-- Posted 27 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $661.80 | -$1.20 |
Silver | $13.18 | -$0.13 |
XAU | 137.54 | -1.18% |
HUI | 340.50 | -1.57% |
GDM | 1075.68 | -1.44% |
JSE Gold | 2850.20 | +0.05% |
USD | 82.97 | -0.10 |
Euro | 133.48 | +0.15 |
Yen | 84.82 | +0.06 |
Oil | $62.93 | +$0.02 |
10-Year | 4.612% | +0.025 |
T-Bond | 111.75 | -0.28125 |
Dow | 12397.29 | -0.58% |
Nasdaq | 2437.43 | -0.74% |
S&P | 1428.61 | -0.62% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it turned marginally lower in late New York trade and ended near its low with a loss of 0.18%. Silver rose to over $13.35 by early trade in London, but it then fell about 10 cents heading into New York trade, dropped another 10 cents in late morning New York trade, and ended with a loss of 0.98%.
Euro gold fell under €497, platinum lost $3 to $1,231, palladium remained unchanged at $350, and copper fell roughly 7 cents to about $3.05.
Gold and silver equities fell about 1.5% in morning trade and remained near their lows into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Mar | 107.2 | 109.0 | 111.2 |
Also making economic news today was an S&P housing index that showed depreciating home prices in January and added to housing concerns raised by yesterday’s poor New Home Sales data. Tomorrow at 8:30AM EST brings Durable Goods Orders for February expected at 3.5% and at 10:30 is the start of Bernanke’s testimony before the congressional Joint Economic Committee on the economic outlook.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell a bit on profit taking for most of the day, but some late session buying left it with a small gain as traders prepared for tomorrow’s inventory reports which are expected to show a slight build in crude inventories and slight draws in gasoline and distillate inventories.
The U.S. dollar index fell as Consumer Confidence came in worse than expected and the euro found some strength on a stronger than expected German Ifo business climate indicator reading.
Treasuries found small losses despite the fact that Consumer Confidence came in worse than expected as elevated inflation expectations in the survey kept interest rates elevated.
The Dow, Nasdaq, and S&P fell on continued concerns over the housing sector and its impact on the economy as a whole.
Among the big names making news in the market today were Tribune, Vonage, Delta, Lennar, EDP and Horizon Wind, and Gildan.
The Commentary:
“The bottom line for gold:
*Demand is firm and rising.
*Mine supply is on the wane, despite a rising price, and will remain that way for a couple of more years, or more.
*The US housing market is noticeably deteriorating, putting the Fed in a serious bind regarding their interest rate policy.
*In reaction to a potential housing nightmare, the Fed has caved in on their fight against inflation. They will let inflation go in order to protect the US real estate market...” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“April Gold finished down 1.4 at 662.5, 3.3 off the high and 0.7 up from the low.
May Silver closed down 0.13 at 13.28. This was 0.04 up from the low and 0.14 off the high.
Concerns over economic growth have been raised once again with a weaker than expected drop in March consumer confidence today coming on the back of a weak February new home sales on Monday, and this uncertainly has some traders taking profits in the gold market. If the market begins to expect more significant slowing in the US economy that outlook certainly will not be supportive to gold. Heightened political tensions with Iran are helping to limit gold losses, but outside markets are having mostly a negative influence. The Dollar remains surprisingly steady despite the weak consumer confidence data today which is also undermining gold. The Dollar maybe garnering some support from a rise in consumer 1-year expectations for inflation, the highest since October, on ideas the Fed will keep interest rate steady. A softer stock market and lower energy prices for most of the session also weighed on gold.
With the market running into resistance around $13.50, the weaker than expected consumer confidence data for March offered a good excuse for some traders to book profits. The weakness in consumer confidence raises concerns for economic growth ahead and another report showing a year over year drop in the Jan housing price index, the first decline since Jan 1994 certainly sours the demand outlook for industrial metals. Copper prices fell hard on Tuesday with selling spilling over into the silver market as recent data raises doubts the US housing sector is on the mend and if the US housing sector remains weak the industrial sector will also remain soft.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
John Embry: Time for gold 'to go ballistic' approaches
Rush into commodities worries British financial regulator
James Turk urges New Hampshire to remonetize gold and silver
The Statistics:
As of close of business: 3/26/2007
Gold Warehouse Stocks: | 7,577,548 | -805 |
Silver Warehouse Stocks: | 122,849,857 | - 248,601 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 479.31 | 15,410,289 | US$ 10,214m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.85 | 2,856,537 | US$ 1,894m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,946 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,917 | US$ 236m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/26/2007 | |
Total Net Assets | $953,667,365 | 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 3/26/2007 | |
Total Net Assets | $1,722,682,786 | Ounces of Silver
in Trust | 129,961,277.700 |
Shares Outstanding | 13,050,000 | Tonnes of Silver
in Trust | 4,042.25 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Metallica’s (MRB) 2006 results, Fronteer’s (FRG) 2006 results and corporate appointments, Cardero’s (CDY) optioned property, Golden Star’s (GSS) accelerated option exercise, Solitario’s (XPL) drill results, Pacific Rim’s (PMU) surface trenching, Great Basin’s (GBN) appointed general manager, Eldorado’s (EGO) drill results, Abcourt’s (ABI.V) director appointment, First Majestic’s (FR.V) completed purchase, Silvercorp’s (SVM.TO) exploration results, and Orko’s (OK.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Orezone | OZN +8.33% $1.95 |
2. International Royalty | ROY +7.59% $5.81 |
3. Claude Resources | CGR +1.31% $1.47 |
LOSERS
1. Minco Gold | MGH -5.13% $1.48 |
2. Golden Star | GSS -5.04% $4.33 |
3. Agnico Eagle | AEM -3.59% $36.48 |
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:
Final Bridge Repairs at El Teniente Underway - More
- March 27, 2007 | Item | E-mail
Aurora Reports 2006 Annual Results and New Corporate Appointment - More
- March 27, 2007 | Item | E-mail
Fronteer Reports Fiscal 2006 Results - "The Company's net income for the year ended December 31, 2006, was $15,011,639 or basic earnings per share of $0.27 compared to a net loss of $5,304,538 or loss per share of $0.12 for the year ended December 31, 2005. Contributing to the year over year differences were the recognition of dilution gains on the Company's investment in Aurora offset by the Company's share of Aurora's operating loss, an increase in stock-based compensation expense, wages and benefits costs, accounting and audit, legal, property investigation costs and interest income offset by decreases in investor relations, promotion and advertising costs and write-downs to exploration properties." More
- March 27, 2007 | Item | E-mail
Fronteer Announces New Corporate Appointments - "Fronteer Development Group (Fronteer) (Toronto:FRG.TO - News)(AMEX:FRG - News) ("Fronteer" or "Company") is pleased to announce that Mr. Chris Lee (P.Geo.) has joined the Company as Chief Geoscientist. This new appointment fills a crucial role in Fronteer as its key projects advance towards feasibility, and as the Company continues to seek growth through ongoing discoveries, and acquisitions." More
- March 27, 2007 | Item | E-mail
Shoreham Options Ontario Uranium Property from Rampart Ventures Ltd. - More
- March 27, 2007 | Item | E-mail
Lounor hits Ni and CU - More
- March 27, 2007 | Item | E-mail
ESO Uranium - Media Advisory - Webcast available - More
- March 27, 2007 | Item | E-mail
Carpathian Gold Inc. Announces Closing of $12 Million Financing - More
- March 27, 2007 | Item | E-mail
Cardero Options Los Manantiales Gold Property to Hochschild Mining Holdings Limited - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that it has entered into a letter of intent with Hochschild Mining Holdings Limited ("HMHL"), a subsidiary of Hochschild Mining plc (LSE:HOC.L - News), pursuant to which it has granted HMHL the option to earn up to a 70% interest in the Los Manantiales Gold property, located in Chubut Province, Argentina." More
- March 27, 2007 | Item | E-mail
Moody's ups Freeport-McMoran rating on debt effort - "Moody's Investors Service on Tuesday raised its ratings for Freeport-McMoran Copper & Gold Inc. (FCX.N: Quote, Profile , Research), citing the copper producer's efforts to reduce its debt following its acquisition of Phelps Dodge Corp." More
- March 27, 2007 | Item | E-mail
Gold miner Newmont's stock slips after downgrade - "Shares in Newmont Mining Corp. (NEM.N: Quote, Profile, Research), the world's second-largest gold producer, slipped on Tuesday, after an investment bank lowered its investment rating, citing "lackluster performance" and lack of production growth." More
- March 27, 2007 | Item | E-mail
Drilling Commences at the Sascha Gold-Silver Project - More
- March 27, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or "the Company") - Preliminary Results for the Year Ended 31 December 2006 - More
- March 27, 2007 | Item | E-mail
Geoinformatics Completes Drill Program on Thunder Project in Ontario - More
- March 27, 2007 | Item | E-mail
Abcourt Mines Inc.: Appointment of Mr. Marc Fillion, Ph. D., M.B.A., Eng., as a Director - "Mr. Fillion received a B.A. from the Seminaire de Ste-Therese, Qc, a B. Sc. in geology from Ecole Polytechnique at the University of Montreal, a Ph. D. in economic geology and geostatistics from the Royal School of Mines, Imperial College, London, England and a M.B.A. from Ecole des Hautes Etudes Commerciales, Montreal, Qc." More
- March 27, 2007 | Item | E-mail
First Majestic Silver Corp.: Purchase of La Encantada Completes - "FIRST MAJESTIC SILVER CORP. (CDNX:FR.V - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News) (the "Company") is pleased to announce that further to its news release dated December 21, 2006 the Company has now completed the purchase of 100% of the issued and outstanding shares of Minera La Encantada S.A. de C. V. ("La Encantada"), a Mexican mining company previously owned by Minas Penoles SA de CV and Industrias Penoles SA de CV (collectively "Penoles")." More
- March 27, 2007 | Item | E-mail
Gemini Explorations, Inc. Announces Phase One Work and Sampling Program of La Planada Gold Project - More
- March 27, 2007 | Item | E-mail
Copper Fox Releases its "Field Geological Report" For the 2006 Season - More
- March 27, 2007 | Item | E-mail
Golden Star Accelerates Exercise of Paul Isnard Option - "Golden Star Resources Ltd. (AMEX: GSS - News; TSX: GSC - News) today announced it has entered into a Memorandum of Understanding ("MOU") with EURO Ressources S.A. ("EURO"), the main purpose of which is to restructure the 2004 Paul Isnard Option Agreement and provide the framework for the repayment of the approximate $3.5 million of debt and accrued interest owed to Golden Star. Additionally, Golden Star has granted EURO an option to purchase the "Additional Payment Rights" attached to the Rosebel Participation Right which was sold to EURO in 2004." More
- March 27, 2007 | Item | E-mail
UraniumCore Details Exploration Program - More
- March 27, 2007 | Item | E-mail
Fortune Minerals announces second round of underground test mining underway at Nico project - More
- March 27, 2007 | Item | E-mail
Tournigan Appoints Board Member - More
- March 27, 2007 | Item | E-mail
Sheffield Releases Moonlight NI 43-101 Compliant Copper Resources - More
- March 27, 2007 | Item | E-mail
President of Wesdome announces retirement - More
- March 27, 2007 | Item | E-mail
Golden Odyssey Announces 2007 Exploration Plans - More
- March 27, 2007 | Item | E-mail
Vena Resources Increases Previously-Announced Financing to $18 MM - More
- March 27, 2007 | Item | E-mail
Silvermet Prepares Major Drill Program for Nickel-Copper-Platinum Group Metals, Muskox, Nunavut - More
- March 27, 2007 | Item | E-mail
Golden Odyssey Mining Closes Nonbrokered Private Placement for $311,990 - More
- March 27, 2007 | Item | E-mail
Virgin Metals Announces Bought Deal $6 Million Private Placement - More
- March 27, 2007 | Item | E-mail
Freewest Reports Additional Drill Results From the East Zone at Clarence Stream, New Brunswick - More
- March 27, 2007 | Item | E-mail
Crew Gold Corporation Announces Year Ended December 31, 2006 Results Conference Call - More
- March 27, 2007 | Item | E-mail
Pro-Or Resumes Drilling at its Menarik Property in James-Bay, Quebec - More
- March 27, 2007 | Item | E-mail
Inter-Citic Identifies 25 New Gold Anomalies From Soil Geochemistry Near Dachang Main Zone - More
- March 27, 2007 | Item | E-mail
Trend Exploration Signs Mexican Drilling Contract - More
- March 27, 2007 | Item | E-mail
Radius Begins Underground Exploration at Tambor - More
- March 27, 2007 | Item | E-mail
Romios Announces 200,000 Ounces of Gold, 6.7 Million Pounds of Copper and 291,000 Ounces of Silver as an Inferred Resource - More
- March 27, 2007 | Item | E-mail
Western Goldfields Board of Directors Approves Plan to Change Corporate Structure - More
- March 27, 2007 | Item | E-mail
Romarco Divests of Cori Puncho Interest; Romarco Drilling Update - More
- March 27, 2007 | Item | E-mail
Rothschild - Franklin Form Alliance - More
- March 27, 2007 | Item | E-mail
Aurelian Intersects 250 Metres Grading 35.18 g/t Gold and 264 Metres Grading 5.40 g/t Gold in Infill Drilling at FDN - More
- March 27, 2007 | Item | E-mail
Dutch Gold Resources Announces Plan to Become Fully Reporting With the SEC - More
- March 27, 2007 | Item | E-mail
Wits Basin Enters into a Letter of Intent to Acquire Second PRC Mining Property - More
- March 27, 2007 | Item | E-mail
CORRECTING and REPLACING U.S. Precious Metals Opens Exploration and Mining Office with Core Lab in Morelia, Mexico - More
- March 27, 2007 | Item | E-mail
Dia Bras Drills 43 Metres of 2.2% Cu and 13.1% Zn at Bolivar Mine - More
- March 27, 2007 | Item | E-mail
Georgia Ventures to Acquire the Creston Molybdenum Deposit, Mexico - More
- March 27, 2007 | Item | E-mail
CanAm Uranium JV to Start Drilling Bancroft Uranium Project - More
- March 27, 2007 | Item | E-mail
Uranium Star Announces Arrival of Diamond Drill to Augment Ongoing Major Exploration Program at Its Sagar Property in Northern Quebec - More
- March 27, 2007 | Item | E-mail
Azimut and Majescor sign a Letter of Intent for the West Minto Uranium Property, Northern Quebec - More
- March 27, 2007 | Item | E-mail
Trigon opens Colorado Office to Manage U.S. Operations - More
- March 27, 2007 | Item | E-mail
Solitario Resources Reports High-Grade Drilling Results on Its Bongara Zinc Project, Peru - "Solitario Resources Corporation (TSX: SLR - News; AMEX: XPL - News) announced outstanding drill intercepts of high-grade zinc mineralization on its Bongara zinc project in northern Peru. The 26-hole, 4,354 meter program, completed in late 2006, was managed and funded by Solitario's joint venture partner Votorantim Metais. In addition, Solitario and Votorantim also signed a formal Framework Agreement that replaces the previously announced Letter Agreement and provides definitive terms for the relationship between the parties to the venture." More
- March 27, 2007 | Item | E-mail
Pacific Rim Mining's Zamora Project Yields High Grade Gold in Surface Trenching - "Surface mapping and sampling at Pacific Rim Mining Corp.'s ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) Zamora gold project in El Salvador has greatly expanded the size of the epithermal vein system on this project and identified bonanza gold grades of up to 31.9 g/t gold over 2.1 meters." More
- March 27, 2007 | Item | E-mail
Silvercorp Discovers Five New Veins at the Ying Silver Project, Henan, China - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News) is pleased to provide exploration results at the SGX area of the Ying Silver Project from August 15th 2006 to January 15th 2007, excluding the S21 Vein released recently (January 22, 2007). The program is an ongoing effort to convert inferred resources to indicated and measured resources, to expand inferred resources at depth and along strike, and to intersect and define additional mineralized veins in the area. A total of 4,783 metres ("m") of exploration tunnels and a total of 45 drill holes totaling 9,270m (8 surface and 37 underground drill holes) have been completed." More
- March 27, 2007 | Item | E-mail
Orko Silver Announces Two Major Developments at La Preciosa - "Orko Silver Corp. (TSX VENTURE:OK - News) is pleased to announce that it has received further assay results from the current diamond drilling program in the "Mina La Preciosa" and "La Preciosa Norte" sectors on La Preciosa Project in Durango, Mexico." More
- March 27, 2007 | Item | E-mail
American Stock Exchange to Host Leading Metals Companies at Its Fourth Annual Precious & Base Metals Investor Conference - "The American Stock Exchange today announced that it will host its Fourth Annual Precious and Base Metals Investor Conference on Wednesday and Thursday, April 11-12, 2007 at the New York Marriott Financial Center. The conference will feature presentations from the industry's most promising precious and base metals companies and provide key industry insight to an audience of institutional investors and analysts." More
- March 27, 2007 | Item | E-mail
Great Basin Appoints General Manager for the Hollister Project in Nevada - "In his new role with Great Basin, John will oversee the advancement of the HDB, a portion of the Hollister property located on the Carlin Trend in Nevada, USA, and manage the project's delivery as it moves forward with surface and underground development. He will also oversee the completion of the feasibility study, which is due by the end of June 2007." More
- March 27, 2007 | Item | E-mail
Eldorado Gold Corporation: Efemcukuru Drilling Continues to Deliver Excellent Results, Including 5.6 Meters @ 218.6 g/t Gold - "Norman S. Pitcher, Chief Operating Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News), is pleased to announce that this year's drilling at the Efemcukuru Project in Western Turkey continues to return excellent results. The initially planned infill and exploration drill program has now been expanded to 21,000 meters (of which over 14,000 meters have been drilled)." More
- March 27, 2007 | Item | E-mail
Metallica Resources Announces 2006 Financial Results and Recent Corporate Milestones - "The Company reported a net loss of $3.13 million ($0.04 per share) for the year ended December 31, 2006 as compared to net income of $7.96 million ($0.10 per share) for the year ended December 31, 2005." More
- March 27, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 27 March, 2007 | |
