-- Posted 7 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $687.50 | +$0.60 |
Silver | $13.49 | +$0.07 |
XAU | 134.14 | +0.91% |
HUI | 346.24 | +0.10% |
GDM | 1116.65 | +0.76% |
JSE Gold | 2838.70 | -0.43% |
USD | 81.68 | -0.07 |
Euro | 136.12 | +0.16 |
Yen | 83.31 | +0.06 |
Oil | $61.47 | -$0.46 |
10-Year | 4.636% | -0.004 |
T-Bond | 111.9375 | +0.09375 |
Dow | 13312.91 | +0.36% |
Nasdaq | 2570.95 | -0.05% |
S&P | 1509.48 | +0.26% |
The Metals:
Gold traded mostly slightly higher in Asia and London and topped $690 in early New York trade before it dropped in midmorning trade to as low as $686.30 at one point, but it then rallied back higher into the close and ended with a gain of 0.09%. Silver topped $13.55 before it also fell back off a bit, but it still ended with a gain of 0.52%.
Euro gold rose to about €506, platinum gained $20 to $1,349, palladium gained $4 to $379, and copper lost a couple of cents to about $3.74.
Gold and silver equities rose over 1% at the open and remained near their highs for most of trade, but they then dipped a bit in the last two hours of trade and ended with less than 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | Mar | $13.5B | $4.5B | $5.6B |
Tomorrow at 10AM EST brings Wholesale Inventories for March expected at 0.4%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the sixth straight session on speculation over sufficient supplies heading into the summer driving season.
The U.S. dollar index fell and treasuries rose on continued reaction to Friday’s poor jobs report.
The Dow and S&P rose on takeover news while the Nasdaq dipped on weakness in the technology sector. The Dow rose for the 24th time in the last 27 sessions to match the record set in 1927.
Among the big names making news in the market today were Dell, Microsoft, Novell, Warren Buffet, Alcoa and Alcan, BAE Systems and Armor Holdings, ABN Amro, and American Tower.
The Commentary:
“June Gold finished up 0.7 at 690.4, 2.8 off the high and 0.9 up from the low.
May Silver closed up 0.112 at 13.527. This was 0.027 up from the low and equal to the high.
A sharp slide in oil prices (particularly unleaded gasoline) could have turned up the heat on gold but apparently the expectation of more weakness in the Dollar was regaining the focus of the gold trade. Reports that Indian 2006-2007 gold output increased by 32% over year ago levels could have been undermining of the gold trade on Monday, especially since the market recently was fearful that Indian gold imports were poised to slacken in the months ahead. With the US Consumer Credit readings showing an increase of $13.5 million and that would seem to be inflationary or perhaps even a flight to quality type development. However, some players might suggest that seeing credit as a large portion of the fuel behind current US growth could eventually mean that the economy is due to slow and that could be negative toward gold.
While the silver market mostly managed to outperform the gold market in the action Monday, the sharp slide in copper prices could have discouraged buyers from silver, especially in the wake of rather aggressive selling in the energy complex. However, with US Consumer Credit reading virtually exploding by $13.5 billion from the prior month, many traders might expect to see the Dollar firm and that in turn could serve to undermine the gold and silver markets. With Apex silver reporting a net loss in the quarter it was a little surprising that silver was able to maintain its positive tilt throughout the trading session Monday.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
James Turk: The pressure is building
Asia grumbles over apportioning burden of U.S. dollar's potential fall
GATA sympathizers in Alaska may organize
Doug Casey: GATA is right
Hastened dehedging is surprise; and dishoarding may end soon
Tribute to Jim O'Connell shows that fearless journalism survives
Faltering U.S. dollar poses dilemma for equity investors
The Statistics:
As of close of business: 5/04/2007
Gold Warehouse Stocks: | 7,677,120 | -148,175 |
Silver Warehouse Stocks: | 131,362,237 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 485.78 | 15,618,263 | US$ 10,757m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,711 | US$ 2,012m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.69 | 375,579 | US$ 259m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,676 | US$ 251m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 0.15 tonnes and the ASX added 0.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/4/2007 | |
Total Net Assets | $997,673,407 | Ounces of Gold
in Trust | 1,451,857.070 |
Shares Outstanding | 14,650,000 | Tonnes of Gold
in Trust | 45.16 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/4/2007 | |
Total Net Assets | $1,819,912,231 | Ounces of Silver
in Trust | 135,821,754.600 |
Shares Outstanding | 13,650,000 | Tonnes of Silver
in Trust | 4,224.53 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Newmont’s (NEM) appealed trial in Indonesia, New Gold’s (NGD) first quarter financial results, Gold Reserve’s (GRZ) public offering, Golden Star’s (GSS) processing plant, Aurelian’s (ARU.TO) drilling, Hecla’s (HL) annual meeting presentation, Silver Dragon’s (SDRGE.OB) 10-KSB, Apex Silver’s (SIL) first quarter results, Sterling Mining’s (SRLM.OB) appointed treasurer, SNS Silver’s (SNS.V) drill, and Minefinders’ (MFN) personnel appointments were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR+11.03% $1.6099 |
2. Metalline | MMG +7.91% $3.41 |
3. Minco Gold | MGH +4.55% $1.38 |
LOSERS
1. Kimber Resources | KBX -3.16% $1.53 |
2. Entree Gold | EGI -3.15% $2.0144 |
3. Aurizon Mines | AZK -2.54% $3.46 |
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:
Medoro Resources Announces 2006 Year-End Results - More
- May 07, 2007 | Item | E-mail
Hecla's Annual Meeting Presentation Posted; Baker to Speak at the Merrill Lynch Global Metals & Mining Conference in Dublin - "Hecla Mining Company's (NYSE:HL - News) PowerPoint presentation given at its Annual Meeting of Shareholders is now available at the company's web site at www.hecla-mining.com. At the meeting held Friday, May 4, Hecla's President and Chief Executive Officer, Phillips S. Baker, Jr., reported to shareholders that the company obtained record earnings for the year ending 2006. The presentation also includes new 3-D views of the exploration potential surrounding the company's Lucky Friday mine and its Silver Valley land position in Idaho, as well as the positive first quarter 2007 financial results." More
- May 07, 2007 | Item | E-mail
Silver Dragon Resources Inc. Updates Status of Form 10-KSB - "Silver Dragon Resources Inc. (OTC BB:SDRGE.OB - News) reports that the Company expects to file its Form 10-KSB this week. As described in an April 16, 2007 press release, the complexities associated with managing accounting activities in both China and Mexico have caused the 2006 annual audit to take longer than expected. However, the Company's auditors, SF Partnership LLP, continues to work diligently through the process. To this end, SF Partnership LLP has retained the services of one of its affiliates, CWCC-China in Beijing China, to assist." More
- May 07, 2007 | Item | E-mail
Jurisdictional hearing delayed for procedural reasons - More
- May 07, 2007 | Item | E-mail
Carmax Closes Private Placement - More
- May 07, 2007 | Item | E-mail
Centamin Egypt Announces Update in Resource at Sukari - More
- May 07, 2007 | Item | E-mail
Rio Narcea Announces Reporting Date for First Quarter Results - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (Toronto:RNG.TO - News)(AMEX:RNO - News) today announced it will report 2007 first quarter results, after the close of trading, on May 14, 2007." More
- May 07, 2007 | Item | E-mail
Copper Mountain engages Raymond James Ltd. to lead IPO - More
- May 07, 2007 | Item | E-mail
Molycor Announces $500,000 Private Placement for Crow-Rea Moly Project with MineralFields - More
- May 07, 2007 | Item | E-mail
New Gold Inc.: First Quarter 2007 Financial Results - "The Company incurred a loss of $0.4 million or $0.02 per share in the first quarter 2007, compared with a loss of $1.3 million or $0.07 per share in the first quarter of 2006. The reduction in the loss is directly related to lower stock-based compensation amortization charges and higher interest revenue due to the higher average cash balances in the quarter compared with those in the first quarter 2006." More
- May 07, 2007 | Item | E-mail
First Nickel Inc.: 5.20 Metres of Massive and Semi-Massive Sulphide Grading 2.03% Ni and 0.26% Cu on Morgan-Lumsden - More
- May 07, 2007 | Item | E-mail
Klondex to Highlight Nevada Gold Exploration Progress at Hard Assets Investment Conference in New York May 14th - 15th - Booth #417 - More
- May 07, 2007 | Item | E-mail
Sparton Announces Grant of Stock Options - More
- May 07, 2007 | Item | E-mail
Gold Reserve Inc. Announces Concurrent Public Offerings of Common Shares and Convertible Notes - "Gold Reserve Inc. (AMEX:GRZ - News; TSX:GRZ - News) announced today that it has filed preliminary short form prospectuses with Canadian securities regulators and related registration statements with the U.S. Securities and Exchange Commission under the U.S.- Canada multi-jurisdictional disclosure system relating to proposed concurrent public offerings of 16,000,000 of its Class A common shares and US$75 million aggregate principal amount of its senior subordinated convertible notes." More
- May 07, 2007 | Item | E-mail
Lakota Announces Property Acquisition - More
- May 07, 2007 | Item | E-mail
Inmet Mining, Petaquilla and Teck Cominco Announce 2007 Work Program to Advance Petaquilla Copper Project - More
- May 07, 2007 | Item | E-mail
Apex Silver Reports on First Quarter 2007 Results - "Apex Silver Mines Limited (AMEX: SIL - News) today reported preliminary net income of $112.0 million or $1.91 per share for the first quarter 2007 compared to a net loss of $174.4 million or $3.39 per share for the same 2006 period. The company expects to file its complete financial statements with the SEC on Form 10-Q later this week." More
- May 07, 2007 | Item | E-mail
Kodiak Appoints Chief Geologist - More
- May 07, 2007 | Item | E-mail
Luna Gold hires Exploration Manager for Aurizona Gold project - More
- May 07, 2007 | Item | E-mail
Pele Mountain Intersects High-Grade Uranium in Basal Conglomerate Bed at Elliot Lake - More
- May 07, 2007 | Item | E-mail
Intrepid Implements Silver-Gold Program in Mexico - More
- May 07, 2007 | Item | E-mail
Northland Appoints Birger Solberg as Director - More
- May 07, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Crosshair Exploration and Mining Corp. - More
- May 07, 2007 | Item | E-mail
Duluth Metals announces exceptional 500 foot intercepts with new copper-nickel drill results - More
- May 07, 2007 | Item | E-mail
Goldcorp Declares Fifth Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its fifth monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, May 18, 2007 will be entitled to receive payment of this dividend on Friday, May 25, 2007." More
- May 07, 2007 | Item | E-mail
Golden Star Confirms Its Bogoso Sulfide (BIOX(R)) Expansion Project Expected in Commercial Production in the Second Quarter - "The new 3.5 million tonne per annum sulfide processing plant, which utilizes the BIOX® bio-oxidation technology, is intended to supplement the existing 1.5 million tonne per annum oxide processing plant at Golden Star's Bogoso/Prestea gold mine in Ghana." More
- May 07, 2007 | Item | E-mail
Galway Resources infill drilling intercepts high grade molybdenum & tungsten at Victorio - More
- May 07, 2007 | Item | E-mail
TTM Resources Inc.: Chu Phase I Program Intersects Additional High Grade Mo in Hole 06-13-0.096% Mo Over 383.4 Meters - More
- May 07, 2007 | Item | E-mail
Alhambra Resources Ltd. Retains Cronus Capital Markets for Strategic Consulting - More
- May 07, 2007 | Item | E-mail
Sprott Molybdenum Participation Corporation announces appointment of new board member - More
- May 07, 2007 | Item | E-mail
Full Metal Intersects High Grade Gold at Murphy Zone Discovery - More
- May 07, 2007 | Item | E-mail
Gemco Incorporates Subsidiary in Mexico and Advances Testing on Minerals / Precious Metals - More
- May 07, 2007 | Item | E-mail
Caldera Resources Inc.: New South Australian Joint Venture - More
- May 07, 2007 | Item | E-mail
Unico, Inc. Announces Release of May 2007 Newsletter Edition - More
- May 07, 2007 | Item | E-mail
First Metals Inc. Announces Closing of $20,000,000 Term Debt Financing - More
- May 07, 2007 | Item | E-mail
Gemini Explorations Inc Overview of the Los Chorros Mine Project Acquisition -- A Producing Gold Property in Colombia - More
- May 07, 2007 | Item | E-mail
Raven Gold Corp.: Raven Gold and Tara Gold Pursue Aggressive Exploration at La Currita Silver / Gold Project in Temoris, Mexico - More
- May 07, 2007 | Item | E-mail
Asia Now Resources Provides Update on Projects in China - More
- May 07, 2007 | Item | E-mail
Corriente Resources Inc.: Plan of Arrangement for Gold Asset Spin-Off Sent to Shareholders - More
- May 07, 2007 | Item | E-mail
USCorp, a Junior Gold Exploration Company, Announces Updated Website - More
- May 07, 2007 | Item | E-mail
Aurelian Begins Drilling at El Tigre - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today announced that a program of exploratory drilling has commenced at the company's El Tigre prospect. The program will attempt to locate the bedrock source of abundant, coarse, angular gold found in streams draining the target area, which is also marked by a distinct 800 metre by 400 metre gold in soils anomaly.El Tigre falls within Aurelian's wholly owned Condor Project in southeastern Ecuador and is approximately five kilometres to the east of the Fruta Del Norte (FDN) epithermal gold-silver discovery." More
- May 07, 2007 | Item | E-mail
Alhambra Resources Ltd. - Year 2006 Financial and Operational Results - More
- May 07, 2007 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property for the First Quarter of 2007 - More
- May 07, 2007 | Item | E-mail
Tara Gold and Raven Gold Pursue Aggressive Exploration at La Currita Silver/Gold Project in Temoris, Mexico - More
- May 07, 2007 | Item | E-mail
Uranium Resources Announces First Quarter 2007 Earnings Teleconference and Webcast - More
- May 07, 2007 | Item | E-mail
General Metals Receives Buy Recommendation From Onyx Equity Research With Target Price: $2.00 Based on Net Present Valuation - More
- May 07, 2007 | Item | E-mail
Hemisphere Gold Reports That Exploration Base Camp Now Fully Operational - More
- May 07, 2007 | Item | E-mail
Cigma Metals Corporation Signs Deal in Kazakhstan - More
- May 07, 2007 | Item | E-mail
Aquila Expands 2006 Gold Zone Discovery - More
- May 07, 2007 | Item | E-mail
Globex's Fabie Bay Royalty in Sight - More
- May 07, 2007 | Item | E-mail
Houston Lake Further Confirms High Grade Gold Drill Results at West Cedartree, 100% Earn In of Dogpaw Option Now Completed - More
- May 07, 2007 | Item | E-mail
Geoinformatics Plans to Spin-off Australian Subsidiary - More
- May 07, 2007 | Item | E-mail
Alberta Star Appoints Aurora Geosciences Ltd. to Supervise Alberta Star's 2007 IOCG and Uranium Drilling Program - More
- May 07, 2007 | Item | E-mail
Tournigan's Resource at Kuriskova (Jahodna) Almost Triples to 50 Million Pounds U3O8 - More
- May 07, 2007 | Item | E-mail
Capella Resources Ltd. Completes Acquisition of Tripple Uranium Resources - More
- May 07, 2007 | Item | E-mail
CanAlaska to Collaborate with Korean Consortium in Uranium Exploration - More
- May 07, 2007 | Item | E-mail
Sterling Mining Appoints Mooney Treasurer - "Sterling Mining Company (OTCBB:SRLM - News) today announced that Michael L. Mooney, who has served the Company since May 2005 as Corporate Secretary/Assistant Treasurer, has been appointed Corporate Treasurer of the Company, effective immediately, while he also remains Corporate Secretary." More
- May 07, 2007 | Item | E-mail
SNS Silver Gets Longyear and Diamac Drill - "SNS Silver Corporation (TSX-V: SNS - News) announces that Atlas-Fausett Contracting (OTC:BB ALMI) will be supplying the Crescent Mine with a Longyear 38 drill for upper country drilling, and will be adding a Diamac B-15 diamond drill at a later date for additional drilling." More
- May 07, 2007 | Item | E-mail
Minefinders Corporation Ltd.: Dolores Mine Development Continues with Senior Personnel Appointments - "We are very pleased to have secured the services of Gregg and Don to lead our operations group at the Dolores mine. Their knowledge and extensive operational experience will be invaluable as Dolores develops into one of the preeminent gold and silver producers in Mexico." More
- May 07, 2007 | Item | E-mail
Indonesian prosecutors launch Newmont case appeal - "Indonesian prosecutors have launched the first stage of an appeal after Newmont Mining Corp's (NEM.N: Quote, Profile , Research) Indonesian unit was cleared in a high-profile pollution case two weeks ago, a court official said on Monday.
On April 24, an Indonesian court cleared the unit and its American president of dumping toxic waste into a bay near a gold mine in North Sulawesi and making people sick." More
- May 07, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 7 May, 2007 | |
