-- Posted 4 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $686.90 | +$5.10 | +1.18% |
Silver | $13.42 | +$0.03 | -0.07% |
XAU | 141.85 | +0.20% | +1.54% |
HUI | 345.91 | +0.21% | +0.31% |
GDM | 1108.22 | +0.08% | +0.94% |
JSE Gold | 2850.83 | +0.87% | -1.44% |
USD | 81.75 | -0.20 | +0.33% |
Euro | 135.96 | +0.43 | -0.28% |
Yen | 83.25 | +0.20 | -0.37% |
Oil | $61.93 | -$1.26 | -6.82% |
10-Year | 4.640% | -0.034 | -1.23% |
Bond | 111.84375 | +0.40625 | +0.85% |
Dow | 13264.62 | +0.18% | +1.10% |
Nasdaq | 2572.15 | +0.26% | +0.58% |
S&P | 1505.62 | +0.21% | +0.77% |
The Metals:
CoT Reports: Gold | Silver
Gold rose to over $690 in the 2 and ˝ hours following the weaker than expected jobs report that pushed the dollar lower, but it then fell back off into the close and ended about 0.5% off its high of the day with a gain of 0.75%. Silver rose to about $13.55 before it fell off and saw slight losses at $13.36 by early afternoon, but it then bounced back higher into the close and ended with a gain of 0.22%.
Euro gold rose to about €505, platinum gained $23 to $1,329, palladium remained unchanged at $375, and copper remained at about $3.76.
Gold and silver equities rose nearly 2% in the first hour and a half of trade before they fell back near unchanged in the next two hours of trade and remained just slightly higher into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Apr | 88K | 100K | 177K |
Unemployment Rate | Apr | 4.5% | 4.5% | 4.4% |
Hourly Earnings | Apr | 0.2% | 0.3% | 0.3% |
Average Workweek | Apr | 33.8 | 33.8 | 33.9 |
The BLS net birth/death adjustment added 317,000 jobs to April’s payrolls.
All of this week’s economic reports:
Next week’s economic highlights include Consumer Credit on Monday, Wholesale Inventories on Tuesday, the FOMC policy statement on Wednesday, Export and Import Prices, Initial Jobless Claims, the Trade Balance and Treasury Budget on Thursday, and PPI, Retail Sales, and Business Inventories on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil found slight gains in early trade on news of more violence in Nigeria, but it then fell back off in late trade on low volume and ended around 2% lower on profit taking before the weekend.
The U.S. dollar index fell and treasuries rose on weaker than expected jobs data that pushed interest rates lower ahead of next week’s fed meeting.
The Dow, Nasdaq, and S&P rose yet again on takeover speculation despite poorer than expected jobs data and mostly disappointing earnings reports. Gains were limited, but the Dow still managed its 23rd gain in the last 26 sessions to a new record high.
Among the big names making news in the market Friday were Weyerhaeuser, EMI, Sears, Reuters, Yahoo and Microsoft, Kodak, and Hovnanian.
The Commentary:
“June Gold finished up 5.3 at 689.7, 3.3 off the high and 4.1 up from the low.
May Silver closed up 0.022 at 13.415. This was equal to the low and 0.005 off the high.
While some bulls might have been disappointed with the inability to close right on the session's highs, the upward thrust in gold prices seems to have put the bear camp back on its heels. With the Press persistently reiterating the presence of fund buying and the outlook for the US economy seemingly coming in "just good enough" but not so strong that the Dollar was able to strengthen, it would seem like the gold trade ended the week in an infinitely better position than it was at the beginning of the week. With the market also seeing signs that a Peru gold mine would join the copper mines already striking, it is possible that the gold market is set to garner some support from the threat of lost physical supply.
One could suggest that the silver market underperformed the gold market in the action Friday. However, in looking at the action in the silver, copper and platinum markets it would seem like the physical or industrial based metals markets were acting somewhat overdone into the afternoon action. In fact, with the stock market falling back into negative territory just after mid session, it is possible that the silver market was seeing second thoughts about the pace of the US economy.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Canadian financial TV journalist Jim O'Connell dies
Loan derivatives poised for explosive growth
GATA gatherings in Melbourne, Botswana, and Vancouver
Asia will start its own currency pool so it can dump IMF
Canada exhausts its gold reserves to make one big souvenir coin
The Statistics:
As of close of business: 5/03/2007
Gold Warehouse Stocks: | 7,825,295 | -68,509 |
Silver Warehouse Stocks: | 131,339,304 | +1,040 |
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$ 10,529m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.85 | 2,920,808 | US$ 2,006m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.61 | 373,191 | US$ 256m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,688 | US$ 245m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/3/2007 | |
Total Net Assets | $989,844,227 | Ounces of Gold
in Trust | 1,451,857.070 |
Shares Outstanding | 14,650,000 | Tonnes of Gold
in Trust | 45.16 |
Note: Change in Total Tonnes from yesterday’s data: 0.46 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 5/3/2007 | |
Total Net Assets | $1,810,429,509 | Ounces of Silver
in Trust | 135,821,754.600 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,224.53 |
Note: Change in Total Tonnes from yesterday’s data: 1.78 tonnes were subtracted from the trust.
The Stocks:
Peru’s mining strike and first quarter results from Eldorado (EGO), AngloGold Ashanti (AU), and Northgate (NXG) were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Apex Silver | SIL+20.43% $18.33 |
2. Crystallex | KRY +7.09% $4.23 |
3. Cardero | CDY +6.84% $2.50 |
LOSERS
1. Northgate | NXG-6.97% $3.47 |
2. Entree | EGI -3.72% $2.07 |
3. Aurizon | AZK -3.01% $3.55 |
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:
JMCP Acquisition Inc. Completes Acquisition of Gold Company - More
- May 04, 2007 | Item | E-mail
Peru miners set more conditions to end strike - "Peruvian miners decided on Friday to call an end to their nationwide strike but only once the government agrees to protect workers from company retaliation, among other conditions.
Leading officials from the National Federation of Metallurgic and Steel Miners were meeting once again with the government to discuss these final sticking points, a Labor Ministry spokeswoman said." More
- May 04, 2007 | Item | E-mail
Homeland Precious Metals Corp. Provides Water Canyon Update - More
- May 04, 2007 | Item | E-mail
Garrison International Ltd.-Grant of Stock Options - More
- May 04, 2007 | Item | E-mail
Trend Exploration Expands Exploration at Kurchum River - More
- May 04, 2007 | Item | E-mail
Molybdenum supply is expected to get tighter - More
- May 04, 2007 | Item | E-mail
Geodex starts three drills for the 19,000 metre definition drilling program at the Sisson Brook, N.B. tungsten-molybdenum-copper project - More
- May 04, 2007 | Item | E-mail
New Cantech Ventures Inc. Lucky Ship Molybdenum Project: Independent Preliminary Economic Assessment - More
- May 04, 2007 | Item | E-mail
Wesdome Gold Mines and Western Québec Mines Provide Merger Details - Exchange Ratio Agreed Upon - More
- May 04, 2007 | Item | E-mail
Candorado Operating Company Ltd. Announces Non-Brokered Private Placement of 1,000,000 Flow-Through Units with MineralFields - More
- May 04, 2007 | Item | E-mail
Romarco Trading Halt Update - More
- May 04, 2007 | Item | E-mail
Kinbauri Gold Corp.: Drill Results from Kinbauri's Corcoesto Project Indicate Potential Increase in Open-Pittable Resources - More
- May 04, 2007 | Item | E-mail
Soltoro Proving Up Silver Resource on El Rayo Project in Mexico - More
- May 04, 2007 | Item | E-mail
Tribute Appoints New Director and Chair of Audit Committee and Adopts Shareholder Rights Plan - More
- May 04, 2007 | Item | E-mail
Northgate Minerals Corporation - Webcast of Annual and Special General Meeting - May 4, 2007 - "Annual and Special General Meeting: May 4, 2007, 10:00 AM PT (1:00 PM ET). This event will also include an overview of Northgate's 2007 first quarter financial results, which are scheduled for release on the evening of May 3, 2007." More
- May 04, 2007 | Item | E-mail
Cameco to make changes to cut mine incident risks - More
- May 04, 2007 | Item | E-mail
Mesa Uranium Acquires Arizona Breccia Pipe Targets - More
- May 04, 2007 | Item | E-mail
Production at Peru's largest mining companies - "On the fifth day of a nationwide mining strike in Peru, miners said they would evaluate government proposals to improve working conditions and vote on Friday on a possible end to the walkout.
Some mines were affected by the indefinite strike, which began on Monday, but workers at many of the country's top pits reported for duty as usual." More
- May 04, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Construction Work Completed Since the Arrival of FMS, Inc. at the Mill and Processing Facility - More
- May 04, 2007 | Item | E-mail
Copper Fox and the Tahltan Nation Development Corporation complete a "Memorandum of Understanding" - More
- May 04, 2007 | Item | E-mail
Significant grades and widths continue to be intersected at the Bruce Channel Discovery - More
- May 04, 2007 | Item | E-mail
Amerix Precious Metals Enters Into Investor Relations Agreement - More
- May 04, 2007 | Item | E-mail
Medoro Resources Announces Notice of Default - More
- May 04, 2007 | Item | E-mail
Lund Gold Ltd.: Carneirinho Second Phase Exploration Program - More
- May 04, 2007 | Item | E-mail
Millstream Acquires 100% of Tamarack Gold Mine - More
- May 04, 2007 | Item | E-mail
Bullard Pass Property, Arizona - Eighty-Eight Soil Geochemical Samples Sent to Skyline Assayers & Laboratories - More
- May 04, 2007 | Item | E-mail
General Minerals Corporation Announces Formation of a New Gold-Copper Focused Company - More
- May 04, 2007 | Item | E-mail
Gabriel delivers Rosia Montana EIA Annex to the Romanian government - More
- May 04, 2007 | Item | E-mail
Semafo forms technical team to manage uranium exploration activities in Niger - More
- May 04, 2007 | Item | E-mail
AuEx Ventures, Inc.: Warrant Expiry Date Accelerated - More
- May 04, 2007 | Item | E-mail
Kinross Enters Into Joint Venture for Golconda's South Monitor Properties - More
- May 04, 2007 | Item | E-mail
Eastern Platinum Limited: Minority Barplats Shareholders Vote 96% in Favour of Eastplats Offer-Eastplats to List on JSE - More
- May 04, 2007 | Item | E-mail
Golden Goose Resources Inc. intersects new 1.07% nickel over 4.0 metres at its Lac Levac Property - More
- May 04, 2007 | Item | E-mail
Strathmore Extends Negotiations with Major International Corporation for the Development of Roca Honda - More
- May 04, 2007 | Item | E-mail
Cameco Conference Call To Discuss Cigar Lake Flood Investigations - More
- May 04, 2007 | Item | E-mail
Eldorado Gold Corporation: Q1 2007 Financial and Operational Results-Record Earnings - "Our consolidated net income for Q1 2007 was $12.6 million or $0.04 per share compared with a net loss of $7.5 million or ($0.02) per share in Q1 2006. Cash flow generated from operations before changes in non-cash working capital totaled $20.2 million. This increase in net income resulted from higher revenues from gold sales due to both increased production and higher gold prices, increased interest revenues and lower production costs, offset by increased exploration activities and administrative expenses." More
- May 04, 2007 | Item | E-mail
AngloGold Ashanti Results for the First Quarter Ended 31 March 2007 - "AngloGold Ashanti (NYSE:AU - News) reported adjusted headline earnings of $97m for the first quarter of 2007, nearly double that of the previous quarter, due to an improved price received and the absence of accounting adjustments that negatively affected earnings in the fourth quarter of 2006." More
- May 04, 2007 | Item | E-mail
Magnus International Resources, Inc.-Uganda Exploration Update - More
- May 04, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 4 May, 2007 | |
