-- Posted 22 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $663.30 | +$4.50 |
Silver | $13.39 | +$0.16 |
XAU | 137.67 | -0.74% |
HUI | 340.52 | -0.38% |
GDM | 1086.90 | -0.31% |
JSE Gold | 2876.72 | -0.38% |
USD | 83.05 | +0.30 |
Euro | 133.31 | -0.45 |
Yen | 84.63 | -0.54 |
Oil | $61.69 | +$2.08 |
10-Year | 4.589% | +0.071 |
T-Bond | 112.40625 | -0.375 |
Dow | 12461.14 | +0.11% |
Nasdaq | 2451.74 | -0.17% |
S&P | 1434.54 | -0.03% |
The Metals:
Gold rose about $5 in reaction to the fed’s statement in after hours access trade late yesterday and held near $664 in Asia and London before it rose to about $666 in midmorning New York trade, but it then fell off a bit into the close and ended about $3 off its high with a gain of 0.68%. Silver gained about 10 cents in access trade yesterday and held around $13.35 in Asia and London before it rose near $13.50 in midmorning New York trade, but it also fell off into the close and ended about 10 cents off its high with a gain of 1.21%.
Euro gold neared €500, platinum gained $7 to $1,236, palladium gained $4 to $352, and copper rose roughly 3 cents to about $3.06.
Gold and silver equities traded mostly slightly higher for much of trade, but they then fell off in last hour and a half of trade and ended with small losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/17 | 316K | 325K | 320K |
Leading Indicators | Feb | -0.5% | -0.3% | -0.3% |
Tomorrow at 10AM EST brings the Existing Home Sales report for February expected at 6,300,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over $2 on signs of increased refinery usage heading into the summer driving season and on hopes that a relaxed fed regarding interest rates will help keep energy demand strong.
The U.S. dollar index rebounded from yesterday’s late session losses and treasuries backed off from yesterday’s late session gains as traders reevaluated their reaction to the fed’s statement and pushed interest rates back to about where they were before the fed’s statement.
The Dow, Nasdaq, and S&P remained near unchanged as traders waited for new data to confirm or deny their hopes raised yesterday of a possible fed interest rate cut.
Among the big names making news in the market today were Countrywide, News Corp. and NBC, KB Home, Barnes & Noble, CVS and Caremark Rx, ConAgra, General Mills, Wal-Mart, and Borders.
The Commentary:
“The Gold Cartel has got to be desperately scrounging around for physical gold to meet a surging demand for bullion. EVERYONE has to know (if they can count to ten) what is going on here … and will have to create even a greater surge to accumulate gold. Prior to this stunning Fed capitulation on inflation, the bad guys greatly reduced their gold short positions in order to be ready to fight their next battle as gold rises. The gold open interest fell 7268 contracts yesterday to 359,726. This means the OI has dropped from top to bottom about as much as it did in the prior correction when the high in the gold open interest was 373,000. The good news is that gold has rallied $20 off the bottom while they covered.
Yesterday it was reported the ECB group suddenly dumped 16 tonnes of gold into the market the prior week to keep gold from taking out the $650/$660 level. This amount was 5 to 6 times what they had been selling this year. Clearly, we now know why. Had they not sold that much, gold would have been back to the $680 level BEFORE the Fed cave in.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished up 4.2 at 664.2, 3.1 off the high and 1.8 up from the low.
May Silver closed up 0.16 at 13.48. This was 0.06 up from the low and 0.09 off the high.
The gold market was mostly positive throughout the session Thursday despite some suggestions that the market was a bit overbought from a short term perspective. A surge higher in energy prices certainly fanned inflation expectations punctuated by an outlook for higher gasoline prices this summer. However, a downward thrust in Treasuries and a slight break down of the tight correlation between the gold market and the stock market might have been seen as a positive by the trade. In the end, the US economic data released during the session was countervailing but the gold market didn't seem to fall back directly in the aftermath of the soft leading Indicators report and that is also a sign that gold is beginning to look to other forces than the economy for direction.
With the May silver contract managing another new high for the move on Thursday and doing so without the direct support of the US equity market it would seem to suggest that the silver bulls are broadening their case. In fact, the silver market also managed to fully discount the softer than expected US Leading Indicators report but that wasn't altogether surprising when one considers the sharp upward gains posted in both the copper and platinum markets. Like the gold market some players suggested that the strong gains in the oil market provided the silver market with a lift and that is also a change in the recent pattern.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Back it with gold and everyone will say 'ruble' quite easily
Bill King: Even Cramer's small hedge fund could manipulate market
India may be indifferent to gold ETFs without delivery of metal
IMF is changing rules to prevent double-counting of leased gold
The Statistics:
As of close of business: 3/21/2007
Gold Warehouse Stocks: | 7,546,612 | +602 |
Silver Warehouse Stocks: | 122,086,746 | + 1,918,981 |
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$ 10,101m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.98 | 2,828,697 | US$ 1,877m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,866 | US$ 241m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,937 | US$ 235m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/21/2007 | |
Total Net Assets | $947,392,283 | Ounces of Gold
in Trust | 1,437,943.875 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.73 |
Note: Change in Total Tonnes from yesterday’s data: 0.47 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 3/21/2007 | |
Total Net Assets | $1,718,627,539 | 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:
Great Basin’s (GBN) drill results and filing to sell up to $90 million in units, Newmont’s (NEM) output at Yanacocha, U.S. Gold’s (UXG) reminder of their offer expiration date tomorrow, Queenstake’s (QEE) combination agreement with YGC Resources (YGC.TO), U.S. Silver’s (USA.V) exploration update, Minco Silver’s (MSV.TO) assay results, and Esperanza’s (EPZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Orezone | OZN +5.20% $1.82 |
2. Minco Gold | MGH +4.74% $1.54 |
3. Golden Star | GSS +4.27% $4.40 |
LOSERS
1. Claude Resources | CGR -6.79% $1.51 |
2. Cardero | CDY -5.85% $2.25 |
3. Rubicon | RBY -2.19% $1.34 |
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:
Sea Green Capital Corp. Announces Closing of First Tranche of Financing for $510,000, and, Acquisition of Additional Claims While Drilling Continues - More
- March 22, 2007 | Item | E-mail
Farallon Places Orders for US$10 Million of Major Process Equipment for Campo Morado - More
- March 22, 2007 | Item | E-mail
Marathon Announces Financial Results for 2006 - More
- March 22, 2007 | Item | E-mail
Imperial Reports 2006 Financial Results - More
- March 22, 2007 | Item | E-mail
Largo Announces Addition to Management Team and Advisory Board - More
- March 22, 2007 | Item | E-mail
San Gold High Grade Development Update - More
- March 22, 2007 | Item | E-mail
Jaguar Mining Closes Previously Announced C$86.25 Million Private Placement of Units - More
- March 22, 2007 | Item | E-mail
Powertech Awards Drilling Contracts - More
- March 22, 2007 | Item | E-mail
Grenville Gold Exercises Option on Purchase of Subsidiary Inversiones Mineras Alexander S.A.C. - More
- March 22, 2007 | Item | E-mail
Uranerz Welcomes New General Manager of Production - More
- March 22, 2007 | Item | E-mail
Tonogold Resources, Inc. Releases Drill Intercepts Indicating Thick, Oxidized, Anomalous Gold at Tonopah Divide - More
- March 22, 2007 | Item | E-mail
Silvermet Establishes Turkish Subsidiary for Its Waelz Kiln Zinc Project - More
- March 22, 2007 | Item | E-mail
Lincoln Gold Corp.: Project Updates - More
- March 22, 2007 | Item | E-mail
Tara Minerals Corp. Closes $2.5 Million Private Placement Financing - More
- March 22, 2007 | Item | E-mail
Hemisphere Gold Appoints New Investor Relations Firm - More
- March 22, 2007 | Item | E-mail
Keegan Completes Option Requirements on Asumura Gold Property - More
- March 22, 2007 | Item | E-mail
Matamec Approves the Transfer of its Uranium Assets to a Subsidiary and the Acquisition of the Uranium Nord Property from Virginia Mines - More
- March 22, 2007 | Item | E-mail
Tara Gold Resources Files 2005 10-KSB Annual Report - More
- March 22, 2007 | Item | E-mail
Latin American Minerals Announces Appointment of Raymond Mitchell as Chief Financial Officer - More
- March 22, 2007 | Item | E-mail
U.S. Silver Corporation Updates Mineral Potential of its Caladay Property - "U.S. Silver Corporation ("U.S. Silver") (CDNX:USA.V - News) is pleased to provide an update on its Caladay exploration project. Over the last several months, company personnel have been reviewing historic records on the Caladay property, which adjoins the producing Galena Mine to the east. The Caladay Shaft lies approximately 7,300 feet southeast of the Galena Mine No.3 Shaft and the two mines are interconnected on the 4900 foot level of the Galena." More
- March 22, 2007 | Item | E-mail
Queenston-Globex JV Return to Drilling on the Ironwood Gold Discovery - More
- March 22, 2007 | Item | E-mail
Howlett Research Corp. Publishes Research Report on Metanor Resources Inc. - More
- March 22, 2007 | Item | E-mail
Luiri Completes Drilling Programme at the Luiri Hills Project, Zambia - More
- March 22, 2007 | Item | E-mail
Continental Minerals Corporation: 2007 Drill Program to Start at the Newtongmen Discovery on March 31st - More
- March 22, 2007 | Item | E-mail
Temoris samples 1060 g/t Ag and 26.70% Zn on Mapimi Mexico - More
- March 22, 2007 | Item | E-mail
Paulsens Gold Mine Update - More
- March 22, 2007 | Item | E-mail
Goldbelt Increases Inata Gold Resource - More
- March 22, 2007 | Item | E-mail
Rusoro Mining Ltd.: Positive Metallurgical Results Received for SREP and Increible 6 Projects - More
- March 22, 2007 | Item | E-mail
Canadian Zinc Corporation: Underground Drilling Intercepts 56% Combined Lead and Zinc With 10 oz/ton Silver Over 3.2 Meters at Prairie Creek Mine - More
- March 22, 2007 | Item | E-mail
Consolidated Spire Ventures Ltd.: Preparation for Diamond Drill Program Continues on the Yago Property, Mexico - More
- March 22, 2007 | Item | E-mail
Garibaldi Teams Up With MacDonald Dettwiler and Hyvista to Conduct Hyperspectral Air Survey Over Mexican Concessions - More
- March 22, 2007 | Item | E-mail
Drill Results from the Liaoning Gold Project, Northeast China - More
- March 22, 2007 | Item | E-mail
Azco Mining Resumes Trading on Over-the-Counter Bulletin Board - More
- March 22, 2007 | Item | E-mail
Rockcliff Continues to Intersect High Grade Zinc-Silver Sulphides - More
- March 22, 2007 | Item | E-mail
Piedmont Mining Company Signs Drilling Agreement - More
- March 22, 2007 | Item | E-mail
Sarissa Resources, Inc. Announces Management Team - More
- March 22, 2007 | Item | E-mail
Exploration results from the Fox Property, British Columbia - More
- March 22, 2007 | Item | E-mail
Majescor Receives Additional Drill Data From Besakoa Madagascar: Intersects 12.5m of 0.6% Copper, 0.9 g/t Gold, 1.6% Zinc and 32.2 g/t Silver - More
- March 22, 2007 | Item | E-mail
Colombia Goldfields closes $9.0 million Private Placement - More
- March 22, 2007 | Item | E-mail
Results for 2006 - Delivering on promises - More
- March 22, 2007 | Item | E-mail
Stroud Resources Intersects High Grade 285(g/t) (8.31oz/ton) Gold Over 1.38 metres at Hislop Project - More
- March 22, 2007 | Item | E-mail
Alexis Deep Drilling Confirms Significant Depth Potential at Lac Herbin: 15.25 Grams Gold Per Tonne Over 7.2 M Intersected - More
- March 22, 2007 | Item | E-mail
Forum Uranium Provides Exploration Update - More
- March 22, 2007 | Item | E-mail
U3O8 Corp. Commences Aricheng Drill Program - More
- March 22, 2007 | Item | E-mail
Molycor Gold Corporation and Goldrea Resources Corp.: Review of Molybdenum Properties (Moly @ $30.25(US)/lb) - More
- March 22, 2007 | Item | E-mail
Rocher Deboule Minerals Corp.: Remote Sensing and Aeromagnetic Program Contracted for IOCG Targets - More
- March 22, 2007 | Item | E-mail
Asian Dragon Group Inc., Moves To Institutional Finance Focus With Appointment of New Key Director - More
- March 22, 2007 | Item | E-mail
Indocan Resources in Australian Talks - More
- March 22, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc.: Agreement with DelcoSur S.A. - More
- March 22, 2007 | Item | E-mail
Globex Completes Purchase of Wood Gold Property Drill Returns to Ironwood Gold Discovery - More
- March 22, 2007 | Item | E-mail
Great Basin Announces Discovery of More High Grade Gold and Silver Veins at Hollister Development Block - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) ("Great Basin Gold" or the "Company") announces further results from underground drilling at the Hollister Development Block ("HDB") Project on the Carlin Trend in Nevada, USA. Drilling has taken place at 100 ft (30 m) spacing to fill in gaps from surface drilling within the Clementine and Gwenivere vein systems." More
- March 22, 2007 | Item | E-mail
Friday March 23, 2007: Last day for shareholders of White Knight Resources, Nevada Pacific Gold & Tone Resources to tender common shares - "US GOLD CORPORATION (AMEX: UXG - TSX: UXG) wishes to notify all shareholders of White Knight Resources Ltd., Nevada Pacific Gold Ltd. and Tone Resources Limited, that the US GOLD OFFERS TO ACQUIRE THE OUTSTANDING COMMON SHARES OF WHITE KNIGHT RESOURCES, NEVADA PACIFIC GOLD AND TONE RESOURCES WILL EXPIRE TOMORROW, FRIDAY MARCH 23, 2007 AT 5:00 PM VANCOUVER (PACIFIC) TIME, unless withdrawn or extended." More
- March 22, 2007 | Item | E-mail
Queenstake and YGC Execute Definitive Combination Agreement - "Queenstake Resources Ltd. ("Queenstake") (TSX: QRL - News; Amex: QEE - News) and YGC Resources Ltd. ("YGC") (TSX: YGC - News) are pleased to announce that further to their joint news release dated February 5, 2007, the two companies have satisfactorily completed their mutual due diligence reviews, and have executed a comprehensive Combination Agreement to combine their businesses under the name "Yukon-Nevada Gold Corp." ("Yukon-Nevada")." More
- March 22, 2007 | Item | E-mail
Minco Silver Releases Excellent Assay Results From Phase III Drilling Program on Fuwan Silver Project - "Minco Silver Corporation (Toronto:MSV.TO - News) is pleased to report the assay results of the first 11 holes of the Phase III drilling program on its Fuwan Silver Project located in southwest China. The Phase III drilling program was highly successful and consisted of 30 holes, for a total of 7,009 metres, drilled on the western side of the deposit from section 35 from the West to section 12 to the East." More
- March 22, 2007 | Item | E-mail
Esperanza Announces Cerro Jumil Drill Results - "Esperanza Silver Corp. (CDNX:EPZ.V - News)(Other OTC:ESPZF.PK - News) is pleased to announce results from 16 new drill holes at its 100%-owned Cerro Jumil gold project in Morelos State, Mexico. Gold was found in all completed drill holes. Highlights include:" More
- March 22, 2007 | Item | E-mail
Great Basin Gold files to offer $90 mln in units - "Great Basin Gold Ltd. (GBG.TO: Quote, Profile , Research) (GBN.A: Quote, Profile , Research), a Canadian developer of precious metals deposits, filed with U.S. regulators on Thursday to sell up to $90 million in units." More
- March 22, 2007 | Item | E-mail
Reuters Summit-Newmont sees rising Yanacocha output - "Newmont Mining Corp.'s (NEM.N: Quote, Profile , Research) gold output at Yanacocha, South America's No. 1 gold mine, will gradually recover to 2 million ounces within five years, reversing the recent downward production trend, its regional vice-president for South America said on Wednesday." More
- March 22, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 22 March, 2007 | |
