-- Posted 17 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $688.00 | -$1.80 |
Silver | $13.95 | -$0.09 |
XAU | 146.97 | -0.77% |
HUI | 365.09 | -0.87% |
GDM | 1151.97 | -0.92% |
JSE Gold | 3074.27 | -1.36% |
USD | 81.80 | -0.28 |
Euro | 135.65 | +0.16 |
Yen | 84.05 | +0.56 |
Oil | $63.10 | -$0.51 |
10-Year | 4.688% | -0.047 |
T-Bond | 111.125 | +0.5625 |
Dow | 12773.04 | +0.41% |
Nasdaq | 2516.95 | -0.05% |
S&P | 1471.48 | +0.20% |
The Metals:
Gold fell a couple of dollars in Asia and London before it rebounded back near unchanged in early New York trade, but it then fell back off a bit into the close and ended slightly lower. Silver followed a similar pattern and ended with a loss of 0.64%.
Euro gold fell to about €506, platinum lost $22 to $1,264, palladium lost $4 to $374, and copper rose over 15 cents to about $3.67.
Gold and silver equities fell roughly 1% at the open before they rebounded back to about unchanged by early afternoon, but they then fell back off into the close and with near 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Mar | 0.6% | 0.6% | 0.4% |
Core CPI | Mar | 0.1% | 0.2% | 0.2% |
Housing Starts | Mar | 1518K | 1500K | 1506K |
Building Permits | Mar | 1544K | 1515K | 1532K |
Industrial Production | Mar | -0.2% | 0.0% | 0.8% |
Capacity Utilization | Mar | 81.4% | 81.9% | 81.6% |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade after a Canadian pipeline was shut down due to a leak, but it then fell back off in late trade and ended moderately lower as worries over Nigeria eased and a refinery was reported to resume production soon.
The U.S. dollar index fell to another new two year low and treasuries rose as CPI came in as expected and Core CPI came in below expectations and pushed interest rates lower on the view that the fed might lower the fed funds rate due to slowing economic growth in an environment of reported tame inflation.
Also of note in the currency market was the British pound rising over $2 for the first time in nearly 15 years. Gains were driven by higher than expected inflation data in England that made it likely the Bank of England will hike interest rates a their upcoming meetings.
The Dow and S&P rose on decent housing data and indications of tame inflation while the Nasdaq fell on worries over earnings reports.
Among the big names making news in the market today were Johnson & Johnson, Dow Jones, Coca-Cola, EMC, TD Ameritrade, and Wells Fargo.
The Commentary:
“June Gold finished down 2 at 692.5, 3 off the high and 0.7 up from the low.
May Silver closed down 0.06 at 14.02. This was 0.055 up from the low and 0.07 off the high.
All in all the gold bulls might have been a little disappointed in several fundamental developments from the action Tuesday. In addition to the somewhat muted CPI readings, the trade was also presented with a slightly softer than expected US Industrial Production and Capacity Utilization reading. However, the Housing starts figures were slightly better than expected and the US stock market soared to another round of significant new highs and that should have offset the negative macro economic spin from the US data. On the other hand, significant gains in the equity market can mean higher physical and investment demand in gold but it can also prompt shorter term flight to quality type liquidation interest. With the oil and grain markets also under significant selling pressure, it is possible that the selling in gold was also fund or technically related selling.
A pattern of higher lower remained in place in silver despite outside market pressure in a number of markets. However, the silver market certainly did not get outside selling pressure from the copper market which was up a massive 13 cents on the day and that had to disappoint some silver bulls. As suggested in the gold market, the silver bulls also had to be disappointed in the flow of US data but we would have expected the stellar US equity market and the sharp copper rally to have made up for the potential weakness in the economy.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The day of reckoning
Fears grow that Britain has lost control of its remaining gold
Most Americans now feed at the government trough, study concludes
Lihir to dilute by US$535 million to close gold hedges
China likely to try to keep its copper production home
Greg Peel: Of the IMF, the Bank of England, Currencies, and Gold
China moves to explain $136 billion FX surge
James Turk: A week of significant breakouts
The Statistics:
As of close of business: 4/16/2007
Gold Warehouse Stocks: | 7,612,970 | - |
Silver Warehouse Stocks: | 127,568,934 | + 1,184,284 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 494.56 | 15,900,551 | US$ 10,914m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 88.83 | 2,855,872 | US$ 1,962m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,861 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,756 | US$ 248m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/16/2007 | |
Total Net Assets | $991,826,783 | 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 4/16/2007 | |
Total Net Assets | $1,886,093,508 | 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:
Freeport’s (FCX) worker protest rally at the Grasberg mine, Almaden’s (AAU) optioned project, Glencairn’s (GLE) royalty sale, Agnico-Eagle’s (AEM) acquired stake in Cumberland, South American Silver’s (SAC.TO) completed property purchase, Minco’s (MSV.TO) increase in resources, Hecla’s (HL) presentation at the European Gold Forum, and Mines Management’s (MGN) priced public offering were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +8.36% $3.24 |
2. Buenaventura | BVN+4.96% $34.48 |
3. Entree | EGI +3.91% $2.39 |
LOSERS
1. Rubicon | RBY-9.16% $2.28 |
2. U.S. Gold | UXG-8.91% $6.24 |
3. Crystallex | KRY -8.63% $3.81 |
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:
Date Set for Uranerz Energy's Annual General Meeting - More
- April 17, 2007 | Item | E-mail
Consolidated Spire Ventures Closes Final Tranche of Private Placement Totaling $760,000.00 - More
- April 17, 2007 | Item | E-mail
Lincoln Gold Corp.: JDS Gold Property Drilling Back on Schedule - More
- April 17, 2007 | Item | E-mail
Petaquilla Minerals Ltd. to Present at the European Gold Forum - More
- April 17, 2007 | Item | E-mail
KGC mobilizes to drill East Kalimantan gold prospect - More
- April 17, 2007 | Item | E-mail
Drill Program Begins on Gunman Zinc Project in Nevada - More
- April 17, 2007 | Item | E-mail
Tombstone Exploration Corporation Granted Exclusive Rights to Explore 3,070 Acres of Arizona State Lands - More
- April 17, 2007 | Item | E-mail
Solex Resources Corp. Intercepts 0.089% U308 Over 10 Metres at Macusani - More
- April 17, 2007 | Item | E-mail
Consolidated Spire Ventures Announces Early 2007 Exploration and Diamond Drilling Overview - More
- April 17, 2007 | Item | E-mail
Reno Gold Corp. to Formalize Arrangements to Commence Drilling Program - More
- April 17, 2007 | Item | E-mail
Compania de Minas Buenaventura Announces First Quarter 2007 Conference Call - "Friday, April 27, 2007 at 11:00 a.m. EST" More
- April 17, 2007 | Item | E-mail
Early Analysis of Louise Lake Drilling Confirms a 200-meter Northward Extension of the Main Zone - More
- April 17, 2007 | Item | E-mail
CORRECTION FROM SOURCE: Assay Results From Marifil's Amarillo Norte Gold Property-Not Avestruces - More
- April 17, 2007 | Item | E-mail
Mansfield Minerals Inc.: Aggressive Drill Program Funded at Rio Grande, NW Argentina - More
- April 17, 2007 | Item | E-mail
Olympus-Drilling to Commence on Two New Zones at Bong Mieu - More
- April 17, 2007 | Item | E-mail
Millstream Intersects 5.03% Copper and 14.18% Zinc Within a 10.13 Metre Massive Sulphide Core Interval - More
- April 17, 2007 | Item | E-mail
Chicago Board Options Exchange to Trade Options on Uranerz Energy Corporation - More
- April 17, 2007 | Item | E-mail
South American Silver Corp. Completes Purchase of Malku Khota Silver Property and Signs Drilling Contract - "South American Silver Corp. ("SASC" or the "Company") (Toronto:SAC.TO - News) is pleased to announce that it has completed the purchase of the Malku Khota property by exercising its option on the 1,175 ha Cobra and Daniel claims. The Company's only remaining obligation is to pay a 1% NSR on production from these claims, which NSR can be purchased for US$500,000 at any time. The Company now holds title to the entire Malku Khota property." More
- April 17, 2007 | Item | E-mail
Almaden Options Caballo Blanco to Canadian Gold Hunter - "Almaden Minerals Ltd. ("Almaden") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that it has signed a letter of intent with Canadian Gold Hunter Corp. ("CGH") (Toronto:CGH.TO - News) whereby CGH can acquire a 70% interest in Almaden's Caballo Blanco gold project, Mexico. Under the terms of the agreement CGH can acquire the 70% interest in the project by issuing 1 Million shares of CGH and making a US$500,000 payment upon signing a formal agreement, spending US$12.0 Million on the project (of which US$1.5 Million is a firm commitment) and funding all costs required for the completion of a bankable feasibility study, after such time the two parties shall each fund their pro rata share of all costs required in connection with development and mining operations." More
- April 17, 2007 | Item | E-mail
Queenston Mining and Kirkland Lake Gold Acquire Key Claims in the Kirkland Lake Gold Camp - More
- April 17, 2007 | Item | E-mail
Jourdan Resources Announces the Acquisition of Four Major Uranium Plays Located in the Wakeham Basin and Otish Montain Areas, Quebec, and the Elliot Lake Area - More
- April 17, 2007 | Item | E-mail
eResearch Initiates Coverage on Bellhaven Copper & Gold With a 'Speculative Buy' Rating and Target Price of CA$1.10 - More
- April 17, 2007 | Item | E-mail
St. Elias Mines Ltd. Discovers 17.24 oz/t Gold at Zona Central, Tesoro Gold Project, Peru - More
- April 17, 2007 | Item | E-mail
Yale AGM Completed - More
- April 17, 2007 | Item | E-mail
CityView Identifies 59 Prospects on Its Ucua Licence in Angola - More
- April 17, 2007 | Item | E-mail
African Gold Group, Inc.: Assuowunu Soil Anomalies Trend Into Keegan's Esaase Deposit - More
- April 17, 2007 | Item | E-mail
Siguiri Basin Mining Inc. (SBMI) BOD Elects Internationally Known Mining Executive as New CEO - More
- April 17, 2007 | Item | E-mail
Yukon Gold Acquires Promising Silver-Zinc-Lead Property in the Mayo Mining District, Yukon - More
- April 17, 2007 | Item | E-mail
La Quinta Starts Work on Kampene Gold Project in Democratic Republic of Congo - More
- April 17, 2007 | Item | E-mail
Firstgold Corp. Closes First Tranche of Financing - More
- April 17, 2007 | Item | E-mail
Birim Announces Full Exercise of Warrants - More
- April 17, 2007 | Item | E-mail
Plexmar Resources Inc.: Mining in Northern Peru - More
- April 17, 2007 | Item | E-mail
Cream Minerals Extends Diamond Drill Contract - More
- April 17, 2007 | Item | E-mail
GLOBAL PRECISION MEDICAL INC. Announces Change in Business Direction, Debt Settlement Agreement, and Resignation of a Director - More
- April 17, 2007 | Item | E-mail
Successful Drill Program Continues at Rare Element Resources-Newmont Gold Venture - More
- April 17, 2007 | Item | E-mail
Golden Arch arranges brokered/non-brokered $960,000 private placement - More
- April 17, 2007 | Item | E-mail
Resignation of a director - More
- April 17, 2007 | Item | E-mail
Nevada Copper Intersects Major High Grade Zone - More
- April 17, 2007 | Item | E-mail
Crew Gold Corporation Announces Exploration to Commence On Wa Project, Ghana - More
- April 17, 2007 | Item | E-mail
Reconaissance Sampling Identifies Silver and Gold Mineralization at Garibaldi's Temoris Property - More
- April 17, 2007 | Item | E-mail
Alma Resources Sees Up to 597g/t Silver in Recent Samples at Barreteros Property, Sinaloa State, Mexico - More
- April 17, 2007 | Item | E-mail
East West Resource Corporation: 31.9 Metre Wide Copper Zone at North Gazooma Marshall Lake Property Thunder Bay, Ontario - More
- April 17, 2007 | Item | E-mail
Global Copper Intersects 60 Meters Grading 1.60% Copper Equivalent(ii) In Step-Out Drilling at Relincho - More
- April 17, 2007 | Item | E-mail
Tornado Gold Prioritizes NT Green Property - More
- April 17, 2007 | Item | E-mail
TSX: GEM - Pele Mountain Expands Elliot Lake Uranium Project
- April 17, 2007 | Item | E-mail
Scandinavian Minerals Commences Bankable Feasibility Study for Kevitsa Nickel-Copper-PGE Property - More
- April 17, 2007 | Item | E-mail
Nuestra Senora Drilling Reports 13.80 metres grading 168.22 g/t Ag, 4.34% Zn, 0.65% Cu, 1.52% Pb and 0.07 g/t Au and adds Fifth Drill to the Project - More
- April 17, 2007 | Item | E-mail
Dynacor has 100% ownership of its Acari property in Peru - More
- April 17, 2007 | Item | E-mail
El Capitan Announces Upgrade of Resource Quality - More
- April 17, 2007 | Item | E-mail
Companies Acquire Molybdenum Property Crowrea - More
- April 17, 2007 | Item | E-mail
Cloudbreak Resources Corporate Update - More
- April 17, 2007 | Item | E-mail
Pele Mountain Expands Elliot Lake Uranium Project - More
- April 17, 2007 | Item | E-mail
Laramide Receives GRD Minproc Scoping Study on its 100% Owned Westmoreland Uranium Project in Queensland Australia - More
- April 17, 2007 | Item | E-mail
Cash Minerals Signs Joint Venture Agreement for Uranium Property in Central Mineral Belt, Labrador - More
- April 17, 2007 | Item | E-mail
Trigon Expands Henry Mountains Land Position in Anticipation of May Drill Program and Adds to Golden, CO Uranium Team - More
- April 17, 2007 | Item | E-mail
Agnico-Eagle acquires 81.1% of Cumberland and extends offer to April 30, 2007 - "Agnico-Eagle Mines Limited is pleased to announce that 62,751,962 common shares of Cumberland Resources Ltd. ("Cumberland Shares") have been validly deposited pursuant to the offer made by Agnico-Eagle and its wholly-owned subsidiary Agnico-Eagle Acquisition Corporation (together, the "Offerors") to acquire all Cumberland Shares not already owned by Agnico-Eagle." More
- April 17, 2007 | Item | E-mail
Minco Silver Announces a 15% Increase in the Resource Estimate on its Fuwan Silver Project - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to provide an updated resource estimate for the Fuwan Silver Project in Guangdong Province, China. This estimate has increased the overall tonnage of the Fuwan deposit from 19.0 million tonnes to 23.0 million tonnes. This is an increase of approximately 15.3 million ounces of contained silver of which 4.5 million tonnes (29.2 million contained silver ounces) were upgraded from the inferred category to the indicated category at an average grade of 203g/t silver." More
- April 17, 2007 | Item | E-mail
Hecla's President to Speak at the European Gold Forum in Zurich - "Hecla Mining Company's (NYSE:HL - News) President and Chief Executive Officer, Phillips S. Baker, Jr., will speak at the European Gold Forum in Zurich, Switzerland, on April 18 at 11:00 am (Zurich time). Mr. Baker will present an overview of the company's recent financial performance and will provide an update of the company's strategy and growth prospects." More
- April 17, 2007 | Item | E-mail
Glencairn Agrees to Sell Manitoba Nickel Royalties to Independent Nickel - "Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) reports that it has signed a binding letter agreement with Independent Nickel Corp. ("INI") to sell its sliding scale 1%-3% Net Smelter Return Royalty ("NSR") on Victory Nickel Inc.'s Minago nickel deposit, as well as the 2% NSR on the Lynn Lake mine property, both located in northern Manitoba, to INI." More
- April 17, 2007 | Item | E-mail
Mines Management Announces Pricing of US$30 Million Unit Offering and Filing of Final Prospectus Supplement - "Mines Management, Inc. (AMEX:MGN - News; TSX:MGT - News) is pleased to announce that it has priced its previously announced public offering of 6,000,000 units at a price of US$5.00 (Cdn$5.65) per unit, resulting in gross proceeds of US$30 million, or US$28.2 million in net proceeds to the Company, after deducting underwriting commissions but before deducting offering expenses." More
- April 17, 2007 | Item | E-mail
Freeport Indonesia Grasberg workers call off talks - "Workers from U.S. mining firm Freeport's Grasberg mine in Indonesia called off planned talks with the company over a labour dispute on Tuesday and said they would go ahead with a protest rally.
Armoured vehicles, riot police and protesters massed outside Freeport-McMoran Copper & Gold's (FCX.N: Quote, Profile , Research) Papua headquarters ahead of Wednesday's rally over better welfare for native workers at the giant mine in the remote province." More
- April 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 April, 2007 | |
