-- Posted 11 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $676.30 | +$0.60 |
Silver | $13.81 | -$0.02 |
XAU | 143.36 | -0.59% |
HUI | 354.40 | -1.04% |
GDM | 1117.81 | -0.76% |
JSE Gold | 3054.57 | +1.70% |
USD | 82.66 | -0.01 |
Euro | 134.21 | -0.06 |
Yen | 83.71 | -0.22 |
Oil | $62.05 | +$0.16 |
10-Year | 4.739% | +0.015 |
T-Bond | 110.65625 | -0.125 |
Dow | 12484.62 | -0.71% |
Nasdaq | 2459.31 | -0.74% |
S&P | 1438.87 | -0.66% |
The Metals:
Gold remained near unchanged in Asia, rose a few dollars in London, and briefly topped $680 a little before 10AM EST in New York before it fell over the next two hours and dropped to as lows as $673.70 by late morning, but it then bounced back higher into the close and ended with a gain of 0.09%. Silver fell to as low as $13.68 before it also rebounded, but it still ended with a loss of 0.14%.
Euro gold remained near €504, platinum gained $5 to $1,279, palladium gained $7 to $367, and copper rose nearly 8 cents to about $3.48.
Gold and silver equities rose over 1% in the first half hour of trade, dropped near unchanged over the next hour, and then fell even further in the last 2 hours of trade and ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Treasury Budget | Mar | -$96.3B | -$90.0B | -$85.3B |
FOMC minutes showed the fed has increased worries about both inflation and slowing economic growth. Tomorrow at 8:30AM EST brings Import and Exports Prices for March and Initial Jobless Claims for 4/07 expected at 320,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Crude inventories built 700,000 barrels, gasoline inventories fell 5.5 million barrels, and distillates built 100,000 barrels. Crude inventories did not build as much as expected and gasoline inventories fell more than expected so energy prices initially rose after the report, but oil prices soon fell back off and ended with only small gains while gasoline prices remained higher.
The U.S. dollar index remained near unchanged ahead of tomorrow’s ECB meeting that might increase interest rates. The dollar briefly found small gains after FOMC minutes raised inflation fears, but it still ended lower on continued trade worries over China.
Treasuries fell after FOMC minutes raised inflation fears and gave no indication the fed will cut interest rates anytime soon.
The Dow, Nasdaq, and S&P fell markedly on inflation and higher interest rate worries.
Among the big names making news in the market today were Genesis, Nanophase, Citigroup, and Nasdaq and Philadelphia Exchange.
The Commentary:
“June Gold finished up 0.2 at 681.7, 4.1 off the high and 2.7 up from the low.
May Silver closed down 0.04 at 13.89. This was 0.14 up from the low and 0.16 off the high.
With the exception of the overt weakness in the US equity market, the gold market mostly saw supportive outside market action on Wednesday. Granted the decline in the US Dollar wasn't that definitive and the oil market rally was somewhat disjointed, but in general the metals markets in total were mostly throwing off positive vibes. Certainly seeing the equity market fall sharply and seeing reports of another Al-Qaida terrorist incident is justification for some profit taking in gold, but the bear camp wasn't really able to hold prices down.
The silver market was certainly the weakest market within the precious metals/base metals markets on Wednesday. With the equity market also registering some moderate selling pressure, it is possible that fresh physical demand concerns ended up prompting some of the liquidation effort. While the silver market has begrudgingly risen in sync with the base metals, one does have to wonder if some of the bloom of the base metals markets was peeled back during the Wednesday session.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Mike Swanson: A triple buy signal in gold stocks
U.S., Europe may be happy with dollar's new decline
U.S.-China trade tensions undermine dollar
Even world debt is getting out of the dollar
The Statistics:
As of close of business: 4/10/2007
Gold Warehouse Stocks: | 7,455,703 | + 153,192 |
Silver Warehouse Stocks: | 126,434,361 | +1,023 |
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 | 494.56 | 15,900,551 | US$ 10,770m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,856,062 | US$ 1,930m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,885 | US$ 248m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,781 | US$ 247m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/10/2007 | |
Total Net Assets | $972,341,556 | 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 4/10/2007 | |
Total Net Assets | $1,852,774,000 | Ounces of Silver
in Trust | 133,888,613.800 |
Shares Outstanding | 13,450,000 | Tonnes of Silver
in Trust | 4,164.40 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Gold Fields (GFI) bid rumor, Kinross Gold’s (KGC) Cerro Casale development, ringing of the closing bell, and 2007 guidance, Cardero’s (CDY) management realignment, Aurizon’s (AZK) first quarter gold production, DRD GOLD’s (DROOY) exclusion from a fund, Seabridge’s (SA) 43-101 report, Endeavour’s (EXK) 2006 financial results and 2007 outlook, Bear Creek’s (BCM.V) testing results, Revett’s (RVM.TO) production performance, Minefinders’ (MFN) drill results, and Excellon’s (EXN.V) test results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Gold | UXG+7.89% $5.88 |
2. Entree Gold | EGI +7.43% $2.17 |
3. Rubicon | RBY +6.06% $1.75 |
LOSERS
1. Minco Gold | MGH -7.60% $1.69 |
2. Richmont | RIC -7.25% $2.56 |
3. International Royalty | ROY -5.51% $6.35 |
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.: Financial Statements for the Year Ended December 31, 2006 and Financial Outlook for 2007 - "Sales in 2006 totalled $17.8 million from the production of 1.35 million oz silver (net of gold credits) or US$12.51 per oz, from the Company's Guanacevi Mines in Durango, Mexico. The first year of Endeavour's consolidated financial for its Mexican subsidiaries is 2006, so there is no comparable sales period from 2005." More
- April 11, 2007 | Item | E-mail
China Shen Zhou Mining & Resources Appoints Chief Financial Officer and Expands Board of Directors - More
- April 11, 2007 | Item | E-mail
Molycor Gold Corp.: Incentive Stock Options - More
- April 11, 2007 | Item | E-mail
SearchGold Arranges Financing for up to $2,000,000 - More
- April 11, 2007 | Item | E-mail
Wealth Appoints Chief Geologist Grants 525,000 Stock Options - More
- April 11, 2007 | Item | E-mail
Pearl Asian Mining Getting Nearer to Clinching an Agreement for a Rich Gold Prospect Adjacent to the Atlas Mining Company - More
- April 11, 2007 | Item | E-mail
Weststar Resources Corp.: Drilling Program of Axe Porphyry Copper-Gold Property Underway - More
- April 11, 2007 | Item | E-mail
Kinross Gold expects Cerro Casale development-CEO - "Kinross Gold Corp. (K.TO: Quote, Profile , Research) expects to develop the big Cerro Casale gold and copper deposit in Chile, with remaining questions centering on when and how, not if, the company's chief executive said on Wednesday.
The Canadian miner acquired a 49 percent stake in the property when it acquired Bema Gold earlier this year. It is one of the world's largest undeveloped gold and copper deposits, with estimated reserves of 23 million ounces of gold and 6 billion pounds of copper." More
- April 11, 2007 | Item | E-mail
Inspiration Mining Corporation: Commencement of Trading on the TSX - More
- April 11, 2007 | Item | E-mail
Kinross Gold to Ring Closing Bell at NYSE Today - "Kinross Gold Corporation's President and CEO Tye Burt (Toronto:K.TO - News)(NYSE:KGC - News) ("Kinross" or the "Company") will ring The Closing Bell(SM) at the New York Stock Exchange today in celebration of its designation as the top performing senior gold equity for 2006." More
- April 11, 2007 | Item | E-mail
Thistle announces debt restructuring plan - More
- April 11, 2007 | Item | E-mail
Mengold Awards Incentive Stock Options - More
- April 11, 2007 | Item | E-mail
Gravity West Acquires More Great Bear Lake Uranium Properties - More
- April 11, 2007 | Item | E-mail
Gold Resource Corporation Announces Positive Production Decision at Its El Aguila Project in Oaxaca, Mexico - More
- April 11, 2007 | Item | E-mail
Cardero Announces Management Realignment: New VP Exploration, General Counsel and Senior Geochemist - "Cardero Resource Corp. ("Cardero" or the "Company") (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that Mr. Keith Henderson, Euro. Geol., has joined Cardero as Vice-President, Exploration. Dr. Mark Cruise, Cardero's current Vice-President, Exploration, will become Cardero's Vice-President - Business Development, assuming primary responsibility for evaluating all new project opportunities, assessments and corporate investments/acquisitions. In addition, Mr. Lawrence (Larry) W. Talbot has joined Cardero as Vice President & General Counsel and Ms. Tansy O'Connor-Parsons, MSc. has joined as Senior Geochemist." More
- April 11, 2007 | Item | E-mail
Homeland Precious Metals Corp. Plans Induced Polarization Geophysical Survey for Water Canyon, Nevada - More
- April 11, 2007 | Item | E-mail
Pacific North West Capital Joins GGL Diamond In Search For New Nickel District in the North West Territories - More
- April 11, 2007 | Item | E-mail
Lincoln Gold Corp.: JDS Gold Property Update - More
- April 11, 2007 | Item | E-mail
Bayswater's North Thelon Basin Properties Yield Positive Uranium Values - More
- April 11, 2007 | Item | E-mail
Six holes drilled, five return radioactive readings - More
- April 11, 2007 | Item | E-mail
Bear Creek updates positive results of Corani metallurgical testing - "The Phase II program is designed to provide further definition to the metallurgical characteristics of the Corani ore as well as provide additional parameters to guide design of the optimum flow sheet. All necessary elements for the project scoping study (power, access, transportation, water, social issues, and infrastructure) have been satisfactorily addressed. The Phase II metallurgical test results are required to define the process flow sheet in order to complete the study." More
- April 11, 2007 | Item | E-mail
Crew Gold Announces Sale of CMI Shares - More
- April 11, 2007 | Item | E-mail
Vaaldiam Resources Ltd.: Duas Barras Mine Construction Update - More
- April 11, 2007 | Item | E-mail
Firstgold Corp.'s Relief Canyon Mine Receives Operating Permits - More
- April 11, 2007 | Item | E-mail
Northern Lion to Sell Finnish Assets for $10.46 Million to Focus on Portugal - More
- April 11, 2007 | Item | E-mail
Nuinsco Appoints David Mchaina as Director, Environment & Sustainable Development - More
- April 11, 2007 | Item | E-mail
Full Metal and Triex Announce 2007 Alaska Uranium Drilling Program - More
- April 11, 2007 | Item | E-mail
Encouraging Geophysics at Mengold's Burchell Lake Property - More
- April 11, 2007 | Item | E-mail
International Tower Hill Mines Ltd. Negotiates $2,880,000 Non-Brokered Private Placement - More
- April 11, 2007 | Item | E-mail
Underground Drilling at Natividad Intersects High-grade Gold and Silver on Level 6: 2.5 meters grading 17.09 gpt Gold and 1.16 kilos per tonne Silver - More
- April 11, 2007 | Item | E-mail
Emgold Mining announces additional exploration targets at the Idaho-Maryland Gold Mine - More
- April 11, 2007 | Item | E-mail
Grenville Gold Reviews Land Acquisition and Development Procedure in Peru for Shareholders - More
- April 11, 2007 | Item | E-mail
Radisson Mining Expands Management Team to Focus on Gold and Molybdenum Properties - More
- April 11, 2007 | Item | E-mail
SLAM Exploration drills more massive sulphides - More
- April 11, 2007 | Item | E-mail
Wits Basin Executes Financing to Proceed With Merger - More
- April 11, 2007 | Item | E-mail
Northland Hires Paul Marsden as VP Operations - More
- April 11, 2007 | Item | E-mail
Trenching at San Miguel Discovers New Zone 2,000 Meters Along Strike - More
- April 11, 2007 | Item | E-mail
Teuton Inks $5 Million Option on Treaty Creek Property - More
- April 11, 2007 | Item | E-mail
Stratabound Announces Private Placement - More
- April 11, 2007 | Item | E-mail
Access available for Inmet Mining Annual and Special Meeting of Shareholders and subsequent first quarter conference call - More
- April 11, 2007 | Item | E-mail
Pelangio Advised of First Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- April 11, 2007 | Item | E-mail
Keegan Identifies Large IP Anomalies at Asumura Gold Project - More
- April 11, 2007 | Item | E-mail
Detour Gold Extends Gold Mineralization Outside of the Current Resource at its Detour Lake Property, Northern Ontario (DG-07-01 Intersects 2.71 g/t Over 31 Metr - More
- April 11, 2007 | Item | E-mail
Midland Exploration Inc.: Acquisition of Weedon Cu-Zn-Pb-Au-Ag Property - More
- April 11, 2007 | Item | E-mail
Alhambra Reports Measured and Indicated Gold Resource Increased to 896,250 Ounces and Inferred Gold Resource Increased to 528,827 Ounces at Uzboy - More
- April 11, 2007 | Item | E-mail
First Drill Results Indicate Continuity of Bulk-Tonnage Gold Zone at Jinshan's Dadiangou Project, China - More
- April 11, 2007 | Item | E-mail
Mercator Reports Construction Update and Appointment of VP Engineering - More
- April 11, 2007 | Item | E-mail
Marifil Adds Second Property in the El Indio-Veladero Gold Belt - More
- April 11, 2007 | Item | E-mail
Fischer-Watt Closes Second Tranche of Its Mexican Asset Sale - More
- April 11, 2007 | Item | E-mail
Jaguar Mining Provides Presentation from Analyst Meeting - More
- April 11, 2007 | Item | E-mail
Blue Pearl Posts New Report on 'Structural Changes in Molybdenum Demand' - More
- April 11, 2007 | Item | E-mail
Paramount Gold's Trenching Discovers Mineralized Zone 2,000 Meters along Strike to the North in the New La Veronica Zone with Assays up to 241 g/t Silver - More
- April 11, 2007 | Item | E-mail
American Creek signs earn-in agreement with Teuton Resources on Treaty Creek property - More
- April 11, 2007 | Item | E-mail
Triex and Full Metal Announce 2007 Alaska Uranium Drilling Program - More
- April 11, 2007 | Item | E-mail
Ur-Energy Initiates Aggressive 2007 Drilling Program at Lost Creek - More
- April 11, 2007 | Item | E-mail
PacBay Granted an Additional 55 Uranium Claims in the Matoush Area, Otish Mountains, Quebec - More
- April 11, 2007 | Item | E-mail
BacTech Provides Update on Quinto Uranium Project Drilling Program - More
- April 11, 2007 | Item | E-mail
Uranium Resources, Inc. Receives Approval to List on NASDAQ Global Market - More
- April 11, 2007 | Item | E-mail
Universal Uranium and Silver Spruce Announce Further Significant Mineralization at Two Time Zone - More
- April 11, 2007 | Item | E-mail
Denison Reports on Results of McClean Area Exploration; Significant Mineralization Intersected on Midwest Property - More
- April 11, 2007 | Item | E-mail
Golden Patriot - Financing completed and new director appointed - More
- April 11, 2007 | Item | E-mail
CanAlaska Finalizes Uranium Exploration Venture with Mitsubishi Development - More
- April 11, 2007 | Item | E-mail
Aurizon Mines Ltd.: First Quarter Gold Production at Casa Berardi Totals 32,000 Ounces-Commercial Production Achieved - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce that 32,013 ounces of gold were produced in the first quarter of 2007 at its 100% owned Casa Berardi Mine, in north-western Quebec. Since commissioning the mill in November 2006, the Mine has produced 49,744 ounces of gold." More
- April 11, 2007 | Item | E-mail
Revett Minerals Inc. Reports on Troy's Operational Improvements - "Revett Minerals Inc. (TSX-RVM) ("Revett" or the "Company") is pleased to report on the improved production performance of its 67% owned Troy Mine ("Troy") located in northwest Montana. Since the operation was restarted in December of 2004, Troy had experienced some difficulties in ramping up its production to the level originally anticipated." More
- April 11, 2007 | Item | E-mail
Minefinders Corporation Ltd.: 2006 Drilling Encounters Widespread High-Grade Silver Mineralization at Planchas de Plata, Northern Sonora, Mexico - "Minefinders Corporation Ltd. (the "Company") (Toronto:MFL.TO - News)(AMEX:MFN - News) reports that the 2006 drilling program on its 100% owned Planchas de Plata project, located in Sonora, Mexico, has encountered widespread high-grade silver mineralization over a 3.5 kilometer-long corridor." More
- April 11, 2007 | Item | E-mail
Norway says excludes DRD Gold from $300 bln fund - "Norway said on Wednesday it had excluded South African DRD Gold Limited (DRDJ.J: Quote, Profile , Research) from a $300 billion pension fund for environmental reasons and had sold about $663,000 worth of DRD Gold stock by the end of March." More
- April 11, 2007 | Item | E-mail
Seabridge Files 43-101 Report on Gold-Copper Resource at Mitchell - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that it has filed on SEDAR the 43-101 Technical Report on its Mitchell porphyry deposit located on Seabridge's 100% owned Kerr-Sulphurets project near Stewart, British Columbia (see news release dated February 20, 2007). The Technical Report confirms the previously announced resource estimate." More
- April 11, 2007 | Item | E-mail
Kinross Provides 2007 Guidance and Reserves Including Recently Acquired Bema Assets - "Kinross Gold Corporation (Toronto:K.TO - News)(NYSE:KGC - News) ("Kinross" or the "Company") completed the acquisition of Bema Gold Corporation ("Bema") on February 27, 2007. The Company is pleased to provide an update to its previously released 2007 guidance to include the assets acquired in the transaction. Kinross now expects to produce approximately 1.65 million gold equivalent ounces at a cost of sales in the range of $330 - $340 per ounce in 2007 compared to the previously disclosed 1.5 million ounces of gold equivalent at cost of sales of $320 - $330 per ounce." More
- April 11, 2007 | Item | E-mail
AngloGold Ashanti First Quarter 2007 Earnings Call Details - "AngloGold Ashanti's (NYSE:AU - News) first quarter 2007 earnings conference call will take place on Friday, 4 May at 15.00 South Africa time (US EDT: 09.00; UK: 14.00; Sydney: 23.00)." More
- April 11, 2007 | Item | E-mail
Excellon Discovers Potential Link Between Guadalupe Mantos - "Excellon Resources Inc. (TSX VENTURE:EXN - News) is pleased to announce that the apparent 60 metre wide "gap" between the Guadalupe and Guadalupe South Mantos appears to be bridged approximately 25 metres above the elevation of these mantos. As part of the ongoing test-mining at Platosa, brecciated sulphide mineralization was traced upwards from the southeast end of the Guadalupe Manto to flat-lying massive silver-galena-sphalerite rich mineralization that is now being mined southeast towards the Guadalupe South Manto." More
- April 11, 2007 | Item | E-mail
Gold Fields says "not approached" about any bid - "The chief executive of South Africa's Gold Fields Ltd (GFIJ.J: Quote, Profile , Research) said on Wednesday he was aware of a bid rumour that sent its shares surging, but that the firm has not been approached about a takeover.
The firm's shares soared 11.1 percent to a peak of 152.50 rand, but gave up much of the gain to close up 3.5 percent at 142 rand, compared to a 1.7 percent rise in the gold index <.JGLDX>." More
- April 11, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 April, 2007 | |
