-- Posted 24 April, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $683.70 | -$6.00 |
Silver | $13.76 | -$0.28 |
XAU | 140.86 | -1.21% |
HUI | 348.13 | -1.94% |
GDM | 1100.64 | -1.47% |
JSE Gold | 2924.25 | -2.00% |
USD | 81.52 | -0.23 |
Euro | 136.22 | +0.52 |
Yen | 84.28 | -0.06 |
Oil | $64.58 | -$1.31 |
10-Year | 4.622% | -0.028 |
T-Bond | 111.71875 | +0.25 |
Dow | 12953.94 | +0.27% |
Nasdaq | 2524.54 | +0.03% |
S&P | 1480.41 | -0.04% |
The Metals:
Gold fell a few dollars in early Asian trade before it rallied back higher in London and saw about $2 gains by the open in New York, but it then steadily fell off in morning New York trade and fell even further in early afternoon trade ahead of a small rally off its low in the last hour of trade that left it with a loss of 0.87%. Silver rose to over $14.05 in London before it also steadily fell off in morning New York trade and then dramatically fell off further in early afternoon trade before it also bounced slightly higher into the close, but it still ended with a notable loss of 1.99%.
Euro gold fell under €502, platinum lost $16 to $1,299, palladium lost $4 to $376, and copper fell over 8 cents to about $3.55.
Gold and silver equities steadily fell throughout most of trade and ended near their lows of the day with close to 2% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Confidence | Apr | 104.0 | 105.0 | 108.2 |
Existing Home Sales | Mar | 6.12M | 6.45M | 6.68M |
Existing Home Sales fell 8.4% (the biggest drop since January 1989) to the lowest level in almost four years. “Another industry report earlier today showed a measure of home values in 20 metropolitan areas, the S&P/Case-Shiller home- price index, declined 1 percent in February from a year earlier, the biggest price drop since the index started in 2001.”
Tomorrow at 8:30AM EST brings Durable Goods Orders for March expected at 2.5%. At 10AM are New Home Sales for March expected at 890,000, and at 2PM is the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell over a dollar as worries over Nigerian violence faded and traders prepared for tomorrow’s inventory reports.
The U.S. dollar index fell and treasuries rose after economic data came in worse than expected and pushed interest rates lower.
The Dow, Nasdaq, and S&P fell in early trade on poor economic data, but all three indices rallied higher by late afternoon on strong earnings and lower oil and the Dow ended modestly higher but short of a new all-time high while the Nasdaq and S&P ended mixed and near unchanged.
Among the big names making news in the market today were Whirlpool, Occidental, BP, Toyota and GM, Pepsi Bottling, AT&T, IBM, DuPont, and Lockheed.
The Commentary:
“June Gold finished down 6.5 at 687.7, 7.5 off the high and 3.2 up from the low.
May Silver closed down 0.268 at 13.782. This was 0.062 up from the low and 0.268 off the high.
The gold market was clearly disappointed with the flow of scheduled US economic information as that prompted some concern of too much slowing. However, the Dollar was lower and at times did manage to forge another new low for the move and that was seen as a force mitigating the selling interest. While oil prices were at times supportive to gold prices, the overall action seemed to reconfirm that gold was indeed a physical commodity that is impacted by the ebb and flow of economic activity. Surprisingly suggestions from Iran that they would not back down in their Nuke quest and news that 74 people were killed in a Chinese oil field attack in Ethiopia failed to prompt much in the way of flight to quality support in the gold market. In the short term, the balance of power in the gold market could be determined by the magnitude of the weakness in the Dollar versus the level of concern toward the US economy. In other words, concern of too much US slowing, without a sharp slide in the Dollar could indeed be seen as a double negative to gold prices. However, seeing lower margins at the CBOT for gold and silver can sometimes lend support to prices.
With the US economic report slate really discouraging on Tuesday, copper and platinum prices under pressure, and the gold market correlating tightly with the silver market, the bear camp certainly had a long list of issues in their court. In fact, the slide in the copper market was to be expected in the wake of the weakest existing home sales reading in 4 years and that seemed to ignite a wave of selling in the industrial metals that also seemed to pull down the precious metals markets. With the silver market already faced with a moderately overbought spec positioning, the failure on the charts Tuesday wasn't all that surprising. However, seeing lower margins at the CBOT for gold and silver can sometimes lend support to prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Increasing Comex inventories in silver
Massive European bank gold sales continue to fail
Invest in weather -- UBS launches global warming index
The Statistics:
As of close of business: 4/23/2007
Gold Warehouse Stocks: | 7,680,192 | + 67,222 |
Silver Warehouse Stocks: | 131,233,604 | + 71,126 |
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 | 494.87 | 15,910,462 | US$ 10,955m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana | Gold Bullion Securities | 89.75 | 2,885,649 | US$ 1,975m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,232 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,728 | US$ 251m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 4/23/2007 | |
Total Net Assets | $992,469,481 | 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 4/23/2007 | |
Total Net Assets | $1,882,706,319 | Ounces of Silver
in Trust | 135,879,074.200 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,226.31 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) pollution trial verdict and shareholder supported resolution on its impact on local communities, Claude’s (CGR) completed bought deal, Crystallex’s (KRY) closed public offering, U.S. Energy’s (USEG) drill results, Gammon Lake’s (GRS) completed public offering, NovaGold’s (NG) closed public offering, First Majestic’s (FR.V) silver production increase, Yale’s (YLL.V) exploration targets, and Valencia’s (VVI.V) exploration program were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG +2.52% $6.11 |
2. Arizona Star | AZS +1.83% $11.99 |
3. International Royalty | ROY +1.34% $6.567 |
LOSERS
1. Entree Gold | EGI -6.69% $2.23 |
2. U.S. Gold | UXG -6.59% $5.95 |
3. Eldorado Gold | EGO -5.68% $5.81 |
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:
Copper Canyon Adopts Shareholder Rights Plan - More
- April 24, 2007 | Item | E-mail
Uranium Resources Announces Live Webcast of Raymond James Uranium Conference Presentation May 8th - More
- April 24, 2007 | Item | E-mail
Novawest Finds Uranium Potential In Chibougamau Region - More
- April 24, 2007 | Item | E-mail
Farallon Announces Construction Management Appointments, M3 Engineering Engaged as EPCM Contractor for All Surface Facilities - More
- April 24, 2007 | Item | E-mail
Wildcat Exploration Ltd. - High Zn-Pb-Ag Anomalies Identified - More
- April 24, 2007 | Item | E-mail
91.6 Percent of Newmont Shareholders Support Resolution for Mining Company to Report on Its Impacts on Local Communities - "Christian Brothers Investment Services, Inc. (CBIS) and other religious investors today hailed a shareholder vote of 91.6 percent at Newmont Mining Corporation (NYSE: NEM - News), one of the world's leading gold producers, to produce a report addressing community-based opposition to its operations in the U.S. and around the world. The company's annual meeting represents the first time a U.S. mining company had called on its shareholders to vote for a social resolution. While the result of the vote is still preliminary, it is expected to remain close to 92 percent." More
- April 24, 2007 | Item | E-mail
First Majestic Silver Corp.: Silver Production Increases by 38% - "FIRST MAJESTIC SILVER CORP. (CDNX:FR.V - News)(Other OTC:FRMSF.PK - News)(Frankfurt:FMV.F - News)(WKN: A0LHKJ) (the "Company") is pleased to announce that silver production in the first quarter ending March 31st, 2007 has increased by 38% over the prior quarter to 792,196 equivalent ounces of silver which is also an increase of 1358% over the same quarter ending March 2006." More
- April 24, 2007 | Item | E-mail
Aurus Communicates Board Decision - More
- April 24, 2007 | Item | E-mail
Claude Resources Inc. completes $20,000,000 bought deal - "Claude Resources Inc. ("Claude" or the "Company") (TSX: CRJ, AMEX: CGR) is pleased to announce today that it has completed the offering, on a bought deal basis, to a syndicate of underwriters co-led by National Bank Financial Inc. and RBC Dominion Securities Inc. (the "Underwriters") previously announced on March 29, 2007. The offering consisted of a total of 12,500,000 common shares at a price of Cdn $1.60 per share, for gross proceeds of Cdn $20,000,000." More
- April 24, 2007 | Item | E-mail
Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE: NEM - News) today declared a regular quarterly dividend of $0.10 per share, payable June 29, 2007 to holders of record at the close of business on June 8, 2007." More
- April 24, 2007 | Item | E-mail
Crystallex Closes Public Offering of 14,375,000 Common Shares for C$61,093,750 - "Crystallex International Corporation (Toronto:KRY.TO - News) (AMEX:KRY - News) ("Crystallex" or the "Company") announced today that it has completed its previously announced public offering of 14,375,000 common shares at C$4.25 per share for gross proceeds of C$61,093,750, including 1,875,000 common shares issuable upon the exercise of the over-allotment option by the underwriters." More
- April 24, 2007 | Item | E-mail
Newstrike Resources Ltd. Provides Further Details of New Mineral Prospect - More
- April 24, 2007 | Item | E-mail
Olympus Drilling Intersects 94 Meters of Gold & Copper at Capcapo, Northern Philippines - More
- April 24, 2007 | Item | E-mail
Dejour to Raise $21.2M Privately - More
- April 24, 2007 | Item | E-mail
U.S. Energy Corp. and Crested Corp. Announce Updated Drilling Results For Sutter Gold - "U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development Companies, announce updated drilling and assay results for their subsidiary, Sutter Gold Mining Inc. (TSX VENTURE: SGM - News) from its surface and underground diamond drilling programs at the project site located in the historic Mother Lode District east of Sacramento, California. Holes 190 through 193, and hole KDH-24 have continued to discover gold mineralization in both the Lincoln and Keystone areas of the project." More
- April 24, 2007 | Item | E-mail
Monroe Minerals reports 2006 results - More
- April 24, 2007 | Item | E-mail
Erdene Announces Start of Resource Delineation Drilling on the Zuun Mod Molybdenum Project - More
- April 24, 2007 | Item | E-mail
Crowflight Files Bankable Feasibility Study on SEDAR, Study Discusses Activities to Further Enhance Project Economics - More
- April 24, 2007 | Item | E-mail
Newmont Mining hails Indonesia pollution verdict - "The acquittal of one of its executives on criminal pollution charges in Indonesia is a vindication of Newmont Mining Corp.'s (NEM.N: Quote, Profile , Research) operations and should restore the gold company's reputation, Chief Executive Officer Wayne Murdy said on Tuesday.
"This has shown the world and Indonesia that the water is clean, the fish are safe to eat and our operations did not cause harm," Murdy said of the not-guilty verdict handed down earlier in a court in Manado, Indonesia." More
- April 24, 2007 | Item | E-mail
Pro-Spect-Or Completes 100% Acquisitions of Two Major Uranium Properties in James Bay Mining District, Quebec - More
- April 24, 2007 | Item | E-mail
CityView's Report for the Quarter Ended 31 March 2007 - More
- April 24, 2007 | Item | E-mail
Mesa Uranium Lisbon Valley Project Drilling Program - More
- April 24, 2007 | Item | E-mail
Melkior Announces a $1,500,000 Brokered Private Placement - More
- April 24, 2007 | Item | E-mail
General Metals Presents Today At Equities Magazine's International Mining Conference At The Yale Club In New York City - More
- April 24, 2007 | Item | E-mail
Eloro Options Uranium Property to Icon Industries Limited - More
- April 24, 2007 | Item | E-mail
Globex Inc / U Mining Resources Inc. Publishes Partial Preliminary Uranium Survey Results on Ungava Area Properties of Northern Quebec - More
- April 24, 2007 | Item | E-mail
Nevada Copper Intersects Major High Grade Zone - More
- April 24, 2007 | Item | E-mail
Aurogin Files Technical Report & Resource Estimate for El Sastre Gold Project's Bridge Zone, Guatemala - More
- April 24, 2007 | Item | E-mail
Moto Goldmines Limited: Issue of March 31, 2007 Interim Quarter Financial Statements and Management Discussion and Analysis - More
- April 24, 2007 | Item | E-mail
Nuinsco Adopts Shareholder Rights Plan - More
- April 24, 2007 | Item | E-mail
Eagle Plains Commences 2007 Drilling Program on Sphinx Molybdenum Project - More
- April 24, 2007 | Item | E-mail
South-Malartic: Shareholders approve name change to X-Ore Resources Inc. - More
- April 24, 2007 | Item | E-mail
Cash Minerals Provides Update on Drilling at Odie Property, Wernecke Uranium District, Yukon - More
- April 24, 2007 | Item | E-mail
Gemini Explorations Inc Announces Construction of Mining Camp on La Planada Gold Project - More
- April 24, 2007 | Item | E-mail
Augyva Reports Uranium Occurence in Conglomerates on Yasinski and Acquires the Radisson West Property - More
- April 24, 2007 | Item | E-mail
EXMIN-Yale JV Continues to Encounter Mineralization at the Urique Project, Chihuahua, Mexico - More
- April 24, 2007 | Item | E-mail
Bellhaven Copper & Gold Establishes Colombian Subsidiary - More
- April 24, 2007 | Item | E-mail
Spirit Exploration, Inc. to Focus on Mineral Exploration and Development in Ecuador - More
- April 24, 2007 | Item | E-mail
Solid Resources announces new director - More
- April 24, 2007 | Item | E-mail
Gold Eagle Mines Ltd. announces closing of Cdn$80 million bought deal of common shares - More
- April 24, 2007 | Item | E-mail
Unico, Inc. Announces the Appointment of Kenneth C. Wiedrich as Chief Financial Officer - More
- April 24, 2007 | Item | E-mail
SearchGold Completes A $1,500,000 Financing - More
- April 24, 2007 | Item | E-mail
Pre-Feasibility Report Outlines Economic Viability of Lluvia de Oro Gold Mine - More
- April 24, 2007 | Item | E-mail
Crew Gold Corp. Announces Significant Resource Increase At Masara Gold Operation, Philippines - More
- April 24, 2007 | Item | E-mail
East Asia Minerals announces management changes & focus on uranium assets - More
- April 24, 2007 | Item | E-mail
Stratoni Silver Reserve Sold to Silver Wheaton - More
- April 24, 2007 | Item | E-mail
AuEx Forms Strategic Alliance With Agnico-Eagle in Argentina - More
- April 24, 2007 | Item | E-mail
Manicouagan reports continued encouraging drill results from its Brabant Lake zinc deposit - 9.55 metres of 7.40% Zn and 6.36 metres of 132.89 grams per tonne - More
- April 24, 2007 | Item | E-mail
Midland Exploration Inc. Reports New Good Drilling Results on its Maritime Cadillac Gold Property - More
- April 24, 2007 | Item | E-mail
Canadian Zinc Corporation-Underground Drilling at Prairie Creek Mine: Increasing Vein Widths and Additional Stratabound Located - More
- April 24, 2007 | Item | E-mail
Anvil Mining Quarterly Activities Report To Australian Stock Exchange Limited For the First Quarter Ended March 31, 2007 - More
- April 24, 2007 | Item | E-mail
TTM Completes $8,250,000 Private Placement - More
- April 24, 2007 | Item | E-mail
Sprott Molybdenum Participation Corporation announces net asset value as at April 20, 2007 - More
- April 24, 2007 | Item | E-mail
Kobex Announces Bought Deal Financing - More
- April 24, 2007 | Item | E-mail
Torch River Resources Ltd. Reports on Mount Copeland Transaction - More
- April 24, 2007 | Item | E-mail
Gammon Lake Resources Announces Completion of Public Offering - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) has today completed the public offering of 10,000,000 common shares at a price of $20.00 per common share for gross proceeds of Cdn$200,000,000. The offering was sold on a bought deal basis to a syndicate of underwriters led by BMO Capital Markets, and including Scotia Capital Inc. and TD Securities Inc. Gammon Lake also granted to the underwriters an over-allotment option to purchase an additional 1,500,000 common shares at a price of $20.00 per share, exercisable for a period of 30 days from the closing of the offering." More
- April 24, 2007 | Item | E-mail
NovaGold Closes US$203 Million Public Offering - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that it has successfully closed its public offering of 12.5 million common shares at a price of US$16.25 (C$18.33) per share for gross proceeds of approximately US$203 million (C$229 million). The Company has granted the underwriters an option to purchase up to an additional 1.875 million common shares at the offering price during the period ending 30 days from the closing of the offering to cover over-allotments, if any." More
- April 24, 2007 | Item | E-mail
Urique Project Continues to Grow as New Targets Identified - "The Urique project, which is under option from EXMIN Resources Inc. (CDNX:EXM.V - News), is within the prolific Sierra Madre goldbelt and located immediately north of Goldcorp Inc.'s (Toronto:G.TO - News) El Sauzal mine. There are now 10 mineralized targets within the 292 square kilometre Urique Project. One target -- Cerro Colorado -- has been advanced to the drill stage where multiple zones with +1 g/t gold and +32 g/t silver have been identified over +2.5km of strike length." More
- April 24, 2007 | Item | E-mail
Valencia Completes Drilling to Extend Mineral Resource at the Cachinal Silver-Gold-Zinc Project, Chile - "A total of 2,493m (16 holes) of Reverse Circulation (RC) drilling was successfully completed and the company expects to release drill results early next week. Valencia recently completed a $7.0 million private placement financing and it is expected that a portion of the proceeds will be used to expand the Cachinal drill program." More
- April 24, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 April, 2007 | |
