-- Posted 29 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $661.00 | -$5.30 |
Silver | $13.25 | -$0.06 |
XAU | 137.03 | -0.23% |
HUI | 338.50 | -0.53% |
GDM | 1073.29 | -0.52% |
JSE Gold | 2856.92 | -1.44% |
USD | 83.09 | +0.02 |
Euro | 133.35 | +0.08 |
Yen | 84.78 | -0.82 |
Oil | $66.03 | +$1.95 |
10-Year | 4.632% | +0.012 |
T-Bond | 111.5625 | -0.03125 |
Dow | 12348.75 | +0.39% |
Nasdaq | 2417.88 | +0.03% |
S&P | 1422.53 | +0.37% |
The Metals:
Gold traded mostly slightly lower in Asia and London before it fell throughout most of morning trade in New York to as low as $654.40 at one point, but it then rallied back higher into the close and ended with a loss of just 0.80%. Silver dropped to as low as $13.09 before it also rebounded into the close and ended with a loss of just 0.45%.
Euro gold fell back to €495, platinum lost $7 to $1,232, palladium lost $2 to $350, and copper rose a couple of cents to about $3.09.
Gold and silver equities found small gains in the first hour of trade, but they then steadily and slowly fell off into the close and ended with about 0.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/24 | 308K | 320K | 318K |
GDP-Final | Q4 | 2.5% | 2.2% | 2.2% |
Chain Deflator | Q4 | 1.7% | 1.7% | 1.7% |
Help-Wanted Index | Feb | 31 | 31 | 32 |
Tomorrow at 8:30AM EST brings Personal Income and Spending for February both expected at 0.3%, at 9:45 is Chicago PMI for March expected at 49.5, and at 10AM are Construction Spending for February expected at -0.6% and Michigan Sentiment for March expected at 88.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over $66 to a 6 month high as Iran did not release a female British sailor as they previously said they would and traders became increasingly worried over a possible increase in the conflict that would likely also result in a halt to supply coming out of Iran.
The U.S. dollar index traded mostly slightly higher on better than expected GDP growth.
Treasuries fell as GDP came in better than expected and a 5-year note auction drew poor demand.
The Dow, Nasdaq, and S&P opened higher on better than expected GDP before they fell and found moderate losses by mid-afternoon as oil rose, but they then rallied back higher into the close and ended with modest gains.
Among the big names making news in the market today were AT&T, Verizon, Qwest, CarMax, Family Dollar, Delta, U.S. Steel and Lone Star, and Home Depot and Wal-Mart.
The Commentary:
“April Gold finished down 5.3 at 661.5, 4.3 off the high and 6 up from the low.
May Silver closed down 0.115 at 13.34. This was 0.15 up from the low and 0.05 off the high.
While the gold trade tried to throw off the sharp downward press on prices, it was clear that a portion of the long camp was unwilling to stand up against the pressure. Bernanke's comments yesterday has thrown cold water on the idea the Fed may cut rates soon. However, with oil prices still showing resiliency and the Dollar seemingly unable to benefit from a much better than expected US economic report flow, there wouldn't seem to be a big reason to hammer prices downward. However, with the action Thursday it was apparent that geopolitical anxiety and not simply soaring oil prices was a major portion of the bull camp's case which helped gold cut losses by the close.
The silver market continued to follow in the footsteps of the gold market despite some generally upbeat long term silver predictions from Gold Fields Mineral Services. In fact, GFMS suggested that silver might be somewhat immune to demand setbacks in the face of sharp price appreciation, but apparently the bearish die was already cast for the session and the market wasn't in a position to recover regardless of the favorable flow of classical supply and demand news.” - The Hightower Report, Futures Analysis and Forecasting
The Statistics:
As of close of business: 3/28/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 121,393,846 | -202,043 |
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$ 10,272m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.85 | 2,856,474 | US$ 1,891m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,938 | US$ 243m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,833 | US$ 243m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tons.
COMEX Gold Trust (IAU)
Profile as of 3/28/2007 | |
Total Net Assets | $958,104,109 | 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 3/28/2007 | |
Total Net Assets | $1,735,631,575 | 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:
Claude’s (CGR) $20 million bought deal financing and drill results, Aurelian’s (ARU.TO) drilling, NovaGold’s (NG) exercised mining claim option, Crystallex’s C$53 million bought deal financing, Seabridge’s (SA) filed financial statements, Entree’s (EGI) updated mineral resource estimate, Randgold’s (GOLD) 2006 annual report revelations, Freeport’s (FCX) dividends, and financial results from Cumberland (CLG) New Gold (NGD), and Crystallex (KRY) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gold Reserve | GRZ +8.18% $7.14 |
2. Almaden Minerals | AAU +3.86% $2.15 |
3. Anglo American | AAUK +3.57% $26.38 |
LOSERS
1. Crystallex | KRY -6.36% $3.68 |
2. Apex Silver | SIL -3.21% $12.98 |
3. Great Basin | GBN -3.03% $1.92 |
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:
Claude Resources Inc. Announces $20,000,000 Bought Deal Financing - "Claude Resources Inc. ("Claude" or the "Company") (Toronto:CRJ.TO - News)(AMEX:CGR - News) is pleased to announce today that it has entered into an agreement with a syndicate of Canadian underwriters (the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 12,500,000 common shares at a price of Cdn$1.60 per common share to raise gross proceeds of Cdn$20,000,000 (the "Offering"), by way of short form prospectus." More
- March 29, 2007 | Item | E-mail
Gossan Acquires the Galaxy Prospect on the Bird River Sill - More
- March 29, 2007 | Item | E-mail
Pacific Comox Resources Ltd.: Drilling Has Started on the Mabel Property in Mexico and Will Resume on Ryan Lake Copper Molybdenum Property in Early April - More
- March 29, 2007 | Item | E-mail
Initial Drill Results on Weixi Zinc Project - More
- March 29, 2007 | Item | E-mail
Cumberland Reports 2006 Financial Results and Summary of Activities - "The Company's net income for the year ended December 31, 2006 was $9.6 million ($0.17 per share) compared to a net loss in 2005 of $9.7 million ($0.18 per share). This change in net income (loss) is primarily due to a $22.8 million gain realized on the sale of the Meliadine mineral property interests in 2006 as well as an increase in option receipts and interest income in 2006." More
- March 29, 2007 | Item | E-mail
Wildcat Exploration Provides Shareholders With Facts in Dispute with Dissidents - More
- March 29, 2007 | Item | E-mail
Melkior Completes the Final Tranche of a $1,980,000 Private Placement - More
- March 29, 2007 | Item | E-mail
Franklin Mining Consultant William Petty to Discuss Major Financing Plans - More
- March 29, 2007 | Item | E-mail
Copper Mountain Mining Corporation - Initial drilling confirms and extends historic resources - More
- March 29, 2007 | Item | E-mail
Magnus International Resources, Inc.-Lugazi Gold Anomaly Extended and Additional Major Exploration Licence Added - More
- March 29, 2007 | Item | E-mail
Enterayon Stakes Gold-Silver Claims on Vancouver Island - More
- March 29, 2007 | Item | E-mail
Tribute Engages D&D Securities for Private Placement - More
- March 29, 2007 | Item | E-mail
Uranium Resources, Inc. Announces Independent Study Validates 91.7 million pounds of U3O8 on New Mexico Properties - More
- March 29, 2007 | Item | E-mail
Drilling Contractor secured for Gold Junction and Poker Flats; Nevada update - More
- March 29, 2007 | Item | E-mail
Mega Commences Mine Development Studies of its Ben Lomond Uranium-Molybdenum Resource, Queensland, Australia - More
- March 29, 2007 | Item | E-mail
UCR Summarizes Results from East Target Drilling - More
- March 29, 2007 | Item | E-mail
Vior Cuts 15.7 g/t Au Over 1 Metre - More
- March 29, 2007 | Item | E-mail
Aurelian Resources Adds Sixth Drill at Condor Project; Drilling to Commence at El Tigre - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced that an additional diamond drill rig is now operating at its wholly-owned Condor Project in south-eastern Ecuador. This brings the total number of drill rigs on the project to six. The Longyear 38 drill, operated by Choque Drilling of Lima, Peru will be replacing one of the man-portable drills currently working on the FDN deposit." More
- March 29, 2007 | Item | E-mail
Houston Lake Completes Delineation Drill Program on the West Cedartree Gold Project - More
- March 29, 2007 | Item | E-mail
NovaGold Exercises Option to Purchase Mining Claims at Galore Creek - "Under the Galore Creek Option Agreement dated July 31, 2003 (the "Agreement") between NovaGold and subsidiaries of Rio Tinto and HudBay Minerals, NovaGold has an option to purchase Stikine Copper Limited, which is the owner of the core mineral claims that contain all of the company's Proven and Probable Reserves in the Galore Creek area of the Liard Mining Division in the Province of British Columbia. All of NovaGold's financial earn-in requirements under the Agreement have been satisfied. The exercise of the option is expected to close within 90 days, at which point all of Stikine Copper's assets will be owned 100% by NovaGold." More
- March 29, 2007 | Item | E-mail
TSX: GEM - Pele Mountain Advances Mine Planning Studies on 33-Million Pound Uranium Oxide Resource at Elliot Lake
- March 29, 2007 | Item | E-mail
Aurus Produces Financial Statement - More
- March 29, 2007 | Item | E-mail
Threegold Resources Inc.: Encouraging Results From First Exploration Program on the Lemieux Dome Property - More
- March 29, 2007 | Item | E-mail
Oromonte announces financial results for year-end December 31, 2006 - More
- March 29, 2007 | Item | E-mail
Unico, Inc. Announces Purchase of Additional Transformers for Electrical Substation at the Deer Trail Mine - More
- March 29, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Declares Quarterly Cash Dividends on Common and Preferred Stocks - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) today declares the following quarterly cash dividends payable on May 1, 2007 to holders of record as of April 16, 2007: $0.3125 per share of FCX's Common Stock (NYSE: FCX - News). $13.75 per share of FCX's 5 1/2% Convertible Perpetual Preferred Stock." More
- March 29, 2007 | Item | E-mail
Freegold Drilling Delineates Surface Bulk Tonnage Gold Mineralization Over 620 Foot Widths at Golden Summit - More
- March 29, 2007 | Item | E-mail
Appalaches Resources Inc.: Strategic Acquisition in the Godbout Uranium Area - More
- March 29, 2007 | Item | E-mail
Results from Metalex's Moroccan Awsserd Project - More
- March 29, 2007 | Item | E-mail
Kodiak Commences Phase III Program on Hercules Gold Prospect - More
- March 29, 2007 | Item | E-mail
Franklin Updates First Quarter 2007 Progress - More
- March 29, 2007 | Item | E-mail
Arianne Reports on Resistivity/Induced Polarization and Magnetometric Surveys From Opinaca - More
- March 29, 2007 | Item | E-mail
Reunion Gold Corporation Announces Drilling Results from the Antino 1 Project - More
- March 29, 2007 | Item | E-mail
Nevada Copper Drills High Grade Copper Between East and E-2 Deposits - More
- March 29, 2007 | Item | E-mail
Mountain Lake Resumes Drilling at Bobby's Pond to Test the Depth Extension of the Zn-Cu VMS Deposit - More
- March 29, 2007 | Item | E-mail
Vision Energy Group Buys Gold Mine - More
- March 29, 2007 | Item | E-mail
Manicouagan indentifies high priority base metal and uranium targets on the Lac Maugue Project; plans focused follow-up program to identify drill targets - More
- March 29, 2007 | Item | E-mail
Thistle Mining Inc. - Suspension of Trading - More
- March 29, 2007 | Item | E-mail
Alexco Resource Corp.: Drilling Begins at Keno Hill Project - More
- March 29, 2007 | Item | E-mail
Idaho General Announces $25 Million Private Placement - More
- March 29, 2007 | Item | E-mail
Drilling Begins on Yoquivo Gold-Silver Project, Mexico - More
- March 29, 2007 | Item | E-mail
Sierra Gold Corporation Announces Plans to Acquire More Gold Property in Sierra Leone - More
- March 29, 2007 | Item | E-mail
NewWest Gold Corporation Reports 2006 Operating and Financial Results - More
- March 29, 2007 | Item | E-mail
Mark Rachovides Appointed as Non-executive Director - More
- March 29, 2007 | Item | E-mail
Osisko Intersects 135.7m Averaging 1.32 G/T Au at Canadian Malartic - More
- March 29, 2007 | Item | E-mail
Legend International Holdings Announces Uranium Anomalies on its North Australian Tenement Holdings - More
- March 29, 2007 | Item | E-mail
Asian Dragon Group Inc. is Excited to Release Technical Report on the Shizhaigou Gold Mine as Its Project Luogold Surges Forward - More
- March 29, 2007 | Item | E-mail
Lakota Intersects 36.70 G/T Gold in RC Drilling on TEMBO - More
- March 29, 2007 | Item | E-mail
White Knight Announces New Board of Directors - More
- March 29, 2007 | Item | E-mail
St Andrew to File Amended and Restated Preliminary Rights Offering Prospectus and Retracts Production Estimates for Its Timmins Development and Mining - More
- March 29, 2007 | Item | E-mail
Firstgold Announces $10 Million Financing - More
- March 29, 2007 | Item | E-mail
Weststar Resources Corp.: Private Placement Closed - More
- March 29, 2007 | Item | E-mail
Golden Goliath Resources Ltd. - Second Drill Proposed For Uruachic - More
- March 29, 2007 | Item | E-mail
Uranium One Announces Financial Results for 2006 - More
- March 29, 2007 | Item | E-mail
Tournigan Adds Claims in Wyoming - More
- March 29, 2007 | Item | E-mail
Paladin Resources Ltd.: Langer Heinrich Uranium Project Production Ramp Up at 70% of Design Capacity - More
- March 29, 2007 | Item | E-mail
Pele Mountain Advances Mine Planning Studies on 33-Million Pound Uranium Oxide Resource at Elliot Lake - More
- March 29, 2007 | Item | E-mail
RCR Research Report on Global Uranium Companies 1Q07 - More
- March 29, 2007 | Item | E-mail
New Gold Inc.: 2006 Year End Financial Results - "The Company incurred a loss of $3.5 million ($0.15 per share) in 2006, compared with a loss of $2.9 million ($0.20 per share) in 2005, and a loss of $1.2 million ($0.09 per share) in 2004." More
- March 29, 2007 | Item | E-mail
Claude Resources Inc. Reports Additional Drill Results at Santoy 7 - "Claude Resources Inc. ("Claude") is pleased to report drill results from its Santoy 7 "satellite" deposit near the Seabee gold mine in Saskatchewan, Canada. The Santoy 7 project is the most advanced of Claude's several satellite projects. This project, accessible by a permanent road which was completed in 2006, is approximately 11 kilometres east of the mill. These results significantly increase Management's confidence in the grade, continuity and potential size of the Santoy 7 resource." More
- March 29, 2007 | Item | E-mail
Crystallex Announces CDN$36 Million Bought Deal Financing - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News)("Crystallex" or the "Company") announced today that it has entered into a bought deal agreement with a syndicate of underwriters (the "Underwriters"). Under the agreement, the syndicate will purchase 8,500,000 common shares ("Common Shares") of the Company at a price of CDN$4.25 per Common Share ("the Offering Price") for gross proceeds of CDN$36,125,000." More
- March 29, 2007 | Item | E-mail
Seabridge Gold Files Year End Audited Financial Statements and MD&A - "Seabridge Gold (CDNX:SEA.V - News) (AMEX:SA - News) announced today that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2006 on SEDAR." More
- March 29, 2007 | Item | E-mail
Crystallex Reports 2006 Year End Results - "The Company recorded a net loss of $35.7 million, or $0.15 per share in 2006, compared with a net loss of $45.2 million or $0.23 per share in 2005. The higher net loss in 2005 is attributable to a $6.6 million write-down of investments in subsidiaries and a $3.8 million commodity contract loss." More
- March 29, 2007 | Item | E-mail
Entree Gold Announces Upgraded Mineral Resource Estimate for Hugo North Extension, Lookout Hill, Mongolia - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") announces that an updated mineral resource estimate has been completed for the northern extension of the Hugo North Deposit (the "Hugo North Extension") on the Copper Flats area of Entree's Lookout Hill property in Mongolia." More
- March 29, 2007 | Item | E-mail
Randgold Resources Limited Reports Significant Rise in Reserves and Resources - "London and Nasdaq listed gold miner Randgold Resources' latest resource and reserve declaration, published today as part of its annual report for 2006, shows that the company discovered more than a million new reserve and resource ounces during the past year." More
- March 29, 2007 | Item | E-mail
Randgold Resources Limited announces Long-Term Growth Strategy Drives Hunt for Profitable New Prospects - "Randgold Resources' consistent adherence to a long-term growth strategy has given it a record of value creation with few equals in the gold mining industry, says chairman Philippe Lietard in the company's 2006 annual report, published today." More
- March 29, 2007 | Item | E-mail
JP Morgan raises Freeport-McMoRan - "J.P. Morgan Securities said its positive bias on the company is based on its global scale, strong production growth, earnings leverage to copper prices and excellent management team." More
- March 29, 2007 | Item | E-mail
Randgold Resources Limited announces Change of Auditors - "Randgold Resources Limited announces that after a formal selection process and based upon the audit committee's recommendation the board has decided to appoint BDO Stoy Hayward LLP ("BDO") as the company's independent auditors for the year ending 31 December 2007." More
- March 29, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 29 March, 2007 | |
