-- Posted 13 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $647.50 | -$1.50 |
Silver | $12.81 | -$0.14 |
XAU | 128.58 | -3.88% |
HUI | 318.72 | -3.89% |
GDM | 1011.21 | -3.73% |
JSE Gold | 2780.87 | +0.63% |
USD | 83.72 | -0.13 |
Euro | 132.09 | +0.29 |
Yen | 85.82 | +0.86 |
Oil | $57.93 | -$0.98 |
10-Year | 4.495% | -0.058 |
T-Bond | 113.3125 | +0.46875 |
Dow | 12075.96 | -1.97% |
Nasdaq | 2350.57 | -2.15% |
S&P | 1377.95 | -2.04% |
The Metals:
Gold traded slightly higher in Asia, fell a bit in London, and dropped to $647.10 by the open of trade in New York, but it then rallied to about $652 by about 10AM EST before it fell back off for the rest of trade and ended back near its low of the session with a loss of 0.23%. Silver followed a similar pattern, but it made new lows by the close and ended with a loss of 1.08%.
Euro gold fell under €490, platinum gained $10 to $1,214, palladium lost $4 to $346, and copper fell a couple of cents to about $2.81.
Gold and silver equities opened briefly higher before they steadily fell off for the rest of trade along with the major indices and ended with near 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Feb | 0.1% | 0.3% | 0.0% |
Retail Sales ex-auto | Feb | -0.1% | 0.3% | 0.2% |
Business Inventories | Jan | 0.2% | 0.2% | 0.0% |
Also making economic news today was a report from the Mortgage Bankers Association showing that subprime delinquencies rose to 13.33%, the highest rate in four years.
Tomorrow at 8:30AM EST brings Import and Export Prices for February and the fourth quarter Current Account expected at -$203.5 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P fell roughly 2% on increased worries over subprime mortgages and their impact on the entire housing sector and the overall economy.
Oil prices rose in early trade as the International Energy Agency warned of falling supplies and called for more OPEC oil, but prices then turned lower on concerns of falling demand as the Dow and other major indices fell notably in afternoon trade.
The U.S. dollar index fell as disappointing Retail Sales reduced the chance the fed will increase interest rates. The yen resumed its gains as a result of the unwinding of the carry trade.
Treasuries rose as poor economic data and general market weakness encouraged safe haven buying. The yield on the 10-year fell back under 4.5% to its lowest close in four months.
Among the big names making news in the market today were Accredited Home Lenders and New Century Financial, Viacom and YouTube, Revlon, Goldman Sachs, and Citigroup and Nikko.
The Commentary:
“April Gold finished down 0.9 at 649.4, 4.1 off the high and 0.6 up from the low.
May Silver closed down 0.125 at 12.96. This was 0.08 up from the low and 0.13 off the high.
After waffling around unchanged early in the session, the gold market seemed to get some brief flight to quality buying support off the idea that the US sub prime loan situation might provide a financial anxiety event. With news that a US sub prime lender had unstated its debt and the trade circulating talk that the company might be investigated there was certainly some uncertainty in the marketplace. With the added uncertainty created by a moderate washout in the equity market one didn't have to look far to find a flight to quality story. However, in the end the gold market didn't see that big of a lift from the flight to quality buying theme. In fact, in the face of rising energy prices and a slumping Dollar the weakness in the gold market on Tuesday had to be disappointing to the bull camp.
The silver market didn't seem to get as much early buying interest as other precious metals markets on Tuesday morning. In fact, the silver market seemed to be undermined by the softer than expected US economic readings and because of the moderate weakness in the US equity market. In other words, the silver market was acting like a physical demand drive commodity in a slowing environment. In fact, a reversal in the copper market after significant early gains probably enhanced the liquidative posture in silver just as much as the soft US numbers.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Hoping to turn party around, Ron Paul seeks Republican presidential nomination
Treasury says subprime problem is manageable
China promises more market liberalization, including gold
China will keep buying U.S. Treasuries as it diversifies reserves
Concern grows over inadequate funding of commodities trading regulator
No more no-money-down mortgages from Countrywide
A mining speculator fights a gold Goliath high in the Andes
The Statistics:
As of close of business: 3/12/2007
Gold Warehouse Stocks: | 7,536,043 | + 50,151 |
Silver Warehouse Stocks: | 118,777,136 | - |
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 | 483.01 | 15,529,199 | US$ 10,058m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.99 | 2,828,979 | US$ 1,824m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,903 | US$ 234m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,972 | US$ 231m |
Note: Change in Total Tonnes from Friday’s data: They NYSE subtracted 4.31 tonnes and the JSR added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/9/2007 | |
Total Net Assets | $922,598,248 | 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 Friday’s data.
Silver Trust (SLV)
Profile as of 3/9/2007 | |
Total Net Assets | $1,672,406,648 | Ounces of Silver
in Trust | 128,965,697.300 |
Shares Outstanding | 12,950,000 | Tonnes of Silver
in Trust | 4,011.28 |
Note: Change in Total Tonnes from Friday’s data: 30.97 tonnes were added to the trust.
The Stocks:
U.S. Gold’s (UXG) takeover offers, Rio Narcea’s (RNO) additional information about Chariot Resources’ shareholder rights plan, Crystallex’s (KRY) comment on press speculation, International Royalty’s (ROY) royalty acquisition, Glencairn’s (GLE) drill results, UC Resources’ (UC.V) private placement, U.S. Silver’s (USA.V) drill results, Orko Silver’s (OK.V) new resource estimate, and Aura Silver’s (AUU.V) Taviche project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +2.48% $2.07 |
2. Tanzanian Royalty | TRE +2.15% $5.23 |
3. Great Basin | GBN +1.42% $2.15 |
LOSERS
1. Gold Reserve | GRZ -9.52% $4.18 |
2. Crystallex | KRY -7.14% $2.99 |
3. Fronteer | FRG-6.93% $11.42 |
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:
U.S. Canadian Minerals, Inc.'s New Management Team Announces Filing of March 31, 2005 and June 30, 2005 10-QSBs - More
- March 13, 2007 | Item | E-mail
YGC appoints KPMG LLP as auditor - More
- March 13, 2007 | Item | E-mail
Pele Mountain Announces Closing of Financing - More
- March 13, 2007 | Item | E-mail
Win-Eldrich Retains Investor Relations Consultant and Grants Stock Options - More
- March 13, 2007 | Item | E-mail
Philip F. Cunningham files Early Warning Report following conversion of debentures of Roxmark Mines Limited (CNQ: RMKL) - More
- March 13, 2007 | Item | E-mail
Tombstone Exploration Corporation Announces Spring 2007 Drilling Program - More
- March 13, 2007 | Item | E-mail
Taranis Resources Inc. Selects Quantec Geoscience Inc. to Undertake Deep Penetration E.M. Surveys at Thor Property, British Columbia - More
- March 13, 2007 | Item | E-mail
North Atlantic Starts Second Drilling Program at the Massala Gold Project, Mali - More
- March 13, 2007 | Item | E-mail
Gold Summit Announces Carolina JV with Astral Mining - More
- March 13, 2007 | Item | E-mail
Uranium Power Corp. Announces Key Technical Appointment: Opens US Office - More
- March 13, 2007 | Item | E-mail
Asia Now Adds 4 Rigs to Test Habo Copper-Gold Porphyry - More
- March 13, 2007 | Item | E-mail
ITH Acquires Key Land Position on Its Coffee Dome Project, Alaska and Dramatically Expands Its Gold Soil Anomaly - More
- March 13, 2007 | Item | E-mail
Roxmark Mines receives conditional approval for listing on TSXV - More
- March 13, 2007 | Item | E-mail
Rocmec Extends Gold Zones at its Rocmec1 (Russian Kid) Property, Drills 33 G/T Gold Over 1.45 Meters, Adds Significant Potential at Depth - More
- March 13, 2007 | Item | E-mail
Sage Options Gold Hill Property -- Arizona Historical Resource 102,600 Ounces - Au - More
- March 13, 2007 | Item | E-mail
Waseco Increases Land Position - More
- March 13, 2007 | Item | E-mail
StrataGold intersects 26.4 metres averaging 3.93 g/t gold at Tassawini West and 20.9 metres averaging 3.49 g/t gold at Black Ridge, Tassawini, Guyana - More
- March 13, 2007 | Item | E-mail
UC Resources Announces Completion of Private Placement With MineralFields - "UC Resources Ltd. (CDNX:UC.V - News) is pleased to announce that it has closed a non-brokered private placement of $1,500,000 through the sale of 2,678,568 flow-through units (the "Units") at a price of $0.56 each to the MineralFields Group. Each Unit consists of one flow-through common share of the Company and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the purchaser to purchase one common share, which is not a "flow-through" share of the Company, at an exercise price of $0.80 for the first twelve-month period and $1.00 for the second twelve-month period following the closing date." More
- March 13, 2007 | Item | E-mail
Gold Resource Corporation Returns High-Grade Silver Surface Samples From Its Las Margaritas Property in Oaxaca, Mexico - More
- March 13, 2007 | Item | E-mail
Rio Narcea Provides Additional Information in Connection with Chariot Resources Limited Shareholder Rights Plan - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (Toronto:RNG.TO - News)(AMEX:RNO - News), the holder of approximately 19.9% of the issued and outstanding shares of Chariot Resources Limited ("Chariot"), advises today that on Thursday, March 8, 2007, Rio Narcea had requested that the Board of Chariot, in the interest of good governance and transparency, issue a clarifying press release with respect to the release made by Chariot on March 1, 2007, concerning the status of the Chariot Shareholder Rights Plan (the "Plan")." More
- March 13, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or the "Company") - Definitive Feasibility Study for the Ryst Kuil Uranium Project, South Africa - More
- March 13, 2007 | Item | E-mail
Buffalo Gold Expands Into China - More
- March 13, 2007 | Item | E-mail
Azteca Gold Corp.: Private Placement Announced - More
- March 13, 2007 | Item | E-mail
Gee-Ten Ventures Inc.: Filing of Technical Report and New Mission in Congo - More
- March 13, 2007 | Item | E-mail
Crystallex: Recent Press Speculation - "As a matter of Corporate Policy, Crystallex does not comment on rumors or speculation. There are currently no corporate developments concerning Crystallex of which management of the Company is aware and the Company has no announcements to make at this time." More
- March 13, 2007 | Item | E-mail
Alma Resources Sees up to 507 g/t Silver in Recent Samples From Underground Workings at Barreteros Property, Sinaloa State, Mexico - More
- March 13, 2007 | Item | E-mail
Santoy Closes 1st Tranche Private Placement Financing - More
- March 13, 2007 | Item | E-mail
Mining Operations Scheduled to Begin This Week at Capital Gold's El Chanate Gold Mining Project in Sonora, Mexico - More
- March 13, 2007 | Item | E-mail
Melkior Resources Inc. Completes a $1,460,800 Private Placement - More
- March 13, 2007 | Item | E-mail
Hinterland intersects broad Platinum and Palladium zone at Plateau Project, Quebec - More
- March 13, 2007 | Item | E-mail
Wildcat Exploration Shareholders Advised to Reject Dissidents - More
- March 13, 2007 | Item | E-mail
Unico, Inc. Announces Interim Core Splitting and Logging Report From Underground Diamond Core Drilling Program at Deer Trail Mine - More
- March 13, 2007 | Item | E-mail
Thistle Announces Amendment to Transaction with CGA Mining Limited Regarding Thistle's Masbate Gold Project - More
- March 13, 2007 | Item | E-mail
Rio Tinto Targets 2 New Areas for Potential Earn-In; Anatolia Regains Balance of Bursa Porphyry Play - More
- March 13, 2007 | Item | E-mail
GAIA Resources, Inc. Announces Application Process Proceeding - More
- March 13, 2007 | Item | E-mail
Dutch Gold Resources Updates Company Progress Commences 2007 Production Program - More
- March 13, 2007 | Item | E-mail
Vantex Continues Field Work at Guillet - More
- March 13, 2007 | Item | E-mail
Uranium Resources, Inc. Files for Extension of Form 10-K Filing Deadline - More
- March 13, 2007 | Item | E-mail
Madison Minerals Inc.: Buffalo Announces $11.4 Million 2007 Exploration Program at Mt. Kare - More
- March 13, 2007 | Item | E-mail
SearchGold Confirms Grades Up to 36.94 g/t Au and Widths Up to 17 M with Delineation Drilling at Bakoudou in Gabon - More
- March 13, 2007 | Item | E-mail
Denison Announces NI 43-101 Resource Estimate on Hairhan Deposit in Mongolia - More
- March 13, 2007 | Item | E-mail
Timberline Announces Work Plans to Advance Its Snowstorm Project in North Idaho's 'Silver Valley' - More
- March 13, 2007 | Item | E-mail
Semafo Inc. - Samira Hill joins Niger National Power Grid - More
- March 13, 2007 | Item | E-mail
Sierra Gold Corporation's Bulk Sampling Program Consistently Shows More Than Double the Depths of Gold Pay Gravel - More
- March 13, 2007 | Item | E-mail
TITAN to Begin Phase One Development, Invites RFPs - More
- March 13, 2007 | Item | E-mail
Pulacayo Production Will Strengthen Franklin Mining, Inc. - More
- March 13, 2007 | Item | E-mail
New Geological Report on Aurelian's Fruta Del Norte Project Shows Potential for Continued Expansion - More
- March 13, 2007 | Item | E-mail
Scorpio Receives Positive Metallurgical Test Work on the Hoag Zone, Nuestra Senora Silver-Zinc Project - More
- March 13, 2007 | Item | E-mail
Probe Mines Limited to Commence Drilling on Norway Lake Zinc Property, Northwestern Ontario - More
- March 13, 2007 | Item | E-mail
Wits Basin Enters into a LOI to Acquire PRC Mining Property - More
- March 13, 2007 | Item | E-mail
U.S. Silver Corporation Reports Significant Mineralization on 2400 Level of Galena Mine - "The diamond drilling program, which began in December 2006, was intended to follow-up on two drill holes that were completed more than 40 years ago. Both drill holes had intercepts which would be ore grade at mineable widths using current metal prices. The historical intercepts were 400 and 800 feet west of the #3 Shaft, the main shaft of the Galena Mine. Mineralization on this structure is now known to extend from #3 Shaft to over 800 feet west of the shaft. Ten diamond drill holes were recently completed along the trend during the first phase of exploration, and the mineralization appears to improve toward the west." More
- March 13, 2007 | Item | E-mail
International Royalty completes acquisition of energy-related Sand Royalty - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") is pleased to report that on March 9, 2007 the Company completed the acquisition of a royalty (the "Royalty") on the Legacy Sand Project in Nance County, Nebraska for US$12.0 million. The Royalty is expected to generate annual revenues to IRC of US$2.4 million for the first 12 years. After year 12, Legacy will pay a 2.0% gross royalty on all production with no tonnage or price cap." More
- March 13, 2007 | Item | E-mail
Orko Silver Approaches 40 Million Ounces at La Preciosa - "Orko is pleased to report the new La Preciosa resource estimate utilizing both 100 g/t and 150 g/t silver equivalent (Ag-Eq) cut offs. Based on a 100 g/t cut off, La Preciosa now has an outlined Inferred Resource of 5.72 million tonnes grading 192.9 silver grams per tonne (g/t) and 0.345 gold g/t, for a silver-equivalent grade of 213.6 g/t. This represents a contained silver-equivalent metal content to 1,223 million grams (39.3 million ounces)." More
- March 13, 2007 | Item | E-mail
Aura Silver Taviche Project Adjoins and Surrounds San Jose Silver-Gold Deposit, Mexico - "The Taviche Property comprises two concessions totaling 13,724 hectares that are held by Intrepid Mines Limited (TSX:IAU - TSX:IXN - ASX:IAU) and Aura Silver under option from Plata Panamericana S.A. de C.V., a wholly owned subsidiary of Pan American Silver Corporation. Drilling along Fortuna's northern boundary indicates that the on-strike, down plunge extension potential for the San Jose vein system may lie on the West Taviche Concession." More
- March 13, 2007 | Item | E-mail
Pacific Rim Mining Announces Fiscal 2007 Third Quarter Results - "For the three month period ended January 31, 2007, Pacific Rim recorded a net loss of $(3.0) million or $(0.03) per share, compared to a net loss of $(0.6) million or $(0.01) per share for the three month period ended January 31, 2006." More
- March 13, 2007 | Item | E-mail
Fronteer Added to the TSX Composite Index and Increases Interest in Latin American Minerals to 20.03% - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has been added to the S&P/TSX Composite Index. The Standard & Poor's Canadian Index Operations made the index change following the Quarterly S&P/TSX Composite Index Review. Changes will take effect at the market open of March 19, 2007." More
- March 13, 2007 | Item | E-mail
U.S. Gold Reminds Shareholders of White Knight Resources, Nevada Pacific Gold & Tone Resources That Its Offers Expire March 23, 2007 - "U.S. GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) wishes to remind all shareholders of White Knight Resources Ltd., Nevada Pacific Gold Ltd. and Tone Resources Limited, that the U.S. Gold offers will expire on Friday March 23, 2007 at 5:00 pm Vancouver time, unless withdrawn or extended. The offers represent a premium of approximately 25% to the closing share price of each company on March 3, 2006." More
- March 13, 2007 | Item | E-mail
Glencairn Reports High-Grade Intercepts and Gold Zone Extension at Libertad Mine - "Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) is pleased to announce additional results from the Santa Maria drill program and trenching from the Mojon East Extension at its Libertad Mine. New holes from the Santa Maria Vein continue to encounter high-grade gold values. Trenching on the Mojon East Extension intercepted two parallel mineralized zones approximately 400 metres east of the current mining area." More
- March 13, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 13 March, 2007 | |
