-- Posted 28 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $666.20 | +$4.40 |
Silver | $13.36 | +$0.18 |
XAU | 137.22 | -0.23% |
HUI | 340.29 | -0.06% |
GDM | 1078.89 | +0.60% |
JSE Gold | 2898.65 | +1.70% |
USD | 83.07 | +0.10 |
Euro | 133.27 | -0.21 |
Yen | 85.60 | +0.78 |
Oil | $64.08 | +$1.15 |
10-Year | 4.620% | +0.008 |
T-Bond | 111.59375 | -0.15625 |
Dow | 12300.36 | -0.78% |
Nasdaq | 2417.10 | -0.83% |
S&P | 1417.23 | -0.87% |
The Metals:
Gold rose over $5 to about $668 in after hours access trade yesterday before it fell back off to about $664 in Asia, traded near $665 in London, and rose to over $668 in early New York trade, but it then fell for the rest of the morning to as low as $663 ahead of a rally back higher into the close that left it with a gain of 0.66%. Silver rose over 15 cents to $13.35 in after hours access trade yesterday before it fell back to about $13.25 in Asia and then rose in London and early New York trade to nearly $13.45, but it also fell off for the rest of morning New York trade and dropped to as low as $13.26 ahead of a rally into the close that left it with a gain of 1.37%.
Euro gold rose to about €500, platinum gained $8 to $1,239, palladium gained $2 to $352, and copper rose a couple of cents to about $3.07.
Gold and silver equities traded on either side of unchanged throughout trade and ended mixed.
Be sure to check out D. Stewart Armstrong’s report on Geocom Resources posted on GoldSeek.com today. I would also highly suggest that you email him at consulting@seacoastpub.com and ask for a free CD that includes an in-depth company presentation.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Feb | 2.5% | 3.5% | -9.3% |
Bernanke spoke before congress about moderating economic growth and noted that inflation was uncomfortably high and that it was the greater risk at this time, discounting the belief that the fed had gone to a more neutral stance as many interpreted from their last FOMC policy announcement.
Tomorrow at 8:30AM EST brings fourth quarter GDP expected at 2.2%, the Chain Deflator expected at 1.7%, and Initial Jobless Claims for 3/24 expected at 320,000. At 10AM is the Help-Wanted Index for February expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil briefly spiked over 8% higher above $68 in late electronic trade yesterday on rumors of a U.S. military confrontation with Iran and then fell back off as those rumors were discounted, but it still ended nearly 2% higher as geopolitical worries remain at least somewhat elevated. Inventories came in about as expected and had little impact due to worries over Iran. Crude inventories fell 900,000 barrels, gasoline inventories fell 300,000 barrels, and distillates fell 700,000 barrels.
The U.S. dollar index fell and treasuries rose after Durable Goods came in worse than expected, but those moves reversed and the dollar ended slightly higher while bonds fell a bit after Bernanke spoke about increased inflationary worries and pushed interest rates higher.
The Dow, Nasdaq, and S&P fell on increased geopolitical tensions and higher oil, weaker than expected Durable Goods data, and inflationary worries raised by Bernanke.
Among the big names making news in the market today were New Century and Freddie Mac, American Air and Boeing, Circuit City, and Beazer.
The Commentary:
“April Gold finished up 4.3 at 666.8, 2.7 off the high and 3.3 up from the low.
May Silver closed up 0.175 at 13.455. This was 0.105 up from the low and 0.085 off the high.
Initially the gold market seemed to benefit from all the geopolitical uncertainty and perhaps even managed to benefit from the slight deterioration in the macroeconomic outlook. However, after the initial Bernanke testimony reaction, the gold market seemed to reconnect with the equity market and consequently gold prices fell back off their initial highs. In other words, the gold market showed signs of buckling under the weight of economic slowing fears. However, with oil prices expected to remain hypersensitive to Mideast developments, it is possible that some flight to quality buying interest will stick with the gold trade.
While the silver market managed to correlate positively with the gold and oil markets early in the session Wednesday, it remains to be seen if silver will see enough flight to quality buying to offset the potential selling that might arise in the event economic sentiment is ruptured. In other words, the silver market recently has been undermined by threats of severe economic slowing and the question becomes which focus will be able to dominate the silver trade in the coming sessions? Right now the focus appears to be on the geopolitical arena.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Murphy's 'Midas' commentary from LeMetropole Cafe posted at GoldSeek
European central bank sales rise sharply but fail to keep gold down
Spend those Treasury bonds, Asian Development Bank urges
Dow Jones notes IMF plan to clarify gold loans and swaps
Ted Butler: The long term
The Statistics:
As of close of business: 3/27/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 121,595,889 | -1,253,968 |
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$ 10,229m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.85 | 2,856,505 | US$ 1,904m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,942 | US$ 245m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.10 | 356,913 | US$ 236m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/27/2007 | |
Total Net Assets | $951,787,586 | 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 3/27/2007 | |
Total Net Assets | $1,733,056,090 | 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:
Crystallex’s (KRY) market activity comments, Gold Reserve’s (GRZ) environmental approval and construction permit, Freeport’s (FCX) completed financings, NovaGold’s (NG) expanded resource estimate, Golden Star’s (GSS) gold production, Aurizon’s (AZK) updated resource estimate, Aquiline’s (AQI.TO) drill results, Metallica’s (MRB) drill results, Aurelian’s (ARU.TO) legal action, Anotolia’s (ANO.TO) drill results, Southern Silver’s (SSV.V) new director, and Apogee’s (APE.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ+49.77% $6.59 |
2. Crystallex | KRY +28.85% $3.93 |
3. Cardero | CDY +8.91% $2.81 |
LOSERS
1. Great Basin | GBN -3.41% $1.98 |
2. Banro | BAA -3.16% $11.03 |
3. Tanzanian Royalty | TRE -3.12% $5.28 |
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:
Stuart Ross resigns as Chief Financial Officer, Secretary and Director - More
- March 28, 2007 | Item | E-mail
Sargold Pours First Gold at Furtei-Developing Longer Term Production Plan - More
- March 28, 2007 | Item | E-mail
Rockcliff Announces Grant of Stock Options - More
- March 28, 2007 | Item | E-mail
Crystallex Comments on Recent Market Activity - "The awarding of the Brisas environmental permit is a clear signal that Venezuela is fulfilling its promise to advance mining projects. Crystallex is in the final stages of environmental permitting for the Las Cristinas project and looks forward to the timely conclusion of the permitting process at MARN." More
- March 28, 2007 | Item | E-mail
Gammon Lake to Release 2006 Annual Financial Results April 2, 2007 - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company's 2006 annual financial results will be released on Monday, April 2, 2007. A conference call will be held on Tuesday, April 3, 2007 at 11:00am Atlantic Time (10:00am Eastern Time) to discuss the results." More
- March 28, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Completes Private Placement - More
- March 28, 2007 | Item | E-mail
Pershimco Initiates Work at New Gold-Copper Project In Mexico, Adds 7 New Properties to Original Camila-Melina Concessions - More
- March 28, 2007 | Item | E-mail
Alexco Announces Addition to the Board of Directors - More
- March 28, 2007 | Item | E-mail
Goldeye Private Placement - More
- March 28, 2007 | Item | E-mail
Sienna Obtains Drill Permit for Pachin Alto Exploration Program - More
- March 28, 2007 | Item | E-mail
Great West Gold, Inc. -- Stock Dividend Distribution - More
- March 28, 2007 | Item | E-mail
Solitaire Minerals Retain Condor Consulting Ltd. For Interpretation of Mystery Island VTEM Geophysical Survey - More
- March 28, 2007 | Item | E-mail
Adanac Molybdenum Corporation: 2007 Resource Estimate for the B&C Springs Property in Nevada Indicates 100.9 Million lbs of Molybdenum - More
- March 28, 2007 | Item | E-mail
Champion Bear commences 2007 work program - Diamond drilling starts at Sudbury area properties - More
- March 28, 2007 | Item | E-mail
Goldquest Appoints New Director and Officer - More
- March 28, 2007 | Item | E-mail
Azteca Gold Corp.: Diamond Drilling to Begin at Guerra al Tirano Project - More
- March 28, 2007 | Item | E-mail
Intrepid Mines Commences Extension Drilling at Casposo Project, Argentina - More
- March 28, 2007 | Item | E-mail
Temex to refile financial statements - More
- March 28, 2007 | Item | E-mail
Plexmar Resources Inc.: Update on Bolsa Del Diablo - More
- March 28, 2007 | Item | E-mail
Dynamite Appoints Major-General (Ret.) Lewis Mackenzie to Board of Directors - More
- March 28, 2007 | Item | E-mail
Robex - Wili-Wili Project geophysics completed, drilling to start - More
- March 28, 2007 | Item | E-mail
Southern Silver Appoints New Director - "Ms. Rahemtulla is currently the Chief Operating Officer of Weiler Smith Bowers Consulting Structural Engineers. Previously, she was Vice-President and Chief Operating Officer of The McLean Group; acted as Investment Advisor for RBC Financial Group and served as Manager, International Services for RBC Global Private Banking. Nazlin has held an Investment Advisor License and earned a Fellowship from the Institute of Canadian Bankers through Simon Fraser University. She has a Diploma in Business Administration from St. Godricks College in London, England." More
- March 28, 2007 | Item | E-mail
Brisas Receives Environmental Approval and Construction Permit - "Gold Reserve Inc. (TSX:GRZ - News; AMEX:GRZ - News) is extremely pleased to announce that the Venezuelan Ministry of Environment (MinAmb) has approved the Brisas Environmental and Social Impact Assessment (ESIA) for the exploitation and processing of gold and copper mineralization. As a result, the MinAmb has issued the permit or authorization for affecting natural resources for the commencement of the construction phase of the Brisas Project." More
- March 28, 2007 | Item | E-mail
Drilling at San Miguel Continues to Yield High Grade Silver Intercepts - More
- March 28, 2007 | Item | E-mail
Tagish - Initial Results from the Sampling of the Rainbow Two Drift - More
- March 28, 2007 | Item | E-mail
SearchGold Develops the Moyabi Gold Anomaly on Magnima in Gabon - More
- March 28, 2007 | Item | E-mail
African Gold Group, Inc.: KB07-19 Intersects 42 Meters of 1.45 g/t Au, Including 28 Meters Of 2.01 g/t Au at Kobada, Mali - More
- March 28, 2007 | Item | E-mail
Norsemont Reports 133% Increase in Inferred Copper Resource at Constancia Deposit in Peru - More
- March 28, 2007 | Item | E-mail
Geodex Releases Independent Inferred Resource Estimate on the Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick, Canada - More
- March 28, 2007 | Item | E-mail
General Metals Update: Phase 1 Finance Discussions Underway and Phase 2 Deep Drilling Expansion Program on Course - More
- March 28, 2007 | Item | E-mail
Amerix Reports on Nova Brasilia Gold Project, VPR Property, Brazil - More
- March 28, 2007 | Item | E-mail
Sarissa Resources, Inc. CEO Discusses Company's Future in Wall Street Reporter Online Interview - More
- March 28, 2007 | Item | E-mail
Dynacor: 10,650 metres of drilling in 2007 at the Pasto Bueno mine - More
- March 28, 2007 | Item | E-mail
Paramount Gold Drills 569 g/t Silver Across 3.0 meters and 184 g/t Silver Across 61.90 meters, Ending in Mineralization of 438 g/t Silver - More
- March 28, 2007 | Item | E-mail
Hemisphere Gold Appoints Luc Antoine de Rooy as Vice President of Operations - More
- March 28, 2007 | Item | E-mail
Cambridge Mineral Resources plc: High Grade Gold intersected at Quintana Gold Mine, Colombia - More
- March 28, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Completes $5.76 Billion of Equity Financings, Including Exercise of Overallotment Options - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced that it has completed $5.76 billion in equity financings, through the sale of 47.15 million shares of common stock at $61.25 per share and 28.75 million shares of 6 3/4% mandatory convertible preferred stock with a liquidation preference of $100 per share. The amounts sold include 6.15 million common shares and 3.75 million preferred shares issued pursuant to the underwriters' exercise of the overallotment options." More
- March 28, 2007 | Item | E-mail
Santoy Reports Drilling Underway at Fish Hawk Lake, CMB Labrador - More
- March 28, 2007 | Item | E-mail
BacTech Commences Drilling on Quinto Uranium Project - More
- March 28, 2007 | Item | E-mail
Uravan to Conduct Multi-Phase Geophysical Surveys on Garry Lake Uranium Property Followed by Diamond Drilling - More
- March 28, 2007 | Item | E-mail
Pacific Bay Takes Control of Papaskwasati Formation, Otish Mountains, Quebec - More
- March 28, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Exploration Activities Update - More
- March 28, 2007 | Item | E-mail
Khan Resources to Appear on Business Television - More
- March 28, 2007 | Item | E-mail
NovaGold Expands Galore Creek Resource Estimate - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) has significantly increased the Measured, Indicated and Inferred Resource estimates at its Galore Creek copper-gold project in northwestern British Columbia based on drilling completed in 2006. Proven and Probable Reserves for the project were estimated in the October 2006 Galore Creek Feasibility Study, and have not been updated with this estimate." More
- March 28, 2007 | Item | E-mail
Golden Star Reports First Gold Production From Bogoso Sulfide (BIOX(R)) Processing Plant - "Golden Star Resources Ltd. (AMEX:GSS - News; TSX:GSC - News) today announced that earlier this week it poured the first gold production from the Bogoso Sulfide Processing Plant, using the BIOX® process at its Bogoso/Prestea in Ghana. Results from this first gold pour included 228 ounces of gold attributable to the BIOX® process." More
- March 28, 2007 | Item | E-mail
Aurizon Reports Mineral Resources of Over One Million Ounces of Gold at Joanna and Confirms Mineral Reserves at Casa Berardi - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce an updated mineral reserve and resource estimate for its Casa Berardi gold mine and a mineral resource estimate for its Joanna project. Both projects are located in north-western Quebec, Canada." More
- March 28, 2007 | Item | E-mail
Apogee Intersects Significant Potential Open Pit Mineralization at Pulacayo Mine - "Apogee Minerals Ltd. (TSX VENTURE:APE - News) has intercepted wide zones of significant silver-lead-zinc mineralization in recent drillholes to evaluate the near-surface, Upper Tajo Vein System (UTVS) at the historic Pulacayo Silver project. The drillholes are located approximately 4 km from the company's Paca Open Pit Resource (see Press Release dated February 19, 2007)." More
- March 28, 2007 | Item | E-mail
Aquiline Announces Castro Sur \ Cancela Drilling Results Including 5m @12.7 g/t Au - "Aquiline (TSX:AQI - News) is pleased to announce results from its ongoing Phase II drilling campaign that commenced in December, 2006 at its wholly owned Calcatreu Gold Project in Rio Negro province, Argentina. Drilling to date has focused on the Castro Sur, Cancela, and Mariano targets which are all located approximately 2 - 5 km northeast of its Vein 49 gold deposit." More
- March 28, 2007 | Item | E-mail
Metallica Reports High Grade Copper-Gold Mineralization in the La Fortuna Deposit and Renewed Exploration at the El Morro Project, Chile - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to report the results of a 6,208 meter core drilling program completed by joint venture partner, Xstrata Copper, at Metallica's 30%-owned El Morro copper-gold project in Chile. Results of this program underscore the robust character of the La Fortuna copper-gold deposit and provide additional evidence that the resource remains open at depth." More
- March 28, 2007 | Item | E-mail
Aurelian Resources Advised of Legal Action Considers Warrant Action to be Without Merit - "Aurelian Resources Inc. ("Aurelian") (Toronto:ARU.TO - News) announces that Van Eck Associates Corporation and Van Eck Funds International Investors Gold Fund (collectively, the "Plaintiffs") have caused a Statement of Claim (the "Claim") to be issued in the Ontario Superior Court of Justice naming Aurelian as defendant." More
- March 28, 2007 | Item | E-mail
Anatolia's Copler Drill Results; Program Expands - "This is our first drill program that specifically targets the sulfides. The results are very encouraging, both for sulfides and oxides. Drilling continues and our geologists are now planning an extensive program for the balance of 2007." Mr. Moores added, "Metallurgical testing of the sulfides is nearing completion. We plan to use these results to produce a sulfide preliminary assessment, which will be completed in conjunction with the completion of the sulfide drilling program." More
- March 28, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 28 March, 2007 | |
