1,000,000 ordinary shares of a par value of US$0.05 each to be admitted to the Official List. These shares will rank pari passu with the existing shares in issue." More
- March 01, 2007 | Item | E-mail
Compania de Minas Buenaventura Announces Fourth Quarter 2006 Results - "We are pleased to report a very good performance from our direct operations for the quarter. As a result, operating income was US$108.7 million, 328% higher than the figure recorded in 4Q05. This increase was explained by higher sales revenues, which partially offset the lower contribution from non-consolidated affiliates." More
- March 01, 2007 | Item | E-mail
Blue Sky Uranium Corp.: Letter to Shareholders - More
- March 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 March, 2007 | |
