-- Posted 14 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $640.80 | -$6.70 |
Silver | $12.72 | -$0.09 |
XAU | 129.64 | +0.86% |
HUI | 320.56 | +0.58% |
GDM | 1018.44 | +0.71% |
JSE Gold | 2735.56 | -1.63% |
USD | 83.65 | -0.07 |
Euro | 132.27 | +0.18 |
Yen | 85.68 | -0.14 |
Oil | $58.16 | +$0.23 |
10-Year | 4.522% | +0.027 |
T-Bond | 113.00 | -0.3125 |
Dow | 12133.40 | +0.48% |
Nasdaq | 2371.47 | +0.90% |
S&P | 1387.17 | +0.67% |
The Metals:
Gold fell nearly 1% in after hours access trade yesterday, dropped to about $640 in Asia, and fell under $640 in late London/early New York trade before it rebounded to above $645 in late morning New York trade, but it then fell back to a new low at $636.10 ahead of a $4.70 rebound into the close that left it with a loss of 1.03%. Silver dropped to about $12.50 in late London trade before it rose above $12.75 in late morning New York trade, but it then dropped back to $12.55 before it also rebounded into the close and ended with a loss of 0.70%.
Euro gold fell under €485, platinum lost $16 to $1,198, palladium remained unchanged at $346, and copper rose a couple of cents to about $2.84.
Gold and silver equities remained near unchanged in early trade before they fell off with the major indices and saw about 2% losses by early afternoon, but they then rallied into the close and ended with over 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Current Account | Q4 | -$195.8B | -$203.5B | -$229.4B |
Import Prices | Feb | 0.2% | 0.8% | -0.9% |
Import Prices ex-oil | Feb | -0.1% | - | -0.1% |
Export Prices | Feb | 0.7% | 0.2% | |
Export Prices ex-ag. | Feb | 0.6% | - | 0.3% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 3/10 expected at 325,000, PPI for February expected at 0.5%, Core PPI expected at 0.2%, and the NY Empire State Index for March expected at 17.0. At 9AM are Net Foreign Purchases for January expected at $60.0 billion and at noon is the Philadelphia Fed for March expected at 3.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
The Dow, Nasdaq, and S&P fell in late morning trade on continued worries over the housing sector and its impact on the overall economy, but all three indices rallied higher and found decent gains by the close on hopes that the recent correction in the markets may be overdone. The Dow fell under 12,000 for the first time since November 6, 2006 before it recovered and closed higher on the day.
Oil remained near unchanged and ended slightly higher as inventory reports came in about as expected and attention turned to OPEC’s meeting tomorrow that is expected to keep production steady. Cruse inventories built 1.1 million barrels, gasoline inventories fell 2.5 million barrels, and distillates fell 2.8 million barrels.
The U.S. dollar index ended lower after early gains as worries over the housing sector overshadowed better than expected Current Account data.
Treasuries rose as the major indices fell midday, but they then fell back off and ended lower as the major markets reduced their significant losses and ended modestly higher.
Among the big names making news in the market today were H&R Block, Bank of America, General Motors, Lehman Brothers, and Magna, Cerberus, Blackstone, and Chrysler.
The Commentary:
“April Gold finished down 6.9 at 642.5, 4.4 off the high and 4.8 up from the low.
May Silver closed down 0.13 at 12.83. This was 0.15 up from the low and 0.09 off the high.
With the Press trumpeting signs of ongoing fund liquidation in gold and the equity market remaining under aggressive liquidation pressure the bear camp certainly seemed to hold most of the cards during the session Wednesday. With the April gold contract falling below the $640 level in the wake of an additional leg down in the equity market, it is possible that more spec longs are on the verge of being forced out of position. In fact, with the June S&P actually falling below the extremely critical spike low of March 5th, it is not surprising to see the market coming under renewed selling pressure. Some players are hopeful that gold will be able to find some support from the upcoming inflation numbers, but under the current macro economic condition, it might not be a positive development to see rising prices in a slowing environment, as that could prompt the Fed to tighten and exaggerate the slowing.
With the outside market forces remaining patently bearish for a host of physical commodities and the gold market also under pressure, the bull camp in silver is certainly fighting an uphill battle. While the Press didn't seem to be trumpeting the presence of fund selling in silver, the magnitude of declines in the market probably increases the odds that some fund selling was taking place in silver.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Housing decline, subprime mortgage crash 'largely contained,' Paulson says
Blanchard & Co. research note: European central bank gold sales declining
Stewart Armstrong: United we will stand
The Statistics:
As of close of business: 3/13/2007
Gold Warehouse Stocks: | 7,546,010 | +9,967 |
Silver Warehouse Stocks: | 118,510,881 | - 266,255 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 483.01 | 15,529,199 | US$ 10,105m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.99 | 2,828,948 | US$ 1,821m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,899 | US$ 234m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,968 | US$ 232m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/13/2007 | |
Total Net Assets | $921,449,680 | 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 3/13/2007 | |
Total Net Assets | $1,665,935,453 | Ounces of Silver
in Trust | 128,965,697.300 |
Shares Outstanding | 12,950,000 | Tonnes of Silver
in Trust | 4,011.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport’s (FCX) approved acquisition of Phelps Dodge (PD), Golden Star’s (GSS) earnings, Southern Silver’s (SSV.V) drilling preparation, and UC Resources’ (UC.V) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rio Narcea | RNO +2.97% $3.47 |
2. Miramar | MNG+2.94% $4.20 |
3. Orezone | OZN+2.81% $1.83 |
LOSERS
1. Great basin | GBN -4.65% $2.05 |
2. Minco Gold | MGH -3.85% $1.50 |
3. Rubicon | RBY -3.53% $1.119 |
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:
Gossan Awards Incentive Stock Options - More
- March 14, 2007 | Item | E-mail
GBS Gold International Inc.: Strategic Partnership With Northern Mining Explorations Ltd. (TSX-MDN) - More
- March 14, 2007 | Item | E-mail
PAIM Preferred Shares Commence Trading in OTCBB Under the Stock Symbol ''PAIMP'', Pearl Asian Mining Industries Reports - More
- March 14, 2007 | Item | E-mail
Gold Summit Announces Financing Agreement With VSA Resources in U.K. - More
- March 14, 2007 | Item | E-mail
Pershimco Resources Closes a Private Placement - More
- March 14, 2007 | Item | E-mail
Goldeye and Polar Mining Chip and Grab Samples From Sonia Vein Return 0.42g/T Au and 265g/T Ag Over 10m and 1.49g/T Au 462g/T Ag Over 4m - More
- March 14, 2007 | Item | E-mail
Wescan-Santoy Joint Venture Reports Uranium Exploration Results- Athabasca Basin, Saskatchewan - More
- March 14, 2007 | Item | E-mail
Freeport, Phelps shareholders approve deal - "Freeport-McMoRan Copper & Gold Inc. (FCX.N: Quote, Profile , Research) and Phelps Dodge Corp. (PD.N: Quote, Profile , Research) shareholders both overwhelmingly approved Freeport's $25.9 billion acquisition of rival miner Phelps on Wednesday, the companies said." More
- March 14, 2007 | Item | E-mail
Freegold Continues to Delineate Depth Extensions at Almaden - More
- March 14, 2007 | Item | E-mail
Largo Resources Updates Progress at the Macuchi Gold-Copper Property Joint Venture With Aur Resources - More
- March 14, 2007 | Item | E-mail
MacMillan Gold Options 50% of Tetasairi Properties for US$1,000,000 of Exploration Expenditures and 1,000,000 Common Shares - More
- March 14, 2007 | Item | E-mail
La Quinta Partner Concludes Successful Court Action Against Banro Sarl in Democratic Republic of Congo - More
- March 14, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. and Phelps Dodge Corp. Shareholders Approve Acquisition - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) and Phelps Dodge Corporation (NYSE: PD - News) announced that the shareholders of both companies approved FCX's acquisition of Phelps Dodge at special meetings held today. At each meeting, approximately 98 percent of the votes cast supported the transaction." More
- March 14, 2007 | Item | E-mail
SLAM Exploration Raises $2 Million in Private Placement - More
- March 14, 2007 | Item | E-mail
2007 Exploration campaign to resume on Vassan gold property with Infini Tem survey - More
- March 14, 2007 | Item | E-mail
Galway files new N.I. 43-101 report with new resource estimate for the Victorio Molybdenum Project - More
- March 14, 2007 | Item | E-mail
DIOS Reports Two Other Uranium Anomalies on HOTISH - More
- March 14, 2007 | Item | E-mail
Gold Eagle Mines Ltd. adopts shareholder rights plan - More
- March 14, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - More
- March 14, 2007 | Item | E-mail
Arianne Provides Update on Opinaca and La Dauversiere Exploration - More
- March 14, 2007 | Item | E-mail
Magnum Expands Lye Uranium Deposit - More
- March 14, 2007 | Item | E-mail
Bellhaven Copper & Gold Signs Contract With Cabo Drilling for a 5,000 Meter Program at Cerro Chorcha and Rio Liri - More
- March 14, 2007 | Item | E-mail
UC Resources' Update on McFauld's VMS Project in Northern Ontario - "UC Resources Ltd. previously announced in a release on March 7th, the signing of a Letter of Intent (LOI), regarding a four year exploration program on the McFauld's Lake Volcanogenic Massive Sulphide ("VMS") project, located in the western portion of the James Bay Lowlands in Ontario, Canada. The project area is located just west of De Beers Victor diamond development project (scheduled for production in 2008) and is accessible by air. In total, this land package covers much of the Sachigo Archean greenstone belt that is known to be fertile with respect to volcanic hosted massive sulphide deposits containing significant copper, zinc, gold and silver mineralization." More
- March 14, 2007 | Item | E-mail
Ecuador will review oil and mining deals - Correa - "Ecuadorean President Rafael Correa said on Wednesday he would renegotiate mining and oil deals, undeterred from his radical leftist reforms by an increasingly fractious power battle with the volatile Andean state's Congress." More
- March 14, 2007 | Item | E-mail
YSV Ventures Inc.: Press Release - More
- March 14, 2007 | Item | E-mail
Consolidated Goldfields to Commence Fieldwork At Its High-Grade Gold, Silver, Lead, Zinc Pyramid Mine - More
- March 14, 2007 | Item | E-mail
American Creek closes $1.5 million private placement - More
- March 14, 2007 | Item | E-mail
Update: Refurbishing of the Bachelor Lake Gold Mill - More
- March 14, 2007 | Item | E-mail
Robex - Official gold resource calculations of the Nampala Prospect, Mininko Property, South Mali - More
- March 14, 2007 | Item | E-mail
Indocan Resources to Visit Australia Uranium - More
- March 14, 2007 | Item | E-mail
Sarissa Resources, Inc. CEO Looks to Implement Their Mining Resource Strategy - More
- March 14, 2007 | Item | E-mail
Grandview Acquires 100% Interest in Angelina and Banksian Gold Properties: Further Consolidating Rice Lake Gold Belt Property Portfolio - More
- March 14, 2007 | Item | E-mail
San Miguel Joint Venture Partners Engage Deposit Modeling, Structural Geologist, and Digital Terrain Modeling Services - More
- March 14, 2007 | Item | E-mail
Augyva Closes $900,000 Private Placement - More
- March 14, 2007 | Item | E-mail
Sulliden reports third quarter and nine month results - More
- March 14, 2007 | Item | E-mail
Trelawney Resources Inc.: Drilling to Start on Martin Zone Continued Success on Dorset Zone - More
- March 14, 2007 | Item | E-mail
Gold Crest Mines Inc. Hires New President and CEO - More
- March 14, 2007 | Item | E-mail
Paramount Gold Engages Mine Development Associates, Independent Technical Consultant and Orthoshop - More
- March 14, 2007 | Item | E-mail
European Goldfields Limited - 2006 results & webcast - 22 March 2007 - More
- March 14, 2007 | Item | E-mail
Puma Exploration: 331 g/t, 244 g/t, and 461 g/t of Silver Up to Six Metres Thick on Nicholas-Denys - More
- March 14, 2007 | Item | E-mail
EURO Ressources S.A. Proposed Acquisition of Patricia Mining Corp. - More
- March 14, 2007 | Item | E-mail
NMC Updates Logistics of Annual Meeting of Shareholders in Las Vegas, Nevada - Saturday, March 31, 2007 - and Internet Voting Option - More
- March 14, 2007 | Item | E-mail
Denison Mines Corp. Reports 2006 Results - More
- March 14, 2007 | Item | E-mail
GLXI: Market Advisors Research Report - More
- March 14, 2007 | Item | E-mail
Cameco does deal for new uranium mines in Russia and Canada - More
- March 14, 2007 | Item | E-mail
Golden Star Reports Financial Results for the Fourth Quarter and 2006 Year - "We had net income of $64.7 million or $0.31 per share on revenues of $128.7 million for 2006 versus a net loss of $(13.5) million or $(0.09) per share on revenues of $95.5 million for 2005. Mine operations contributed $7.6 million to 2006 pre-tax income versus a deficit of $(6.7) million in 2005. The major factor contributing to the $78.2 million improvement in earnings was the sale of certain of our non-core assets including all of our shareholdings in Moto Goldmines Limited ("Moto") and the majority of our shareholdings in EURO Ressources S.A. ("EURO")." More
- March 14, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 March, 2007 | |
