-- Posted 5 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $637.60 | -$3.20 |
Silver | $12.59 | -$0.23 |
XAU | 129.38 | -2.24% |
HUI | 314.86 | -2.61% |
GDM | 1003.10 | -2.57% |
JSE Gold | 2683.77 | -2.48% |
USD | 84.17 | +0.44 |
Euro | 130.95 | -0.99 |
Yen | 86.33 | +0.62 |
Oil | $60.07 | -$1.57 |
10-Year | 4.518% | +0.003 |
T-Bond | 113.25 | UNCH |
Dow | 12050.41 | -0.53% |
Nasdaq | 2340.68 | -1.15% |
S&P | 1374.12 | -0.94% |
The Metals:
Gold opened slightly higher in Asia, fell near $635 in London, and dropped to as low as $633.00 in morning New York trade, but it then rose it late morning and briefly found slight gains before it fell back off into the close and ended with a loss of 0.50%. Silver dropped to as low as $12.38 before it rebounded in late morning, but it also fell back off into the close and ended with a loss of 1.79%.
Euro gold fell to €485, platinum lost $32 to $1,168, palladium lost $4 to $340, and copper fell roughly 5 cents to about $2.62.
Gold and silver equities fell over 2% at the open, rebounded to near unchanged by late morning, and then fell back off into the close and ended over 2% lower.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | Feb | 54.3 | 57.5 | 59.0 |
Tomorrow at 8:30AM EST brings fourth quarter Productivity expected at 1.7% and at 10AM is the Factory Orders report for January expected at -4.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P opened lower before they found slight gains by late morning, but they then fell back off in afternoon trade and ended notably lower on continued concern over the subprime mortgage market and it impact on economic growth.
Oil fell on concerns about a slowing economy and its subsequent impact on demand.
The U.S. dollar index rose despite continued strength in the yen driven by the unwinding of the carry trade as the euro fell on mostly disappointing PMI data released by several European nations.
Treasuries rose in early trade as stocks opened lower, but they then fell back off and ended unchanged as losses in stocks were not as bad as some had feared after significant losses in other world markets.
Among the big names making news in the market today were Barnes & Noble, Research in Motion, Great Atlantic and Pathmark, and HSBC.
The Commentary:
“April Gold finished down 4.9 at 639.2, 6.1 off the high and 4 up from the low.
March Silver closed down 0.205 at 12.64. This was 0.17 up from the low and 0.01 off the high.
The gold market did a good job in fending off what was initial rather intense selling pressure. In fact, considering the ongoing weakness in the equity market, the rise in the Dollar and weakness in the energy market, the gold bulls were probably happy with the fact that gold prices were only moderately lower on the day. Certainly the Press was accurate in assuming that the spec liquidation threat was undermining prices but all things considered the outcome could have been significantly worse. However, with a bit of bargain hunting buying in the blue chip sector of the stock market it seems like a portion of the macro economic anxiety is starting to leave the marketplace. However, in order to stem the fear of slowing might require an improvement in the US economic readings and or a couple days of positive action in the equity market.
The silver market continued to be confronted from two different angles on Monday, as the trade is fearful of a reduction in investment interest and is also concerned that physical or industrial demand is set to dry up. While the US numbers have turned soft and China is apparently working to slow over zealous investment activity in their economy, the market really hasn't seen a lot of evidence to confirm a severe slowing threat is directly ahead. In fact, the majority of the "evidence for severe slowing" is coming from the persistent weakness in equity prices and therefore it isn't a given that the world economy is set to slow. However, in the near term the silver market looks to continue taking its cues from the equity market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Peter Brimelow: Mysterious movement in gold market
How can U.S. dollar survive profligacy like this?
James Turk: More room for the dollar to fall
Gold sold to cover losses in other markets
OPEC supply expansion said at risk if oil falls below $50
What the treasury secretary might be telling Asia
A lousy week, but get a grip
The Statistics:
As of close of business: 3/2/2007
Gold Warehouse Stocks: | 7,486,093 | -1,083 |
Silver Warehouse Stocks: | 117,637,158 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 481.31 | 15,474,497 | US$ 10,084m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.07 | 2,799,229 | US$ 1,781m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,935 | US$ 231m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.73 | 345,123 | US$ 224m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/2/2007 | |
Total Net Assets | $912,879,777 | Ounces of Gold
in Trust | 1,423,071.777 |
Shares Outstanding | 14,350,000 | Tonnes of Gold
in Trust | 44.26 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/2/2007 | |
Total Net Assets | $1,704,437,176 | 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:
Nevsun’s (NSU) project update, Anatolia’s (ANO.TO) new mine plan, Richmont’s (RIC) drill results, IMA’s (IMR) court filing, Sabina’s (SBB.V) Preliminary Economic Assessment, Orko’s (OK.V) drill results, Aquiline’s (AQI.TO) management team, and Silver Standard’s (SSRI) 2006 financial results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +0.65% $1.54 |
2. Nevsun Resources | NSU +0.53% $1.91 |
3. Northern Orion | NTO +0.23% $4.31 |
LOSERS
1. Rubicon | RBY -18.25% $1.07 |
2. Entree Gold | EGI -9.72% $1.30 |
3. U.S. Gold | UXG -9.29% $4.10 |
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:
Solitaire and Kinross complete formal agreement for a 100% option on the Eldorado Property - More
- March 05, 2007 | Item | E-mail
Uranium Hunter Adds CFO to Management Team and Appoints Directors to the Board - More
- March 05, 2007 | Item | E-mail
Ego, economics seen hampering mining consolidation - "In a mining market awash with cash and parched for discoveries, there are rock-solid reasons why the junior mining sector should consolidate, but ego and economics could get in the way of such deals." More
- March 05, 2007 | Item | E-mail
Amarillo Gold Corp. Releases Independent Mineral Resource Estimate for the Mara Rosa project, Goias, Brazil - More
- March 05, 2007 | Item | E-mail
DIAGNOS and MaxTech Ventures Inc. Signed an Option Agreement for the Acquisition of Gold Properties in the Abitibi Region of Quebec - More
- March 05, 2007 | Item | E-mail
Uranium Resources Announces Fourth Quarter and Year-End 2006 Earnings Conference Call and Webcast - More
- March 05, 2007 | Item | E-mail
Panoro Signs Purchase Agreement for Large Portfolio of Projects in Peru - More
- March 05, 2007 | Item | E-mail
Vior Cuts 18.6 g/t Au Over 0.8 Metres - More
- March 05, 2007 | Item | E-mail
UraMin and Waseco Announce Major New Uranium Discovery - More
- March 05, 2007 | Item | E-mail
Unico, Inc. Chairman Reports Purchase of 3 Million Shares of Common Stock - More
- March 05, 2007 | Item | E-mail
Colibri Resource Corp. completes preliminary sampling and mapping of Leon Project, Sonora, Mexico. - More
- March 05, 2007 | Item | E-mail
American Creek Resources Ltd. exploration update for the Austruck-Bonanza Project - More
- March 05, 2007 | Item | E-mail
Copper Fox Metals Inc. announces the imminent release of its update on the Geology Report and Resource Calculation of Schaft Creek - More
- March 05, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Production for the Quarter Ended February 28, 2007 Approval of Stream Diversion Lascano Update - More
- March 05, 2007 | Item | E-mail
Wesdome Appoints Senior Operating Officer - More
- March 05, 2007 | Item | E-mail
Mirasol Initiates New Generative Program in Chile-Argentina Epithermal and Porphyry Belts - More
- March 05, 2007 | Item | E-mail
Ejido Agreement Signed for Azteca's Guerra al Tirano Project - More
- March 05, 2007 | Item | E-mail
Promising Geophysics at Mengold's Goldcreek Property - More
- March 05, 2007 | Item | E-mail
Exploration Update at Foster River Project-Saskatchewan,Canada - More
- March 05, 2007 | Item | E-mail
American Bonanza Considers Copperstone Production Decision - More
- March 05, 2007 | Item | E-mail
Callinan Mines Limited Commences Action Against Hudbay - More
- March 05, 2007 | Item | E-mail
Augyva Mining Resources Inc.: New Copper and Molybdenum Anomalies on Kali Property - More
- March 05, 2007 | Item | E-mail
Grizzly Diamonds Ltd.-Update On Peak and Silver Bear Silver Properties, British Columbia - More
- March 05, 2007 | Item | E-mail
Cue Capital Corp. Announces Completion of Its Qualifying Transaction, Yuty Project, Republic of Paraguay - More
- March 05, 2007 | Item | E-mail
New Mine Plan Improves Economics for Copler Gold - More
- March 05, 2007 | Item | E-mail
Matamec Intersects More Than 140 Metres of Gold Quartz Feldspar Porphyry - More
- March 05, 2007 | Item | E-mail
Semafo gold reserves and resources increase by 10% to 4.4 M ounces - More
- March 05, 2007 | Item | E-mail
Western Goldfields Announces Year-End 2006 Results - More
- March 05, 2007 | Item | E-mail
Oromin Explorations Ltd.: New Gold Discoveries at Golouma Northeast and Northwest Confirmed by Drilling - More
- March 05, 2007 | Item | E-mail
Geneva Gold Corp. Changes Its Name to Geneva Resources, Inc. and Begins Trading Under the Symbol GVRS - OTC BB - More
- March 05, 2007 | Item | E-mail
Canadian Zinc Corporation: Underground Drilling Continues to Intersect High Grade Vein Mineralization and New Stratabound Mineralization at Prairie Creek - More
- March 05, 2007 | Item | E-mail
Canam Energy Inc.-Signs Letter of Intent to Acquire Uranium Properties in the Province of Quebec, Canada - More
- March 05, 2007 | Item | E-mail
15.10% Copper & 14.70% Zinc Intersected by Millstream Within a 7.45 Metre (24.4ft.) Massive Sulphide Core Interval - More
- March 05, 2007 | Item | E-mail
Geocom Reports on First Set of Results From the 2007 Reconnaissance Program in Southern Chile - More
- March 05, 2007 | Item | E-mail
YGC Resources reports results from drilling the Manto Zone at its Ketza River property - More
- March 05, 2007 | Item | E-mail
Romarco Intercepts Vein Target at its Pinos Gold Project - More
- March 05, 2007 | Item | E-mail
Majescor Acquires 100% of the Uranium Rights at Mistassini in the Otish Mountains, Quebec; Stakes Additional 21,000 Hectares - More
- March 05, 2007 | Item | E-mail
Asia Now Forms Alliance With Zinifex for Zinc Exploration in China - More
- March 05, 2007 | Item | E-mail
Mercator Starts Construction of 50,000 tpd Mill and Sells Its Tucson Mill - More
- March 05, 2007 | Item | E-mail
NewWest Gold Corporation Identifies new gold mineralization zone at Abel Knoll - More
- March 05, 2007 | Item | E-mail
Scorpio Intersects an Outstanding 5.0 metres of 1,487.80 g/t Ag, 9.91% Zn, 6.54% Cu, 8.64% Pb and 0.77 g/t Au - More
- March 05, 2007 | Item | E-mail
Idaho General Mines, Inc. Updates Hall-Tonopah as the Company's Second Major Molybdenum Development Project in Nevada - More
- March 05, 2007 | Item | E-mail
Mega Uranium Mobilizes $15 Million (30,000 Metres) Uranium Exploration Program in the Wernecke District, Yukon with Cash Minerals Ltd. - More
- March 05, 2007 | Item | E-mail
Patricia Mining Corp. Announces Numerous High-Grade Intersections from the Island Gold Project, Ontario - More
- March 05, 2007 | Item | E-mail
Alexis Drilling With Two Machines at Bonnefond Gold Property, Val D'or, Quebec - More
- March 05, 2007 | Item | E-mail
Intrepid Receives Feasibility Study on Casposo Gold-Silver Project, Argentina - More
- March 05, 2007 | Item | E-mail
Canadian Shield and Esperanza Sign Letter of Intent - More
- March 05, 2007 | Item | E-mail
Golden Hope Mines Appoints Louis Hoel to its Board of Directors - More
- March 05, 2007 | Item | E-mail
Gold World announces exploration program in China - More
- March 05, 2007 | Item | E-mail
Drilling Advances to Southwest at Million Mountain With Lengthy Interval Reported: 225.9 Meters @ 1.05 G/T AU - More
- March 05, 2007 | Item | E-mail
Consolidated Gold Win Ventures Inc.: 2nd Major New Discovery at Dolly Varden Has Intersected 600 Foot Mineralized Intrusive at Depth-Drill Still Turning - More
- March 05, 2007 | Item | E-mail
Asian Dragon Group Inc. Enters Final Negotiations With Major China Gold Producer, Luoning Luyuangou Gold Mine With High Grade Gold Assay Values of 1,185 g/t - More
- March 05, 2007 | Item | E-mail
Globex: Separating the Wheat from the Chaff - More
- March 05, 2007 | Item | E-mail
Candente Resource Corp.: Copper Resource Increased to 8.1 Billion Pounds Copper at Canariaco Norte, Peru - More
- March 05, 2007 | Item | E-mail
ESO contracts 100 hole drill program for Cluff Lake uranium properties - More
- March 05, 2007 | Item | E-mail
Quaterra Completes Airborne Geophysical Survey and Expands Land Position in the Arizona Strip Uranium District - More
- March 05, 2007 | Item | E-mail
Yellowcake Announces New Director - More
- March 05, 2007 | Item | E-mail
Uranium Energy Corp Announces Confirmation Drilling Results and Progress on Permitting of Its Goliad Project in South Texas - More
- March 05, 2007 | Item | E-mail
Uranium Star Announces Commencement of Drilling at Sagar Property in Northern Quebec - More
- March 05, 2007 | Item | E-mail
URSA Major Minerals Closes Deal With Nyah Resources, Receives $2.5 Million Cash Plus Shares, and Announces Normal Course Issuer Bid - More
- March 05, 2007 | Item | E-mail
Cash Minerals Commences $15 Million (30,000 Metres) Uranium Exploration Program in the Wernecke District, Yukon - More
- March 05, 2007 | Item | E-mail
Cash Minerals Appoints Dr. Geordie Mark as Vice President, Exploration - More
- March 05, 2007 | Item | E-mail
David Rhys Joins Blue Sky Uranium as Senior Consulting Geologist - More
- March 05, 2007 | Item | E-mail
Nevsun Resources Ltd.: Bisha Project Eritrea Update - "Nevsun Resources Ltd. (Toronto:NSU.TO - News)(AMEX:NSU - News) ("Nevsun") is pleased to provide an update on steps taken to date to progress the application for a mining license at its Bisha Project in Eritrea. As previously reported, January 17, 2007, the Government of Eritrea has been actively reviewing the Feasibility Study, the Social and Environmental Impact Assessment (SEIA), and the draft Environmental Management Plan for the Bisha project." More
- March 05, 2007 | Item | E-mail
IMA Replies to Aquiline's Factum In the Appeal of Navidad Judgment - "IMA Exploration Inc. (CDNX:IMR.V - News)(AMEX:IMR - News)(Frankfurt:IMT.F - News)(Berlin:IMT.BE - News)(WKN 884971) is pleased to announce that it has filed its reply and factum with the Court of Appeal of British Columbia. The reply is in response to Aquiline's factum of February 18, 2007.The reply and factum will be posted on the Company's website (www.imaexploration.com) once it has been filed with SEDAR." More
- March 05, 2007 | Item | E-mail
Sabina's Hackett River "Preliminary Economic Assessment" Positive on Production of 12 Million oz Silver, 324 Million lbs Zinc per Year - "SABINA SILVER CORPORATION (CDNX:SBB.V - News) (Other OTC:SBBFF.PK - News) (Frankfurt:RXC.F - News) is pleased to announce receipt of an independent NI43-101 compliant Preliminary Economic Assessment of its 100% owned Hackett River silver-zinc Project. The project is located 70 km southwest of the community of Bathurst Inlet on the Arctic Ocean and 130 km northeast of the diamond mines at Ekati and Diavik." More
- March 05, 2007 | Item | E-mail
New Mine Plan Improves Economics for Copler Gold - "Anatolia Minerals Development Limited (the "Company" or "Anatolia") (TSX:ANO - News) has filed on SEDAR (www.sedar.com) the technical report for a recently-updated resource estimate and mine plan for Copler. The revised reserve estimate was the subject of a previous press release and indicated a 30% increase in oxide (direct leachable) gold production, to 1.8 million ounces within a revised mine plan. An additional 1.3 million ounces of oxide inferred resource and 0.4 million ounces of oxide measured and indicated resources (includes 0.3 million indicated) occur outside the current pit limits of the revised mine plan." More
- March 05, 2007 | Item | E-mail
Orko Silver Continues to Hit Silver and Gold at La Preciosa - "Of particular note are substantial width intercepts of the Abundancia Vein intersected in holes BP06-75 and BP06-76. Hole BP06-75 yielded a true width of 5.23 metres grading gold 0.074 g/t and silver 197.8 g/t for a silver-equivalent of 202.3 g/t. Hole BP06-76 yielded a true width of 6.00 metres grading gold 0.455 g/t and silver 217.5 g/t for a silver-equivalent of 244.8 g/t." More
- March 05, 2007 | Item | E-mail
Aquiline Expands Management Team - "The Company welcomes Mr. Gary Gantner as Vice President & Chief Operating Officer. Mr. Gantner's primary responsibility will be to manage the ongoing development of AQI's two properties in Argentina - The Navidad Silver and Calcatreu Gold projects. Mr. John Chulick, who has been acting as Exploration Manager for the Company's projects in Argentina will now become the Vice President of Exploration, and Mr. Martin Walter, former Vice President of Exploration will now become Executive Vice President of the Company." More
- March 05, 2007 | Item | E-mail
Richmont Mines Announces Island Gold Drill Results - "Richmont Mines Inc. (Toronto:RIC.TO - News) (AMEX:RIC - News) announces an update on the exploration results at the Island Gold property. The Island Gold Joint Venture (Richmont Mines 55% - Patricia Mining 45%) is an advanced underground exploration and development project located 15 km from Dubreuilville (90 km from Wawa) in Northern Ontario." More
- March 05, 2007 | Item | E-mail
Silver Standard Reports 2006 Year-End Results - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) today announced earnings of $16.4 million ($0.28 per share) for 2006 compared to a loss of $5.9 million ($0.11 per share) for 2005, an increase in working capital to $250.2 million in 2006 compared to $40.3 million in 2005, and no debt." More
- March 05, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 March, 2007 | |
