-- Posted 12 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $674.60 | -$1.70 |
Silver | $13.79 | -$0.02 |
XAU | 143.58 | +0.15% |
HUI | 355.91 | +0.43% |
GDM | 1122.35 | +0.41% |
JSE Gold | 3036.85 | -0.58% |
USD | 82.34 | -0.22 |
Euro | 134.85 | +0.64 |
Yen | 84.03 | +0.32 |
Oil | $63.85 | +$1.84 |
10-Year | 4.737% | -0.002 |
T-Bond | 110.46875 | +0.03125 |
Dow | 12552.96 | +0.55% |
Nasdaq | 2480.32 | +0.85% |
S&P | 1447.80 | +0.62% |
The Metals:
Gold rose near $679 by late trade in Asia before it fell back near unchanged around $676 in London and early New York trade, but it then fell off a cliff at about 11AM EST and dropped to as low as $670.90 in New York before it rebounded into the close and ended with a loss of just 0.25%. Silver fell to as low as $13.64 before it also rebounded into the close and ended with a loss of just 0.14%.
Euro gold fell to about €501, platinum lost $7 to $1,272, palladium gained $5 to $372, and copper fell a couple of cents to about $3.46.
Gold and silver equities remained near unchanged in early trade before they fell off a bit with gold and silver around 11AM EST, but they then rallied higher into the close and ended with near 0.5% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/07 | 342K | 320K | 323K |
Export Prices | Mar | 0.7% | - | 0.7% |
Export Prices ex-ag. | Mar | 0.6% | - | 0.5% |
Import Prices | Mar | 1.7% | 1.0% | 0.1% |
Import Prices ex-oil | Mar | 0.3% | - | 0.1% |
Tomorrow at 8:30AM EST brings the Trade Balance for February expected at -$60.5 billion, PPI for March expected at 0.7%, and Core PPI expected at 0.2%. At 10AM is the preliminary reading for April Michigan Sentiment expected at 87.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose at the end of trade after Valero announced one of its refineries will not be able to return to full capacity by the end of the year as previously hoped.
The U.S. dollar index fell to new 2 year lows as the euro rose after the European Central Bank kept interest rates unchanged, but indicated they will hike rates in the future.
Treasuries fell slightly after a disappointing auction of $6 billion in 10-year Treasury Inflation Protected Securities, but they still held minor gains at the close on a surprise jump in Initial Jobless Claims announced earlier in the day.
The Dow, Nasdaq, and S&P rose despite disappointing economic reports, mostly poor retail sales reports, and noticeably higher oil.
Among the big names making news in the market today were Toyota, Countrywide, Rite Aide, Dow chemical, Wal-Mart, Vonage, Nestle and Gerber, and MedImmune.
The Commentary:
“June Gold finished down 2 at 679.7, 3.6 off the high and 4.2 up from the low.
May Silver closed down 0.035 at 13.855. This was 0.145 up from the low and 0.095 off the high.
The gold market attempted to throw off early liquidation effort but the bear camp seemingly re-gathered itself later in the session. However, with the Dollar down sharply and reaching the lowest level since December 6th of 2006, the bear camp might want to be careful pressing gold on the downside. However, some players have continued to point to the fact that the gold market is going to show a significantly overbought spec and fund long positioning in the upcoming COT report but other traders have suggested that a number of longs will probably attempt to stay long for what is expected to be a hot PPI report on Friday morning. With the equity market also managing to bounce into positive territory in the early afternoon trade it is possible that gold was feeling somewhat better about the economy into its close today.
The silver market also waffled around unchanged for most of the session but was unable to forge a higher high and in fact managed a lower low and that could give the bear camp some technical confidence. With the copper forging an extremely wide trading range and also taking out the prior two session's lows, it is possible that some selling in silver was inspired by the copper market. While the silver trade is also fearful of an overbought spec and fund position in the coming COT report, it is possible that the silver market is found to be slightly less overdone than the gold market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
China's foreign reserves rise past $1.2 trillion
European report to let hedge funds off easy, FT says
Leave hedge funds alone, Fed chief says
The Statistics:
As of close of business: 4/11/2007
Gold Warehouse Stocks: | 7,455,703 | - |
Silver Warehouse Stocks: | 125,791,331 | - 643,030 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 494.56 | 15,900,551 | US$ 10,782m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,856,030 | US$ 1,931m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,881 | US$ 248m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,777 | US$ 247m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
|
Profile as of 4/11/2007 | |
Total Net Assets | $972,762,140 | 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 4/11/2007 | |
Total Net Assets | $1,863,459,709 | 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:
South Africa’s investigation about the rumored Gold Fields (GFI) bid, Richmont’s (RIC) increase in resources, Great Basin’s (GBN) C$130 million equity offering pricing, Barrick’s (ABX) purchase of Emperor’s 20% interest in the Porgera mine, Silvercorp’s (SVM.TO) drill program, Fury’s (FUR.V) pre-production engineering activities, and Bear Creek’s (BCM.V) leach test results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Richmont | RIC+16.41% $2.98 |
2. Seabridge | SA +7.29% $16.64 |
3. Great Basin | GBN +6.61% $2.42 |
LOSERS
1. Kimber | KBX-6.29% $1.64 |
2. Cardero | CDY-2.88% $2.70 |
3. Almaden | AAU-2.49% $2.35 |
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:
Stellar to proceed with the distribution of 8.75 million shares of Stelmine Canada Ltd. - More
- April 12, 2007 | Item | E-mail
Richmont Mines Inc. and Patricia Mining Corp. Announce a Significant Increase In Resources at the Island Gold Project - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) and Patricia Mining Corp. (CDNX:PAT.V - News) are pleased to announce that there is a significant overall increase in ounces of gold in the Measured and Indicated Resources categories at the Island Gold Project. Total Measured and Indicated Resources at the project are now calculated to be 477,462 ounces with another 195,550 ounces in the Inferred Resource category. This new resource calculation was prepared by the independent consultant GENIVAR." More
- April 12, 2007 | Item | E-mail
CanAm Recognizes Importance of Uranium Spot Price At $113 Per Pound - More
- April 12, 2007 | Item | E-mail
CanAlaska Updates Winter Uranium Exploration Program - More
- April 12, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Ledcor Awarded Pre-Construction Services of the Ruby Creek Molybdenum Project - More
- April 12, 2007 | Item | E-mail
Global Uranium Corp.: Initial Sampling at Tin Negouran Returns Up to 11.7% U308 From Old Workings - More
- April 12, 2007 | Item | E-mail
Midlands Minerals Announces Corporate Profile to Be Aired on Air Canada Flights and on the Biography Channel - More
- April 12, 2007 | Item | E-mail
Midlands Minerals Announces Granting of Stock Options - More
- April 12, 2007 | Item | E-mail
Uranerz Welcomes New Vice President of Exploration - More
- April 12, 2007 | Item | E-mail
NORTHERN MINING Explorations Ltd.: Gil Playford Joins MDN's Board of Directors - More
- April 12, 2007 | Item | E-mail
Royal Gold Announces Fiscal 2007 Third Quarter Conference Call - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; Toronto: RGL - News), the leading precious metals royalty company, will report its third quarter fiscal 2007 results before the market opens for trading on Thursday, May 3, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- April 12, 2007 | Item | E-mail
Great Basin Gold Announces Pricing of C$130 Million Equity Offering - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that it has priced an offering of 50,000,000 equity units at a price of C$2.60 per unit resulting in gross proceeds of C$130,000,000. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase a share of Great Basin at a price of C$3.50 until 24 months following closing." More
- April 12, 2007 | Item | E-mail
Northwater Enters into Option Agreement on Rio Mayo Project, Mexico - More
- April 12, 2007 | Item | E-mail
G & S Minerals, Inc. Retains Torrey Hills Capital - More
- April 12, 2007 | Item | E-mail
Aldershot Resources Ltd.: Warrants Expire - More
- April 12, 2007 | Item | E-mail
Azco Mining Shifts Corporate Headquarters to Albuquerque - More
- April 12, 2007 | Item | E-mail
Gold Canyon Discovers New Gold Zone at Springpole-0.245 opt Gold Over 14 Feet Within 20 Feet of Semi-Massive Cherty Sulphides - More
- April 12, 2007 | Item | E-mail
ITH Announces the Beginning of Drilling at Livengood and Outlines USD7M North American Exploration Program for 2007 - More
- April 12, 2007 | Item | E-mail
Sprott Asset Management Acquires 10.6% of Scandinavian Minerals - More
- April 12, 2007 | Item | E-mail
Erdene Closes $10 Million Private Placement - More
- April 12, 2007 | Item | E-mail
Franklin Mining, Inc. & GDR Privée Arrange $470 Million Debt Financing - More
- April 12, 2007 | Item | E-mail
Spruce Ridge to Drill Two Uranium Properties in Newfoundland - More
- April 12, 2007 | Item | E-mail
Laurion Mineral Reports Drilling Results at Davidson-Tisdale - More
- April 12, 2007 | Item | E-mail
Silvermet Inc.: Drill Rig Has Been Mobilized for 2007 Muskox Program, Nunavut - More
- April 12, 2007 | Item | E-mail
Golden China's Beyinhar Project Scoping Study Indicates Production Costs of US$280/oz - Company Commences Feasibility Study - More
- April 12, 2007 | Item | E-mail
Aurus Publishes Financial Statements - More
- April 12, 2007 | Item | E-mail
S.Africa watchdog to probe Gold Fields bid report - "South Africa's financial sector watchdog will launch an investigation after shares of Gold Fields (GFIJ.J: Quote, Profile , Research) surged on a report that a U.S. financier could bid for the firm, an official said on Thursday.
"We will investigate for a possible contravention of section 76 of the Securities Services Act that prohibits false and misleading information being published," Gerhard van Deventer, of the Financial Services Board, told Reuters. " More
- April 12, 2007 | Item | E-mail
Golden Odyssey Announces Start of 2007 Anchor Gold Project Drilling - More
- April 12, 2007 | Item | E-mail
DIAGNOS Acquires Two New Uranium Properties on Cote Nord, Quebec - More
- April 12, 2007 | Item | E-mail
Unico, Inc. Announces Reconstruction Progress at the Mill and Processing Facility at the Deer Trail Mine and Additional Screening Plant Activity - More
- April 12, 2007 | Item | E-mail
AXMIN Discovers Third Substantial Prospect on Kofi SW Structure, Kofi Gold Project, Mali - More
- April 12, 2007 | Item | E-mail
Geneva Resources, Inc. Updates Exploration Program on the Vilcoro Gold Property, Peru - More
- April 12, 2007 | Item | E-mail
Romios Adds to Its Technical Team - More
- April 12, 2007 | Item | E-mail
Goldbelt Receives Mining Permit for Inata - More
- April 12, 2007 | Item | E-mail
Northland Drills Tapuli Iron Project, Sweden - More
- April 12, 2007 | Item | E-mail
Canadian Zinc Corporation: Shares Quoted on OTC Bulletin Board in the United States OTCBB-"CZICF" - More
- April 12, 2007 | Item | E-mail
Metanor - Update - Ongoing Work - Bachelor Lake Mining Complex - More
- April 12, 2007 | Item | E-mail
General Metals Corp Invited to Give Presentation at the Equities Mining Day Conference 2007 at the Yale Club in New York - More
- April 12, 2007 | Item | E-mail
Cancor Exploration and Development Activities - More
- April 12, 2007 | Item | E-mail
Dragon Capital report on current status of operations - More
- April 12, 2007 | Item | E-mail
Everton Granted Option From Linear Gold On the Ampliacion Concession Adjacent to Barrick/Goldcorp's Pueblo Viejo Mine in the Dominican Republic - More
- April 12, 2007 | Item | E-mail
Sierra Gold Corporation Awaits Results From Recent Bulk Samples by SGS Laboratories - More
- April 12, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Nine Months Ended February 28, 2007 - More
- April 12, 2007 | Item | E-mail
Globex, Inc. Announces Official Name Change to U Mining Resources Inc. and Filing for New CUSIP Number and Ticker Symbol - More
- April 12, 2007 | Item | E-mail
Strategic Resources Acquires Option to Purchase San Sebastian Uranium Property in Argentina - More
- April 12, 2007 | Item | E-mail
Energy Metals Drilling Results and Permitting Progress at Moore Ranch Project in the Powder River Basin of Wyoming - More
- April 12, 2007 | Item | E-mail
Paladin Raises Bid for Summit Resources and Extends Offer Period - More
- April 12, 2007 | Item | E-mail
Bayswater Discovers Possible Kimberlite Targets in Thelon Basin, NU/NWT and Central Mineral Belt, Labrador - More
- April 12, 2007 | Item | E-mail
Silvercorp Announces Commencement of Drill Program on the NPG Molybdenum Project Within the Ying Silver Project Permit Area, Henan, China - "Silvercorp Metals Inc. ("Silvercorp") (TSX:SVM - News) is pleased to announce that it has commenced the first phase 5000 metre ("m") drill program on the NPG Molybdenum Project ("Ying Moly Project") located within the Ying Silver Mining Permit area, Henan, China." More
- April 12, 2007 | Item | E-mail
Fury Initiates Pre-Production Engineering Activities at Taylor Silver Project - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that it has engaged Knight Piesold and Co. of Denver Colorado to prepare the plan of operations and various associated permit applications relating to re-development of the Company's Taylor Mine near Ely Nevada. Additionally, Knight Piesold will perform preliminary metallurgical testing and tailings dam engineering in support of the permitting." More
- April 12, 2007 | Item | E-mail
Bear Creek announces positive leach test results at Santa Ana Project - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce the positive test results performed and confirmed by three separate laboratories on 10 representative samples from the Santa Ana Silver deposit. The samples were selected from five diamond drill holes spaced throughout the area of mineralization at various depths from the deposit representing average grade ranges indicated by the reconnaissance drilling." More
- April 12, 2007 | Item | E-mail
Barrick Reaches Agreement With Emperor Mines on Porgera Stake - "Barrick Gold Corporation (NYSE:ABX - News)(Toronto:ABX.TO - News) announced today that it has entered into a definitive purchase and sale agreement with Emperor Mines Limited (ASX:EMP.AX - News) regarding Emperor's 20 per cent interest in the Porgera mine in Papua New Guinea. Barrick's interest in Porgera will increase from 75 per cent to 95 per cent on the completion of this transaction." More
- April 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 April, 2007 | |
