-- Posted 2 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $640.80 | -$22.40 | -6.16% |
Silver | $12.82 | -$0.76 | -11.53% |
XAU | 132.36 | -3.15% | -9.23% |
HUI | 323.29 | -3.31% | -9.52% |
GDM | 1029.55 | -3.35% | -9.47% |
JSE Gold | 2571.93 | +0.71% | -11.10% |
USD | 83.73 | UNCH | -0.37% |
Euro | 131.94 | +0.03 | +1.46% |
Yen | 85.71 | +0.71 | +3.73% |
Oil | $61.64 | -$0.36 | +0.82% |
10-Year | 4.515% | -0.041 | -3.48% |
Bond | 113.25 | +0.375 | +1.46% |
Dow | 12114.10 | -0.98% | -4.22% |
Nasdaq | 2368.00 | -1.51% | -5.85% |
S&P | 1387.17 | -1.14% | -4.41% |
The Metals:
CoT Reports: Gold | Silver
Gold fell about $5 in early Asian trade before it rebounded and saw slight gains in early London trade, but it then began to fall off in later London trade and dropped over $10 to about $650 just after the open in New York. After remaining in the low $650s for much of the morning, it then began to fall off further in late morning and early afternoon trade and ended near its low of the day with a loss of 3.38%. Silver remained near unchanged in Asia and London before it steadily sold off throughout most of trade in New York and ended about 1% off its low with a loss of 5.60%.
Euro gold fell near €485, platinum lost $33 to $1,200, palladium lost $2 to $344, and copper fell roughly 4 cents to about $2.67.
Gold and silver equities steadily fell throughout most of trade and ended with over 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Michigan Sentiment | Feb | 91.3 | 93.3 | 93.3 |
All of this week’s economic reports:
Next week’s economic highlights include ISM Services on Monday, Productivity and Factory Orders on Tuesday, the fed’s Beige Book and Consumer Credit on Wednesday, Initial Jobless Claims on Thursday, and February’s jobs data, the Trade Balance, and Wholesale Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged in early trade, but it then began to fall off with the stock market and ended modestly lower on worries that slowing economic growth will hurt demand.
The U.S. dollar index remained near unchanged as the yen continued to gain on the unwinding of the carry trade.
Treasuries rose on worries over the stock market and on weaker than expected consumer sentiment data, pushing the yield on the 10-year to its lowest in over 2 months and making for the largest weekly gain for bonds in five months.
The Dow, Nasdaq, and S&P again fell on worries over the subprime mortgage market and its potential impact on the economy as a whole.
Among the big names making news in the market Friday were EMI and Warner Music Group, UPS and Airbus, Ford, Gap, Oracle and Hyperion, and Goldman Sachs, Merrill Lynch, and Morgan Stanley.
The Commentary:
“April Gold finished down 21 at 644.1, 12.4 off the high and 1.9 up from the low.
March Silver closed down 0.685 at 12.845. This was 0.095 up from the low and 0.375 off the high.
The gold market ratcheted sharply lower in the wake of another sharp down thrust in equity prices. With the Press also talking up the idea of investment liquidation in gold, it probably wasn't surprising to see the gold market come under such intense profit taking, especially with the mainstream Press trumpeting concern for significant global slowing ahead. With crude oil prices divergent from strength in the gasoline market and the Dollar mostly trading in positive ground throughout the session Friday, it was clear that the gold bulls weren't going to get any support from outside market action. In the end, fear of significant slowing, declining inflationary concerns and flight to quality interest in the Dollar, the bear camp seems to have a number of themes working in their favor.
From the action Friday it would seem like the silver contract was under significantly more aggressive spec and fund liquidation than some of the other precious metals. In fact, the March silver contract fell to the lowest level since January 19th, while the April gold contract only fell to the lowest level since January 23rd. With the platinum market coming under pressure it was clear that even a solid fundamentally supported precious metals market was under intense liquidation pressure. In the end, the tight correlation between action in the equity market and action in the silver market held on Friday and the trade expects that relationship to remain tight next week!”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Embry: Manipulation couldn't be more blatant now
James Turk: Almost a record
Credit derivatives volumes soar
Top Wall Streeters charged in 'pervasive' insider trading ring
The Statistics:
As of close of business: 3/1/2007
Gold Warehouse Stocks: | 7,487,176 | - |
Silver Warehouse Stocks: | 117,637,158 | + 444,102 |
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$ 10,371m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,322 | US$ 1,802m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,947 | US$ 234m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.73 | 345,127 | US$ 231m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/1/2007 | |
Total Net Assets | $942,489,999 | 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 3/1/2007 | |
Total Net Assets | $1,800,242,320 | 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:
Northgate’s (NXG) earnings, Almaden’s (AAU) exploration in Mexico, Exeter’s (XRA) drill results, Apollo’s (AGT) production restart, Canyon’s (CAU) 2006 financial results, Bear Creek’s (BCM.V) drill results, and Valencia’s (VVI.V) project sale were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Banro | BAA +0.88% $12.54 |
2. International Royalty | ROY +0.79% $5.09 |
3. Entree Gold | EGI +0.70% $1.44 |
LOSERS
1. Claude Resources | CGR -8.38% $1.53 |
2. Northgate | NXG -7.78% $3.32 |
3. Silver Standard | SSRI -6.72% $30.56 |
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:
Golden Goliath Resources Ltd. - More High Grade assays from Underground Workings - More
- March 02, 2007 | Item | E-mail
Rocher Deboule Purchases Key Property for IOCG Target - More
- March 02, 2007 | Item | E-mail
Pershimco Annouces an Issue of Shares for Debt - More
- March 02, 2007 | Item | E-mail
First Gold Exploration Inc.: Work in Progress and Options Granted to Officers and Directors - More
- March 02, 2007 | Item | E-mail
DIA BRAS: Appointment of VP Exploration for Bolivar Cu-Zn Property and Cusi Silver Property - More
- March 02, 2007 | Item | E-mail
Almaden Commences Regional Exploration in Mexico - "Almaden Minerals Ltd. ("Almaden") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it has commenced a regional stream sediment and water sampling program in Mexico. This work is being carried out in an under explored area of Mexico which Almaden, based on past regional exploration work, has identified as being prospective for both porphyry copper-gold and epithermal gold-silver deposits. Upon completion of this program follow up sampling and prospecting in drainages identified as anomalous will be planned." More
- March 02, 2007 | Item | E-mail
Andina Reports on Erroneous Press Reports Regarding the Volcan Gold Project - More
- March 02, 2007 | Item | E-mail
Tagish - Update - More
- March 02, 2007 | Item | E-mail
Robex - RC drilling program on N'Golopene - More
- March 02, 2007 | Item | E-mail
Explor Resources Inc.: Acquisition of the Carnegie Property - More
- March 02, 2007 | Item | E-mail
Network Exploration to host presentations during PDAC show in Toronto - More
- March 02, 2007 | Item | E-mail
Galantas Announces Pounds Sterling 750,000 Placing With Gartmore Irish Fund - More
- March 02, 2007 | Item | E-mail
Raven Gold Corp. Announces Two for One Forward Split - More
- March 02, 2007 | Item | E-mail
Great West Gold, Inc. -- Corporate Update - More
- March 02, 2007 | Item | E-mail
Sparrowtech Targets Mining Industry - More
- March 02, 2007 | Item | E-mail
Deutsche Bank raises Freeport-McMoRan - "Deutsche Bank said the acquisition of Phelps Dodge Corp. (PD.N: Quote, Profile , Research) makes Freeport-McMoRan the largest publicly-traded copper company and the investment of choice in copper." More
- March 02, 2007 | Item | E-mail
Gold World announces closing of $730,000 financing - More
- March 02, 2007 | Item | E-mail
Northern Lion Gold Corp.: Initial Data Review Identifies High-Grade Silver at Moura Exploration Licence, Portugal - More
- March 02, 2007 | Item | E-mail
Augyva Announces Private Placement - More
- March 02, 2007 | Item | E-mail
Benton Joint Ventures Nipigon Uranium Claim Blocks to Grandcru - More
- March 02, 2007 | Item | E-mail
Merrex Intersects 4.51 g/t Au / 14m Open at Depth and RAB Drilling at Siribaya, West Mali Continues - More
- March 02, 2007 | Item | E-mail
Odyssey Continues Focused Growth Strategy in Morocco - More
- March 02, 2007 | Item | E-mail
Lero Gold Corp.: Geochemical Survey Results Extends Potential for Taldybulak Mineralisation - More
- March 02, 2007 | Item | E-mail
Typhoon Announces the Publication of the 43-101 Report on the Fayolle Showing - More
- March 02, 2007 | Item | E-mail
EXMIN Receives NI 43-101 Report on the Moris Mine, Chihuahua, Mexico - More
- March 02, 2007 | Item | E-mail
Freegold Options Vinasale Gold Deposit, Alaska - More
- March 02, 2007 | Item | E-mail
Murgor releases preliminary drilling results from Hudvam Deposit - Core to be displayed at PDAC Convention, Toronto March 4-7th - More
- March 02, 2007 | Item | E-mail
Bravo Reports 900,000 oz/Au Inferred Mineral Resource at Homestake - More
- March 02, 2007 | Item | E-mail
SearchGold Announces the Appointment of Pierre Goossens to the Board of Directors - More
- March 02, 2007 | Item | E-mail
Klondex Announces Active 2007 Drilling and Underground Development Program; Extends New Ore Zone at Battle Mountain-Eureka Trend Property - More
- March 02, 2007 | Item | E-mail
Midland Exploration Inc.: Closing of the Initial Public Offering of and Commencement of Trading on the TSX Venture Exchange - More
- March 02, 2007 | Item | E-mail
American Bonanza Agrees to Sell Taurus for Up to $11 Million Plus 3 Million Shares - More
- March 02, 2007 | Item | E-mail
Cusac to Gain 100% Control of 1.04 Million Ounce Taurus Project - More
- March 02, 2007 | Item | E-mail
Globex, Inc. Announces Discovery of Uranium Deposits in Chioak Formation near Tasjujaq, Northern Quebec - More
- March 02, 2007 | Item | E-mail
Strathmore Minerals Corp.: Permitting Activities Underway at Sky, Wyoming Satellite ISR Project - More
- March 02, 2007 | Item | E-mail
AREVA/UEX Make Formal Decision to Commence Initial Development Work at Shea Creek Uranium Project - More
- March 02, 2007 | Item | E-mail
Paladin Resources Ltd.: Media Briefing Notes - More
- March 02, 2007 | Item | E-mail
Exeter Drilling Discovers Gold-Silver Mineralization at Caspiche, Chile - "Our discovery represents a different type of deposit from the Caspiche copper-gold porphyry system previously discovered in the area by Minera Anglo American Chile Limitada and Empresa Minera Mantos Blancos S.A. ("Anglo American"). Importantly the grade of the mineralization discovered is significantly higher than the average grade of the Caspiche Porphyry and the nearby Refugio and Cerro Casale gold-copper deposits." More
- March 02, 2007 | Item | E-mail
Canyon Resources Reports 2006 Results and Future Outlook - "We recorded a net loss of $2.7 million, or negative $0.07 per share, on revenues of $1.3 million for the year ended December 31, 2006. This compares to a net loss of $15.6 million, or negative $0.46 per share, on revenues of $4.1 million for the year ended December 31, 2005." More
- March 02, 2007 | Item | E-mail
Positive drill results continue to expand Corani silver deposit; Santa Ana and El Abuelo project updates - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results for twenty-one additional drill holes (3,360 meters) from the Corani project. These results bring the total to 104 holes drilled since the latest updated resource estimation on this major silver discovery (see news release 5 December 2006). The total drilling completed on the property now stands at 71,184 meters in 431 holes." More
- March 02, 2007 | Item | E-mail
Production Restarts at the Montana Tunnels Mine - "Apollo Gold Corporation ("Apollo" or the "Company") (TSX: APG - News; AMEX: AGT - News) is pleased to report that the mill at its Montana Tunnels mine (the "Mine"), which is located near Helena, Montana, has commenced production. The Mine is a 50/50 joint venture with Elkhorn Tunnels, LLC ("Elkhorn"), an affiliate of Calim Private Equity LLC ("Calim"), with Apollo acting as the manager of the Mine." More
- March 02, 2007 | Item | E-mail
Valencia Completes Sale of Idaho Gold Project to Clearwater Mining Corporation - "The sale of the Idaho Gold project to Clearwater represents an excellent opportunity for both parties and enables the construction and operation of a mine at Buffalo Gulch." He added, "The transaction allows Valencia to realize exceptional value during this period of high gold prices and permits further progress in Valencia's strategy to focus on building a quality portfolio of silver projects." More
- March 02, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 2 March, 2007 | |
