-- Posted 23 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $656.20 | -$7.10 | +0.61% |
Silver | $13.13 | -$0.26 | +0.23% |
XAU | 137.78 | +0.08% | +3.35% |
HUI | 340.86 | +0.10% | +4.24% |
GDM | 1083.96 | -0.27% | +3.65% |
JSE Gold | 2874.41 | -0.08% | +1.37% |
USD | 83.30 | +0.22 | +0.11% |
Euro | 132.90 | -0.41 | -0.17% |
Yen | 84.76 | +0.13 | -1.07% |
Oil | $62.28 | +$0.59 | +9.05% |
10-Year | 4.613% | +0.024 | +1.50% |
Bond | 112.40625 | -0.375 | -0.42% |
Dow | 12481.01 | +0.16% | +3.06% |
Nasdaq | 2456.18 | +0.18% | +3.52% |
S&P | 1436.11 | +0.11% | +3.54% |
The Metals:
CoT Reports: Gold | Silver
Gold traded roughly $1-$3 lower in Asia and London before it rebounded and found slight gains in early New York trade, but it then fell over 1% between 10AM and 11AM EST, remained about 1% lower for the rest of trade, and ended with a loss of 1.07%. Silver followed a similar pattern and outpaced gold’s drop with a loss of 1.94%.
Euro gold fell back under €495, platinum lost $10 to $1,226, palladium remained unchanged at $352, and copper remained at about $3.06.
Gold and silver equities opened briefly higher before they steadily and slowly fell off and saw about 1% losses by early afternoon, but they then rallied higher into the close and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Existing Home Sales | Feb | 6.69M | 6.30M | 6.44M |
Existing Home Sales unexpectedly rose, but they rose in an environment of rising inventories and falling prices.
All of this week’s economic reports:
Next week’s economic highlights include New Home Sales on Monday, Consumer Confidence on Tuesday, Durable Goods Orders on Wednesday, Initial Jobless Claims, GDP, and the Help-Wanted Index on Thursday, and Personal Income and Spending, Chicago PMI, Construction Spending, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil closed over $62 for the first time this year on worries over news that Iran has captured 15 British Navy personnel. The event is hoped to be just a misunderstanding, but few wanted to be caught short heading into the weekend with the issue so far unresolved.
The U.S. dollar index rose and treasuries fell as Existing Home Sales came in better than expected and pushed the yield on the 10-year to close over 4.6% for the first time in nearly four weeks.
The Dow, Nasdaq, and S&P found slight gains as better than expected Existing Home Sales data encouraged investors about the housing sector and its potential impact on the economy as a whole. The S&P closed with its largest weekly gain in four years.
Among the big names making news in the market Friday were Vonage, GE and Sanyo, Citigroup and ABN AMRO, TD Banknorth, Blackstone, Freddie Mac, and GM.
The Commentary:
“April Gold finished down 6.9 at 657.3, 8 off the high and 1.8 up from the low.
May Silver closed down 0.253 at 13.227. This was 0.077 up from the low and 0.243 off the high.
All things considered the fundamental bulls in gold had to be pretty disappointed with the action in the gold market. In fact, with the US economic numbers hinting at a positive condition in the US housing sector, equity prices mostly supportive and oil prices keeping the hope of inflation alive, the gold bulls had to be thoroughly disappointed with the rather aggressive attempt to press prices downward. In fact, to add insult to injury, the bull camp couldn't even benefit from news that Iran might have captured 15 UK navel personnel in Iraqi waters! However, Iranian officials claimed the captures were made in Iranian waters. Certainly minor Dollar gains and a slightly overbought technical condition were aiding the bear camp and with the end of the week mentality.
With gold and silver starting out weak and then coming under additional liquidation pressure later in the session it was clear that the bearish bias was in place early and that the bias wasn't the least bit altered by the flow of fundamental news during the session. In fact, even the outside supportive markets of copper and platinum came under liquidation pressure and that would seem to confirm a broad based technical profit taking, as opposed to an internal negative for silver.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Cramer tries to wiggle out of confession to market manipulation
Dollar is now minority of Iran's oil receipts
Next week, an EFT for credit derivatives
Run for your lives! Fedsters laud credit derivatives
Let IMF know its new rules should come clean on gold
The Statistics:
As of close of business: 3/22/2007
Gold Warehouse Stocks: | 7,578,550 | +31,938 |
Silver Warehouse Stocks: | 121,239,010 | -121,092 |
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 | 479.31 | 15,410,289 | US$ 10,215m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 87.98 | 2,828,665 | US$ 1,860m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.30 | 362,862 | US$ 239m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,933 | US$ 236m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 2.47 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/22/2007 | |
Total Net Assets | $953,708,854 | Ounces of Gold
in Trust | 1,437,943.875 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.73 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 3/22/2007 | |
Total Net Assets | $1,724,407,452 | 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:
Eldorado’s (EGO) 2006 financial results, Canyon’s (CAU) new Stockholder Rights Plan and drill program, Claude’s (CGR) new board member, Aurizon’s (AZK) drill results, and Freeport’s (FCX) priced offering were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Cardero | CDY+4.44% $2.35 |
2. Almaden | AAU+3.48% $2.08 |
3. Solitario | XPL+2.56% $4.00 |
LOSERS
1. Great Basin | GBN -3.27% $2.07 |
2. Aurizon | AZK -2.99% $3.54 |
3. Claude | CGR -2.65% $1.47 |
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:
Cusac Gold Mines Ltd.: Taurus Project and Table Mountain Mine Update - More
- March 23, 2007 | Item | E-mail
Metanor Resources Inc. - Recall - Expiration delay on March 31, 2007 - Private placements closed on March and June 2005 - More
- March 23, 2007 | Item | E-mail
Tonogold Resources, Inc. Announces Change to Warrant Pricing - More
- March 23, 2007 | Item | E-mail
Azteca Gold Corp.: Announces Bunker Hill Mine Letter of Intent - More
- March 23, 2007 | Item | E-mail
Charles J. Hartley, P.Geo., Joins Inter-Citic as Senior Geologist - More
- March 23, 2007 | Item | E-mail
GoldQuest Signs Formal Agreement With Gold Fields and Outlines Joint Venture Exploration Plans - More
- March 23, 2007 | Item | E-mail
Canyon Resources Adopts New Stockholder Rights Plan to Replace Expiring Plan - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, today announced that its Board of Directors adopted a new Stockholder Rights Plan (the "rights plan") that became effective on March 23, 2007. Canyon Resources' former rights plan, adopted in 1997, expired on March 20, 2007. The rights plan is designed to protect all stockholders of the Company against potential acquirers who may pursue coercive or unfair tactics aimed at gaining control of the Company without paying all stockholders of the Company a full and fair price." More
- March 23, 2007 | Item | E-mail
Bob Kowalishin joins Claude's Board - "Josef Spross, Chairman of the Board of Claude Resources Inc., is pleased to announce that Bob Kowalishin has joined the Company's Board of Directors. Mr. Kowalishin recently retired after a 42 year career with the Trane Company, a division of American Standard. He has held senior management positions in Canada and the United States, most recently District Manager of Trane's Ontario operations based in Toronto." More
- March 23, 2007 | Item | E-mail
Copper Fox Metals establishes scholarship - More
- March 23, 2007 | Item | E-mail
Palladon Announces Shares for Debt Settlement - More
- March 23, 2007 | Item | E-mail
Brazauro Closes $8.3 Million Financing - More
- March 23, 2007 | Item | E-mail
DIAGNOS Acquires Three New Mining Properties in the Abitibi Region for Nickel and Gold - More
- March 23, 2007 | Item | E-mail
Premier Beattie's Support Positive for Paladin's Queensland Uranium Assets - More
- March 23, 2007 | Item | E-mail
Pele Mountain Shareholders Overwhelmingly Approve all Matters Presented at the Annual and Special Meeting of Shareholders - More
- March 23, 2007 | Item | E-mail
Arianne Resources Inc.: Uranium Exploration Projects - More
- March 23, 2007 | Item | E-mail
Cloudbreak Outlines Priority Targets, Announces 2007 Exploration Program in Turkey - More
- March 23, 2007 | Item | E-mail
Sarissa Resources, Inc. Announces Symbol Change to SRSR - More
- March 23, 2007 | Item | E-mail
Coronation Drills 46.94 Metres of 1.11 g/t Pt Pb Au - More
- March 23, 2007 | Item | E-mail
Trend Exploration, Inc. Expands Global Team - More
- March 23, 2007 | Item | E-mail
Beaufield Drills New Molybdenum Gold Target at Opinaca - More
- March 23, 2007 | Item | E-mail
Millstream Extends the Favourable Horizon of the Newly Discovered Zone - More
- March 23, 2007 | Item | E-mail
Searchlight Minerals Corp. - Closing of additional $6.67 million private placement - More
- March 23, 2007 | Item | E-mail
Anatolia Minerals Development Limited: Dr. Richard Lister Named to Anatolia Board - More
- March 23, 2007 | Item | E-mail
Rockcliff Acquires VMS Deposits From HudBay Minerals Inc - More
- March 23, 2007 | Item | E-mail
American Creek commences exploration on the Empire Project - More
- March 23, 2007 | Item | E-mail
Lateegra Gold Mobilizes Field Crews to Auripamba, Acquires "Efyza 2" Property in Ecuador - More
- March 23, 2007 | Item | E-mail
Forsys Completes Acquisition of Remaining 10% of Valencia Uranium Deposit - More
- March 23, 2007 | Item | E-mail
Canyon Begins Core Drilling and Provides Update on Its Reward Project in Nevada - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, is pleased to announce the start of a four-hole, 1,600-foot core drilling program at its Reward Gold Project in Nye County, Nevada. The drilling program, part of the ongoing feasibility study at Reward, will consist of four 2.5 inch-diameter holes which will provide structural and rock mechanic information and material for metallurgical testing." More
- March 23, 2007 | Item | E-mail
Aurizon Tests Low Grade High Tonnage Potential at Joanna - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce first drilling results at its Joanna gold property, located 20 kilometres east of Rouyn-Noranda, in north-western Quebec." More
- March 23, 2007 | Item | E-mail
Eldorado Gold Corporation: 2006 Financial Results - "The consolidated net profit for 2006 was $3.3 million or $0.01 for 2006 compared with a net loss of $49.1 million or ($0.17) per share for 2005; a net loss of $13.9 million or ($0.05) per share in 2004. Our gain in 2006 is a result from higher gold prices, increased gold production and lower average production costs." More
- March 23, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Prices Offerings of 41 Million Shares of Common Stock and 25 Million Shares of Mandatory Convertible Preferred Stock - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced that it has priced its public offering of 41 million shares of common stock at $61.25 per share. The underwriters have an option to purchase up to an additional 6.15 million common shares to cover overallotments, if any." More
- March 23, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 23 March, 2007 | |
