-- Posted 25 April, 2007 | | Discuss This Article - Comments:
Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $684.00 | +$0.30 |
Silver | $13.74 | -$0.02 |
XAU | 142.66 | +1.26% |
HUI | 351.32 | +0.92% |
GDM | 1114.17 | +1.23% |
JSE Gold | 2911.40 | -0.44% |
USD | 81.43 | -0.09 |
Euro | 136.42 | +0.20 |
Yen | 84.24 | -0.04 |
Oil | $65.84 | +$1.26 |
10-Year | 4.646% | +0.024 |
T-Bond | 111.50 | -0.21875 |
Dow | 13089.89 | +1.05% |
Nasdaq | 2547.89 | +0.92% |
S&P | 1495.42 | +1.0% |
The Metals:
Gold traded on either side of unchanged in Asia before it found about $2 gains in London, but it then fell back off in late New York trade and ended with a gain of just 0.04%. Silver remained near unchanged in Asia and London before it rose to about $13.85 in morning New York trade, but it also fell back off in late trade and ended at its low of the day with a loss of 0.15%
Euro gold remained at about €502, platinum lost $1 to $1,298, palladium gained $2 to $378, and copper rose nearly 10 cents to about $3.64.
Gold and silver equities rose nearly 1% at the open before they fell back near unchanged over the next hour of trade, but they then steadily rose throughout the rest of the day and ended with about 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Mar | 3.4% | 2.5% | 2.4% |
New Home Sales | Mar | 858K | 890K | 836K |
The fed’s Beige Book noted weakness in housing and autos, generally stable consumer prices, and a tight labor market.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 4/20 expected at 330,000 and at 10AM is the Help-Wanted Index for March expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as gasoline inventories fell larger than expected on refinery problems that have had a bigger impact than most expected recently. Refinery utilization was expected to rise, but it instead fell 2.6% to 87.8%. Crude inventories built 2.1 million barrels, gasoline inventories fell 2.8 million barrels, and distillates were unchanged.
The U.S. dollar index found small gains after Durable Goods Orders came in better than expected, but it then fell back off and ended at a new 2 year low after New Home Sales came in worse than expected. The euro rose near an all-time high versus the dollar as German business sentiment came in better than expected.
Treasuries remained near unchanged on mixed economic data, but they ultimately ended lower as the major stock indices rose markedly.
The Dow, Nasdaq, and S&P rose roughly 1% on better than expected earnings. The Dow rose past 13,000 to a new all-time high and the Nasdaq and S&P rose to new 6 year highs.
Among the big names making news in the market today were Exxon, Motorola, Alcoa, ABN Amro, ConocoPhillips, Apple, General Dynamics, WellPoint, UPS, Boeing, Colgate-Palmolive, and PepsiCo.
The Commentary:
“June Gold finished down 0.3 at 687.4, 2.6 off the high and 1.2 up from the low.
May Silver closed down 0.017 at 13.765. This was 0.015 up from the low and 0.12 off the high.
The gold market seemed to start out on a positive footing with a number of positive fundamental developments in the overnight trade. With oil prices firm, the Dollar weak and the initial US scheduled data coming in stronger than expected it appeared as if the gold market was poised for an aggressive rally. However, with the new home sales report partially disappointing the trade and the platinum market showing some mid session weakness, it seemed as if sentiment toward gold and silver weakened into mid session. While some gold bulls were fearful of a slight mitigation in the geopolitical tensions with Iran, one could have expected a firm run up in energy prices to have provided some support to gold but that wasn't the case. In the end, the weakness in the Dollar seems to have lost part of its importance to gold and apparently the macro economic outlook isn't strong enough to put the bulls fully in control of the market.
With the stock market showing strength and the copper market managing a very impressive rally, one might have expected the silver market to de-link with the gold market and post a moderate rally. However, one gets the sense that the bull case has become a little stale and that the silver market is either in need of better US numbers or a sharper slide in the US Dollar. For the time being silver seems to have de-linked with the equity, copper and platinum markets.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Russia to get more aggressive investing oil revenue
Bank of England's governor predicts sharp decline in inflation
Chinese central banker urges diversifying into gold, oil, metals
The Statistics:
As of close of business: 4/24/2007
Gold Warehouse Stocks: | 7,680,192 | - |
Silver Warehouse Stocks: | 129,429,828 | - 1,803,776 |
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 | 493.33 | 15,860,940 | US$ 10,916m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 89.75 | 2,885,617 | US$ 1,973m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.50 | 369,228 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,724 | US$ 251m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 1.54 tonnes.
COMEX Gold Trust (IAU)
Profile as of 4/24/2007 | |
Total Net Assets | $983,258,810 | 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 4/24/2007 | |
Total Net Assets | $1,905,779,971 | 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:
Harmony’s (HMY) quarterly profit, Freeport’s (FCX) first-quarter 2007 results, Fronteer’s (FRG) drill results, Exeter’s (XRA) drilling approval, IAMGOLD’s (IAG) new management appointments, Minco’s (MGH) new vice president of exploration, Newmont’s (NEM) investment in Indonesia, Endeavour’s (EXK) silver production, SNS Silver’s (SNS.V) drilling, and Minefinders’ (MFN) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +7.65% $3.94 |
2. U.S. Energy | USEG+5.08% $6.42 |
3. Entree Gold | EGI +4.93% $2.34 |
LOSERS
1. Kimber | KBX-10.14% $1.33 |
2. Banro | BAA-3.79% $10.41 |
3. Orezone | OZN -3.33% $2.03 |
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:
Yankee Hat Announces Encouraging Drilling Results From Fran; Best Grade: 17.30 g/t Gold Over 1.5 Meters - More
- April 25, 2007 | Item | E-mail
Harris Exploration Inc. Announces Advisory Board Appointment - More
- April 25, 2007 | Item | E-mail
New Island Resources Inc.: Activity Report - More
- April 25, 2007 | Item | E-mail
Uranium Hunter Enters Into Letter of Intent With NPK Resources Ltd. on Uganda Uranium Property - More
- April 25, 2007 | Item | E-mail
Drilling Underway at Astral's Saluda Gold Project in South Carolina - More
- April 25, 2007 | Item | E-mail
Skyline Announces Receipt of NI 43-101 Report on Johnny Mountain Claims - More
- April 25, 2007 | Item | E-mail
Uranerz Energy Corporation: Cochrane River, Athabasca Basin Project Update - More
- April 25, 2007 | Item | E-mail
Endeavour Reports Record Silver Production in Q1, 2007, Up 63% to 491,000 oz - "Silver production jumped 63% in Q1, 2007 compared to 300,872 oz in Q1, 2006 and rose 33% compared to the 369,295 oz produced in Q4, 2006. Endeavour's silver production is also 10% ahead of schedule to meet the Company's 2007 production forecast of 2.6 million oz silver from the Guanacevi Mines." More
- April 25, 2007 | Item | E-mail
Donald Crossley Appointed CFO of Soho Resources - More
- April 25, 2007 | Item | E-mail
Roxmark shares to commence trading on TSX Venture Exchange - More
- April 25, 2007 | Item | E-mail
Tara Gold Drills 5 Meters of 12.81 Grams Gold and 27.8 Grams Silver per Tonne at Picacho - More
- April 25, 2007 | Item | E-mail
Chapleau Resources Ltd. Confirms Receipt of Gold Assay Results for the Remaining 9 Holes at Nova Canaa - More
- April 25, 2007 | Item | E-mail
Gold Summit/Astral JV Starts Drilling at Saluda, South Carolina - More
- April 25, 2007 | Item | E-mail
Mexoro Minerals Guazapares Project - More
- April 25, 2007 | Item | E-mail
Yale Receives $201,812.5 From Exercise of Warrants - More
- April 25, 2007 | Item | E-mail
Caledonia's Blanket Mine Continues Uninterrupted Production and Expansion - More
- April 25, 2007 | Item | E-mail
Standard Silver Corp. Announces Reorganization - More
- April 25, 2007 | Item | E-mail
Cabo's Mexico sub drills El Tigre project for Hemis Corporation - More
- April 25, 2007 | Item | E-mail
First Narrows Reports Analytical Results From RPC Metallurgical Test Samples, Chester Copper Project - More
- April 25, 2007 | Item | E-mail
Trend Exploration Announces Kurchum River Gold Production Potential - More
- April 25, 2007 | Item | E-mail
American Bonanza Starts Drilling at Northway - More
- April 25, 2007 | Item | E-mail
Gemco Joint Ventures With Canamex - More
- April 25, 2007 | Item | E-mail
StrataGold appoints VP, Corporate Development - More
- April 25, 2007 | Item | E-mail
Aurelio Concludes Final Agreement with Newmont Mining - More
- April 25, 2007 | Item | E-mail
UCR Drilling Makes New Uranium Discovery Parallel to East Target - More
- April 25, 2007 | Item | E-mail
Tinka Resources Limited - Drill contract finalized for Colquipucro silver project - More
- April 25, 2007 | Item | E-mail
Golden Phoenix Raises $6 Million in Equity Through Sale to Canadian and U.S. Institutional Investors; Sprott Leads With $3 Million - More
- April 25, 2007 | Item | E-mail
International PBX Ventures Ltd.: (TSX-V) Financial Advisory Service Engaged - More
- April 25, 2007 | Item | E-mail
Queenston to Raise $9.4 Million to Fund Accelerated Activity in Kirkland Lake - More
- April 25, 2007 | Item | E-mail
Canadian Shield Closes Acquistion of Anderson Peru Mining And Exploration - More
- April 25, 2007 | Item | E-mail
MDN: Tulawaka Mine Produces 39,657 Ounces of Gold in the First Quarter of 2007 - More
- April 25, 2007 | Item | E-mail
Southampton Provides NiMo Project Update - More
- April 25, 2007 | Item | E-mail
South American Minerals, Inc. Gold Production and Sales Receipts for Three Months Ending March 31, 2007 Increased Marketedly - More
- April 25, 2007 | Item | E-mail
AXMIN Inc.: Exploration Drilling Accelerates at Bambari as Feasiblity Drilling Winds Down at Passendro Gold Project, Central African Republic - More
- April 25, 2007 | Item | E-mail
TSX Venture Exchange approves Caldera Property as qualifying property for Tier 2 graduation - More
- April 25, 2007 | Item | E-mail
Al Bassham to join Board of Continuum - More
- April 25, 2007 | Item | E-mail
Gravity West Mining Corp.: VTEM Aerial Survey Commences on Sibley Properties - More
- April 25, 2007 | Item | E-mail
M45 Mining Resources Inc. Announces Acquisition of 40 New Mining Titles in East Area of Matagami Mining Camp - More
- April 25, 2007 | Item | E-mail
Celtic Minerals Ltd. - Agreement for intrusive hosted copper target - More
- April 25, 2007 | Item | E-mail
Candorado Operating Company Ltd.: Commences 2007 Drilling and Exploration Programs - More
- April 25, 2007 | Item | E-mail
Premier Gold closes C$17,387,500 "bought deal" financing - More
- April 25, 2007 | Item | E-mail
Greencastle Clarifies Softrock Release Re: Shares; Provides Update - More
- April 25, 2007 | Item | E-mail
Domo Drilling at Igor Returns Positive Results - More
- April 25, 2007 | Item | E-mail
Rochester Provides Status Report on Mining and Milling Operations - More
- April 25, 2007 | Item | E-mail
Corriente Resources Inc.: Communities Push Federal Government to Lift Suspension at Mirador - More
- April 25, 2007 | Item | E-mail
Aur Resources to Hold First Quarter Results Conference Call - More
- April 25, 2007 | Item | E-mail
International PBX Ventures Ltd.: Copaquire Molybdenum-Copper Porhyry, Chile - More
- April 25, 2007 | Item | E-mail
Golden Phoenix Raises $6 Million in Equity Through Sale to Canadian and U.S. Institutional Investors; Sprott Leads With $3 Million - More
- April 25, 2007 | Item | E-mail
East Asia Minerals acquires Miwah gold project in Indonesia - More
- April 25, 2007 | Item | E-mail
Nuinsco Hits Cu, Au, Ag, Zn Values Over Significant Width Adjacent to Berta Porphyry - More
- April 25, 2007 | Item | E-mail
Candente Resource Corp. and Canaco Resources Inc.: Drilling Has Commenced on the El Oro Gold and Silver Property, Mexico - More
- April 25, 2007 | Item | E-mail
Pan African Mining Corp. Intersects 14.72 g/t Au Over 8.3 Meters at Mountain of Gold in Madagascar - More
- April 25, 2007 | Item | E-mail
Aquila Resources Inc.: Back Forty Mineral Resource Expands to 6.6 Million Tonnes Measured and Indicated and 1.75 Million Tonnes Inferred - More
- April 25, 2007 | Item | E-mail
Globex Acquires Gold Royalties - More
- April 25, 2007 | Item | E-mail
Cloudbreak Resources Initiates OTCBB Listing Process - More
- April 25, 2007 | Item | E-mail
Alberta Star Announces 3.5 Kilometer Long Radiometric Anomaly and Application for a 75,000 Meter Drill Permit on its Eldorado South Uranium Claims - More
- April 25, 2007 | Item | E-mail
Globex Inc./U Mining Resources Inc. Retains Investor Communications Firm - More
- April 25, 2007 | Item | E-mail
Universal Uranium Ltd. and Silver Spruce Resources Inc.: Drilling to Resume at Two Time Zone, Minimum 8,000 Metre Drill Contract Awarded - More
- April 25, 2007 | Item | E-mail
Silver Spruce Resources Inc. and Universal Uranium Ltd.: Drilling to Resume at Two Time Zone, Minimum 8,000 Metre Drill Contract Awarded - More
- April 25, 2007 | Item | E-mail
Vena Resources Discovers New Uranium Targets in Lagunillas Peru - More
- April 25, 2007 | Item | E-mail
Fronteer Development Group Inc.: Porphyry Copper-Gold Mineralization Expands Significantly at Halilaga, NW Turkey - "Fronteer Development Group Inc. ("Fronteer") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to report that encouraging porphyry copper-gold mineralization at Halilaga has been extended by an additional 800 metres along strike. Mineralization has now been intersected over a one kilometre strike length in eight widely-spaced drill holes, demonstrating the potential for this property to host an economically significant copper-gold deposit." More
- April 25, 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 25, 2007 | Item | E-mail
Harmony Says Profit Before One-Time Items Climbs 33% - "Harmony Gold Mining Co., Africa's third-largest gold producer, posted a better-than-expected 33 percent increase in quarterly profit before one-time items after the bullion price rose and it mined richer ore." More
- April 25, 2007 | Item | E-mail
Exeter Resource Corporation: Don Sixto Drilling Approved by Mendoza Province, Argentina-Project Resource Estimate Nears Completion - "The environmental permits cover 80,000 metres of drilling, which will include exploration drilling of a number of higher-grade areas of mineralization, beyond the boundaries of previous drilling. The program also provides for drilling to generate samples and data for geotechnical, metallurgical and hydrological purposes and for condemnation drilling on sites that are not expected to be gold-bearing, but are suitable to host key infrastructure." More
- April 25, 2007 | Item | E-mail
SNS Silver To Begin Surface Drilling at Crescent Mine in May - "SNS Silver Corporation (CDNX:SNS.V - News) has engaged Atlas-Faucett Contracting to begin its surface drilling project in mid-May, which involves core drilling of near-surface veins in the Crescent Mine's ("Crescent") upper country. The total drill footage for the surface drilling project is estimated between 35,000 to 45,000 feet, requiring two drills in order to be completed in the current drill season." More
- April 25, 2007 | Item | E-mail
Minefinders Corporation Ltd.: 2006 Drilling Expands High-Grade Gold and Silver Mineralization at Dolores - "The 2006 program was successful in expanding high-grade underground resources that are believed to be convertible into reserves and in extending high-grade gold and silver mineralization in several target areas beyond the planned open pit mine. In addition, several holes drilled at the end of the year encountered new zones of significant mineralization." More
- April 25, 2007 | Item | E-mail
IAMGOLD Announces New Management Appointments - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(Toronto:IMG.TO - News)(NYSE:IAG - News)(Boston:IAMGOLD - News) is pleased to announce new appointments to the Company's management team. The additions to management were made as a result of the continuing integration after the Company's 2006 acquisitions. These transactions transformed IAMGOLD to the top mid tier operator with one million ounces of gold production." More
- April 25, 2007 | Item | E-mail
Minco Gold Appoints Dwayne Melrose VP Exploration - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News) is pleased announce the appointment of Mr. Dwayne Melrose to the position of Vice President, Exploration, for the Minco Group of companies effective May 1st, 2007. He will be based in Beijing and act as designated Qualified Person in accordance with National Instrument 43-101 for the Company's projects in China." More
- April 25, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Reports First-Quarter 2007 Results - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) reported first-quarter 2007 net income applicable to common stock of $476.2 million, $2.02 per share, compared with net income of $251.7 million, $1.23 per share, for the first quarter of 2006. FCX's first-quarter 2007 financial and operating results include its wholly owned subsidiary Phelps Dodge's results following its acquisition by FCX on March 19, 2007." More
- April 25, 2007 | Item | E-mail
Newmont Considers Expanding Operations - "Newmont Mining Corp. said Wednesday it was considering expanding its investment in Indonesia following the acquittal of a U.S. executive accused of dumping dangerous levels of toxins into a bay on Sulawesi island, sickening villagers." More
- April 25, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 25 April, 2007 | | Discuss This Article - Comments:
