-- Posted 3 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $681.80 | +$9.20 |
Silver | $13.39 | +$0.16 |
XAU | 141.58 | +1.19% |
HUI | 345.20 | +1.01% |
GDM | 1107.29 | +1.08% |
JSE Gold | 2826.32 | -1.45% |
USD | 81.95 | +0.19 |
Euro | 135.53 | -0.44 |
Yen | 83.05 | -0.20 |
Oil | $63.19 | -$0.49 |
10-Year | 4.674% | +0.028 |
T-Bond | 111.4375 | -0.28125 |
Dow | 13241.38 | +0.22% |
Nasdaq | 2565.46 | +0.30% |
S&P | 1502.39 | +0.43% |
The Metals:
Gold remained near unchanged in Asia before rose slightly in London and then dropped back near unchanged in early New York trade, but it then rocketed higher after 11:30AM EST and ended near its high of the session with a gain of 1.37%. Silver followed a similar pattern and gained 1.21%.
Euro gold rose back over €500, platinum gained $9 to $1,306, palladium gained $7 to $375, and copper rose roughly 4 cents to about $3.76.
Gold and silver equities remained near unchanged in early trade before they rose about 1% along with the metals in late morning trade and remained at about that level into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 4/28 | 305K | 325K | 326K |
Productivity | Q1 | 1.7% | 0.8% | 2.1% |
ISM Services | Apr | 56.0 | 53.0 | 52.4 |
Tomorrow at 8:30AM EST brings April’s jobs data. Nonfarm Payrolls are expected at 100,000, the Unemployment Rate is expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.8.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell on news that the department of energy will stop buying oil to fill the strategic petroleum reserve until the end of the summer driving season, but natural gas rose back near $8 on forecasts for strong demand over the next few months as consumers deal with summer weather.
The U.S. dollar index rose and treasuries fell after economic data again came in better than expected, but moves were limited ahead of tomorrow’s jobs report.
The Dow, Nasdaq, and S&P continued to rise on better than expected earnings and good economic data. The Dow rose for the 22nd time in the last 25 sessions to a new record high and the S&P rose past 1500 to a new 6 and ˝ year high.
Among the big names making news in the market today were CBS, General Motors, Cablevision, SSAB and Ipsco, and Rupert Murdoch.
The Commentary:
“June Gold finished up 9.3 at 684.4, 0.8 off the high and 8.6 up from the low.
May Silver closed up 0.179 at 13.393. This was equal to the low and 0.027 off the high.
While the sharp rally in gold might eventually be proven to be off other forces than a simple improvement in the US economy, the economy does appear to be the force behind the Thursday bounce. With the Dollar up and gold still managing the rally, it would seem like the market has shifted at least part of its focus away from the currency markets. The Press was also reporting a sharp increase in fund buying and that could have initially been prompted by the US numbers, while some of the later buying might have been propagated by the technicals. With the platinum, copper grains and many soft commodity markets also higher, one gets the sense that the commodity funds were moving into a number of markets on the long side.
Certainly silver was lifted by solid leadership from the gold, platinum and copper markets but the trade was probably equally inspired by the better than expected flow of US economic information on Thursday morning. Some players suggested that strong productivity readings and expectations of a strong US non Farm payroll report on Friday also inspired the funds to re-enter silver on the long side. With a host of physical commodities strong it wasn't surprising to see silver rise with the tide.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
European junk bond supply grows dramatically
Blanchard Research: Central banks are biggest factors in gold market
Hedge fund risk worst since LTCM crash, Fed report says
Unhappy with its share price, Barrick may diversify
Resource Investor: Central banks frantically hasten gold sales
The Statistics:
As of close of business: 5/02/2007
Gold Warehouse Stocks: | 7,893,804 | + 268,962 |
Silver Warehouse Stocks: | 131,343,197 | - |
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 | 485.93 | 15,623,261 | US$ 10,456m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,841 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.61 | 373,195 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,692 | US$ 244m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 7.4 tonnes and the ASX added 0.06 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/2/2007 | |
Total Net Assets | $966,068,361 | Ounces of Gold
in Trust | 1,436,991.965 |
Shares Outstanding | 14,500,000 | Tonnes of Gold
in Trust | 44.70 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/2/2007 | |
Total Net Assets | $1,790,080,767 | Ounces of Silver
in Trust | 135,878,979.400 |
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:
Miramar’s (MNG) water license application, IAMGOLD’s (IAG) launch of IAMRESPONSIBLE, Royal Gold’s (RGLD) closed over-allotment and third quarter results, Exeter’s (XRA) drill results, Apollo Gold’s (AGT) geophysical report, Gold Fields’ (GFI) quarterly results, Fury’s (FUR.V) sample results, ECU Silver’s (ECU.V) drill results, SNS Silver’s (SNS.V) mine progress, Aura Silver’s (AUU.V) sample results, and Coeur d’Alene’s (CDE) merger with Palmarejo (PJO.V) and Bolnisi were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU+11.06% $2.21 |
2. Exeter | XRA+10.42% $2.12 |
3. Orezone | OZN +6.56% $1.95 |
LOSERS
1. Claude Resources | CGR -4.35% $1.4252 |
2. Coeur d’Alene | CDE -3.70% $3.90 |
3. Cardero | CDY -2.50% $2.34 |
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:
Yamana Gold First Quarter Financial Results Notification and Conference Call - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU)(LSE:YAU.L - News) announces that as indicated in its press release dated April 24, 2007 the first quarter 2007 financial results will be released after market closes on May 14, 2007. A conference call and audio webcast has been scheduled for May 15, 2007 at 11:00 a.m. E.T. to discuss the results." More
- May 03, 2007 | Item | E-mail
GBS Gold to Release First Quarter Results on May 10, 2007 - More
- May 03, 2007 | Item | E-mail
Olympus: Announces Board and Management Changes - More
- May 03, 2007 | Item | E-mail
Eaglecrest's San Simon Project Unaffected by Bolivian Mining Law Decree - More
- May 03, 2007 | Item | E-mail
Miramar Water Licence Materials Filed Today - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced that it will file the additional materials requested by the Nunavut Water Board ("NWB") in relation to Miramar's water licence application for the Doris North project in Nunavut, Canada today." More
- May 03, 2007 | Item | E-mail
Wesdome Gold Mines Announces New President - More
- May 03, 2007 | Item | E-mail
Conference Call Notification - Q1-2007 financial results - More
- May 03, 2007 | Item | E-mail
RJK Explorations Ltd. (RJX.A) Stakes the "On Strike Uranium Claim Group" in the East Bancroft Area, Ontario - More
- May 03, 2007 | Item | E-mail
Carat grants stock options - More
- May 03, 2007 | Item | E-mail
Inmet to host Las Cruces and Cayeli tours - More
- May 03, 2007 | Item | E-mail
Yorbeau Announces a $5,000,000 Private Placement - More
- May 03, 2007 | Item | E-mail
Chapleau Resources Ltd. - Mato Velho Gold Project Phase 1 Drilling Complete - More
- May 03, 2007 | Item | E-mail
Trelawney Starts Deep Drilling and Expands Drilling Program - More
- May 03, 2007 | Item | E-mail
Mediterranean announces Services Agreement with DAMA Engineering to implement the exploration program in Turkey - More
- May 03, 2007 | Item | E-mail
Silver Fields acquires new Mexican property - More
- May 03, 2007 | Item | E-mail
Further Encouraging Results, including Main-Zone-style Mineralization underlying "Terminator" Fault - More
- May 03, 2007 | Item | E-mail
Etruscan to drill new gold targets at Agbaou - More
- May 03, 2007 | Item | E-mail
Lincoln Gold Corp.: Drilling Commences at JDS Gold Property, Cortez Trend, Nevada - More
- May 03, 2007 | Item | E-mail
Golden Odyssey Reports Drilling Progress on Cortez Trend, Nevada - More
- May 03, 2007 | Item | E-mail
Cabo announces award of drilling contract by AmLib United Minerals Inc. - More
- May 03, 2007 | Item | E-mail
Sutcliffe Resources Announces Late Filing of Financial Statements - More
- May 03, 2007 | Item | E-mail
Noront Resources Ltd.: Windfall Lake Project, Urban Township, Quebec Update - More
- May 03, 2007 | Item | E-mail
Great West Gold, Inc. -- Completion of Acquisition - More
- May 03, 2007 | Item | E-mail
Vault Minerals appoints CFO and industry consultant - More
- May 03, 2007 | Item | E-mail
IAMGOLD Launches IAMRESPONSIBLE - "Health, safety and sustainability performance is one of the key pillars of our business. Stakeholders expect our workforce to be injury free and that we make a tangible contribution to sustainable environmental, social and economic development in the countries in which we operate," stated Joseph Conway, President & CEO, "These policies provide clarity, internally and externally, on the principles and standards that will be upheld throughout the organization. We expect to set an industry example and be among the leaders in this regard." More
- May 03, 2007 | Item | E-mail
Coeur buys 2 miners, forges No. 1 silver producer - "Coeur d'Alene Mines Corp. (CDE.N: Quote, Profile , Research) (CDM.TO: Quote, Profile , Research) said on Thursday it would buy junior miners Bolnisi Gold NL (BSG.AX: Quote, Profile , Research) and Palmarejo Silver and Gold Corp. (PJO.V: Quote, Profile , Research) in a friendly deal worth $1.1 billion to create the world's leading primary silver producer.
The prize is a major silver project in Chihuahua, Mexico, the world's second-biggest silver producing country. Production at the Palmarejo project, currently under construction, is seen starting in late 2008 at an annual rate of 12 million ounces of silver and 110,000 ounces of gold." More
- May 03, 2007 | Item | E-mail
Luna Gold announces drilling to commence on Red Rock Project, Cortez Trend, Nevada - More
- May 03, 2007 | Item | E-mail
Pele Mountain Announces Plan to Optimize Corporate Structure - More
- May 03, 2007 | Item | E-mail
High Grade Silver Intercepts Continue at San Miguel Including 606 g/t Silver Across 4.8 Meters and 1,025 g/t Silver Across 1.30 Meters - More
- May 03, 2007 | Item | E-mail
St. Genevieve Resources Ltd: Project Activities Update - More
- May 03, 2007 | Item | E-mail
Aurus Raises $10 Million Through Bond Issue - More
- May 03, 2007 | Item | E-mail
Fury Samples 950 g/t Silver Over 0.4 Metres at Guijoso - "Preliminary mapping and sampling of the area surrounding historical colonial workings (Guijoso Mina Area) has resulted in the delineation of a series of high grade veins up to three meters thick. Three veins striking northwest to west-northwest in a 350 meter wide zone have a total combined strike length of approximately two kilometers (open in both directions) and extensional veins between the longer veins are apparent at frequent intervals." More
- May 03, 2007 | Item | E-mail
General Metals Corp. Invited To Give Presentation At Sachs Associates 2nd Annual European Investor Metals and Mining Forum on June 22, 2007 at The London Stock - More
- May 03, 2007 | Item | E-mail
Royal Gold Announces the Closing of the Over-Allotment Associated With Its Public Offering of Common Stock - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; Toronto: RGL - News) announced today that it has closed the sale of 400,064 shares of its common stock in connection with the exercise of the over-allotment option granted to the underwriters associated with the Company's previously announced underwritten public offering of 4,000,000 shares of its common stock." More
- May 03, 2007 | Item | E-mail
Transglobal Mining Announces Joint Venture Agreement in China - More
- May 03, 2007 | Item | E-mail
ECU Silver Announces New Development and Drilling Results in the Mineralized Corridor at Santa Juana - "Mr. Michel Roy, Chairman and CEO of ECU Silver Mining Inc. (CDNX:ECU.V - News) is very pleased to announce new development and drilling results from the Santa Juana area of the Velardena Project in Mexico. These results have had a positive and significant impact to the Company's progress in the evaluation of the Mineralized Corridor (MC) as first announced on December 18, 2006." More
- May 03, 2007 | Item | E-mail
Boliden Exercises Share Buy-Back Mandate - More
- May 03, 2007 | Item | E-mail
Paramount Gold Drills Multiple Silver Intersects, Including 606 g/t Silver Across 4.8 Meters and 1,025 g/t Silver Across 1.30 meters - More
- May 03, 2007 | Item | E-mail
Production at Peru's largest mining companies - "On the fourth day of a nationwide mining strike in Peru, miners vowed to march in Lima on Thursday to demand better working conditions while talks with the government to reach an accord and end the walkout continued." More
- May 03, 2007 | Item | E-mail
Bulletin from Boliden AB's Annual General Meeting Held on 3 May 2007 - More
- May 03, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (Pink Sheets:SBMI) Launches Web Site - More
- May 03, 2007 | Item | E-mail
Osisko Intersects 262 m Averaging 1.37 g/t Au at Canadian Malartic - More
- May 03, 2007 | Item | E-mail
Bonaventure Enterprises Inc.: Resume Drilling on New Pass, Names Lafleur as Director and Quarterly Guidance - More
- May 03, 2007 | Item | E-mail
Astral Commences Drill Program on Jumping Josephine - More
- May 03, 2007 | Item | E-mail
Mill City Gold Corp. - Exploration Update - More
- May 03, 2007 | Item | E-mail
Grenville Announces $4 Million Firm Underwriting Financing - More
- May 03, 2007 | Item | E-mail
Cypress Development Corp. Announces Goldcorp Private Placement Closes - More
- May 03, 2007 | Item | E-mail
Rochester Announces $2.94 Million Capital Raise - More
- May 03, 2007 | Item | E-mail
Unico, Inc. Announces Arrival of FMS, Inc. at the Deer Trail Mine and Work Toward Completion of Reconstruction at the Mill and Processing Facility - More
- May 03, 2007 | Item | E-mail
AuEx Ventures, Inc.: 2007 Exploration Update - More
- May 03, 2007 | Item | E-mail
Tagish Appoints Denis Lampron, CA, MBA as Chief Financial Officer - More
- May 03, 2007 | Item | E-mail
Dynacor: major extension work at the Acari mill - More
- May 03, 2007 | Item | E-mail
General Metals Corp. Shares Now Trading On the Frankfurt Stock Exchange -- Opening Euro Market Access - More
- May 03, 2007 | Item | E-mail
Magnus International Resources Inc. Completes Acquisition of African Mineral Fields Inc. - More
- May 03, 2007 | Item | E-mail
American Creek Exploration update for Kamloops area projects - More
- May 03, 2007 | Item | E-mail
Sidon International Resources to List on OTCBB - More
- May 03, 2007 | Item | E-mail
Sonora Gold Corp. Mexican Operations Update - More
- May 03, 2007 | Item | E-mail
Goldcrest Agrees to Sell its Youanmi Project in Western Australia to Apex Minerals - More
- May 03, 2007 | Item | E-mail
Peru miners will take to streets as talks continue - "Peruvian miners planned a march in Lima on Thursday to demand better working conditions as talks continued with the government to end a nationwide mining strike, in its fourth day.
Joint commissions created to address quickly the miners' demands were scheduled to meet again on Thursday morning." More
- May 03, 2007 | Item | E-mail
Magnum Announces Joint Venture With Triex in Athabasca - More
- May 03, 2007 | Item | E-mail
Triex Acquires Stony Road Property, Eastern Athabasca Basin, Saskatchewan - More
- May 03, 2007 | Item | E-mail
Alberta Star Receives Permission to Drill for 2007 From the Chief Inspector of Mines - More
- May 03, 2007 | Item | E-mail
Aldershot Resources Ltd.: Corporate Update - More
- May 03, 2007 | Item | E-mail
Crosshair Receives Approval to List on the American Stock Exchange - More
- May 03, 2007 | Item | E-mail
Globex / U Mining Resources Inc. Announces New CUSIP Number; Reserves Assessment (NI-43-101) Initiated for Laurentide 2 Property - More
- May 03, 2007 | Item | E-mail
Uranium Energy Corp Announces Results of Metallurgical Testing at Its Goliad Uranium Project - More
- May 03, 2007 | Item | E-mail
East Asia Minerals adds Ulaan Nuur to Airag uranium project in Mongolia - More
- May 03, 2007 | Item | E-mail
Bayswater Commences Airborne EM Survey in Labrador to Further Evaluate Uranium Targets Discovered in 2006 - More
- May 03, 2007 | Item | E-mail
Exeter Resource Corporation: Drilling Extends Cuello Zone Mineralization at Don Sixto Project - "The Cuello Zone, one of four principal vein sets that constitute the Don Sixto deposit, is a classic extensional vein system within a mineralized corridor of at least 250 metres in width. We are encouraged that drilling continues to discover new veins that are not represented at surface." More
- May 03, 2007 | Item | E-mail
SNS Silver Announces Further Progress at its Crescent Mine in Idaho - "Contract miners from Atlas-Fausett Contracting have started work on the re-opening of the Hooper tunnel at the Crescent Mine. They have re-timbered the first 80 feet of the tunnel to date, and crews have commenced clearing the first section of cave-in and rehabilitation of the tunnel is on the way. As soon this first cave-in is cleared, SNS will have a better idea of how long it will take to complete the total rehabilitation of the Hooper Tunnel." More
- May 03, 2007 | Item | E-mail
Aura Silver: Sampling at Taviche Project, Mexico Confirms High Precious Metals and Prepares Way for Drill Program - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") is pleased to provide recent results from a sampling program conducted over the Taviche Property in Oaxaca, Mexico. The program was carried out as an initial evaluation of the property and to confirm and follow-up on work done by Pan American Silver Corporation in 2002." More
- May 03, 2007 | Item | E-mail
Royal Gold Reports Increased Net Income and Free Cash Flow for Third Quarter of Fiscal 2007 - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; Toronto: RGL - News), the leading publicly-traded precious metals royalty company, today announced fiscal third quarter 2007 net income of $3.4 million, or $0.14 per basic share, on royalty revenue of $11.2 million. This compares to net income for the third quarter of fiscal 2006 of $1.8 million, or $0.08 per basic share, on royalty revenue of $5.8 million." More
- May 03, 2007 | Item | E-mail
Apollo Gold Reports on Huizopa Geophysical Program - "Apollo Gold has received a geophysical report from Zonge Engineering and Research Organization of Tucson, Arizona regarding the recently completed geophysical program conducted at Apollo's Huizopa gold-silver exploration property. Zonge Engineering was contracted to conduct a series of systematic induced polarization (IP) and resistivity surveys to better define the size and location of potential drill programs and targets." More
- May 03, 2007 | Item | E-mail
South Deep Acquisition Finalised, Equity Raising Successfully Completed and Western Areas Hedge Retired - "Gold Fields Limited (NYSE & JSE: GFI) today announced net earnings excluding gains and losses on foreign exchange and exceptional items for the March 2007 quarter of R512 million compared with R564 million in the December 2006 quarter and R397 million for the restated March quarter of 2006. In US dollar terms net earnings excluding gains and losses on foreign exchange and exceptional items for the March 2007 quarter were US$71 million compared with US$76 million in the December 2006 quarter and US$63 million for the restated March quarter of 2006." More
- May 03, 2007 | Item | E-mail
Coeur d'Alene Mines, Bolnisi and Palmarejo Announce Agreement to Merge in Transaction Valued at Approximately $1.1 Billion - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News; "Coeur"), Bolnisi Gold NL (ASX:BSG - News; "Bolnisi") and Palmarejo Silver and Gold Corporation (TSX-V:PJO - News; "Palmarejo") announced today that they have entered into agreements, which have been approved unanimously by their respective boards of directors, as well as a special committee of independent directors of the Palmarejo board of directors, to merge creating the world's leading primary silver producer. Pursuant to the agreements, Coeur will acquire all of the shares of Bolnisi, and all of the shares of Palmarejo not owned by Bolnisi, in a transaction valued at approximately US$1.1 billion (the "Transaction")." More
- May 03, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 May, 2007 | |
