-- Posted 15 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $646.30 | +$5.50 |
Silver | $12.95 | +$0.23 |
XAU | 132.54 | +2.23% |
HUI | 326.08 | +1.72% |
GDM | 1038.75 | +1.99% |
JSE Gold | 2789.94 | +1.99% |
USD | 83.65 | UNCH |
Euro | 132.34 | +0.07 |
Yen | 85.01 | -0.67 |
Oil | $57.55 | -$0.61 |
10-Year | 4.536% | +0.014 |
T-Bond | 112.9375 | -0.0625 |
Dow | 12159.68 | +0.22% |
Nasdaq | 2378.70 | +0.29% |
S&P | 1392.28 | +0.37% |
The Metals:
Gold rose a few dollars in after hours access trade yesterday and remained within a couple dollars on either side of $645 in Asia and London before it roes near $650 in late morning New York trade, but it then fell back off a bit into the close and ended a few dollars off its highs with a gain of 0.86%. Silver rose about 10 cents in Asia, added another 5 cents in London, and saw over 30 cent gains above $13.00 in late morning New York trade before it also fell off a bit into the close, but it still ended with a gain of 1.81%.
Euro gold rose to about €488, platinum gained $13 to $1,211, palladium remained unchanged at $346, and copper rose roughly 13 cents to about $2.97.
Gold and silver equities rose about 2.5% in the first hour and a half of trade and remained near their highs for most of trade before they fell off a bit in the last hour of trade, but they still ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | Feb | 1.3% | 0.5% | -0.6% |
Core PPI | Feb | 0.4% | 0.2% | 0.2% |
Initial Claims | 3/10 | 318K | 325K | 330K |
NY Empire State Index | Mar | 1.9 | 17.0 | 24.4 |
Net Foreign Purchases | Jan | $97.4B | $60.0B | $14.3B |
Philadelphia Fed | Mar | 0.2 | 3.5 | 0.6 |
Greenspan spoke to the Futures Industry Association in Florida and said that subprime woes “are not a small issue” and that there is a risk of spillover into other economic sectors, but that there is no spillover yet.
Tomorrow at 8:30AM EST brings CPI for February expected at 0.3% and Core CPI expected at 0.2%. At 9:15 are Industrial Production for February expected at 0.3% and Capacity Utilization expected at 81.3%, and at 10AM is the preliminary reading for March Michigan Sentiment expected 89.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil prices fell as OPEC kept production steady as expected, with the only surprise coming that their next meeting will not be until September 11th in Vienna.
The U.S. dollar index remained near unchanged as higher than expected inflation data offset weak economic data and provided mixed signals as to what the fed will do with interest rates.
Treasuries fell slightly as stocks found slight gains.
A weaker yen seemed to help the Dow, Nasdaq, and S&P end slightly higher despite high inflation data as weak economic data helped keep interest rates near unchanged ahead of next week’s fed meeting.
Among the big names making news in the market today were GE, Blackstone and PHH, Imperial and Altadis, Cadbury, ICE and CBOT, and Bear Sterns.
The Commentary:
“April Gold finished up 4.6 at 647.1, 4.2 off the high and 2.1 up from the low.
May Silver closed up 0.245 at 13.075. This was 0.125 up from the low and 0.115 off the high.
The gold market exhibited some moderate volatility throughout the session Thursday but seemed to mostly maintain a positive bias for most of the session. In fact, the gold market wasn't unduly undermined as a result of the hotter than expected US PPI reading and it also wasn't undermined by the fact that oil prices at times were weak. However, a generally favorable initial trade in the equity market provided the gold market with some short covering incentives and it is possible that sharp gains in the copper market either prompted some gold short covering or perhaps even prompted fresh outright buying of gold.
Not surprisingly the silver market was lifted in the wake of renewed buying interest in the gold market and was probably also lifted on the coattails of the sharp rise in copper prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Two more lunches for GATA sympathizers in Oz and environs
Foreign love for U.S. assets at risk in subprime drop
Goldman pays $2 million to settle 'naked' short-selling case
The Statistics:
As of close of business: 3/14/2007
Gold Warehouse Stocks: | 7,546,010 | - |
Silver Warehouse Stocks: | 119,071,401 | + 560,520 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 476.84 | 15,331,027 | US$ 9,860m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.99 | 2,828,916 | US$ 1,827m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,895 | US$ 235m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,964 | US$ 229m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE subtracted 6.17 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/14/2007 | |
Total Net Assets | $911,905,001 | 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 3/14/2007 | |
Total Net Assets | $1,631,091,894 | 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:
A new, free, stock report on Western Copper by Peter Zihlmann posted here, IAMGOLD’s (IAG) earnings, Miramar’s (MNG) exploration plans, Golden Star’s (GSS) exploration results, Exeter’s (XRA) drill results, Fronteer’s (FRG) closed public offering, Freeport’s (FCX) debt financing, Bear Creek’s (BCM.V) option agreement with Rio Tinto, Sterling Mining’s (SRLM.OB) production schedule, Aquiline’s (AQI.TO) feasibility study, Yale (YLL.V) and Impact’s (IPT.V) drilling, UC’s (UC.V) production, and Fury’s (FUR.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +8.15% $1.86 |
2. Freeport | FCX+6.70% $60.16 |
3. Fronteer | FRG+6.49%$12.30 |
LOSERS
1. Solitario | XPL -3.73% $3.61 |
2. Golden Star | GSS -3.01% $3.87 |
3. Pacific Rim | PMU -1.92% $1.02 |
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:
Augyva Announces the Nomination of Mr. Kerry D. Smith as a Member of the Board of Directors in Replacement of Mr. Belisle, and Grants Options - More
- March 15, 2007 | Item | E-mail
BacTech Closes Non-Brokered Private Placement for $400,000 - More
- March 15, 2007 | Item | E-mail
Miramar Announces Commencement of 2007 Exploration Campaign at Hope Bay - "This year's program at Hope Bay is designed to improve and expand resources at Madrid and Boston for inclusion in a feasibility study for Phase II, as well as complete an aggressive exploration program along the Madrid trend. There are currently three drill rigs coring at Hope Bay with an expansion to 8-9 drills by early April. Details of the proposed program are being completed and the final program is subject to Miramar board approval." More
- March 15, 2007 | Item | E-mail
Aurus Proceeds With Dividend - More
- March 15, 2007 | Item | E-mail
NewWest Gold Corporation announces conference call to discuss fourth quarter and year end results - More
- March 15, 2007 | Item | E-mail
Bear Creek and Rio Tinto Formalized Option Agreement on Corani Silver Deposit, Peru - "Bear Creek Mining Corporation (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce that the final Option and Shareholders Agreement was executed between Bear Creek and Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") on March 15, 2007. The agreement formally defines and confirms the terms as set out in the Letter of Understanding signed between the parties on January 19, 2005 and previously disclosed by the Company." More
- March 15, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Core Splitting and Logging Work on Samples From Underground Diamond Core Drilling Program at Deer Trail Mine - More
- March 15, 2007 | Item | E-mail
Sterling Mining is Ahead of Schedule at Sunshine Mine; Production Set to Commence December 2007 - "We expect to hire 5 to 10 employees each month this year, as demands increase ahead of starting production, which is now forecast for December 2007. It should be noted that this December start date is based on our current projections for delivery schedules of key equipment; recruitment of qualified operations personnel; and securing the requisite funding on schedule, any of which may be subject to change. We currently have 42 employees at the Sunshine Mine." More
- March 15, 2007 | Item | E-mail
Royal Quantum Enters Into an Agreement to Acquire 100% Interest in Uranium Project - More
- March 15, 2007 | Item | E-mail
Energy Fuels to Commence Trading on Toronto Stock Exchange March 19, 2007 - More
- March 15, 2007 | Item | E-mail
Aquiline Releases Calcatreu Feasibility Study - "Aquiline (Toronto:AQI.TO - News) is pleased to release the Feasibility Study for its wholly owned Calcatreu Gold Project in Rio Negro Province, Argentina. The study was compiled by the Snowden Group's Brisbane office which also completed the mine design work and financial analysis. Ausenco Limited, a mining engineering and construction firm based in Australia that specializes in the design, construction and commissioning of midsize mineral extraction plants completed the processing component of the study." More
- March 15, 2007 | Item | E-mail
VVC Exploration to acquire 5 uranium exploration properties in Northern Quebec - More
- March 15, 2007 | Item | E-mail
Yale and IMPACT Start Drilling at Zacatecas - "Yale Resources Ltd. (CDNX:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to report that drilling has started on the Zacatecas Venture. Yale has the right to earn an 80% interest from IMPACT Silver Corp. (IPT-V) in the Zacatecas Venture, which is currently made up of four properties. The San Jose property is the first to be drilled -- this is the first known drilling within the properties that make up the Zacatecas Venture. The drill program will involve approximately 1,100 metres in at least 10 holes." More
- March 15, 2007 | Item | E-mail
UC Resources Ltd. Reports La Yesca's Gold & Silver Production Up 80% - "During the 14 day period ending March 14, 2007, the mill has processed 924 tonnes of tailings material (an increase of 411 tonnes or 80% over the previous biweekly period) with grades averaging 2 grams per tonne (g/t) gold (Au) and 220 g/t Silver (Ag) for an average daily production of 84 tonnes per day over the 11 day span of operations. The net results of the modifications to the process in this period show an operating time increase of approximately 22% over the previous period. Downtime for this period was slightly less than 3 days as compared to 5 days in the previous bi-weekly period." More
- March 15, 2007 | Item | E-mail
Global Minerals Ltd. Enters into a Mining Lease with Altair - More
- March 15, 2007 | Item | E-mail
Luna Gold hires project manager for Aurizona - More
- March 15, 2007 | Item | E-mail
Neutron Enters Into Uranium Mining Lease in the East Grants Uranium Region of New Mexico - More
- March 15, 2007 | Item | E-mail
First Gold Exploration Inc.: First Hole Hits Gold Mineralization, Drilling Continues - More
- March 15, 2007 | Item | E-mail
Tribute Intersects High Grade Indium - More
- March 15, 2007 | Item | E-mail
HuntMountain Wins Bid for La Josefina Gold Property in Argentina! - More
- March 15, 2007 | Item | E-mail
Golden Star Increases Confidence in Prestea Underground West Reef High Grade Gold Deposit - "Golden Star acquired access to the Prestea Underground in 2002, an area that has been historically mined for more than 100 years by a number of mining companies. Past production totals in excess of 9 million ounces of gold from an area that extends over a strike length of about seven kilometers on the Ashanti Trend and was mined down to about a maximum depth of about 1,400 meters over a portion of that strike length. Since acquiring this property, Golden Star has carried out the first comprehensive compilation of past activities at Prestea and is doing the first ever coordinated modern exploration program on this section of the Ashanti Trend." More
- March 15, 2007 | Item | E-mail
Denroy Resources Completes 2nd Tranche of Private Placement - More
- March 15, 2007 | Item | E-mail
Fieldex enters into uranium on its 100% Delbreuil property - More
- March 15, 2007 | Item | E-mail
Campbell Resources Announces Its Fourth Quarter and Annual Results for 2006 - More
- March 15, 2007 | Item | E-mail
5,000-Metre Drill Program Underway at Jinshan's CSH (217) Gold Mine - More
- March 15, 2007 | Item | E-mail
Tanqueray Resources Ltd. - News Release - More
- March 15, 2007 | Item | E-mail
Moto Goldmines Limited-Appointment of Company Secretary - More
- March 15, 2007 | Item | E-mail
Arianne Gets Involved in the Detour Lake Mining Camp - More
- March 15, 2007 | Item | E-mail
Farallon Updates Drilling at G-9 Deposit: Significant New High Grade Intersection Made in Southeast Zone - More
- March 15, 2007 | Item | E-mail
Little Squaw Looks at AMEX Listing - More
- March 15, 2007 | Item | E-mail
Franklin Mining, Inc. Subsidiary Appoints General Manager - More
- March 15, 2007 | Item | E-mail
Strait Gold Files Short-Form Prospectus - More
- March 15, 2007 | Item | E-mail
Midlands Minerals Announces Option Agreement on New Kilindi Gold-Tanzania - More
- March 15, 2007 | Item | E-mail
Superior Canadian Revises Placement in Ontario Financing by Appointing an Agent - More
- March 15, 2007 | Item | E-mail
Grandview President Issues First Quarter Report to Shareholders - More
- March 15, 2007 | Item | E-mail
Moly Mines Limited Announces Mining Leases Granted Spinifex Ridge Molybdenum/Copper Project - More
- March 15, 2007 | Item | E-mail
Semafo concludes US$45,000,000 debt financing for Mana Gold project - More
- March 15, 2007 | Item | E-mail
Alexis Commences Drilling on the West Zone Zinc-Gold Target, Rouyn-Noranda, Quebec - More
- March 15, 2007 | Item | E-mail
Radisson Options its Detour Lake Mining Camp Properties to Arianne - More
- March 15, 2007 | Item | E-mail
Superior Diamonds Acquires Option to Explore for Uranium on Tanqueray's Baker Lake Project, Thelon Basin, Nunavut - More
- March 15, 2007 | Item | E-mail
Mr. Thomas A. McKeever Joins Abacus Board - More
- March 15, 2007 | Item | E-mail
MDN-GBS Strategic Partnership - More
- March 15, 2007 | Item | E-mail
Forum Uranium Acquires Option to Explore for Uranium on Tanqueray's Baker Lake Project, Thelon Basin, Nunavut - More
- March 15, 2007 | Item | E-mail
Northwestern signs Niger drill contract - More
- March 15, 2007 | Item | E-mail
Trigon Adds Buchholz as Senior Mining Engineer - More
- March 15, 2007 | Item | E-mail
Blue Sky Uranium Enters Letter of Agreement for Projects in Colombia - More
- March 15, 2007 | Item | E-mail
Exeter Drills Further Bonanza Grade Mineralization at Cerro Moro, Argentina - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) (the "Company" or "Exeter") reports that recent drilling on the Escondida, Carla and Patricia veins on the Company's Cerro Moro epithermal gold-silver property in Santa Cruz Province, Argentina has continued to intersect high grade mineralization." More
- March 15, 2007 | Item | E-mail
Drilling at Fury's San Luis Prospect Intercepts Encouraging Gold, Silver, and Copper Mineralization - "Drilling results include an eight-metre interval of 1.05 grams per tonne gold and 0.49 per cent copper within a 30-metre interval grading 0.39 gram per tonne gold and 0.17 per cent copper. The second hole reported a 6.85-metre interval of 1.05 grams per tonne gold, 15.7 grams per tonne silver and 0.55 per cent copper within a longer, 14.5-metre interval that carried 0.62 gram per tonne gold, 8.78 grams per tonne silver and 0.31 per cent copper." More
- March 15, 2007 | Item | E-mail
Fronteer Closes $60.5 Million Public Offering - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has completed its previously announced offering (the "Offering") pursuant to which it has issued an aggregate of 4,100,000 common shares at a price of $14.75 per share to raise gross proceeds of $60,475,000. The Offering was underwritten by a syndicate of Canadian underwriters. The Company intends to use the net proceeds from the Offering for strategic investments and for future acquisitions." More
- March 15, 2007 | Item | E-mail
IAMGOLD 2006 Fourth Quarter and Record Year-End Results - "Net earnings for 2006 were $72.5 million or $0.39 per share, net of earnings from discontinued operations of $0.1 million, compared to $20.5 million or $0.14 per share for 2005 and $11.6 million or $0.08 per share for 2004. Earnings in 2006 benefited from stronger gold prices but were partially offset by higher operating costs. Net earnings for the fourth quarter of 2006 were $9.4 million or $0.04 per share, net of earnings from discontinued operations of $0.1 million, compared to $6.2 million or $0.04 per share for the fourth quarter of 2005." More
- March 15, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Prices Senior Notes in Conjunction with $17.5 Billion in Financing for Phelps Dodge Acquisition - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced the pricing of senior unsecured notes as part of the $17.5 billion of debt financing for the pending acquisition of Phelps Dodge. The financing is comprised of $16 billion in funded debt, including $10 billion in senior secured term loans and $6 billion in senior unsecured notes." More
- March 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 March, 2007 | |
