-- Posted 5 April, 2007 | | Source: SilverSeek.com
Note: US and Canadian markets will be closed on Friday for the Easter holiday. Economic data, including closely watched jobs data, will still be released and futures and bond trading will be open for reaction to it.
| Close | Gain/Loss | On Week |
Gold | $673.60 | +$1.70 | +1.55% |
Silver | $13.65 | +$0.12 | +2.48% |
XAU | 142.61 | -0.26% | +4.09% |
HUI | 354.15 | -0.53% | +4.88% |
GDM | 1119.51 | .017% | +4.45% |
JSE Gold | 2982.51 | +0.06% | +3.42% |
USD | 82.71 | -0.24 | -0.25% |
Euro | 134.24 | +0.53 | +0.43% |
Yen | 84.22 | -0.04 | -0.80% |
Oil | $64.28 | -$0.10 | -2.41% |
10-Year | 4.674% | +0.022 | +0.56% |
Bond | 111.03125 | -0.25 | -0.20% |
Dow | 12560.20 | +0.24% | +1.67% |
Nasdaq | 2471.34 | +0.51% | +2.05% |
S&P | 1443.76 | +0.30% | +1.61% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it dipped a dollar to $670.90 shortly after the New York open, but it soon moved back higher on the day and traded $1-$3 higher for the rest of trade before it ended with a gain of 0.25%. Silver dropped to $13.52 in early New York trade before it also traded higher for the rest of trade and end with a gain of 0.89%.
Euro gold fell to about €502 on euro strength, platinum gained $20 to $1,264, palladium gained $1 to $352, and copper fell roughly 6 cents to about $3.23.
Gold and silver equities rose nearly 1% in the first half hour of trade, but they then fell back off in late morning trade and remained mixed and near unchanged for the rest of the day.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 3/31 | 321K | 320K | 310K |
Tomorrow at 8:30AM EST brings March’s jobs data. Nonfarm Payrolls are expected at 135,000, the Unemployment Rate is expected at 4.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8. At 10AM is the Wholesale Inventories report for February expected at 0.4% and at 3PM is Consumer Credit for February expected at $5.0 billion.
All of this week’s economic reports so far:
Next week’s economic highlights include FOMC minutes and the Treasury Budget on Wednesday, Import and Export Prices and Initial Jobless Claims on Thursday, and PPI, the Trade Balance, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as the freed British sailors returned safely to Britain, but losses were limited due to refinery outages and the fact that traders did not want to be caught short heading into the long weekend.
The U.S. dollar index fell to a 2-year low versus the euro as the euro found strength versus the pound on the Bank of England’s decision to leave interest rates unchanged at 5.25%. Some were expecting the BoE to hike rates, and a majority now expect them to hike rates in May.
Treasuries remained near unchanged ahead of tomorrow’s jobs data as expectations for small payroll growth battled expectations for higher wage growth, but higher inflation worries ultimately overcame slower economic growth expectations and pushed bonds lower and interest rates higher by the end of trade.
The Dow, Nasdaq, and S&P rose on hopes for slow job growth that may influence the fed to cut interest rates.
Among the big names making news in the market Friday were Kerkorian and Chrysler, Mulally and Ford, Inverness Medical and Biosite, AT&T, Apollo, and Constellation Brands.
The Commentary:
“June Gold finished up 2 at 679.4, 1.6 off the high and 2.6 up from the low.
May Silver closed up 0.12 at 13.74. This was 0.14 up from the low and 0.03 off the high.
Gold prices traded firmer on Thursday supported by a stronger Euro currency and a bullish outlook from Gold Fields Mineral Service this week. Gold seems to be trading more like a commodity than a financial instrument as the fundamentals for the market remain strong. GFMS expect the annual average price for gold to hit a record due to a weaker Dollar outlook. The consulting firm also expects a drop in scrap gold supplies and only "subdued" Central Bank selling this year after a 51% drop in Central Bank gold sales last year while gold de-hedging should be another factor providing price support. A rising US inflation outlook is also providing bullish support to gold prices.
The silver market saw good technical action on Thursday as prices were able to push to new highs for the move despite being technically over bought. In fact, the market appears to be in a strong enough position to test the $14 level. Despite some mixed economic data recently, gains in the stock market and higher base metal prices seem to be providing support to the silver market. An unexpected rise in the Feb Chicago Fed Midwest Manufacturing Index also provided silver with some minor support.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Open letter to Newmont: Why the silence about gold's enemies?
Lots of GATA's friends quoted in MarketWatch gold wrapup
The Statistics:
As of close of business: 4/04/2007
Gold Warehouse Stocks: | 7,102,832 | - 376,040 |
Silver Warehouse Stocks: | 126,435,325 | - 55,688 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 488.40 | 15,702,425 | US$ 10,555m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.84 | 2,856,252 | US$ 1,926m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,910 | US$ 248m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,805 | US$ 245m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE added 3.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/4/2007 | |
Total Net Assets | $966,080,348 | Ounces of Gold
in Trust | 1,437,467.912 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.71 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 4/4/2007 | |
Total Net Assets | $1,773,929,405 | Ounces of Silver
in Trust | 131,897,824.200 |
Shares Outstanding | 13,250,000 | Tonnes of Silver
in Trust | 4,102.48 |
Note: Change in Total Tonnes from yesterday’s data: 1.69 tonnes were subtracted from the trust.
The Stocks:
Meridian Gold’s (MDG) first quarter highlights, U.S. Energy’s (USEG) Exploration, Development and Mine Operating Agreement, Fronteer’s (FRG) closed over-allotment option, U.S. Silver’s (USA.V) secured smelter contract, and Silvermex’s (SMR.V) closed financing were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Gold Reserve | GRZ +6.68% $7.06 |
2. International Royalty | ROY +3.92% $6.63 |
3. Exeter | XRA +3.09% $2.00 |
LOSERS
1. Entree Gold | EGI -3.09% $1.88 |
2. Orezone | OZN -2.49% $1.96 |
3. Hecla | HL 2.36% $9.12 |
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:
Dhanoa Announces Production Plans - More
- April 05, 2007 | Item | E-mail
Plexmar Resources Inc: Quarterly Financial Statements Correction - More
- April 05, 2007 | Item | E-mail
Stingray Resources Inc.: Press Release - More
- April 05, 2007 | Item | E-mail
Carmax Explorations Ltd. Announces a Non-Brokered Private Placement With the MineralFields Group - More
- April 05, 2007 | Item | E-mail
Geoinformatics Closes Second Tranche of Convertible Loan Facility - More
- April 05, 2007 | Item | E-mail
UrAsia Energy Shareholders Vote 99.89% in Favour of Acquisition by Uranium One - More
- April 05, 2007 | Item | E-mail
U.S. Energy Corp., Crested Corp. and U.S. Moly Corp. Sign Exploration, Development and Mine Operating Agreement With Kobex Resources Ltd. - "U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development companies, are pleased to announce the signing of a definitive Exploration, Development and Mine Operating Agreement with Kobex Resources Ltd. ("Kobex"). The agreement outlines the terms under which Kobex will operate the project and earn up to a 65% interest in the project if certain terms and conditions are met." More
- April 05, 2007 | Item | E-mail
UrAsia shareholders approve arrangement with sxr Uranium One - More
- April 05, 2007 | Item | E-mail
Noront Resources Ltd.: Burnt Hill Tungsten-Molybdenum Project, New Brunswick - More
- April 05, 2007 | Item | E-mail
Dumont confirms no material change in company's operations - More
- April 05, 2007 | Item | E-mail
Robex: Paradigm Securities Initiates Coverage on Robex - More
- April 05, 2007 | Item | E-mail
Goldbelt Graduates to Toronto Stock Exchange - More
- April 05, 2007 | Item | E-mail
Tagish - Next Phase of Mineral Process Test Work - More
- April 05, 2007 | Item | E-mail
HuntMountain Finalizes Deal for the Bajo Pobré Gold Property in Argentina - More
- April 05, 2007 | Item | E-mail
U.S. Silver Corporation Secures a Smelter Contract for Lead-Silver Concentrates - "U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (CDNX:USA.V - News) is pleased to announce that a smelter contract has been signed with Teck Cominco Metals Ltd. to process lead-silver concentrates produced at U.S. Silver's mining complex in the Silver Valley, Idaho." More
- April 05, 2007 | Item | E-mail
Carlisle reports drill results at MacLellan - More
- April 05, 2007 | Item | E-mail
New Guinea Gold Corporation-18m at 22.60 g/t Gold: 12m at 25.66 g/t Gold and 19m at 19.02 g/t Gold in Grade Control Drilling at Sinivit Project - More
- April 05, 2007 | Item | E-mail
Bullion River Gold Corp. Reports First Revenue From Production, Announces Year-End Results for Fiscal 2006 - More
- April 05, 2007 | Item | E-mail
Silvermex Resources Ltd. Closes Financing - "Silvermex Resources Ltd. (the "Company") (TSX VENTURE:SMR - News) announces that further to its news release dated March 2, 2007, it has closed its brokered private placement of 2,000,000 units at a price of $0.80 per Unit (the "Unit") for total gross proceeds of $1,600,000 arranged through Canaccord Capital Corporation (the "Agent"). Each Unit consists of one common share and one-half non-transferable share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $1.00 for a period expiring 24 months from closing." More
- April 05, 2007 | Item | E-mail
Dia Bras Exploration Inc.: Grant of Options - More
- April 05, 2007 | Item | E-mail
Matamec Acquires Matheson East & West Gold Properties from Pelangio Mines - More
- April 05, 2007 | Item | E-mail
Golden Valley Mines/Uranium Project Update: Athabasca Basin, Saskatchewan and Otish Basin, Quebec - More
- April 05, 2007 | Item | E-mail
Marathon PGM receives NWOPA 2006 Prospector of the Year Award - More
- April 05, 2007 | Item | E-mail
G&S Minerals, Inc. Re-List on PinkSheets.com - More
- April 05, 2007 | Item | E-mail
Alberta Star Continues to Report Significant Silver, Copper, Zinc IOCG Polymetallic Style Drill Results From Contact Lake, NT - More
- April 05, 2007 | Item | E-mail
Company Exercises Option to Acquire Two New Gold Projects in Finland - More
- April 05, 2007 | Item | E-mail
Mediterranean commences 2007 drilling campaign in Turkey - More
- April 05, 2007 | Item | E-mail
Buffalo Gold Makes Strategic Investment in Upcoming Gold Producer Kinbauri Gold - More
- April 05, 2007 | Item | E-mail
Western Warrior adds Bluffpoint claims to Pipestone Project - More
- April 05, 2007 | Item | E-mail
Norsemont Reports Over 87% Copper Recoveries From Initial Metallurgical Testing at the Constancia Project - More
- April 05, 2007 | Item | E-mail
Duncan Park Holdings Corporation Inc.: Clarification re Randsburg Arbitration - More
- April 05, 2007 | Item | E-mail
Sarissa Resources, Inc. Looks to Expand Into the U.S. Market During the Upcoming Year - More
- April 05, 2007 | Item | E-mail
Goldcrest Commences 8,000 Metre Diamond Drilling Program at the Gaoua Copper-Gold Project in Burkina Faso, West Africa - More
- April 05, 2007 | Item | E-mail
Assay Results Continue to Confirm Economic Grade Mineralization at First Narrows' Chester Project - More
- April 05, 2007 | Item | E-mail
Cogitore Resources Inc. Announces Increase to Private Placement Financing - More
- April 05, 2007 | Item | E-mail
Lexam & Golden Valley Acquire Uranium Properties; Now Hold 170,000 Acres in Prospective Otish & Mistassini Basin! - More
- April 05, 2007 | Item | E-mail
Southwestern Resources Appoints Patrick Downey to Board of Directors - More
- April 05, 2007 | Item | E-mail
Sutcliffe Resources -- Irkutsk Gold Exploration Program Ready to Commence - More
- April 05, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc. Q3 Results Conference Call Thursday, 12 April 2007 - More
- April 05, 2007 | Item | E-mail
Aquila 2007 Drilling Intersects Multiple Mineralized Zones and Will Add Second Drill - More
- April 05, 2007 | Item | E-mail
Globex Mining Enterprises Inc.: Fabie Bay Copper Mine Update - More
- April 05, 2007 | Item | E-mail
Aldershot Resources Ltd.: Northern Securities Financing Update - More
- April 05, 2007 | Item | E-mail
Uranium Energy Corp Announces Appointment of Paul Pierce as Manager of Mine Development - More
- April 05, 2007 | Item | E-mail
Khan Resources Announces Intersection of 39.1 Metres Containing 0.507% U3O8 at the Dornod Uranium Project in Mongolia - More
- April 05, 2007 | Item | E-mail
Fronteer Closes C$5,870,500 Over-Allotment Option - "Fronteer Development Group Inc. ("Fronteer" or the "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that in connection with its previously announced offering (the "Offering") pursuant to its short form prospectus dated March 8, 2007, the underwriters have partially exercised their over-allotment option pursuant to which Fronteer has issued today an additional 398,000 common shares at C$14.75 per share to raise additional aggregate gross proceeds of C$5,870,500. The Offering was underwritten by a syndicate of Canadian underwriters. The Company intends to use the net proceeds from the Offering for strategic investments and for future acquisitions." More
- April 05, 2007 | Item | E-mail
Meridian Gold Announces First Quarter Highlights - "Consolidated gold production for the first quarter totaled 70,900 ounces of gold and 1.6 million ounces of silver, which represents a 10% increase in gold production over the Company's internal budgets. The increase was achieved at the Company's El Penon mine, where the team produced 55,600 ounces of gold, a 15% increase over the Company's internal budget and a 10% increase over the fourth quarter 2006 results." More
- April 05, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 April, 2007 | |
