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Gold Seeker Closing Report: Gold & Silver Fall About 1%

By: Chris Mullen, Gold Seeker


-- Posted 1 May, 2007 | | Discuss This Article - Comments: Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$673.80

-$6.20

Silver

$13.21

-$0.21

XAU

136.19

-0.63%

HUI

337.07

-0.74%

GDM

1068.18

-0.83%

JSE Gold

2866.50

UNCH

USD

81.64

+0.19

Euro

136.10

-0.51

Yen

83.51

-0.20

Oil

$64.40

-$1.31

10-Year

4.642%

+0.012

T-Bond

111.71875

-0.03125

Dow

13136.14

+0.56%

Nasdaq

2531.53

+0.26%

S&P

1486.30

+0.27%

 

The Metals:

 

Gold fell about $2 in after hours access trade late yesterday and remained near $678 in Asia and London before it fell further in morning New York trade to as low as $671 at about 11AM EST, but it then bounced higher into the close and ended nearly $3 off its low with a loss of 0.91%.  Silver dropped to as low as $13.10 midmorning before it rallied back near unchanged by early afternoon, but it then fell back off into the close and ended with a loss of 1.56%.

 

Euro gold fell to about €495, platinum gained $4 to $1,299, palladium lost $3 to $366, and copper rose roughly 7 cents to about $3.74.

 

Gold and silver equities traded mostly slightly lower and ended with near 1% losses.

 

The Economy:

 

Report

For

Reading

Expected

Previous

ISM Index

Apr

54.7

51.0

50.9

Pending Home Sales

Mar

-4.9%

0.4%

1.1%

 

Tomorrow at 10:30AM EST brings Factory Orders for March expected at 2.1%.

 

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell about 2% on expectations for builds in inventories tomorrow.

 

The U.S. dollar index rose and treasuries fell after the ISM Index surprisingly came in at an 11 month high and pushed interest rates higher.

 

The Dow, Nasdaq, and S&P remained near unchanged for most of trade as disappointing home sales data battled encouraging manufacturing data, but all three indices then moved higher in the last couple of hours of trade and ended with decent gains on takeover news.

 

Among the big names making news in the market today were GM, Ford, Nissan, Toyota, Chrysler, News Corp. and Dow Jones, National City and MAF Bancorp, Qwest Communications, Liz Claiborne, Procter & Gamble, ADM, Sirius, Avon, Medco Health Solutions, and Circuit City.

 

The Commentary:

 

“June Gold finished down 6.2 at 677.3, 2.1 off the high and 2.6 up from the low.

 

May Silver closed down 0.2 at 13.245. This was 0.005 up from the low and 0.085 off the high.

 

The gold bulls had to be disappointed with the action Tuesday, as the US scheduled data was mixed and yet the Dollar firmed and gold fell. Perhaps the sharp decline in oil prices prompted a fresh wave of selling in gold but many traders suggested that an additional slide could be seen in gold in the event that the Dollar managed to rise above an extremely critical pivot point of 81.68. According to the Press the gold market was partially down off the strength in the Dollar while others suggested that simple long liquidation might have added to the downside momentum. With the US equity market chopping around and periodically fearful of further slowing in the US economy, it is also possible that physical and investment buyers are indeed backing away from gold.

 

The silver market tracked alongside the gold market and mostly ignored the partially favorable action seen in copper and platinum prices. With the Press suggesting that part of the weakness in silver was the result of long liquidation we have to think that the strength in the Dollar was a major function behind the selling impetus. With some profit taking also being seen in silver "stocks" it was clear that the bearish psychology in the silver market was indeed broad based. Late in the day US equity prices managed a recovery bounce but even that action didn't seem to bring silver up significantly.” - The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

7-year contempt jailing ends but Armstrong is sentenced to 5 more

As funds leverage up, fears of 'The Great Unwind' rise

Venezuela withdraws from World Bank and IMF

E-Gold responds to federal indictment

 

The Statistics:

As of close of business: 4/30/2007

Gold Warehouse Stocks:

7,603,394

-

Silver Warehouse Stocks:

131,387,731

-674,771

 

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$ 10,734m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

90.85

2,920,906

US$ 1,966m

Australian Stock Exchange (ASX)

Gold Bullion Securities

11.55

371,003

US$ 250m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

11.34

364,704

US$ 247m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 4/30/2007

 

Total Net Assets

$977,875,935

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 4/30/2007

 

Total Net Assets

$1,820,178,943

Ounces of Silver
in Trust

134,883,938.200

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:

 

Peru’s mining strike, Gammon Lake’s (GRS) CFO appointment, Arizona Star’s (AZS) work at Cerro Casale, Seabridge’s (SA) filed 43-101, Crystallex’s (KRY) drill results, Ivanhoe’s (IVN) completed license transfer, Great Basin’s (GBN) sample grades, Vista Gold’s (VGZ) closing date, Agnico-Eagle’s (AEM) completed takeover of Cumberland, U.S. Silver’s (USA.V) new CFO, UC Resources’ (UC.V) project update, Yale’s (YLL.V) drill program, Valencia’s (VVI.V) drill results, and Great Panther’s (GPR.V) 2006 results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Minefinders

MFN+4.55% $11.72

2.  Gold Reserve

GRZ +4.53% $7.15

3.  Rio Narcea

RNO +3.31% $4.68

 

LOSERS

1.  U.S. Energy

USEG-6.11% $6.15

2.  Rubicon

RBY -5.34% $1.95

3.  Metalline

MMG -4.84% $2.95

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:

U.S. Silver Corporation: Appoints New Chief Financial Officer - "U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (CDNX:USA.V - News) is pleased to announce that Joseph Rauhala has been appointed Chief Financial Officer of the Corporation effective May 1, 2007." More
- May 01, 2007 | Item | E-mail


Northern Orion to Release First Quarter Results on May 10, 2007 - "Northern Orion (Toronto:NNO.TO - News)(AMEX:NTO - News) will release its first quarter results before the market opens on Thursday, May 10, 2007 and will host a telephone conference call at 1:00 p.m. Pacific Time (4:00 p.m. Eastern) to discuss the results. The conference call may be accessed by dialing 1-800-319-4610 in Canada and the United States, or 1-604-638-5340 internationally." More
- May 01, 2007 | Item | E-mail


Yukon Gold to Drill High Grade Gold/Silver Vein Targets on its Mt. Hinton Property in the Yukon - More
- May 01, 2007 | Item | E-mail


Diadem Resources Ltd.: Resignation of Director - More
- May 01, 2007 | Item | E-mail


Thistle Mining Inc. - Late Filing of Financial Statements and Update on PSGM - More
- May 01, 2007 | Item | E-mail


Goldex Announces $2 million Private Placement - More
- May 01, 2007 | Item | E-mail


Peak Gold - Annual General Meeting conference call/webcast details - More
- May 01, 2007 | Item | E-mail


USEC to Webcast Conference Call on May 7 at 8:30 a.m. ET - More
- May 01, 2007 | Item | E-mail


Newport Gold Inc. and Noront Resources Ltd.: China One Project Inner Mongolia China - More
- May 01, 2007 | Item | E-mail


Queenston Reports 193.1 g/t Au (5.6 oz/ton) Over 1.1 m From Resource Drilling at Upper Beaver - More
- May 01, 2007 | Item | E-mail


El Nino and CanAm Uranium Intercept Up to 0.31 Percent (6.2 lbs / ton) Uranium, The First to Revisit Bancroft's Past Producing Uranium Camp - More
- May 01, 2007 | Item | E-mail


StrataGold makes new discovery at Monosse, Guyana - More
- May 01, 2007 | Item | E-mail


Inmet's 2007 first quarter earnings 27 percent higher than the same quarter last year - More
- May 01, 2007 | Item | E-mail


Peru mining strike continues but talks scheduled - "A nationwide mining strike that has drawn tepid support from Peruvian workers continued for a second day on Tuesday and the union federation leading the walkout said talks with the government would resume in the afternoon.

The National Federation of Metallurgic and Steel Miners launched the indefinite strike on Monday to demand better job benefits and an end to company outsourcing. Some mines were affected, but many of the top pits operated normally." More
- May 01, 2007 | Item | E-mail


UC Resources' Update on McFauld's VMS Project in Northern Ontario - "UC Resources Ltd. (the Company) (TSX VENTURE:UC - News) is pleased to provide an update on the completion of a gravimetric survey at the McFauld's Lake volcanic-hosted massive sulphide ("VMS") project, located in northern Ontario in the James Bay Lowlands, containing significant copper, zinc, gold and silver mineralization." More
- May 01, 2007 | Item | E-mail


Energy Metals Announces First Uranium Sales Agreement - More
- May 01, 2007 | Item | E-mail


Yale and Impact Finish Phase One Drill Program at Zacatecas - "Yale Resources Ltd. (CDNX:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to announce the Company has been informed by the operator, IMPACT Silver Corp. (IPT-V), of the completion of the initial drilling program at the Zacatecas Venture in Mexico. The program consisted of 16 diamond drill holes totalling 1815.75 metres. A total of 299 samples (including blanks and standards) have been sent to the lab and results will be reported when received and interpreted." More
- May 01, 2007 | Item | E-mail


Canarc Resource Corp.: Shareholder Update - More
- May 01, 2007 | Item | E-mail


Drilling Confirms Near-Surface, Higher-Grade Uranium at Pele Mountain's Elliot Lake Project - More
- May 01, 2007 | Item | E-mail


Amseco Intends to Raise Up to 600,000$ by Way of Private Placement - More
- May 01, 2007 | Item | E-mail


Sirios Resources Inc.: Beginning of the First Drilling Program on the Silver PONTAX Property - More
- May 01, 2007 | Item | E-mail


First Gold Exploration Options Croinor Project - More
- May 01, 2007 | Item | E-mail


Odyssey Updates Drilling Plans in Morocco - More
- May 01, 2007 | Item | E-mail


Galantas Intersects 2.5m Grading 22.53g/t Gold at Omagh - More
- May 01, 2007 | Item | E-mail


Maxy Gold CORP. Announces agreement with Federal International Mining Group for the sale of Luchun project - More
- May 01, 2007 | Item | E-mail


Continuum Receives Permits for the Initiation of Surface Drilling and Underground Bulk Sampling at Natividad - More
- May 01, 2007 | Item | E-mail


Perihelion Global Receives Mining Permits From State of Utah Division of Oil, Gas & Mining; Engages AuRIC Metallurgical Laboratories of Salt Lake City, UT - More
- May 01, 2007 | Item | E-mail


Cream Minerals' Property Updates - More
- May 01, 2007 | Item | E-mail


Franconia Minerals Closes Non-Brokered Private Placement Financing - More
- May 01, 2007 | Item | E-mail


Asia Now Retains The Howard Group for Investor Relations - More
- May 01, 2007 | Item | E-mail


SLAM Exploration Update on Nash Creek - More
- May 01, 2007 | Item | E-mail


Grant Thornton International Completes 2006 Audit of Franklin's Bolivian Subsidiary - More
- May 01, 2007 | Item | E-mail


SearchGold Cuts Additional Mineralization and Defines High Grade Structure Over 400 M Strike Length on Mandiana, Guinea - More
- May 01, 2007 | Item | E-mail


North American Palladium Announces Phase II Drill Results From Shebandowan Nickel/Copper Project - More
- May 01, 2007 | Item | E-mail


Champion Bear provides exploration update - More
- May 01, 2007 | Item | E-mail


Amerix Reports Strong Gold Results at Ouro Roxo Gold Project, Brazil - More
- May 01, 2007 | Item | E-mail


Madison Minerals Inc.: Buffalo Gold Reports Additional Gold Intersections at Mt. Kare - More
- May 01, 2007 | Item | E-mail


Buffalo Gold Reports Additional Gold Intersections at Mt. Kare - More
- May 01, 2007 | Item | E-mail


Trend Exploration Continues Drilling on Santa Maria del Oro Property - More
- May 01, 2007 | Item | E-mail


Arianne Acquires 304 Additional Claims in the West Sector of Opinaca - More
- May 01, 2007 | Item | E-mail


Network Exploration announces $1,000,000 private placement - More
- May 01, 2007 | Item | E-mail


Unico, Inc. Announces Extension of Deer Trail Mine Lease and Option to Purchase With Crown Mines, LLC - More
- May 01, 2007 | Item | E-mail


Golden Phoenix Explores for More Molybdenum at Ashdown; Gradient Geophysics to Perform Induced Polarization Survey - More
- May 01, 2007 | Item | E-mail


Fortune Minerals announces successful NICO metallurgical testwork for upgraded bismuth product - More
- May 01, 2007 | Item | E-mail


AuEx Ventures, Inc.: West Pequop Drilling Commences - More
- May 01, 2007 | Item | E-mail


El Capitan Precious Metals, Inc. Reports on Metallurgical R&;D Efforts - More
- May 01, 2007 | Item | E-mail


Probe Mines Receives Assay Results From Drilling on the Norway Lake Zinc Property, Northwestern Ontario; Up to 23.8% Zinc Over 0.5m Intersected in A-Zone Horizo - More
- May 01, 2007 | Item | E-mail


Oromonte Announces Results From Pangui Regional Exploration Program - More
- May 01, 2007 | Item | E-mail


Northern Continental Resources Inc.: Airborne Gravity Survey Starts Over Russell Lake and McArthur River Mine Areas, Athabasca Basin - More
- May 01, 2007 | Item | E-mail


Strathmore Receives Permit for Exploration Drill Program at Jeep, Wyoming, Uranium Project - More
- May 01, 2007 | Item | E-mail


U.S. Energy Corp. Closes on Sale of Uranium Properties to sxr Uranium One - More
- May 01, 2007 | Item | E-mail


Yellowcake JV Receives Another Permit to Drill Second Major Project in Wyoming - More
- May 01, 2007 | Item | E-mail


Uranium Energy Corp Enters Into Joint Venture on the Advanced Cebolleta Uranium Project in New Mexico - More
- May 01, 2007 | Item | E-mail


Azimut and Central Uranium sign 2 Letters of Intent for the Central Minto and South Bienville Properties, Northern Quebec - More
- May 01, 2007 | Item | E-mail


Purepoint Uranium Group Inc: First Quarter Exploration Update - More
- May 01, 2007 | Item | E-mail


Gammon Lake Resources Board of Directors Appoints Glenn Hynes as CFO - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company's Board of Directors has appointed Mr. Glenn Hynes as Executive Vice President & Chief Financial Office (CFO) of the Company. Based out of Gammon Lake's corporate head office in Halifax, Nova Scotia, Mr. Hynes will commence his position with the Company, effective May 16, 2007." More
- May 01, 2007 | Item | E-mail


Arizona Star Resource Corp. Announces That Work Has Commenced To Optimize Cerro Casale Project - "Arizona Star Resource Corp. ("Arizona Star" or the "Company") (CDNX:AZS.V - News)(AMEX:AZS - News) announced today that work has commenced on a drill and metallurgical test program designed to advance the technical understanding of certain alternatives identified in previous feasibility studies of the Cerro Casale gold-copper project (the "Project") located in Chile. Partner and general manager Kinross Gold Corporation ("Kinross") acquired a 49% interest in the Project in connection with its acquisition of Bema Gold at the end of February 2007." More
- May 01, 2007 | Item | E-mail


Seabridge Gold Files 43-101 Study on Grassy Mountain - "As background, in April 2003 Seabridge Gold completed the acquisition of a 100% interest in the Grassy Mountain Project. The project is located in Malheur County, Oregon, approximately 70 miles west of Boise, Idaho and 22 miles southwest of Vale, Oregon. During the late 1980s and early 1990s a significant amount of geologic, mine engineering, civil engineering, and environmental baseline work was completed by a number of companies. In addition, previous owners completed resource estimates prior to the implementation of National Instrument 43-101." More
- May 01, 2007 | Item | E-mail


Crystallex Reports Grades of Principal Mineralized Intervals From the Morrocoy Zone, Las Cristinas, From the 2006-2007 Drill Program - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) today reported summary assay results from one of two zones drilled at Las Cristinas in the 13,566 metre program which commenced on November 1st, 2006 and was completed on February 14th, 2007." More
- May 01, 2007 | Item | E-mail


Agnico-Eagle completes take-over bid and commences compulsory acquisition of Cumberland - "Agnico-Eagle Mines Limited is pleased to announce that it and its wholly-owned subsidiary Agnico-Eagle Acquisition Corporation (together, the "Offerors") have taken up and accepted for payment an additional 4,957,905 common shares of Cumberland Resources Ltd. ("Cumberland Shares") pursuant to their offer to acquire all Cumberland Shares not already owned by Agnico-Eagle (the "Offer")." More
- May 01, 2007 | Item | E-mail


Asia Gold to Seek Shareholder Approval to Change Its Name to SouthGobi Energy Resources - "Ivanhoe Mines Ltd. (Toronto:IVN.TO - News)(NYSE:IVN - News)(NYSE:IVN - News) and Asia Gold Corp. (CDNX:ASG.V - News) announced today that the Government of Mongolia has completed the transfer of all 35 coal exploration licences held by Ivanhoe Mines in the South Gobi area of Mongolia. All of the material conditions precedent to the closing of Asia Gold's acquisition of the Ivanhoe Mines Coal Division have now been satisfied." More
- May 01, 2007 | Item | E-mail


Good Grades Returned From Great Basin Gold's First Metallurgical Bulk Sample From Hollister Project - "Great Basin Gold Ltd. ("Great Basin" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that it has treated its first ore from its Hollister Development Block project by sending a 5,074-ton bulk sample for treatment. The bulk sample was collected from drifting along the high grade Clementine and Gwenivere veins in the underground workings at its Hollister property on the Carlin Trend in Nevada." More
- May 01, 2007 | Item | E-mail


Valencia Intersects High Grade Silver Mineralization in Northern Extension of the Cachinal Project - "Valencia Ventures Inc. (TSX VENTURE:VVI - News) is pleased to report significant high grade silver mineralization was intersected within broad zones of silver-gold-zinc mineralization in the Northern Extension target of the Cachinal Silver-Gold Project. In addition, the drill results confirm silver mineralization continues to be open along strike to the north. These drill results represent the first phase of Valencia's 2007 exploration program designed to expand the existing mineral resource at Cachinal (as shown in Figure 2)." More
- May 01, 2007 | Item | E-mail


Great Panther Releases Results From First Year as Silver Producer - "The Company is pleased to report revenue of $7,069,442 for the fiscal year 2006, which marked the Company's successful transition from explorer and developer to a primary silver producer, placing its two wholly owned historic mines back into production. Total cost of sales was $7,119,047 including one-time startup costs of $1,976,722, such that direct production costs came to $5,142,325. With total production of 638,860 silver equivalent ounces, this translates to an overall cash production cost of US$6.91/oz Ag Eq. (All figures are in Canadian dollars unless otherwise stated)." More
- May 01, 2007 | Item | E-mail


Vista Gold Announces Expected Closing Date for Completion of Arrangement - "Vista Gold Corp. (Amex: VGZ; TSX) ("Vista") announced today that the U.S. Securities and Exchange Commission has completed the review process with respect to the registration of Allied Nevada Gold Corp. common stock ("Allied Nevada Shares") under the U.S. Securities Exchange Act of 1934. The previously announced arrangement involving Vista, Allied Nevada Gold Corp. ("Allied Nevada"), and Carl and Janet Pescio, is expected to close on May 10, 2007." More
- May 01, 2007 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© 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 1 May, 2007 | | Discuss This Article - Comments:


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