-- Posted 2 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $665.40 | +$2.10 |
Silver | $13.30 | -$0.02 |
XAU | 139.30 | +1.67% |
HUI | 345.16 | +2.22% |
GDM | 1089.89 | +1.69% |
JSE Gold | 2913.22 | +1.01% |
USD | 82.86 | -0.06 |
Euro | 133.69 | +0.03 |
Yen | 84.90 | UNCH |
Oil | $65.94 | +$0.15 |
10-Year | 4.642% | -0.006 |
T-Bond | 111.34375 | +0.09375 |
Dow | 12382.30 | +0.23% |
Nasdaq | 2422.26 | +0.03% |
S&P | 1424.55 | +0.26% |
The Metals:
Gold traded on either side of unchanged in Asia and London before it fell over 1% to as low as $655.70 by about 10:30AM EST in New York, but it then rallied higher throughout the rest of trade and ended just off its high of the session with a gain of 0.32%. Silver traded mostly slightly higher in Asia and London before it fell over 2% in early morning New York trade and saw 37 cent losses at $12.95 at about 10:30AM EST, but it also rallied higher into the close and ended with a loss of just 0.15%.
Euro gold remained at about €497, platinum lost $5 to $1,236, palladium lost $2 to $348, and copper rose almost 5 cents to nearly $3.15.
Gold and silver equities dipped slightly in the first hour of trade, but they then steadily rose for the rest of the session and ended with roughly 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | Mar | 50.9 | 51.0 | 52.3 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended with a small gain on continued worries over Iran.
The U.S. dollar index fell and treasuries rose as the ISM Index came in worse than expected, but moves were limited as traders waited for more economic data later in the week.
The Dow, Nasdaq, and S&P opened higher on takeover deals, fell back off after the poor ISM report, remained near unchanged for most of the rest of trade, and ended with small gains.
Among the big names making news in the market today were EMI, New Century, Xerox and Global Imaging Systems, KKR and First Data, Zell and Tribune, Starwood Hotels, and Brink’s.
The Commentary:
“June Gold finished up 2.5 at 671.5, 0.3 off the high and 9.8 up from the low.
May Silver closed down 0.1 at 13.35. This was 0.33 up from the low and 0.02 off the high.
With a number of physical commodity markets under what appeared to be significant fund liquidation or small spec liquidation it is a little surprising that gold wasn't under more pressure during the trade Monday. In fact, with the US economic data released during the session depicting slowing in the economy, the Dollar only minimally lower and oil prices generally soft, one might have expected more intense selling in gold. However, ongoing geopolitical concern for the Iranian hostage situation and perhaps ideas that the Dollar is still entrenched in a downward slide could have cushioned the gold from a bigger slide.
With the May silver contract at times Monday nearly 45 cents lower, it certainly seemed like the silver market was feeling the direct impact of the broad based commodity fund selling wave. However, seeing the silver market manage to throw off the initial selling wave could have discouraged the bear camp and encouraged the bull camp. Silver was seeing weak copper prices early in the session Monday but the copper market ended up closing much firmer and that might also have given the silver bull's some confidence that might have been destroyed by the early slide in prices. In an additional negative note the silver market was also confronted with news Monday that Peru February silver production rose by 3.4% over year ago levels and with the market also noting a sharp increase in exchange stocks prior to the opening Monday, we suspect that the overall physical supply situation was a significant portion of the selling impetus during the first trading session of the week.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: More trouble for the dollar
Derivatives soon may overwhelm trading even in Treasury bonds
China figures how to unload U.S. bonds without selling them
U.S. sanctions China over paper products
The Statistics:
As of close of business: 3/30/2007
Gold Warehouse Stocks: | 7,577,548 | - |
Silver Warehouse Stocks: | 125,775,536 | + 5,374,222* |
*Friday’s large increase in silver stocks was the result of an adjustment by Scotia Mocatta. Accounting errors have falsely altered this data before and this issue will be looked into further if the potential error is not resolved by tomorrow. It is certainly possible that warehouse stocks did actually increase by that large amount, but reports explaining the large increase have so far not surfaced.
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$ 10,293m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,347 | US$ 1,898m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,922 | US$ 244m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,817 | US$ 241m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 3/30/2007 | |
Total Net Assets | $953,050,385 | 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 3/30/2007 | |
Total Net Assets | $1,760,863,885 | Ounces of Silver
in Trust | 131,952,260.500 |
Shares Outstanding | 13,250,000 | Tonnes of Silver
in Trust | 4,104.17 |
Note: Change in Total Tonnes from yesterday’s data: 30.96 tonnes were added to the trust.
The Stocks:
Randgold’s (GOLD) annual information update and voting rights, Northgate’s (NXG) public hearings on the Kemess project, New Gold’s (NGD) feasibility study, Glencairn’s (GLE) 2006 financial results, Endeavour’s (EXK) year-end reports release date, and Fortuna’s (FVI.V) drill program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Rubicon | RBY+12.78% $1.50 |
2. Crystallex | KRY +9.19% $4.04 |
3. Coeur d’Alene | CDE +4.62% $4.30 |
LOSERS
1. Banro | BAA-7.82% $10.02 |
2. Nevsun | NSU -6.67% $1.96 |
3. New Gold | NGD -5.07% $7.86 |
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:
Endeavour Silver Corp.: 2006 Consolidated Financial Statements, Management Discussion and Analysis, Annual Information Form and Form 20F to Be Released - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that it will be a few days late in filing its 2006 consolidated financial statements, management discussion and analysis, annual information form and form 40F. The Company expects to release the year-end financial reports on or before April 10, 2007." More
- April 02, 2007 | Item | E-mail
Dhanoa to Launch Intensive Exploration Program - More
- April 02, 2007 | Item | E-mail
Romios Adds to Head Office Management Team - More
- April 02, 2007 | Item | E-mail
North American Palladium Expands Mineral Resource at LDI Offset High Grade Zone - More
- April 02, 2007 | Item | E-mail
Caledonia Mining Announces Its Fourth Quarter and 2006 Annual Results - More
- April 02, 2007 | Item | E-mail
Continental Closes the Jinchuan Private Placement for Proceeds of $18 Million Financing - More
- April 02, 2007 | Item | E-mail
Duncan Park Holdings Announces Rock Creek Exploration Program Update - More
- April 02, 2007 | Item | E-mail
International Kirkland Acquires Creelman-Roberts Uranium Property, Ontario - More
- April 02, 2007 | Item | E-mail
Australian Mineral Fields Forms Strategic Alliance With Teck Cominco - More
- April 02, 2007 | Item | E-mail
Azimut and Rukwa Uranium sign 2 Letters of Intent for the North Minto and South Minto Properties, Northern Quebec - More
- April 02, 2007 | Item | E-mail
Tumi Resources Limited - Tumi Resources Commences Drilling at Phoenix in Sonora, Mexico - More
- April 02, 2007 | Item | E-mail
Columbia Progresses Equipment Procurement and Plant Construction at Lluvia de Oro Gold Mine - More
- April 02, 2007 | Item | E-mail
International PBX Ventures Ltd.: Second Drill Mobilized on the Copaquire Molybdenum Project, Chile - More
- April 02, 2007 | Item | E-mail
International Gold Resources: New CEO - More
- April 02, 2007 | Item | E-mail
Gold Reserve Announces Conference Call to Discuss 2006 Financial Results - "Gold Reserve Inc. (TSX:GRZ - News; AMEX:GRZ - News) will hold a conference call to discuss the Company's financial results for the year ending December 31, 2006 on Thursday, April 5, 2007 at 1:00 p.m. Eastern daylight time (10:00 p.m. Pacific daylight time)." More
- April 02, 2007 | Item | E-mail
Golden Peaks Resources Ltd. - La Fortuna Update - More
- April 02, 2007 | Item | E-mail
Canada small-cap miners grew by 86 pct in 06-study - "Canadian small-cap mining companies grew by 86 percent last year on soaring metal prices, according to a report by accounting firm PricewaterhouseCoopers on Monday.
Total market capitalization of mining companies listed on the TSX Venture Exchange swelled to C$27.6 billion ($24 billion) from C$14.8 billion in 2005, PwC said." More
- April 02, 2007 | Item | E-mail
Azteca Gold Corp.: New Geologists On-Board and M2 Readying for GAT Drilling - More
- April 02, 2007 | Item | E-mail
Ungava Minerals Corp.: Corporate Update - More
- April 02, 2007 | Item | E-mail
Grenville Gold Hires MINERA TULIN S.A.C for Environmental Impact Study & Class "C" Drill Permit on Silveria - More
- April 02, 2007 | Item | E-mail
St. Elias Mines Ltd. Discovers High-Grade Gold at Zona Central - More
- April 02, 2007 | Item | E-mail
Randgold Resources Limited announces Annual Information Update - "In accordance with Prospectus Rule 5.2, Randgold Resources Limited submits its first Annual Information Update, following the publication of our Annual Report in March 2007. This Annual Information Update refers to information that has been published or made available to the public in Jersey, the UK, USA and Canada." More
- April 02, 2007 | Item | E-mail
Aurus Addresses Third Party Offer - More
- April 02, 2007 | Item | E-mail
Rocmec Files NI 43-101 Resource Estimate Report on its Rocmec 1 Property, Focus on Adding Quality Resources - More
- April 02, 2007 | Item | E-mail
First Nickel Discovers "No Seeum" PGE Zone in Footwall on West Graham Property - More
- April 02, 2007 | Item | E-mail
Premier to acquire "high grade" Mexican opportunity - More
- April 02, 2007 | Item | E-mail
Stealth Minerals and BCGold Corp. Option Agreement Approved April 2, 2007 - More
- April 02, 2007 | Item | E-mail
La Quinta Resources Corporation: Acknowledged Congo Expert Joins Advisory Board - More
- April 02, 2007 | Item | E-mail
Pearl Asian Mining Industries Issues Clarification on Pink Sheets Announcement - More
- April 02, 2007 | Item | E-mail
Sparrowtech Begins Due Diligence Process On Porvenir Mining Property in Southern Ecuador - More
- April 02, 2007 | Item | E-mail
Paramount Gold Mining Corp. Completes US$21.7 Million Financing - More
- April 02, 2007 | Item | E-mail
Geneva Resources, Inc. Launches Development and Exploration Program on the Vilcoro Gold Property, Peru - More
- April 02, 2007 | Item | E-mail
Maxy Intensifies Exploration Work at Midu Property, Exploration Results Positive - More
- April 02, 2007 | Item | E-mail
Canadian Zinc Reports Financial Results for 2006 - More
- April 02, 2007 | Item | E-mail
Strait Gold Receives Receipt for Final Short-Form Prospectus - More
- April 02, 2007 | Item | E-mail
Trend Exploration Signs Kurchum River Purchase Agreement - More
- April 02, 2007 | Item | E-mail
Gowest Amalgamated Resources Ltd.: Press Release - More
- April 02, 2007 | Item | E-mail
Cusac Arranges $2 Million Financing - More
- April 02, 2007 | Item | E-mail
Pacific North West Capital Corp. in alliance with SOQUEM to spend $460,000 on exploration programs in Quebec, 2007 - More
- April 02, 2007 | Item | E-mail
China Shen Zhou Mining & Resources Announces Filing Delay - More
- April 02, 2007 | Item | E-mail
GDR Privée to Design Franklin's Financial Strategy - More
- April 02, 2007 | Item | E-mail
Mercator Reports Record Earnings, Cash Flow & Copper Production for the Year ended December 31, 2006 - More
- April 02, 2007 | Item | E-mail
Guyana Goldfields Inc.: Aurora Exploration Update-221m @ 4.72 g/t Au. - More
- April 02, 2007 | Item | E-mail
Trade Winds Intersects 3.85 Grams/Tonne Gold Over 8.50 Metres on New, Near Surface Gold M Zone on Block A Property at Detour Lake, Ontario - More
- April 02, 2007 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) announces 2006 annual results - More
- April 02, 2007 | Item | E-mail
Wits Basin Purchases Option to Acquire Producing Gold Property - More
- April 02, 2007 | Item | E-mail
Western Goldfields Announces Mesquite Mine is Fully Funded - More
- April 02, 2007 | Item | E-mail
Largo Resources Ltd.: NI 43-101 Resource Estimate Confirms Northern Dancer (Yukon) as One of the World's Largest and Most Significant Molybdenum-Tungsten - More
- April 02, 2007 | Item | E-mail
Hemisphere Gold Updates on Sampling, Aeromagnetic and Radiometric Survey - More
- April 02, 2007 | Item | E-mail
EURO Ressources S.A. Announces Consolidated Financial Results for the Year Ended December 31, 2006 - More
- April 02, 2007 | Item | E-mail
Globex, Inc. Announces Cancellation of 14,500,000 Common Shares Resulting in Revised Total Issued and Outstanding Shares of 34,703,583 - More
- April 02, 2007 | Item | E-mail
Solex Resources Corp. Intersects 0.061% U308 Over 18 Meters at Macusani-Average of 0.016% Over 10 Meters Over Wide Area - More
- April 02, 2007 | Item | E-mail
Alberta Star Receives Preliminary Mineralogical Report From SGS Lakefield for Metallurgical Processing and Testing of Eldorado Silver & Uranium Tailings - More
- April 02, 2007 | Item | E-mail
Airborne Survey Detects Numerous Untested Radiometric Anomalies in the Georgetown Project, Queensland, Australia - More
- April 02, 2007 | Item | E-mail
Kayelekera Uranium Project (Malawi) Environmental Approval Granted - More
- April 02, 2007 | Item | E-mail
Forum Releases Assay Results From Ongoing Key Lake Drill Program - More
- April 02, 2007 | Item | E-mail
Cash Minerals Announces Drilling of Odie Property Scheduled to Begin in April, 2007 - More
- April 02, 2007 | Item | E-mail
Uranium Energy Corp Announces the Appointment of Veteran Wall Street Investment Banker Ivan Obolensky to its Board of Directors - More
- April 02, 2007 | Item | E-mail
High Grade Uranium Intersected in Sibley Basin: RPT Uranium Cuts 4.68 Percent U308 Over 0.72 Metres at Split Rapids Zone - More
- April 02, 2007 | Item | E-mail
UEX Adopts Shareholders Rights Plan - More
- April 02, 2007 | Item | E-mail
Paladin Resources Ltd.: Disappointing Summit Resource Estimates & Queensland Policy Uncertainty - More
- April 02, 2007 | Item | E-mail
Dios Exploration Inc.: Closing of Brokered Private Placement - More
- April 02, 2007 | Item | E-mail
International Arimex updates Cree West uranium property - More
- April 02, 2007 | Item | E-mail
Randgold Resources Limited announces Total Voting Rights - "Randgold Resources Limited announces that, in accordance with FSA's Disclosure and Transparency Rules, its issued share capital consists of 68 852 867 (sixty eight million eight hundred and fifty two thousand eight hundred and sixty seven) issued ordinary shares of US$0.05 each." More
- April 02, 2007 | Item | E-mail
Fortuna Silver Mines Inc.: Drill Program Starts on San Jose High-Grade Shoot, Mexico - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; "Fortuna") is pleased to announce the start of an aggressive drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd. (24%)." More
- April 02, 2007 | Item | E-mail
Glencairn Reports 2006 Financial Results - "Loss for 2006 was $7.4 million, including a $6.4 million loss at the Libertad Mine and a $2.8 million provision covering estimated future remediation of properties the Company holds in Manitoba, compared to a $4.1 million loss in 2005." More
- April 02, 2007 | Item | E-mail
Additional Public Hearings Announced for Northgate's Kemess North Project - "Northgate Minerals Corporation (TSX: NGX - News; AMEX: NXG - News) confirmed today that the Joint Federal-Provincial Environmental Review Panel for the Kemess North Project has announced additional public hearings on the Project to take place from May 14 to 17, 2007, in Smithers, British Columbia." More
- April 02, 2007 | Item | E-mail
New Gold Inc.: New Afton Feasibility Study Indicates Potential to Develop One of Canada's Largest Underground Metals Mine - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce the results of the Feasibility Study ("FS") conducted on its 100%-owned New Afton Copper-Gold (Cu-Au) Project, located 10 kilometers west of Kamloops, British Columbia, Canada." More
- April 02, 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 2 April, 2007 | |
