-- Posted 9 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $680.10 | -$4.90 |
Silver | $13.35 | -$0.09 |
XAU | 141.80 | +0.07% |
HUI | 342.21 | +0.24% |
GDM | 1104.73 | -0.27% |
JSE Gold | 2768.17 | +0.03% |
USD | 82.00 | +0.06 |
Euro | 135.31 | -0.11 |
Yen | 83.36 | +0.02 |
Oil | $61.55 | -$0.71 |
10-Year | 4.668% | +0.034 |
T-Bond | 111.34375 | -0.50 |
Dow | 13362.87 | +0.40% |
Nasdaq | 2576.34 | +0.18% |
S&P | 1512.58 | +0.32% |
The Metals:
Gold remained near unchanged in Asia and London before it fell in New York to as low as $675 by late morning and then rebounded into the close, but it still ended with a loss of 0.72%. Silver fell all the way to $13.15 before it also rebounded markedly, but it still ended with a loss of 0.67%.
Euro gold fell to about €502, platinum lost $8 to $1,336, palladium lost $5 to $367, and copper fell nearly 5 cents to about $3.68.
Gold and silver equities traded mixed throughout the day and ended near unchanged.
The Economy:
The fed kept interest rates unchanged at 5.25% as expected. Their statement noted that economic growth slowed and the adjustment in housing is ongoing, but that the economy is likely to expand at a moderate pace. They also noted core inflation is somewhat elevated and that the predominant concern is that inflation will fail to moderate.
Tomorrow at 8:30AM EST brings Export and Import Prices for April, Initial Jobless Claims for 5/05 expected at 315,000, and the Trade Balance for March expected at -$60.0 billion. At 2PM is the Treasury Budget for April expected at $143.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose in early trade on news of more violence in Nigeria, but it then fell and ended over 1% lower after inventories came in higher than expected. Crude inventories built the most since January at 5.6 million barrels, gasoline inventories built for the first time in thirteen weeks at 400,000 barrels, and distillates built 1.7 million barrels.
The U.S. dollar index rose and treasuries fell following the fed’s statement that kept inflation as the predominant concern and made it less likely that the fed will cut interest rates anytime soon. The focus now shifts to tomorrow’s Bank of England (BoE) and European Central Bank (ECB) meetings that are expected to at least hint towards future interest rate hikes.
The Dow, Nasdaq, and S&P initially dropped dramatically following the fed’s statement that came in more hawkish thank some had hoped, but the indices soon returned to new highs on the session and ended with respectable gains on more merger and acquisition speculation as traders moved past the fed and returned to business as usual.
Among the big names making news in the market today were Toyota, Cisco, TXU, Dendreon, News corp., Toll Brothers, and DirecTV.
The Commentary:
“June Gold finished down 4.9 at 682.5, 4.5 off the high and 5 up from the low.
July Silver closed down 0.13 at 13.47. This was 0.18 up from the low and 0.08 off the high.
The trade Wednesday was mostly dominated by the anticipation of the Fed's interest rate decision. Traders initially took a cautious stance and kept a moderate selling pressure wave in place ahead of the Fed's statement. However, the actual statement had a small initial negative impact on the gold price, which could indicate that the market didn't get enough definitive news from the statement to alter its pre-existing bearish tilt toward the US economy. The US Dollar on the other hand stayed in a positive territory and seemed to gain some minor ground after the Fed statement, which would indicate that the dominating focus of the gold market remains on the currency market instead of on the outlook for the US economy and the direction of equity prices.
Apparently the Fed's decision and statement failed to alter the pre-existing bearish outlook in the silver market as the trade started out soft and added to the declines ahead of mid session. The market failed to show a definitive reaction to the Fed statement but it was clear that the stock market liked what the Fed had to say yet the silver market was unmoved. Perhaps a slight up tick in the Dollar, generally weak energy prices and a sharp slide in the copper market mired the silver market in bearish psychology and that lack of a definitive outcome from the Fed left the status quo in place.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: A clear parallel
The Statistics:
As of close of business: 5/08/2007
Gold Warehouse Stocks: | 7,621,820 | -55,300 |
Silver Warehouse Stocks: | 132,312,707 | +594,915 |
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$ 10,686m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,646 | US$ 1,986m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.69 | 375,570 | US$ 256m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,668 | US$ 249m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/8/2007 | |
Total Net Assets | $994,580,761 | 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 5/8/2007 | |
Total Net Assets | $1,830,678,252 | 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:
Minco Gold’s (MGH) listing on the Frankfurt Stock Exchange, International Royalty’s (ROY) acquired additional royalty interests, Golden Star’s (GSS) project development, Rubicon’s (RBY) drill results, Canyon’s (CAU) first quarter results, Ivanhoe’s (IVN) coal project approval, Agnico-Eagle’s (AEM) exploration activities, Orko Silver’s (OK.V) assay results, Silvermex’s (SMR.V) drill program, and Mines Management’s (MGN) exercised over-allotment option were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH +4.71% $3.56 |
2. Anglo American | AAUK +4.16% $29.54 |
3. Almaden Minerals | AAU +2.86% $2.52 |
LOSERS
1. Kimber | KBX -4% $1.44 |
2. Nevsun | NSU -3.69% $2.09 |
3. Minefinders | MFN-3.61% $12.29 |
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:
Orko Silver Hits Major Intercept in Martha Vein at La Preciosa - "Of particular note is a new major width and high grade intercept of the Martha Vein in "Mina La Preciosa" sector and an increase in width in the Abundancia Vein in drill hole BP07-102. The Martha Vein yielded 13.79 metres true width grading 376.5 g/t Ag and 0.320 g/t Au for a silver-equivalent of 395.7 g/t, including 3.07 metres true width grading 1,374.0 g/t Ag and 0.605 g/t Au for a silver-equivalent of 1,410.3 g/t. This vein was not included in the previously released Inferred Resource Estimate (13 March 2007). Abundancia Vein in this hole yielded an impressive 26.80 metres true width grading 152.3 g/t Ag and 0.205 g/t Au for a silver-equivalent of 164.5 g/t." More
- May 09, 2007 | Item | E-mail
Strathmore Enters LOI for Joint Venture of Lake Athabasca North Shore Property - More
- May 09, 2007 | Item | E-mail
Shoreham Acquires Options for 100% Interest in Two Properties in the Red Lake District - More
- May 09, 2007 | Item | E-mail
Minco Gold Corporation Lists on Frankfurt Stock Exchange - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News)(WKN: A0MKB6) is pleased to announce that its common shares have now also been listed on the Frankfurt Stock Exchange under the ticker symbol MI5 and the German securities code (WKN) A0MKB6." More
- May 09, 2007 | Item | E-mail
International Royalty acquires additional Pascua gold royalty interests - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") reports that it has purchased additional interests in the Pascua gold royalty located in Chile for a price of US$15.36 million in cash. A single contingency payment totalling US$2.0 million is payable to the sellers if gold prices exceed US$600 per ounce for any six month period during the first 36 months after the mine is commissioned." More
- May 09, 2007 | Item | E-mail
Richview Re-Affirms Its Continuous Program Aiming to Reactivate the Thierry Mine - More
- May 09, 2007 | Item | E-mail
Gossan Announces Private Placement - More
- May 09, 2007 | Item | E-mail
Nass Valley Gateway Ltd. Enters Into An Option Agreement To Explore Copper-Silver Property In Historic Copper Camp - More
- May 09, 2007 | Item | E-mail
Oromin Appoints Advisor to the Board - More
- May 09, 2007 | Item | E-mail
Acero-Martin Announces Creation of Advisory Board - More
- May 09, 2007 | Item | E-mail
IAMGOLD First Quarter Results Release-May 15, 2007 - "IAMGOLD Corporation ("IAMGOLD" or "the Company")(Toronto:IMG.TO - News)(NYSE:IAG - News)(Boston:IAMGOLD - News) will release first quarter financial results before the market opens on Tuesday May 15, 2007." More
- May 09, 2007 | Item | E-mail
Northland Acquires New Iron-Copper Target in Sweden - More
- May 09, 2007 | Item | E-mail
Copper Fox Metals inc. Expands Schaft Creek Resource Estimate - More
- May 09, 2007 | Item | E-mail
Aurus Proceeds With Dividend - More
- May 09, 2007 | Item | E-mail
Blue Pearl to Webcast Annual General Meeting on May 10 at 4:00 P.M. Eastern; Schedules Q1 2007 Financial Results Conference Call/Webcast for May 11 at 10:00 A.M - More
- May 09, 2007 | Item | E-mail
Eagle Plains Acquires Yukon Zinc Project - More
- May 09, 2007 | Item | E-mail
Gold Canyon Resumes Drilling at Cordero Gallium Project - More
- May 09, 2007 | Item | E-mail
NewWest Gold Corporation Receives its First NI 43-101 Compliant Resource Estimate for Sandman Project - More
- May 09, 2007 | Item | E-mail
Mega Uranium Ltd.: Encouraging Uranium Sample Results in the Patagonia Project, Argentina - More
- May 09, 2007 | Item | E-mail
Wega Mining Completes Investment in Merit Mining and Increases Its Interest - More
- May 09, 2007 | Item | E-mail
North Atlantic Files Financial Statements for First Quarter 2007 - More
- May 09, 2007 | Item | E-mail
Sirios Resources Inc.: Update Report on Exploration Programs, James Bay, Quebec - More
- May 09, 2007 | Item | E-mail
Maximum Ventures Inc.: Summary Trial Adjourned at Western's Request - More
- May 09, 2007 | Item | E-mail
Golden Star Approves Development of Hwini-Butre and Benso Gold Project - "The development of Hwini-Butre and Benso as a satellite source of feed for our Wassa gold mine is expected to have a significant impact on Wassa, resulting in an increase in processed grade, production profile and life for the combined operation as well as an improvement in the average cash operating cost per ounce." More
- May 09, 2007 | Item | E-mail
Spirit Exploration, Inc. Creates Wholly Owned Subsidiary in Ecuador, Appoints Veteran Mining Professional as President and Creates Advisory Board - More
- May 09, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (Pink Sheets: SBMI) Pays Equipment Shipping Costs - More
- May 09, 2007 | Item | E-mail
CORRECTION/Erdene Receives Independent NI 43-101 Compliant Technical Report for Donkin Coal Project Resource Estimate - More
- May 09, 2007 | Item | E-mail
Gold Assay Results Reveal Average Content of 44 Grams Gold Per Ton of Ore at Aroroy Gold Rush Site - More
- May 09, 2007 | Item | E-mail
Pebble Creek executes drilling contract for Askot, India; lists in Frankfurt - More
- May 09, 2007 | Item | E-mail
Premier-Goldcorp sign Asset Exchange Agreement - More
- May 09, 2007 | Item | E-mail
Tara Gold Expands Las Minitas Property Interests - More
- May 09, 2007 | Item | E-mail
Unico, Inc. Announces Electrical Contractor to Assist With New Substation and Connections for Power Supply to the Deer Trail Mine - More
- May 09, 2007 | Item | E-mail
Trend Exploration Addresses Recent Fax and E-Mail Spam Issues - More
- May 09, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Update on Permitting and Environmental Certificate Amendment Process - More
- May 09, 2007 | Item | E-mail
Sable Acquires Perry Mason Claims - More
- May 09, 2007 | Item | E-mail
USCorp, a Junior Gold Exploration Company, Announces Fiscal 2006 Accomplishments and Recent Fiscal 2007 Progress - More
- May 09, 2007 | Item | E-mail
Little Squaw Strengthens Management Rodney Blakestad Appointed Exploration V.P. - More
- May 09, 2007 | Item | E-mail
Tiomin Reports Final Drill Results from 2006-07 Program at Pukaqaqa Copper-Gold Project in Peru - More
- May 09, 2007 | Item | E-mail
General Metals Update: Independence Mine Phase 1 Drilling Targets Identified to Define Open Pit Ore Reserve and Pave Way for Near Term Production - More
- May 09, 2007 | Item | E-mail
Richview announces results from their Annual and Special Meeting of Shareholders - More
- May 09, 2007 | Item | E-mail
Engineering Study Underway to Expand Gold Production to 180,000 Ounces a Year at Jinshan's CSH 217 Mine - More
- May 09, 2007 | Item | E-mail
Dynacor: invitation to the annual and special meeting of shareholders - More
- May 09, 2007 | Item | E-mail
Midland Exploration Inc.: Drilling Resumes on Maritime Cadillac Gold Property - More
- May 09, 2007 | Item | E-mail
General Metals Reports Market Advisors, Inc. Initiates Coverage With Intermediate-Term Price Objective of $1.65 - More
- May 09, 2007 | Item | E-mail
Gold intersected in Three New Target Areas at Rubicon's Phoenix Project - "Rubicon Minerals Corp. (TSX:RMX - News; AMEX:RBY - News) is pleased to announce that each of the three new target areas drilled to date in the current program, have intersected gold-bearing zones, in classic "Red Lake style" settings and all are open for follow up drilling. As previously announced (see news release dated January 29, 2007), Rubicon is carrying out an exploration drilling program at its 100% controlled Phoenix Gold Project, designed to develop targets for aggressive follow up, during 2007-8." More
- May 09, 2007 | Item | E-mail
Paramount Gold Appoints Michel Yvan Stinglhamber to the Board of Directors - More
- May 09, 2007 | Item | E-mail
Globex's Russian Kid Royalty in Sight: Regular Ore Shipments Start to Xstrata Smelter - More
- May 09, 2007 | Item | E-mail
Pele Mountain Appoints James Andersen as Chief Financial Officer and Renews CEO Agreement - More
- May 09, 2007 | Item | E-mail
Triex Minerals Corporation: Drilling Is Underway in the Hornby Basin - More
- May 09, 2007 | Item | E-mail
Alberta Star Receives Approval From the Department of Natural Resources for Its Legal Land Survey on the Glacier Lake Uranium Claims - More
- May 09, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Hornby Bay Drilling Begins - More
- May 09, 2007 | Item | E-mail
Capella Resources Commences Airborne Magnetic and EM Surveys in Labrador to Further Evaluate Uranium Targets Prospected in 2006 - More
- May 09, 2007 | Item | E-mail
Paladin Resources: Takeover Bid for Summit Resources-Extension of Offer Period to 18 May 2007 - More
- May 09, 2007 | Item | E-mail
Ucore Announces Elliot Lake Land Acquisition - More
- May 09, 2007 | Item | E-mail
Ur-Energy Delayed in Exploration at its Screech Lake Property - More
- May 09, 2007 | Item | E-mail
Trigon Continues to Drill Significant New Mineralization at Marysvale - More
- May 09, 2007 | Item | E-mail
Blue Sky Options New Grass Roots Uranium Discovery in Argentina - More
- May 09, 2007 | Item | E-mail
Western Begins Classifying Gurvanbulag Uranium Resources-Moving to Economic Assessment and Increasing Resource Base; Conference Call - More
- May 09, 2007 | Item | E-mail
U3O8 Corp. Intersects Uranium in Phase 1 Drilling - More
- May 09, 2007 | Item | E-mail
Silvermex Resources Ltd.: 2,700 Meter Diamond Drill Program Commences at Cerro De Plata Silver Property - "Silvermex Resources Ltd. ("Silvermex") announces that a first phase, 8 hole, 2,700 meter, diamond drill program has commenced on its Cerro de Plata silver property located in northern Sonora, Mexico. Silvermex will also be completing both airborne and ground geophysical programs on the property. The objective of the drill program is to test the strike length and down dip extent of the principal mineralized zone that had been previously exploited at the Cerro de Plata Mine. The project lies 40 kms east of Silvermex's Penasco Quemado Project and 50 km south of the Mexico/Arizona border." More
- May 09, 2007 | Item | E-mail
Melkior Acquires Additional Gold-Copper-Molybdenum Claims - More
- May 09, 2007 | Item | E-mail
Tenajon Acquires Moly Brook Extension - More
- May 09, 2007 | Item | E-mail
Three and a Half Minute Pitch Takes International PBX to the Next Stage - More
- May 09, 2007 | Item | E-mail
Canyon Resources Reports First Quarter 2007 Results and Provides Update on Project Activities - "We recorded a net loss of $1.5 million, or negative $0.03 per share, on revenues of $0.1 million for the quarter ended March 31, 2007. This compares to a net loss of $0.4 million, or negative $0.01 per share, on revenues of $0.6 million for the quarter ended March 31, 2006." More
- May 09, 2007 | Item | E-mail
Mines Management Announces Exercise of Over-Allotment Option - "Mines Management, Inc. (AMEX:MGN - News; TSX:MGT - News) is pleased to announce that the underwriting syndicate led by TD Securities Inc., and including Blackmont Capital Inc., Salman Partners Inc., Cormark Securities Inc. (formerly Sprott Securities Inc.) and Raymond James Ltd., has exercised its over-allotment option to purchase an additional 836,600 Units, at a price of US$5.00 per Unit, granted in the Company's underwritten offering that closed on April 20, 2007." More
- May 09, 2007 | Item | E-mail
Prudential downgrades AngloGold Ashanti - "The brokerage has a $50 price target on the company's stock." More
- May 09, 2007 | Item | E-mail
Ivanhoe Mines and Asia Gold Receive Environmental Approval for Mongolian Coal Project - "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 Detailed Environmental Impact Assessment report (DEIA) for the Ovoot Tolgoi coal project (formerly known as Nariin Sukhait) has been approved by the Mongolian Government's Ministry of Nature and Environment." More
- May 09, 2007 | Item | E-mail
Agnico-Eagle extends new gold zones in Mexico, Finland and Canada - "Agnico-Eagle Mines Limited is pleased to provide an update on its exploration activities. Encouraging results have been received from several of the development properties in Mexico, Finland and Canada, including results from outside of the current gold reserve and resource envelopes. The budgeted exploration expenditure in 2007 exceeds $40 million, the highest level in the Company's history. Currently 23 drill rigs are turning, targeting 175,000 metres of drilling for the year." More
- May 09, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 May, 2007 | |
