-- Posted 8 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $685.00 | -$2.50 |
Silver | $13.44 | -$0.05 |
XAU | 141.70 | -1.01% |
HUI | 341.17 | -1.46% |
GDM | 1107.46 | -0.82% |
JSE Gold | 2767.24 | -2.32% |
USD | 81.94 | +0.26 |
Euro | 135.42 | -0.70 |
Yen | 83.34 | +0.03 |
Oil | $62.26 | +$0.79 |
10-Year | 4.634% | -0.002 |
T-Bond | 111.84375 | -0.09375 |
Dow | 13309.07 | -0.03% |
Nasdaq | 2571.75 | +0.03% |
S&P | 1507.72 | -0.12% |
The Metals:
Gold remained near unchanged in Asia and dipped slightly in London before it dropped even further in New York to as low as $681.40 at one point, but it then rallied back higher into the close and ended with a loss of just 0.36%. Silver fell almost 2% to as low as $13.24 by late morning in New York before it rallied fiercely higher in the next 2 and ½ hours of trade and even saw brief gains at one point, but it then fell back off in the last minutes of trade and ended with a loss of 0.37%.
Euro gold fell to about €505, platinum lost $5 to $1,344, palladium lost $7 to $372, and copper fell a couple of cents to about $3.72.
Gold and silver equities fell nearly 2% in the first hour of trade, but they then inched back higher for the rest of trade and ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | Mar | 0.3% | 0.4% | 0.4% |
Other economic notables today:
Realtors' home-price forecast: First ever decline Yahoo
Economic Growth to Continue Throughout 2007 Yahoo
NAR Again Lowers '07 US Home Sales Forecast FXStreet
NFIB Apr Small Business Optimism Index Slips To 96.8 FXStreet
Tomorrow at 2:15PM EST brings the FOMC policy statement that is expected to keep interest rates unchanged at 5.25%, but it may also give a different view over economic and inflation expectations from the fed’s last statement.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose for the first time in seven sessions after more violence in Nigeria and increased demand forecasts by EIA officials, but gains were somewhat limited due to comments from two OPEC ministers that said there was plenty of supply in the market. Oil ultimately ended higher as traders took positions ahead of tomorrow’s inventory reports which Platts expects to show small builds across the board.
The U.S. dollar index rose versus the euro as German industrial production fell, but many traders were on edge ahead of meetings for the Federal Open Market Committee (FOMC), the Bank of England (BoE), and the European Central Bank (ECB) this week. The fed is expected to keep interest rates unchanged in the U.S. and perhaps give a tamer inflation reading tomorrow, while the BoE and ECB are expected to either hike interest rates or at least point to interest rate hikes in the near future on Thursday.
Treasuries remained near unchanged and ended with small losses ahead of tomorrow’s fed meeting.
The Dow, Nasdaq, and S&P fell as traders took profits from the markets recent rally, but all three indices were able to cut notable early losses and close mixed and near unchanged.
Among the big names making news in the market today were Molson Coors, Tyco, Hewlett-Packard, Lazard, and CVS/Caremark.
The Commentary:
“June Gold finished down 3 at 687.4, 1.6 off the high and 3.2 up from the low.
May Silver closed down 0.038 at 13.489. This was equal to the low and 0.071 off the high.
A rebound in the US Dollar pressured gold prices on Tuesday and some traders were also adjusting positions ahead of the Fed meeting tomorrow. A thin US economic report slate this session had the metals markets looking for direction guidance from price action in the currency markets. While the Fed is expected to leave interest rates unchanged, uncertainty over the wording of the Fed statement has traders lightening up on metals this session. Gold prices have rallied strongly over the last several sessions and with the market becoming a little over bought and prices approaching over head resistance, it is no surprise some traders have decided to take profits. Euro zone Central Bank gold reserves fell by 186 million Euros in the week ending May 4th as 2 Euro-zone Central Banks sold gold. A rebound in crude oil prices has helped gold trim losses this session.
While the silver market was initially pressured by a stronger US Dollar, the market has been able to trim losses during the session helped by a rebound in copper prices, a strong economic reading and a rebound in crude oil prices. Position adjusting ahead of tomorrow's Fed meeting triggered short covering in the Dollar and profit taking in silver although the Fed is expected to keep interest rates unchanged. If the Fed statement hints at a possible Fed ease later this year, it could easily trigger a Dollar slide and a silver rebound during Wednesday's session. A strong reading from the March Wholesale trade data showing lower than expected inventories and higher than expected sales provided support to silver on an improved industrial demand outlook while a rebound in energy prices rekindled inflation concerns.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ecuador won't renew U.S. investment deal
James Turk: Gold's infallible indicator is screaming 'buy!'
The Statistics:
As of close of business: 5/07/2007
Gold Warehouse Stocks: | 7,621,820 | - 55,300 |
Silver Warehouse Stocks: | 131,717,792 | + 373,555 |
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 | 2,920,679 | US$ 2,004m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.69 | 375,574 | US$ 258m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,672 | US$ 250m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/7/2007 | |
Total Net Assets | $998,802,093 | 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 5/7/2007 | |
Total Net Assets | $1,819,837,440 | 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:
Randgold’s (GOLD) first quarter results, Exeter’s (XRA) drill results, Rubicon’s (RBY) drilling, Great Basin’s (GBN) drill results, Glencairn’s (GLE) option agreement to purchase a complete milling facility, Banro’s (BAA) drill results, Minco Silver’s (MSV.TO) exploration program, and Coeur’s (CDE) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +8.37% $2.33 |
2. Great Basin | GBN +6.67% $2.56 |
3. Aurizon | AZK +4.91% $3.63 |
LOSERS
1. Anglo American | AAUK -4.09% $28.36 |
2. Taseko Mines | TGB -4.03% $3.33 |
3. Coeur d’Alene | CDE -3.66% $3.69 |
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:
Douglas Lake and Canaco Terminate Letter of Intent On Proposed Merger - More
- May 08, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Gold Bar Lake (Steel River) Claim Acquisition - More
- May 08, 2007 | Item | E-mail
Hinterland closes $75,000 Financing - More
- May 08, 2007 | Item | E-mail
Grenville Announces Silveria Progress Report - More
- May 08, 2007 | Item | E-mail
Melkior Announces the Completion of a $1,500,000 Brokered Private Placement - More
- May 08, 2007 | Item | E-mail
Amex closes a $260,000 private placement - More
- May 08, 2007 | Item | E-mail
GoldQuest Expands Massive Sulphide Project & Commences Drilling - More
- May 08, 2007 | Item | E-mail
Centerra Gold Annual General and Special Meeting of Shareholders Wednesday, May 9, 2007 - "Centerra Gold Inc. (Toronto:CG.TO - News) will hold its 2007 annual general and special meeting of shareholders on Wednesday, May 9, 2007 at the Esso Theatre, Hockey Hall of Fame, Toronto. At the meeting, the Company will review its performance in 2006 and its plans for the future. The meeting will also be webcast." More
- May 08, 2007 | Item | E-mail
Klondike Star Launches Drill Program at Spice Gold Project - More
- May 08, 2007 | Item | E-mail
Radius Appoints New VP Exploration - More
- May 08, 2007 | Item | E-mail
Minco Silver Intitiates Phase IV Exploration at Fuwan - "Minco Silver Corporation (the "Company" or "Minco Silver") (Toronto:MSV.TO - News) is pleased to announce that the Company has initiated a Phase IV exploration program on its Fuwan Silver deposit located in Guangdong Province, China. The program is designed to further increase the confidence level of the resource through infill drilling and cover a broad spectrum of detailed engineering work to investigate the geotechnical, hydrological, and metallurgical characteristics of the project." More
- May 08, 2007 | Item | E-mail
Conway Resources Retains the Services of SOLAK Communications for its Investor Relations - More
- May 08, 2007 | Item | E-mail
American Bonanza Drills Gold in Quartz Veins at La Martiniere - More
- May 08, 2007 | Item | E-mail
Azimut and Everton release drilling results and provide an overview of the summer work program for Opinaca, James Bay region, Quebec - More
- May 08, 2007 | Item | E-mail
Continental Precious Minerals Inc.: First Time Resource Estimate on MMS Viken Licence - More
- May 08, 2007 | Item | E-mail
Golden Valley Mines Ltd./Abitibi Grassroots Exploration Program: Diamond Drilling Underway in NE Ontario - More
- May 08, 2007 | Item | E-mail
SLAM Exploration drilling intersects 7.74% zinc over 6.0 metres - More
- May 08, 2007 | Item | E-mail
Romios Announces Fugro Airborne Geophysical Surveys at their Galore Creek Project - More
- May 08, 2007 | Item | E-mail
Rocmec Commences Daily Shipments of Ore and Updates Progress at the Rocmec 1 (Russian Kid) Property - More
- May 08, 2007 | Item | E-mail
Azteca Gold Corp.: Silver Valley Two Mile Property MOU - More
- May 08, 2007 | Item | E-mail
Bellhaven Copper & Gold Initiates Exploration Program at the Viento Frio Property in Panama - More
- May 08, 2007 | Item | E-mail
Golden Eagle Confirms that New Presidential Mining Decree Protects Bolivian Gold and Copper Projects - More
- May 08, 2007 | Item | E-mail
New Encouraging Drill Results on Noyell Project: First Gold Confirms Continuity of Gold-Bearing Structures on the Noyell Project - More
- May 08, 2007 | Item | E-mail
Azco Mining Appoints World Renowned Explorationist to Board of Directors - More
- May 08, 2007 | Item | E-mail
SearchGold Intersects 4.29 g/t Au Over 9 m in a New Mineralized Structure on Mandiana, Guinea - More
- May 08, 2007 | Item | E-mail
Temex initiates 2007 program on Whitney Gold Property 5000 metre drill program to test multiple targets - More
- May 08, 2007 | Item | E-mail
Métanor re-evaluates the Barry Gold Deposit - More
- May 08, 2007 | Item | E-mail
Major Drilling Program Now Underway at Inter-Citic's Dachang Gold Project - More
- May 08, 2007 | Item | E-mail
Geoinformatics Drills 76 Metres of 0.32% Copper Near Azulitas Discovery on its La Noria Project in Mexico - More
- May 08, 2007 | Item | E-mail
Maxy Gold Provides Exploration Update on Midu Property - More
- May 08, 2007 | Item | E-mail
Caledonia Announces the Phase 3 Drilling Program at the Nama Cobalt Project in Zambia and the Filing of a Further Ni 43-101 Technical Report - More
- May 08, 2007 | Item | E-mail
Premier-Goldcorp Intersect Gold at Red Lake Joint Venture - More
- May 08, 2007 | Item | E-mail
Cogitore Intersects 3.12% Copper over 4.4 metres at the Estrades Project - More
- May 08, 2007 | Item | E-mail
Semafo Inc. - Mana mine construction update - More
- May 08, 2007 | Item | E-mail
Nevada Copper Drills 68.5 Meters of 2.87% Copper - More
- May 08, 2007 | Item | E-mail
Perihelion Global to Acquire OTC:BB Listing in Proposed Transaction - More
- May 08, 2007 | Item | E-mail
Everton & Azimut Provide an Opinaca Area Drill & Exploration Update - More
- May 08, 2007 | Item | E-mail
Golden Tag and Rubicon Minerals Announce Follow-Up Drilling at McCuaig Project, Red Lake, Ontario - More
- May 08, 2007 | Item | E-mail
Dia Bras Obtains Historical Data from Promontorio Silver Mine in the Cusi District Including a Section of 4.8 Meters at 4,191 g/t Ag - More
- May 08, 2007 | Item | E-mail
Preliminary Results From Crowflight's Winter Drill Program Outline New Nickel Mineralization Near Bucko Deposit - More
- May 08, 2007 | Item | E-mail
Melkior Acquires Additional Gold-Copper-Molybdenum Claims - More
- May 08, 2007 | Item | E-mail
Osisko Cuts 6 Metres Averaging 22.4 g/t Au in Drill Hole Located 900 Metres Outside Canadian Malartic Deposit - More
- May 08, 2007 | Item | E-mail
Roxmark to begin gold drilling program at Northern Empire Mine and Nortoba-Tyson, continues to evaluate molybdenum production - More
- May 08, 2007 | Item | E-mail
Idaho General Announces Confirmation of Hall - Tonopah Molybdenum Mineralization and Verifies Shallow High Grade and Deeper Mineralization - More
- May 08, 2007 | Item | E-mail
Eastern Platinum Limited: 600,000 oz pa PGM Capacity Upgrade Proposed for Crocodile River Smelter in South Africa - More
- May 08, 2007 | Item | E-mail
Marifil Intercepts Promising Zinc, Indium and Gold Mineralization in Drilling at San Roque - More
- May 08, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Appoints R. William Wilson as Its CFO - More
- May 08, 2007 | Item | E-mail
Houston Lake Options an Advanced Stage Gold Property Adjacent to the West Cedartree Gold Project - More
- May 08, 2007 | Item | E-mail
Kilgore Provides Update on Bayswater Merger - More
- May 08, 2007 | Item | E-mail
Uranium Energy Corp Announces Acquisition of Development Database Covering Recently Acquired Cebolleta Project in New Mexico - More
- May 08, 2007 | Item | E-mail
Commander Appoints David Watkins as Director - More
- May 08, 2007 | Item | E-mail
Western Uranium Corporation Announces Exploration Results From the Kings Valley Project - More
- May 08, 2007 | Item | E-mail
Bayswater Provides Update on Kilgore Merger - More
- May 08, 2007 | Item | E-mail
Powertech Uranium Information to be Available Through S&P Market Access Program - More
- May 08, 2007 | Item | E-mail
Overlooked Moly Producer Primed for Major Upside - More
- May 08, 2007 | Item | E-mail
Inca Pacific Reports Continued Progress on Final Feasibility Study For Magistral Copper-Molybdenum Project - More
- May 08, 2007 | Item | E-mail
Exeter Resource Corporation: Escondida Vein Drilling Yields Bonanza Grades at Cerro Moro - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that ongoing drilling on the Escondida Vein, at its Cerro Moro epithermal gold-silver project in Santa Cruz Province, Argentina, has intersected high-grade gold/silver zones." More
- May 08, 2007 | Item | E-mail
Rubicon Minerals and Golden Tag Announce Follow-Up Drilling at McCuaig Project - "Rubicon Minerals Corp. (Toronto:RMX.TO - News)(AMEX:RBY - News) and partner Golden Tag Resources Ltd. (CDNX:GOG.V - News) are pleased to announce they will carry out a follow-up, 7,500-metre, land-based drill program beginning in late May or early June, at the McCuaig joint venture (Rubicon 60% - Golden Tag 40%)." More
- May 08, 2007 | Item | E-mail
Great Basin Gold Announces Additional Underground Drilling Results, Discovers More Veins at Hollister, Nevada - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces further results from underground drilling at the Hollister Project on the Carlin Trend in Nevada, USA. Drilling has taken place at 100 ft (30 m) spacing to fill in gaps from surface drilling within the Clementine and Gwenivere vein systems, in preparation of the feasibility study which is targeted for completion by the end of June 2007, subject to completion of upgrades in the resource classifications." More
- May 08, 2007 | Item | E-mail
Coeur Reports Results for First Quarter of 2007 - "Coeur d'Alene Mines Corporation (NYSE:CDE, TSX:CDM) today reported net income of $14.0 million, or $0.05 per diluted share, for the first quarter of 2007, compared to net income of $14.3 million, or $0.05 per diluted share, for the year-ago period." More
- May 08, 2007 | Item | E-mail
Glencairn Enters Into Option to Purchase Nevada Mill Facility; Advances Libertad to Feasibility - "Glencairn Gold Corporation (Toronto:GGG.TO - News)(Toronto:GGG-WT.TO - News)(AMEX:GLE - News) announced today it has entered into an option agreement with a third-party vendor to purchase a complete milling facility previously owned and operated by a senior North American gold mining company. The mill facility is located in northern Nevada and operated for many years until it was placed on care and maintenance in 2002." More
- May 08, 2007 | Item | E-mail
Banro continues to interesect wide zones of gold mineralisation at Twangiza and updates progress on preliminary assessment study - "Banro Corporation ("Banro" or the "Company") (AMEX - "BAA"; TSX - "BAA") is pleased to announce further results from the Company's ongoing core drilling program at its wholly-owned Twangiza project, located on the Twangiza-Namoya gold belt in the Democratic Republic of the Congo (the "DRC")." More
- May 08, 2007 | Item | E-mail
Randgold Resources announces 1st Quarter Results - "Another good production performance from its Loulo operation in Mali boosted London and Nasdaq listed gold miner Randgold Resources' quarter-on-quarter net profit for the three months to March by 18% to US$12.7 million." More
- May 08, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 May, 2007 | |
