-- Posted 30 March, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $663.30 | +$2.40 | +1.08% |
Silver | $13.32 | +$0.02 | +1.45% |
XAU | 137.00 | -0.02% | -0.57% |
HUI | 337.66 | -0.25% | -0.94% |
GDM | 1071.80 | -0.14% | -1.12% |
JSE Gold | 2883.97 | +0.95% | +0.33% |
USD | 82.92 | -0.17 | -0.46% |
Euro | 133.66 | +0.31 | +0.57% |
Yen | 84.90 | +0.12 | +0.17% |
Oil | $65.87 | -$0.16 | +5.76% |
10-Year | 4.648% | +0.016 | +0.76% |
Bond | 111.25 | -0.3125 | -1.03% |
Dow | 12354.35 | +0.05% | -1.01% |
Nasdaq | 2421.64 | +0.16% | -1.41% |
S&P | 1420.86 | -0.12% | -1.06% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly higher in Asia and London and then dipped in midmorning New York trade to find a minimal loss at $660.50, but it then rallied higher in late morning and climbed above $667 at one point before it dropped in afternoon trade and closed with a gain of 0.36%. Silver fell to $13.22 before it rallied above $13.35 by early afternoon, but it also fell off into the close and ended with a gain of just 0.15%.
Euro gold rose to about €497, platinum gained $9 to $1,241, palladium remained unchanged at $350, and copper rose slightly to about $3.10.
Gold and silver equities rose about 1% in morning trade, but they then fell off in afternoon trade and ended near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | Feb | 0.6% | 0.3% | 1.0% |
Personal Spending | Feb | 0.6% | 0.3% | 0.5% |
Chicago PMI | Mar | 61.7 | 49.5 | 47.9 |
Construction Spending | Feb | 0.3% | -0.6% | -0.5% |
Michigan Sentiment | Mar | 88.4 | 88.8 | 88.8 |
All of this week’s economic reports:
Next week’s economic highlights include the ISM Index on Monday, Factory Orders and ISM Services on Wednesday, Initial Jobless Claims on Thursday, and jobs data, Wholesale Inventories, and Consumer Credit on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded on either side of unchanged and ended slightly lower on hopes that the U.K.-Iran hostage situation will be resolved over the weekend.
The U.S. dollar index initially rose on mostly positive economic data, but it then fell and ended lower after Secretary of Commerce Carlos Gutierrez announced plans for tariffs on imports from China that may result in reduced trade from China and a drop in demand for U.S. dollar based assets.
Treasuries fell on economic data that came in mostly better than expected, but losses were limited as geopolitical worries encouraged some safe haven buying.
The Dow, Nasdaq, and S&P opened higher before they fell dramatically on worries over Chinese trade sanctions, but all three indices eventually rebounded and ended near unchanged as those worries eased.
Among the big names making news in the market Friday were Chrysler, Ford, Bank of America, H&R Block, Dell, Tribune, and Amaranth.
The Commentary:
“June Gold finished up 1.4 at 669, 4.8 off the high and 2.2 up from the low.
May Silver closed up 0.11 at 13.45. This was 0.12 up from the low and 0.02 off the high.
Gold prices firmed after the Dollar weakened on news the White House is reversing a long standing policy that will no longer exempt Chinese companies from US anti-subsidy laws. A US move toward protectionism is certainly negative for Dollar investments. While the China news is weighing on the US stock market, firmer action in the Euro currency seems to be underpinning gold prices. Escalating tensions between the UK and Iran over captured sailors is another factor providing gold with safe haven buying interest. The gold market is also being supported by some good economic news which showed stronger Midwest business activity this month and stronger than expected construction spending last month. However, the higher than expected gain in the annual core PCE price index does raise inflation worries and supports the bull case for gold.
The silver market traded firmer on Friday supported by strength in both the gold and copper markets. The economic news was surprisingly strong showing a healthy expansion in Midwest business activity this month and a higher inflation reading last month which supports silver on an industrial metal basis and as an inflation hedge. The US decision to start applying tariffs on imports of certain products from China is also raising concerns for a trade war and the silver market appears to be garnering support from a weaker Dollar while shaking off weakness in the stock market. Of course, the escalation in political tensions with Iran continues to be a solid base of support and with no progress toward freeing the UK sailors, safe haven buying continues to underpin the silver market as well.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
GoldSeek's Spina gets MarketWatch to quote him subversively
Ron Struthers: Gold market will beat central banks before reporting rules do
The Statistics:
As of close of business: 3/29/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 120,142,068 | - 1,251,778 |
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 | 483.93 | 15,558,894 | US$ 10,281m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,442 | US$ 1,896m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,934 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,829 | US$ 241m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 4.62 tonnes.
COMEX Gold Trust (IAU)
Profile as of 3/29/2007 | |
Total Net Assets | $950,903,890 | 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 3/29/2007 | |
Total Net Assets | $1,746,288,522 | Ounces of Silver
in Trust | 130,956,776.100 |
Shares Outstanding | 13,150,000 | Tonnes of Silver
in Trust | 4,073.21 |
Note: Change in Total Tonnes from yesterday’s data: 30.96 tonnes were added to the trust.
The Stocks:
Newmont’s (NEM) investments in Indonesia, Queenstake’s (QEE) measured and indicated resources and fourth quarter and 2006 results, Silver Eagle’s (SEG.TO) drill results, and ECU Silver’s (ECU.V) news assays were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Minefinders | MFN+7.98% $11.91 |
2. Metallica | MRB +7.07% $5.15 |
3. Great Basin | GBN +5.21% $2.02 |
LOSERS
1. Gold Reserve | GRZ -6.02% $6.71 |
2. Claude Resources | CGR -3.50% $1.38 |
3. Almaden Minerals | AAU -3.26% $2.08 |
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:
BrazMin Reports Results for the Year Ended December 31, 2006 - More
- March 30, 2007 | Item | E-mail
Drilling on Silver Eagle's Calvario Vein Confirms Continuity at Depth - "Silver Eagle Mines Inc. ("Silver Eagle") (Toronto:SEG.TO - News) is pleased to provide an update on ongoing exploration activities being conducted at its 100% owned Miguel Auza Property in Zacatecas, Mexico. Recently received assay data is presented from 39 previously unannounced surface drill holes (see table below), within an area of approximately 2 square kilometres and including the four principal zones outlined to date: Calvario, North, East, and Mill zones." More
- March 30, 2007 | Item | E-mail
GoldCorp Earn-In Agreement with Hemis - More
- March 30, 2007 | Item | E-mail
Tagish holds Annual General Meeting of shareholders - More
- March 30, 2007 | Item | E-mail
St Andrew Updates Timmins Exploration and Development Programs - More
- March 30, 2007 | Item | E-mail
Newmont mulls Indonesia future if executive guilty - "Gold miner Newmont Mining Corp. (NEM.N: Quote, Profile , Research) might reconsider its investments in Indonesia if one of its top executives were found guilty there in a criminal case over alleged pollution, the company said on Friday." More
- March 30, 2007 | Item | E-mail
Columbia Metals Announces Resignation of CFO - More
- March 30, 2007 | Item | E-mail
Molycor Gold Corp. Retains Agoracom Investor Relations and Grants Options - More
- March 30, 2007 | Item | E-mail
Quantitative Methods, Corp. Announces Sale of Roadvision Subsidiary - More
- March 30, 2007 | Item | E-mail
Sierra Announces Expected Delay In Filing Annual Financial Statements - More
- March 30, 2007 | Item | E-mail
Zaruma Resources Updates Project Activities and Announces 2006 Filing - More
- March 30, 2007 | Item | E-mail
Carlisle updates drilling at Lynn Lake - More
- March 30, 2007 | Item | E-mail
Azteca Gold Corp.: Securities Sold to Provide Cash - More
- March 30, 2007 | Item | E-mail
Galantas Gold Corporation: Total Voting Rights - More
- March 30, 2007 | Item | E-mail
Crew Gold Announces Financial Results for the Six Month Period Ended December 31, 2006 - More
- March 30, 2007 | Item | E-mail
Rochester Provides Status Report on Mining and Milling Operations - More
- March 30, 2007 | Item | E-mail
Merrex Gold Intersects 9.49 g/t Au / 6 m in RAB Drilling and Extends Mineralized Siribaya Structure to 7 km - More
- March 30, 2007 | Item | E-mail
Klondex Files Permit to Allow Underground Bulk Sampling and Begins 2007 Development Drilling Program at Fire Creek Project - More
- March 30, 2007 | Item | E-mail
Morgain Receives Permit & Begins Construction at El Castillo Gold Project, Mexico - More
- March 30, 2007 | Item | E-mail
Millstream Discovers New Massive Sulphide Zone at Potter - More
- March 30, 2007 | Item | E-mail
Conference Call Notification - 2006 Financial Results - More
- March 30, 2007 | Item | E-mail
North Atlantic Files Year End Financial Statements and MD&A - More
- March 30, 2007 | Item | E-mail
Lake Shore and Goldcorp Agree to Extension of Due Diligence On Bell Creek Acquisition - More
- March 30, 2007 | Item | E-mail
Enterayon Announces Recent Transactions - More
- March 30, 2007 | Item | E-mail
FNX Increases Reserves - More
- March 30, 2007 | Item | E-mail
Yellowcake Announces New Director - More
- March 30, 2007 | Item | E-mail
Lifespan Completes Uranium Mine Acquisition - More
- March 30, 2007 | Item | E-mail
Paladin Resources Ltd.: Increase in Investment in Deep Yellow Limited - More
- March 30, 2007 | Item | E-mail
Former U.S. Ambassador Thomas Graham Jr. Joins Board of CanAlaska Uranium - More
- March 30, 2007 | Item | E-mail
UrAsia Energy Ltd. announces financial results for the five months ended December 31, 2006 - More
- March 30, 2007 | Item | E-mail
ECU Silver Announces New Assays From Level 18 Within the Mineralized Corridor at the Santa Juana Mine - "Mr. Michel Roy, Chairman and CEO of ECU Silver Mining Inc. (TSX VENTURE:ECU - News) is pleased to announce the Company has received assays from several new cuts within the Mineralized Corridor (the "MC") on level 18 of the Santa Juana mine (first reported in the Company's press release dated December 18, 2006)." More
- March 30, 2007 | Item | E-mail
Queenstake Reports 1.9 Million Gold Ounces in Measured & Indicated Resources - "Queenstake Resources Ltd. (TSX: QRL - News; Amex: QEE - News) reported that estimated measured and indicated resources(1),(2), including reserves, totaled 1.9 million ounces of gold contained in 8.2 million tons grading 0.23 ounce of gold per ton (opt) at year-end 2006. Proven and probable reserves of gold totaled 485,700 ounces contained in 2.0 million tons at a grade of 0.25 opt at year-end 2006, using a three-year average gold price of $485 per ounce." More
- March 30, 2007 | Item | E-mail
Queenstake's Fourth Quarter and 2006 Results - "Queenstake Resources Ltd. (TSX: QRL, Amex: QEE) reported a net loss of $20.8 million for the full year 2006. Cash flow from operations before working capital changes totaled $5.1 million for 2006. Cash and cash equivalents at year-end were $6.6 million." More
- March 30, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 30 March, 2007 | |
