-- Posted 9 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $650.20 | -$3.30 | +1.47% |
Silver | $12.82 | -$0.18 | UNCH |
XAU | 132.03 | -0.50% | -0.25% |
HUI | 328.24 | -0.35% | +1.53% |
GDM | 1035.80 | -0.31% | +0.61% |
JSE Gold | 2757.77 | -0.01% | +7.23% |
USD | 84.25 | +0.14 | +0.62% |
Euro | 131.13 | -0.18 | -0.61% |
Yen | 84.67 | -0.71 | -1.21% |
Oil | $60.05 | -$1.59 | -2.58% |
10-Year | 4.589% | +0.080 | +1.64% |
Bond | 112.50 | -0.875 | -0.66% |
Dow | 12276.32 | +0.13% | +1.34% |
Nasdaq | 2387.55 | -0.01% | +0.83% |
S&P | 1402.85 | +0.07% | +1.13% |
The Metals:
CoT Reports: Gold | Silver
CBOT Margin Changes
Gold traded a few dollars lower in Asia, remained near unchanged in London, and rose in early New York trade to about $657.50 a little before 10AM EST, but it then fell off for the rest of trade and ended near its low of the day with a loss of 0.50%. Silver dropped to about $12.90 in Asia before it rebounded back to $13.00 in London and climbed over $13.05 in early New York trade, but it also fell off with gold at about 10AM EST, remained near its lows into the close, and ended with a loss of 1.38%.
Euro gold fell back under €495, platinum lost $4 to $1,204, palladium gained $2 to $350, and copper fell roughly 5 cents to about $2.78.
Gold and silver equities traded mostly slightly higher in morning trade, but they then fell off a bit in afternoon trade and ended with modest losses.
The Economy:
Report | For | Reading | Expected | Previous |
Trade Balance | Jan | -$59.1B | -$60.0B | -$61.5B |
Nonfarm Payrolls | Feb | 97K | 100K | 146K |
Unemployment Rate | Feb | 4.5% | 4.6% | 4.6% |
Hourly Earnings | Feb | 0.4% | 0.3% | 0.2% |
Average Workweek | Feb | 33.7 | 33.8 | 33.8 |
Wholesale Inventories | Jan | 0.7% | 0.1% | -0.5% |
The BLS net birth/death adjustment added 118,000 jobs to February’s payrolls.
All of this week’s economic reports:
Next week’s economic highlights include the Treasury Budget on Monday, Retail Sales and Business Inventories on Tuesday, Export and Import Prices and the Current Account on Wednesday, PPI, Initial Jobless Claims, the NY Empire State Index, Net Foreign Purchases, and the Philadelphia Fed on Thursday, and CPI, Industrial Production, Capacity Utilization, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell back near $60.00 on profit taking as traders looked ahead to next week’s OPEC meeting that will likely keep current production going at a steady rate.
The U.S. dollar index rose slightly and treasuries fell markedly as the employment report pleased Wall Street and reduced the likeliness that the fed will cut interest rates.
The Dow, Nasdaq, and S&P opened higher on decent economic data, but skeptics of the markets recent rebound sold into rally on a bet of further weakness and the three indices ended mixed and near unchanged.
Among the big names making news in the market Friday were General Electric, Airbus and EADS, and New century Financial.
The Commentary:
“April Gold finished down 3.5 at 652, 7.8 off the high and 2 up from the low.
May Silver closed down 0.15 at 12.97. This was 0.12 up from the low and 0.23 off the high.
The gold market was mostly under-whelmed by the events on Friday morning. While the market could have been lifted by an improvement in the US and global economic outlook as a result of the US payroll readings, it didn't seem like many physical commodity markets, the equity market, or the gold market was definitively cheered on by the US Data. While the gold market finished higher in Europe, choppy action in the US equity market and a slide in the energy complex seemed to prompt gold traders to bank some profits and move to the sidelines. However, from a big picture sense, seeing the US payrolls point to ongoing growth is probably a positive for gold in the face of the recent equity market slide.
While European gold managed to close higher, European silver finished weaker, perhaps in conjunction with session long weakness in both the copper and platinum markets. While the import/export numbers on silver are typically difficult to interpret, it should be noted that US January silver imports declined by 10% and imports of silver in the month rose 14%. As in the gold market the Press suggested that most of the weakness was from simple profit taking and that was probably the case.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China forms company to spend FX reserves
Paulson tells China: Let Goldman Sachs, Morgan Chase take over your banks
The Statistics:
As of close of business: 3/8/2007
Gold Warehouse Stocks: | 7,486,093 | - |
Silver Warehouse Stocks: | 118,176,554 | - 34,733 |
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 | 487.32 | 15,667,926 | US$ 10,250m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.99 | 2,829,104 | US$ 1,842m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,919 | US$ 236m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.86 | 349,063 | US$ 228m |
Note: Change in Total Tonnes from yesterday’s data: They NYSE added 6.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/8/2007 | |
Total Net Assets | $929,754,204 | 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 3/8/2007 | |
Total Net Assets | $1,674,940,184 | Ounces of Silver
in Trust | 127,969,933.100 |
Shares Outstanding | 12,850,000 | Tonnes of Silver
in Trust | 3,980.31 |
Note: Change in Total Tonnes from yesterday’s data: 30.97 tonnes were added to the trust.
The Stocks:
Freeport-McMoRan’s (FCX) concessions to former Phelps Dodge Corp. shareholders, Crystallex’s (KRY) new auditor search, and Golden Star’s (GSS) over-allotment option closing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Metallica | MRB +7.39% $4.94 |
2. Minco Gold | MGH+3.90% $1.6416 |
3. Solitario | XPL +2.55% $4.02 |
LOSERS
1. Entree Gold | EGI -2.99% $1.62 |
2. Endeavour | EXK -2.78% $4.19 |
3. Almaden | AAU-2.64% $2.21 |
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:
Jasper Mining Corporation acquires additional tenures between Lydy and McFarlane properties - More
- March 09, 2007 | Item | E-mail
Nuinsco Reports 2006 Financial Results, Provides Summary of Activities - More
- March 09, 2007 | Item | E-mail
Temex maintains 100% interest in Ontario Diamond Projects - More
- March 09, 2007 | Item | E-mail
Churchill Uranium Property - More
- March 09, 2007 | Item | E-mail
General Metals Update: Long Term Gold and Silver Prices Adjust Upwards Which Adds Confidence To Proposed Mine Developments - More
- March 09, 2007 | Item | E-mail
Crystallex International to Appoint New Auditor - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) announced that it has been advised by Deloitte & Touche LLP that it has decided after completion of the audit of Crystallex's 2006 annual financial statements not to stand for re-appointment as auditor of Crystallex for the fiscal year ending December 31, 2007." More
- March 09, 2007 | Item | E-mail
Gabriel Resources to offer C$109 mln in shares - More
- March 09, 2007 | Item | E-mail
Golden Eagle Receives $1 Million Loan Commitment to Put C Zone Gold Project into Initial Production - More
- March 09, 2007 | Item | E-mail
Golden Star Announces Exercise and Closing of Over-Allotment Option from Recent Common Share Offering - "Golden Star Resources Ltd. (TSX: GSC - News; AMEX: GSS - News) today announced that the underwriter's over-allotment option to acquire an additional 3.15 million common shares, described in our press release of February 22, 2007 regarding the public offering of 21 million common shares, which closed on March 1, 2007, has been exercised and finalized. The Company received an additional US$10.8 million in net proceeds as a result of the over-allotment option being exercised." More
- March 09, 2007 | Item | E-mail
General Counsel Tim Hansen Planning to Leave USEC - More
- March 09, 2007 | Item | E-mail
Noront Options Mexican Project "Escondida" - More
- March 09, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Directors' Dealing - More
- March 09, 2007 | Item | E-mail
Uranium Energy Corp Appoints Uranium Mine Permitting Expert Craig Holmes to its Newly-Formed Advisory Board - More
- March 09, 2007 | Item | E-mail
Southwestern Announces Annual and Special Meeting - More
- March 09, 2007 | Item | E-mail
Lake Shore Gold Announces Annual and Special Meeting - More
- March 09, 2007 | Item | E-mail
Nevada Exploration Inc. announces commencement of trading, operational progresses and granting of stock options - More
- March 09, 2007 | Item | E-mail
Golden Goose Resources Inc. - Magino drilling discovers new high-grade gold zone - More
- March 09, 2007 | Item | E-mail
Phelps shareholders win concessions - "Freeport-McMoRan Copper Gold Inc. (FCX.N: Quote, Profile , Research) said on Friday that it would pay as much as $125 million to former Phelps Dodge Corp. shareholders if it sells off significant assets of the company within 12 months after acquiring it." More
- March 09, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 March, 2007 | |
