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-- Posted 8 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | Gold | $653.50 | +$4.30 | Silver | $13.00 | +$0.04 | XAU | 132.66 | +0.01% | HUI | 329.39 | +0.02% | GDM | 1039.06 | +0.08% | JSE Gold | 2758.18 | +1.15% | USD | 84.11 | +0.34 | Euro | 131.31 | -0.44 | Yen | 85.38 | -0.58 | Oil | $61.64 | -$0.18 | 10-Year | 4.509% | +0.012 | T-Bond | 113.375 | -0.125 | Dow | 12260.70 | +0.56% | Nasdaq | 2387.73 | +0.55% | S&P | 1401.89 | +0.71% |
The Metals:  Gold traded about $3 higher for most of trade in Asia and London and found over $5 gains in early New York trade before it fell to as low as $650.50 in late morning trade, but it then rallied back higher into the close and ended near its high with a gain of 0.66%. Silver rose above $13.10 in London before it fell throughout most of trade in New York to as low as $12.90 at one point, but it then rebounded higher in afternoon trade and ended with a gain of 0.31%.
Euro gold rose over €495, platinum gained $19 to $1,208, palladium gained $2 to $348, and copper rose over 6 cents to about $2.83. Gold and silver equities rose over 1.5% at the open, but they then steadily sold off for the rest off trade and ended with minimal gains. The Economy: Report | For | Reading | Expected | Previous | Initial Claims | 3/03 | 328K | 335K | 338K |
Tomorrow at 8:30AM EST brings the Trade Balance for January expected at -$60 billion and February’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Wholesale Inventories report for January expected at 0.1%. The Markets: 
Charts Courtesy of http://finance.yahoo.com/ Oil fell slightly on warm weather forecasts as traders viewed yesterday’s large draw in inventories as a temporary setback due to a shipping delay. The U.S. dollar index rose as the yen cut into its recent gains and the euro fell. The ECB raised interest rates as expected, but ECB president Trichet described rates as “moderate,” rather than “low,” and that was not as hawkish as most expected towards the likeliness of future rate hikes. Treasuries fell as the stock market found decent gains, but losses were small as traders were cautious ahead of tomorrow’s jobs report and rumors over new problems in the subprime mortgage market surfaced late in the day. The Dow, Nasdaq, and S&P rose on easing worries over the economy, but worries over the subprime mortgage sector held any substantial gains in check ahead of tomorrow’s jobs data. Among the big names making news in the market today were Clearwire, McDonald’s, Costco, Express Scripts and Caremark, and Ford. The Commentary:  “There are a number of Café members, including myself, who are trying to figure out what the large gold open interest means for the gold price in the weeks ahead. Yesterday’s gold OI fell 6291 contracts to 382,550 (as reported yesterday ... fund selling and trade buying), which is only about 10,000 contracts lower than the highs made last fall before gold was trounced, and the OI sank dramatically as The Gold Cartel engineered yet another spec liquidation.
Does that mean we must go through another liquidation such as that one? Not at all. The most common mistake traders make is to point to history to predict the future. It is understandable to reflect on what just occurred, and occurred so often in the past, and believe we must go through the same drill again before we make another serious advance. Sure we can get really nailed again, but the odds are against it this time. Markets are dynamic and their internals often change. When they do so, it is almost NEVER acknowledged at the time by the punditry and market players…” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com  “April Gold finished up 2.6 at 655.5, 2 off the high and 3.5 up from the low.
May Silver closed up 0.015 at 13.12. This was 0.1 up from the low and 0.07 off the high. The gold market waffled around unchanged for most of the session, which is partly disappointing to the bull camp after an early attempt to rally. As suggested in the mid day coverage, the tight positive correlation to the equity market seems to be breaking down somewhat, as a stellar rally into the metals close could have prompted broad based small spec and fund buying in gold. In fact, with platinum and copper prices also showing very impressive gains on the session, one might have indeed expected more gains in the gold market. Certainly seeing the Dollar at times venture into the vicinity of the highest level since February 23rd caused some gold longs to bank profits and move to the sidelines. However, as long as the trade takes the strength in equity prices as a de-facto all clear on the economy, one would expect the bull camp to maintain an edge. After some two sided trade into mid session, the silver market seemed to settle back into a mostly positive trading posture. We suspect that overt strength in the equity market and stellar gains in the copper and platinum markets provided the silver market with residual buying interest. However, one should also realize that the market on Friday morning will see an extremely important US Non Farm payroll report and that could have discouraged some would be buyers of silver on Thursday. In fact, it will be interesting to see what reaction the equity market will have to the ultra important Unemployment report as that in turn could directly impact the silver market.” - The Hightower Report, Futures Analysis and Forecasting GATA Posts: 
Martin Armstrong: The white-collar defendant time forgot The Statistics: As of close of business: 3//2007 Gold Warehouse Stocks: | 7,486,093 | - | Silver Warehouse Stocks: | 118,211,287 | +574,129 |
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 | 481.16 | 15,469,742 | US$ 9,999m | LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.00 | 2,829,136 | US$ 1,842m | Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,923 | US$ 237m | Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.86 | 349,066 | US$ 225m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.13 tonnes. COMEX Gold Trust (IAU) Profile as of 3/7/2007 | | Total Net Assets | $925,779,749 | 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 3/7/2007 | | Total Net Assets | $1,636,533,063 | Ounces of Silver
in Trust | 126,974,157.100 | Shares Outstanding | 12,750,000 | Tonnes of Silver
in Trust | 3,949.34 |
Note: No change in Total Tonnes from yesterday’s data. The Stocks: Goldcorp’s (GG) fourth quarter earnings, Fronteer’s (FRG) drill results, Banro’s (BAA) exploration titles, Silver Eagle’s (SEG.TO) drill results, Fury’s (FUR.V) acquired property, SilverCrest’s (SVL.V) drill program, and Endeavour’s (EXK) tripled reserves and resources at Guanacevi were among the big stories in the gold and silver mining industry making headlines today. WINNERS 1. Minco Gold | MGH+6.76% $1.58 | 2. Rio Narcea | RNO +5.56% $3.42 | 3. Metallica | MRB +4.31% $4.60 |
LOSERS 1. Northgate | NXG -2.95% $3.29 | 2. Crystallex | KRY -2.82% $2.76 | 3. Aurizon Mines | AZK -2.56% $3.43 |
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: Medoro Resources Announces Initial Drilling Results - More
- March 08, 2007 | Item | E-mail
Nevada Star Increases Brokered Private Placement to CDN $9 Million and Confirms Special Meeting Date - More
- March 08, 2007 | Item | E-mail
Goldcrest Resources Ltd. - Grant of Stock Options and Corporate Changes - More
- March 08, 2007 | Item | E-mail
Operations suspended by work stoppage at Ity gold mine - More
- March 08, 2007 | Item | E-mail
BacTech Sets Mid-March Date to Drill Quinto Uranium Property - More
- March 08, 2007 | Item | E-mail
Moss Lake appoints Senior Officer - More
- March 08, 2007 | Item | E-mail
Western Troy Completes $500,000 Financing With MineralFields Group - More
- March 08, 2007 | Item | E-mail
Crescent Provides Oviedo Uranium Project Update - More
- March 08, 2007 | Item | E-mail
Starfire appoints Mr. Philip J. Rush, former director of exploration for Inco, as director and qualified person - More
- March 08, 2007 | Item | E-mail
TSX: EDR - Endeavour Triples Silver Reserves and Resources at Guanacevi Mines Project, Durango, Mexico
- March 08, 2007 | Item | E-mail
Bayswater Closes $25 Million Brokered Private Placement - More
- March 08, 2007 | Item | E-mail
Unico, Inc. Issues March 2007 Edition of Investor Newsletter - More
- March 08, 2007 | Item | E-mail
12,000 Feet Drill Program to Begin on Gunman Zinc Project in Nevada - More
- March 08, 2007 | Item | E-mail
TSX: SEG - Silver Eagle's Underground Drilling Campaign Discovers New Silver Zones
- March 08, 2007 | Item | E-mail
Silver Eagle's Underground Drilling Campaign Discovers New Silver Zones - "The newly-discovered stockwork zone is encouraging. The stockwork appears to represent a vertical feeder to the numerous Ramal-type veins in the area of Martinez #1 and Martinez #2 shafts. The Calvario Vein is also wider and of higher grade than expected in this same area. A follow-up drilling campaign is currently underway to better define the potential of this exciting new target." More
- March 08, 2007 | Item | E-mail
ABV Gold Releases Exploration Plan of Its Parin Properties - More
- March 08, 2007 | Item | E-mail
Maxy Gold Corp selects Watts Griffith to complete NI-43-101 report on its Huangnan Copper-Gold project - More
- March 08, 2007 | Item | E-mail
Franklin's Partnerships in Bolivia and Argentina Are First of Their Kind - More
- March 08, 2007 | Item | E-mail
Drilling Expands Fronteer's Porphyry Copper-Gold Discovery at Halilaga, NW Turkey - "Fronteer Development Group Inc. ("Fronteer") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to report that four new drill holes from the Central Zone of its Halilaga Project in northwestern Turkey have all intersected wide intervals of economically significant porphyry copper-gold mineralization. These new results include 2.38 grams per tonne gold equivalent over 197 metres starting at surface. Five widely spaced holes have now been completed in the main target area, and have returned copper-gold intersections over an average thickness of 260 metres." More
- March 08, 2007 | Item | E-mail
Guyana Goldfields is Pleased to Announce the Appointment of Robert A. Bondy to the Board of Directors - More
- March 08, 2007 | Item | E-mail
Solid announces update on the Bear Property, N.W.T. - More
- March 08, 2007 | Item | E-mail
Over 15 Million in Warrants Exercised for $4.7 Million in Proceeds - More
- March 08, 2007 | Item | E-mail
Millstream Discovers New Zone of Massive Sulphides at Potter-Includes 7.8 Meters of 3.29% Copper, 4.33% Zinc and 0.039% Cobalt - More
- March 08, 2007 | Item | E-mail
Canam Energy Inc.-Signs Formal Agreement for 46,825 Hectares of Mongolian Mineral Properties - More
- March 08, 2007 | Item | E-mail
Sarissa Resources, Inc. Stakes New Claims in Canadian Mineral Mines - More
- March 08, 2007 | Item | E-mail
Midlands Minerals Reports Additional Exploration Targets on Sian-Ghana - More
- March 08, 2007 | Item | E-mail
Midland Exploration Inc.: Agnico-Eagle Resumes Drilling on Maritime Cadillac Property - More
- March 08, 2007 | Item | E-mail
QGX Receives Positive Preliminary Economic Assessment for the Copper-Gold-Silver Project at the Central Valley Zone (CVZ), Golden Hills, Mongolia - More
- March 08, 2007 | Item | E-mail
Asian Dragon Group Inc. is Pleased to Release Updated Technical Report on the Jinjishan Gold Mine Indicating Evidence of a Multi-Million Ounce Gold Deposit - More
- March 08, 2007 | Item | E-mail
HudBay Continues to Deliver Record Results for Q4 and 2006 - More
- March 08, 2007 | Item | E-mail
Cue Capital Corp. Plans Drilling-Yuty Uranium Project, Paraguay - More
- March 08, 2007 | Item | E-mail
Monster Copper Corporation to Be Acquired by Mega Uranium Ltd. - More
- March 08, 2007 | Item | E-mail
Paladin Resources Ltd.: Tragic Light Aircraft Accident in Malawi - More
- March 08, 2007 | Item | E-mail
Pan African Mining Corp. Receives Additional $1.09 Million From Exercise of Warrants - More
- March 08, 2007 | Item | E-mail
Northern Orion Reports Fourth Quarter and 2006 Results - "Northern Orion (Toronto:NNO.TO - News)(AMEX:NTO - News) is pleased to announce net earnings of $9,908,000 ($0.06 per share) for the fourth quarter of 2006 ("Q4 2006") and net earnings of $86,781,000 ($0.57 per share) for the year ended December 31, 2006, compared with net earnings of $18,695,000 ($0.13 per share) and net earnings of $44,128,000 ($0.31 per share) for the same periods in 2005, respectively." More
- March 08, 2007 | Item | E-mail
Goldcorp 2006 Net Earnings increase 43% to $408.3 Million - "Net earnings increased to $408.3 million, or $0.94 per share, compared to $285.7 million, or $0.91 per share, in 2005. Adjusted net earnings (1) amounted to $434.2 million, or $1.00 per share, for 2006." More
- March 08, 2007 | Item | E-mail
Fury Acquires Guijoso Silver Property - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that it has entered into an option agreement to acquire a 100% interest in the Guijoso silver (gold, copper) property, located in Jalisco State, Mexico. The 5,080 hectare property is located approximately 150 km northwest of Guadalajara and is readily accessible by paved and all weather gravel roads." More
- March 08, 2007 | Item | E-mail
Banro is awarded 14 exploration titles (PRs) in the Democratic Republic of the Congo - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce that its wholly-owned subsidiary, Banro Congo Mining SARL, has been awarded titles for 14 Permis de Researches (PRs) by the Mining Cadastral in the Democratic Republic of the Congo (the "DRC"). These applications were originally filed with the Mining Cadastral shortly after implementation of the new Mining Code in June 2003." More
- March 08, 2007 | Item | E-mail
SilverCrest Completes Second Phase Drill Program at Cruz de Mayo, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News; FRANKFURT:CW5 - News) is pleased to announce it has completed a 27 reverse circulation (RC) drill hole program totaling 2907 metres at its Cruz de Mayo prospect in Northern Mexico. This constitutes nearly double the number of holes and metres initially contemplated. The Cruz de Mayo prospect is located approximately 180 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure. The Company has the rights to acquire 100% interest in the prospect." More
- March 08, 2007 | Item | E-mail
Endeavour Triples Silver Reserves and Resources at Guanacevi Mines Project, Durango, Mexico - "Proven and probable reserves jumped 285% to 9.93 million oz silver at year-end from 3.48 million oz silver in March 2006. (Notwithstanding the 2006 mine production to the plant plus stockpiles, estimated to total 1.9 million oz silver). The in-situ reserves total 608,308 tonnes ore grading 508 gpt silver and 0.94 gpt gold (16.2 oz per ton Ag equivalents), as shown in the following table:" More
- March 08, 2007 | Item | E-mail
Goldcorp profit hit by $175 million writedown - "Goldcorp Inc. (G.TO: Quote, Profile , Research) (GG.N: Quote, Profile , Research) reported a smaller fourth-quarter net profit on Thursday, as the company, one of the world's top ten gold miners, was hit by a $175 million writedown related to a Brazilian mine.
Goldcorp said it earned $65.9 million, or 11 cents a share, in the period to Dec. 31, down from a profit of $102 million, or 30 cents a share, in the same period last year." More
- March 08, 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 8 March, 2007 | |
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