-- Posted 19 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $684.30 | -$4.20 |
Silver | $13.66 | -$0.30 |
XAU | 141.87 | -2.64% |
HUI | 351.83 | -2.81% |
GDM | 1111.74 | -2.84% |
JSE Gold | 2964.83 | -1.95% |
USD | 81.64 | -0.06 |
Euro | 136.00 | +0.27 |
Yen | 84.49 | +0.19 |
Oil | $61.83 | -$1.30 |
10-Year | 4.670% | +0.016 |
T-Bond | 111.34375 | -0.125 |
Dow | 12808.63 | +0.04% |
Nasdaq | 2505.35 | -0.21% |
S&P | 1470.73 | -0.12% |
The Metals:
Gold initially rose over $690 in Asia before it fell under $684 by the open in London and next rebounded a bit to around $686, but it then fell in early New York trade to as low as $680.20 ahead of a rebound into the close that recouped about half of its fall and left it with a loss of 0.61%. After topping $14.00 in early Asian trade, silver fell to as low as $13.60 before it also rebounded slightly, but it still ended with a notable loss of 2.15%.
Euro gold fell to about €502, platinum gained $8 to $1.298, palladium lost $3 to $373, and copper fell roughly 5 cents to about $3.57
Gold and silver equities fell about 2% at the open, fell further in the last couple of hours of trade, and ended with near 3% losses.
Bullion ETFs investment rises 6 pct in 1st qtr-WGC Reuters
US gold, silver end lower on oil, China worries Reuters
Gold ends at a one-week low as China GDP sparks rate hike fears MarketWatch
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/14 | 339K | 320K | 343K |
Leading Indicators | Mar | 0.1% | 0.1% | -0.6% |
Philadelphia Fed | Apr | 0.2 | 3.0 | 0.2 |
There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over 2% as more refineries appear to be coming back on line in the U.S., but the move came in light volume as traders rollover from the May contract, which expires tomorrow, and into the June contract. London Brent crude, which has been trading at roughly a $5 premium to U.S. crude recently, actually rose slightly by $0.13 to $66.17 as geopolitical worries over Iran and Nigeria offset potential waning demand concerns from China if they raise interest rates to curb their strong 11.1% 1st quarter economic growth reported today.
The U.S. dollar index continued its recent free fall as the yen rose on the possibility for higher interest rates out of China. Losses in the dollar today were somewhat minimal, but it still marks the eighth straight losing session for the index.
Treasuries fell despite poor economic data as traders took gains from the previous four day rally in bonds.
The Dow, Nasdaq, and S&P opened markedly lower on concerns that China will raise interest rates to curb its rapid growth, but all three indices rose back near unchanged by the close on decent earning reports as investors watched U.S. oil prices fall as well. The Nasdaq and S&P ended slightly lower, but the Dow ended barely higher to make a new record closing high.
Among the big names making news in the market today were Amgen, Altria, AMC Entertainment, D.R. Horton, Merrill Lynch, Merck, and Bank of America.
The Commentary:
“June Gold finished down 5 at 688.3, 2.7 off the high and 5.8 up from the low.
May Silver closed down 0.24 at 13.735. This was 0.155 up from the low and 0.155 off the high.
The gold market started out by waffling around unchanged, the market managed a mid morning rally but in the early afternoon action it was clear that the trade was still exhibiting some concern of too much slowing in China. Certainly the threat of slowing in China is not something that many physical commodity markets can take lightly and it is possible that the market will be forced to deal with the issue for a number of days ahead. With the Dollar not showing a direct downside extension in the wake of the news that China might have to hike interest rates significantly to quell excess speculation and inflation, it is clear that the Dollar bears and therefore the gold bulls are having some second thoughts.
Certainly the silver market suffered the brunt of the slowing fears off the China situation. However, as long as copper, the base metals, equity prices and energy prices don't end up tumbling down sharply off fears of global deflation, it is possible that the whole China issue will moderate into a background item. However, the trade is concerned about the overbought condition of the silver market in the spec categories and therefore, the bull camp in silver probably needs some help from favorable economic readings or some recovery action in the stock market.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
British pound hits 26-year high against U.S. dollar
Mike Maloney: The Dow isn't going up -- it's actually crashing
The Statistics:
As of close of business: 4/18/2007
Gold Warehouse Stocks: | 7,612,970 | - |
Silver Warehouse Stocks: | 128,163,454 | - |
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 | 500.72 | 16,098,651 | US$ 11,086m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 89.76 | 2,885,809 | US$ 1,967m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.42 | 366,853 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.35 | 364,752 | US$ 250m |
Note: Change in Total Tonnes from yesterday’s data: The LSE added 0.93 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/18/2007 | |
Total Net Assets | $990,367,606 | 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 4/18/2007 | |
Total Net Assets | $1,882,529,980 | Ounces of Silver
in Trust | 134,883,858.600 |
Shares Outstanding | 13,550,000 | Tonnes of Silver
in Trust | 4,195.36 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Freeport’s (FCX) production in Indonesia, Meridian’s (MDG) banned gold mine in Argentina, Crystallex’s (KRY) filed final short form prospectus, Fronteer’s (FRG) expanded deposit, Great Basin’s (GBN) completed financing, NovaGold’s (NG) priced public offering, Metallica’s (MRB) dore pours, Newmont’s (NEM) share sale to the Indonesian government, Metalline’s (MMG) additions to mineral concessions, IMPACT’s (ITP.V) $2.4 million in operating earnings, Bear Creek’s (BCM.V) drill results, YGC’s (YGC.TO) drill results, and Hecla’s (HL) completed Hollister sale were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Kimber | KBX +1.97% $1.55 |
2. Ivanhoe | IVN +1.59% $12.74 |
3. Arizona Star | AZS+1.42% $12.17 |
LOSERS
1. NovaGold | NG-7.76% $16.05 |
2. Rubicon | RBY -6.72% $2.22 |
3. Miramar | MNG-5.74% $4.43 |
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:
Argentine Supreme Court upholds gold mine ban - "U.S. miner Meridian Gold Inc. has lost an appeal to Argentina's Supreme Court over an environmental ban on its mining project in a Patagonian province.
A spokeswoman for Nevada-based Meridian (MDG.N: Quote, Profile , Research)(MNG.TO: Quote, Profile , Research) said on Thursday the company was aware of the court's decision, but that it remained committed to the Esquel project, which has been frozen since 2003." More
- April 19, 2007 | Item | E-mail
Ball Mill for Adanac's Ruby Creek Molybdenum Project Awarded to Outokumpu Technology - More
- April 19, 2007 | Item | E-mail
Bolero announces drill program at Cannivan Gulch Moly Project - More
- April 19, 2007 | Item | E-mail
Carlisle grants stock options - More
- April 19, 2007 | Item | E-mail
Metalline Mining Company Announces Additions to Mineral Concession Holdings - "The total area of the added concessions is 9,557.8611 hectares. With these additions, the total area of concessions in the region, held through our subsidiary Minera Metalin S.A. de C.V., is 15,645.9702 hectares." More
- April 19, 2007 | Item | E-mail
Stratabound Private Placement - More
- April 19, 2007 | Item | E-mail
El Nino Outlook for 2007 - 2008 Work Program and Report on the Bathurst Mining Camp First Year Results - More
- April 19, 2007 | Item | E-mail
IMPACT Reports $2.4 Million in Operating Earnings for 2006 - "IMPACT Silver Corp. (TSX VENTURE:IPT - News; "the Company") is pleased to announce its results for the year ended December 31, 2006. The Company's consolidated financial statements include the results of Royal Mines of Zacualpan Project ("Zacualpan") that was purchased on January 16, 2006. For the year 2006, the Company's net earnings per share (EPS) were $0.03." More
- April 19, 2007 | Item | E-mail
Wildcat Special Meeting of Shareholders Adjourned to April 26, 2007 - More
- April 19, 2007 | Item | E-mail
Candente Resource Corp.: Upgraded Starter Pit Shows Robust Economics at Canariaco Norte, Peru - More
- April 19, 2007 | Item | E-mail
Luna Gold receives exploration extension at its Aurizona Gold Project and applies for more ground - More
- April 19, 2007 | Item | E-mail
Bear Creek announces positive Corani drill results expanding silver mineralization; Phase 3 drilling begins at Santa Ana - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from twenty-three additional drill holes (5,336 meters) from the Corani project. This brings the total drilling on the project to 76,625 meters in 455 drill holes and the total number of holes since the last resource update (6 December 2006) to 127." More
- April 19, 2007 | Item | E-mail
Crystallex Files Final Prospectus in Canada for C$53,125,000 Offering of 12,500,000 Common Shares - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) ("Crystallex" or the "Company") announced today that it has filed a final short form prospectus with regulatory authorities in Canada relating to its previously announced public offering of 12,500,000 common shares at C$4.25 per share for gross proceeds of C$53,125,000 in respect of which a preliminary short form prospectus was filed on April 4, 2007." More
- April 19, 2007 | Item | E-mail
Canadian Royalties Inc.: Raglan South Nickel Project Update Environmental and Social Impact Assessment Study Completed - More
- April 19, 2007 | Item | E-mail
Paramount Gold Signs Agreement for 100% of the Cotaruse Property in Southern Peru - More
- April 19, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Denison Mines Corp. - More
- April 19, 2007 | Item | E-mail
Appalaches is in the Hunt - More
- April 19, 2007 | Item | E-mail
Indonesia says production slashed at Freeport mine - "Freeport-McMoRan Copper and Gold's giant Grasberg copper mine is running well below capacity because of a protest by thousands of workers which the company calls an illegal strike.
The rally at the mine, which produces over 500,000 tonnes of copper annually and is Indonesia's biggest source of tax revenue, has helped lift copper prices above $8,000 a tonne on the London Metal Exchange , in sight of last May's record high of $8,800." More
- April 19, 2007 | Item | E-mail
Silver Shield Incorporates Mexican Subsidiary - More
- April 19, 2007 | Item | E-mail
Fronteer Continues to Expand its Kirazli Gold Deposit, NW Turkey - "Fronteer Development Group Inc. ("Fronteer") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that Teck Cominco Limited's Turkish subsidiary ("TCAM"), as operator, has reported several new, significant gold and silver intersections at Fronteer's 100%-owned Kirazli gold deposit in northwestern Turkey. These new intersections continue to expand and reinforce this project's potential to be a cornerstone to a major gold district." More
- April 19, 2007 | Item | E-mail
YGC Resources reports high grade results from its Silver Valley property - "Diamond drilling continues on the Silver Valley silver-lead-gold-copper property, located 8 kilometers east of the Ketza mine site. The discovery vein was exposed in a bulldozer trench in 1968, where it assayed 55 opt silver and 49% lead over a width of 2.4 meters. That year, two mine levels (adits) were excavated to explore the vein, at approximately 20 meters and 50 meters below the surface exposure, respectively. Underground channel sampling yielded values as high as 63 opt silver and 64% lead. A 17 meter length of the mineralized zone averaged 22.8 opt silver and 19.9% lead, and averaged a width of 2.0 meters. Gold ran as high as 6 grams per tonne, but was only analyzed for in a few of the 1968 samples." More
- April 19, 2007 | Item | E-mail
Great Basin Gold Completes C$149.5 Million Financing Regains 100% Interest in Hollister Development Block Project in Nevada - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that it has completed its previously announced public offering of 57.5 million units at a price of C$2.60 per unit, raising gross proceeds of C$149,500,000. Each equity unit comprises a common share and a half of one common share purchase warrant. Each full warrant will entitle the holder to purchase a common share of Great Basin Gold at a price of C$3.50 until April 20, 2009." More
- April 19, 2007 | Item | E-mail
Valdez Gold completes first stage exploration at Jarros Norte - More
- April 19, 2007 | Item | E-mail
Alhambra Resources Ltd. - NI 43-101 Report Received for Canadian Copper Property - More
- April 19, 2007 | Item | E-mail
Bellhaven Copper & Gold Completes 2005-2006 Exploration at Its Wholly Owned Azuero Property Package, Identifies Drill Targets - More
- April 19, 2007 | Item | E-mail
Social Worker from Miami, USA Visits Binasan Mine Site Project Cagayan de Oro and Gango Gold Rush Site to Support Operation Outreach and to Tour Mine Sites - More
- April 19, 2007 | Item | E-mail
Hecla Announces Completion of the Hollister Sale - "Hecla Mining Company's (NYSE:HL - News) subsidiary, Hecla Limited, today announced the completion of the transaction to sell Hecla's interest in the Hollister Development Block gold exploration project in Nevada to its former partner in the project, Great Basin Gold, Inc., for a total of $60 million, composed of $45 million in cash and $15 million of Great Basin Gold common stock, based on the average closing share price for the 20 trading days prior to the announcement of the transaction." More
- April 19, 2007 | Item | E-mail
Gravity West Mining Corp.: Further Sibley Basin Uranium Properties Acquired - More
- April 19, 2007 | Item | E-mail
Aurus Convenes Special Board Meeting - More
- April 19, 2007 | Item | E-mail
Rusoro Mining Limited: Positive Results Continue at Increible 6 Gold Project, Bolivar State, Venezuela - More
- April 19, 2007 | Item | E-mail
Millstream Intersects 2.04% Copper and 1.74% Zinc Over 23.15 Metres in Newly Discovered Zone at Potter - More
- April 19, 2007 | Item | E-mail
Teryl Resources Corp. Purchases Aeromagnetic Data on Its Bisbee, Gold Hill, Arizona Property - More
- April 19, 2007 | Item | E-mail
Geocom Provides La Carolina Project Exploration Results; Announces Upcoming Drill Program - More
- April 19, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Reconstruction Progress at the Mill and Processing Facility at the Deer Trail Mine - More
- April 19, 2007 | Item | E-mail
Rockcliff Resources Inc.: Drilling Intersects More High Grade Zinc-Silver Mineralization - More
- April 19, 2007 | Item | E-mail
OTC Stock Review Issues Report On Continuum Resources Ltd. - More
- April 19, 2007 | Item | E-mail
Sarissa Resources, Inc. Signs Letter of Intent for Joint Venture Exploration of St. Nicholas Property - More
- April 19, 2007 | Item | E-mail
Tiomin Reports First Drilling Results From 15,500 Meter Program at Pukaqaqa Copper-Gold Project in Peru - More
- April 19, 2007 | Item | E-mail
Happy Creek arranges bought deal financing with PowerOne Capital Markets Limited - More
- April 19, 2007 | Item | E-mail
Marathon announces 20 m of 23.4 g/t PGM and gold and 0.28% copper 700 m north of Malachite high grade mineralization - More
- April 19, 2007 | Item | E-mail
Scoping Study Confirms Strong Economic Potential at Alexis' Lac Pelletier Gold Project, Rouyn-Noranda, Quebec - More
- April 19, 2007 | Item | E-mail
Patrick Downey Appointed as a Director of Sutcliffe Resources - More
- April 19, 2007 | Item | E-mail
Sierra Gold Corporation is in Negotiations for On-Going Development Financing - More
- April 19, 2007 | Item | E-mail
Mustang Minerals Corp.: Deep Hole Intercepts Nickel Zone at Depth Heliborne EM Survey Underway - More
- April 19, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Athabasca Exploration Results & Financial Update - More
- April 19, 2007 | Item | E-mail
Yellowcake Adds to Asset Base with Third Uranium Project - More
- April 19, 2007 | Item | E-mail
Tournigan 2007 Operational Update -- Uranium Properties - More
- April 19, 2007 | Item | E-mail
Strathmore Signs LOI with Yellowcake Mining Inc. for US $10 Million for Uranium Exploration at Jeep, Wyoming, Property - More
- April 19, 2007 | Item | E-mail
Liberty Star Announces Annual Meeting of Shareholders - More
- April 19, 2007 | Item | E-mail
Airborne Surveys Completed in Athabasca Basin-Uranium North Resources' Exploration Season Underway - More
- April 19, 2007 | Item | E-mail
Blue Sky Poised to Secure Very Significant Uranium Land Package in Argentina - More
- April 19, 2007 | Item | E-mail
Powertech Retains R Squared Incorporated for Centennial Project Permitting - More
- April 19, 2007 | Item | E-mail
NovaGold Prices Public Offering for Gross Proceeds of US$203 Million (C$229 Million) - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced the pricing of its public offering of 12.5 million common shares in the United States and Canada at a price of US$16.25 (C$18.33) per share. Gross proceeds from the offering are expected to be approximately US$203 million (C$229 million)." More
- April 19, 2007 | Item | E-mail
Metallica Resources Announces Dore Pours Underway at Cerro San Pedro Project, Mexico - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to report that dore pours are underway at its 100% owned Cerro San Pedro ("CSP") heap-leach gold and silver project in Mexico. Pours will continue on a regular basis as the project advances towards full production later in the year. At present, there are approximately 660,000 tonnes of ore on the leach pad, containing approximately 14,000 ounces of gold and 760,000 ounces of silver. Ore is being added to the pad at a rate of about 11,500 tonnes per day." More
- April 19, 2007 | Item | E-mail
Northgate Minerals Corporation - Webcast of Annual and Special General Meeting - May 4, 2007 - "May 4, 2007, 10:00 AM PT (1:00 PM ET)" More
- April 19, 2007 | Item | E-mail
Newmont unit to sell 7 pct shrs to Indonesia govt - "The Indonesian unit of U.S. firm Newmont Mining Corp. (NEM.N: Quote, Profile , Research) has offered to sell 7 percent of its shares valued at $325.36 million to the Indonesian government, a company spokesman said on Thursday." More
- April 19, 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 19 April, 2007 | |
