-- Posted 10 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $665.00 | -$15.10 |
Silver | $13.01 | -$0.34 |
XAU | 137.62 | -2.95% |
HUI | 332.04 | -2.97% |
GDM | 1073.00 | -2.87% |
JSE Gold | 2758.93 | -0.33% |
USD | 82.25 | +0.25 |
Euro | 134.82 | -0.49 |
Yen | 83.29 | -0.07 |
Oil | $61.81 | +$0.26 |
10-Year | 4.648% | -0.020 |
T-Bond | 111.5625 | +0.21875 |
Dow | 13215.13 | -3.02% |
Nasdaq | 2533.74 | -2.97% |
S&P | 1491.44 | -2.87% |
The Metals:
Gold remained near unchanged to slightly lower in Asia, fell about $4 in London, dropped another $4 to about $672 in early New York trade, and then fell over 1% further in afternoon trade and ended $1.50 off its low of $663.50 with a loss of 2.22%. Silver followed a similar pattern and dropped to as low as $12.97 before it also rebounded slightly and ended with a loss of 2.55%.
Euro gold fell under €495, platinum lost $16 to $1,320, palladium lost $7 to $360, and copper lost roughly 7 cents to about $3.60.
Gold and silver equities fell over 3% by about 1:45PM EST before they rebounded slightly mid afternoon, but they then fell back off into the close and ended with near 3% losses.
Gold futures drop over $15 to close at a 7-week low MarketWatch
US gold, silver tumble over 2 pct on dollar rally Reuters
China's Gold Production Jumps 16% in First Quarter Resource Investor
Gold output falls 10.8% yr/yr in March Moneyweb
The Economy:
Report | For | Reading | Expected | Previous |
Export Prices | Apr | 0.3% | - | 0.6% |
Export Prices ex-ag. | Apr | 0.4% | - | 0.5% |
Import Prices | Apr | 1.3% | - | 1.5% |
Import Prices ex-oil | Apr | 0.2% | - | 0.3% |
Initial Claims | 05/05 | 297K | 315K | 306K |
Trade Balance | Mar | -$63.9B | -$60.0B | -$57.9B |
Treasury Budget | Apr | $177.1B | $143.0B | $118.8B |
Tomorrow at 8:30AM EST brings PPI for April expected at 0.6%, Core PPI expected at 0.2%, Retail Sales expected at 0.4%, and Retail Sales excluding auto at 0.5%. At 10AM is the Business Inventories report for March expected at 0.2%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose slightly and gasoline rose over 4% on supply disruptions in Nigeria and Congo as traders also worried about a tropical storm headed for the East coast of the U.S.
The U.S. dollar index rose despite a worse than expected trade deficit and despite the fact that the Bank of England rose interest rates to 5.5% and the European Central Bank held interest rates at 3.75% and indicated future interest rate hikes as expected. Prior to this week’s meetings, the markets view had been one that the fed may cut rates while the BoE and ECB will raise rates. Now that all three meetings are over, the view has changed slightly to that the fed will likely not cut rates soon while the BoE and ECB may not be as aggressive in raising rates as previously thought and the dollar ultimately found some strength as traders unwound positions to adjust to that view.
Treasuries rose after a larger than expected trade deficit was released and the stock market fell markedly, but gains pared after a 30-year note auction drew poor demand.
The Dow, Nasdaq, and S&P fell over 1% on news that retailers reported the “weakest April sales results on record.” Fears that the fed may cause a recession by not cutting interest rates and the need for a correction to the market’s recent bull run were also contributing factors to today’s selling.
Among the big names making news in the market today were Pediatrix, Costco, Vonage, JetBlue, Wal-Mart, Federated, Sara Lee, and Viacom.
The Commentary:
“As part of the consolidation process gold is falling back to test support again. As it has failed to date to break up through the $700 and the $ looks stronger today, the funds are pressing gold down to support levels heavily today.
With the U.S. Trade deficit widening the $ was expected to slip, but the support it is receiving right now is weighing down on gold, but the fundamentals remain solid for gold longer term.
The $ is fighting hard not to fall, despite a fundamental picture that says it should. Once it gives us clear direction gold will react too.
Right now the Technical picture for gold shows a narrowing of the highs and lows, consistent with a short-term pennant, so once the narrowing of the highs and lows comes to the point of the pennant, we would expect a strong move either way. It is impossible to set a time on this.
South African Gold Reserves
There has been much debate on whether the South African Reserve Bank has been buying gold because South African gold reserves increased US$73 million to US$2.71 billion in April. The policy of the S.A.R.B. is that they change the price of the gold reserves in line with market prices, regularly. Hence expect South African gold reserves to climb and fall in line with market prices. The South African Reserve Bank holds and has held for some time, 124.4 tonnes of gold [4,000,000 ounces]. We believe that it is reasonable to assume that the South African Reserve Bank will continue to hold this level, but that they will review this policy from time to time.” - Julian D.W. Phillips, www.goldforecaster.com
“June Gold finished down 15.5 at 667, 12.5 off the high and 1 up from the low.
July Silver closed down 0.33 at 13.14. This was 0.02 up from the low and 0.27 off the high.
The gold market started out under pressure and saw the pressure increase as the session progressed. With the Dollar managing an upside breakout up very early in the session the pressure from the currency market was present from the start, but with the Dollar showing a much more aggressive rise later in the session, the trade has become fearful of a long term short covering rally in the Dollar. With the US stock market also showing considerable weakness and the trade seeing talk that the Chinese might have to move again to restrain their economy, the bear camp seemed to have a number of bearish macro economic issues to embrace. Certainly the sharp slide in copper prices added to the gold markets woes, and with the June gold contract also falling below a series of critical chart support levels, it is likely that longer term technical stop loss selling was contributing to the weakness Thursday.
While the silver market was under moderate pressure, at times the silver market seemed to be holding up relative better than other metals markets. With the recent correlation between silver and copper prices it wasn't surprising to see silver prices being undermined by a massive slide in copper prices. With the added talk of a possible upcoming tightening move by the Chinese, some silver traders might be concerned of follow through selling in both copper and silver prices on Friday morning.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
With copper coin, Liberty Dollar defies U.S. Mint's threat
The Statistics:
As of close of business: 5/09/2007
Gold Warehouse Stocks: | 7,621,820 | - 55,300 |
Silver Warehouse Stocks: | 131,908,759 | - 403,948 |
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$ 10,666m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,614 | US$ 1,950m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,966 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,664 | US$ 249m |
Note: Change in Total Tonnes from yesterday’s data: The ASX added 0.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/9/2007 | |
Total Net Assets | $987,600,948 | 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 5/9/2007 | |
Total Net Assets | $1,826,578,521 | 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:
Vista Gold’s (VGZ) closed arrangement with and listing of Allied Nevada (ANV), Almaden’s (AAU) dealt zinc-silver properties, first quarter results from Northern Orion, (NTO), Richmont (RIC), Glencairn (GLE), and Golden Star (GSS), Great panther’s (GPR.TO) drill results, U.S. Silver’s (USA.V) acquired mining leases and mineral rights, SilverCrest’s (SVL.V) updated project progress, and Canadian Shield’s (CSP.V) and Esperanza Silver’s (EPZ.V) signed property earn-in agreement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Crystallex | KRY +5.20% $4.65 |
2. Metalline | MMG+3.93% $3.70 |
3. Minco Gold | MGH+0.00% $1.33 |
LOSERS
1. Vista Gold | VGZ-11.67% $8.25 |
2. Rubicon | RBY -7.76% $2.02 |
3. Cardero | CDY -7.03% $2.38 |
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:
Palladon Announces New CFO and Board Appointment - More
- May 10, 2007 | Item | E-mail
Almaden Deals Yukon Zinc-Silver Properties - "Almaden Minerals Ltd. (Toronto:AMM.TO - News)(AMEX:AAU - News) ("Almaden") is pleased to announce that it has signed a letter of intent with Tarsis Capital Corp. (CDNX:TCC-P.V - News) ("Tarsis") whereby Tarsis will acquire certain mineral projects held by Almaden in the Yukon and Mexico." More
- May 10, 2007 | Item | E-mail
Semafo reports first quarter 2007 financial results - More
- May 10, 2007 | Item | E-mail
Geoandina Mining Corp. Confirms Target Property in Argentina, Cerro Negro - More
- May 10, 2007 | Item | E-mail
Shoreham Grants Stock Options - More
- May 10, 2007 | Item | E-mail
ITH Closes $2,880,000 Non-Brokered Private Placement - More
- May 10, 2007 | Item | E-mail
Grandview Report Confirms Favorable Stratigraphy at Rain-Type 'Red Rock' Target - More
- May 10, 2007 | Item | E-mail
Continental Precious Minerals Inc.: Inferred Resource Estimate on MMS Viken Licence-75 Million Pounds of Uranium Oxide - More
- May 10, 2007 | Item | E-mail
Royal Quantum Acquires Uranium Claims Near the Sheep Mountain Mine in Wyoming - More
- May 10, 2007 | Item | E-mail
Vista Gold and Allied Nevada Announce Listing of New Shares - "Vista Gold Corp. (Amex: VGZ; Toronto) ("Vista") and Allied Nevada Gold Corp. (Amex: ANV; Toronto) ("Allied Nevada") announce that the new common shares of Vista and the shares of common stock of Allied Nevada ("Allied Nevada Shares") began trading today on the Toronto Stock Exchange (the "TSX") and the American Stock Exchange (the "AMEX"). The listings on the TSX and the AMEX result from the completion of the previously announced plan of arrangement involving Vista, Allied Nevada and Carl and Janet Pescio that closed earlier today." More
- May 10, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Allied Nevada Gold Corp. - "Vista Gold Corp. (Amex: VGZ - News) and its shareholders own approximately 70% of a new Nevada gold mining company - Allied Nevada Gold Corp., which was formed by combining Nevada property interests of Vista Gold Corp. and Carl and Janet Pescio. Vista Gold Corp. has created Allied Nevada as a platform for a major new Nevada-focused mining company with a large land package, a pipeline of development projects and the Hycroft mine which is positioned for early resumption of gold production." More
- May 10, 2007 | Item | E-mail
Corey and Coastal Copper Projects commence - More
- May 10, 2007 | Item | E-mail
Preliminary Prospectus Filed Regarding Spin-Off of Pro Minerals Inc. and IPO - More
- May 10, 2007 | Item | E-mail
Klondike Star Releases Drilling Results on Indian River Placer Gold Project as It Moves into Mine Development - More
- May 10, 2007 | Item | E-mail
Louvem Mines Reports its First Quarter 2007 Results - More
- May 10, 2007 | Item | E-mail
Golden Eagle Reports on Progress at Its C Zone Gold Project - More
- May 10, 2007 | Item | E-mail
Verena Minerals Defines Three New Drill Targets at Its Volta Grande Gold Project - More
- May 10, 2007 | Item | E-mail
Gammon Lake to Release First Quarter 2007 Financial Results Today - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company's quarterly financial results for the three month period ended March 31, 2007 will be released today after market close. A conference call will be held on Friday, May 11, 2007 at 10:00am Atlantic Time (9:00am Eastern Time) to discuss the results." More
- May 10, 2007 | Item | E-mail
Geoinformatics' Proprietary Targeting Techniques Uncover New Copper-Gold-Silver-Molybdenum Zones in Sonora, Mexico - More
- May 10, 2007 | Item | E-mail
Denison Mines Corp. to Release First Quarter Results Thursday May 10, 2007 - More
- May 10, 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 10, 2007 | Item | E-mail
Vior Cuts 8.3 g/t Au Over 1.9 Metres - More
- May 10, 2007 | Item | E-mail
Taseko to Release Q2 Results on May 14, 2007 - "Taseko Mines (Toronto:TKO.TO - News)(TBG - News) will release its second quarter results after market close on Monday, May 14, 2007 and will host a telephone conference call on Tuesday, May 15 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results." More
- May 10, 2007 | Item | E-mail
Antares announces additional positive drill results from the Haquira SX-EW copper deposit and change in its management team - More
- May 10, 2007 | Item | E-mail
Endeavour Silver Corp.: First Quarter Financial Results and Conference Call, Webcast and Podcast Scheduled for Wednesday May 16 - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(DBFrankfurt:EJD)(AMEX:EXK - News) plans to release its first quarter financial results on the morning of Tuesday, May 15. A conference call to discuss the Q1 results will be held at 1:15 PM Pacific Time (4:15 PM Eastern Time) the following day, Wednesday, May 16." More
- May 10, 2007 | Item | E-mail
Klondike Silver Corp. Announces 2007 Yukon Exploration Programs - More
- May 10, 2007 | Item | E-mail
Matamec Explorations Inc.: Gold Porphyries on Montclerg Property - More
- May 10, 2007 | Item | E-mail
Antares Minerals Inc. Retains Broadgate Consultants, LLC - More
- May 10, 2007 | Item | E-mail
Great Panther Releases Additional Drilling Results for Mapimi Silver-Lead-Zinc Project - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce additional assay results for the ongoing diamond drill program at the Mapimi Project in eastern Durango State, Mexico. Highlights of the second batch of drill holes (SK07-012 to 019, representing 1,454 metres) include 168 g/t silver equivalent(i) (Ag Eq) over 78.65 metres in hole SK07-012; 212 g/t Ag Eq over 21.95 metres in hole SK07-015; and 372 g/t Ag Eq over 32.93 metres in hole SK07-018. All eight holes were drilled in the La Gloria Zone." More
- May 10, 2007 | Item | E-mail
St. Elias Mines Ltd. Ramping up to 500 Tonnes Per Month at Tesoro Gold Project, Peru - More
- May 10, 2007 | Item | E-mail
Ur-Energy Announces Completion of $82,797,250 Bought Deal Financing - More
- May 10, 2007 | Item | E-mail
Strathmore Makes Advances on Spin Off - More
- May 10, 2007 | Item | E-mail
Minera Ariana, S.A. de C.V.: Arianne's New 100%-Owned Mexican Subsidiary - More
- May 10, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery of Work on Electrical Substation That Will Supply Power to the Deer Trail Mine - More
- May 10, 2007 | Item | E-mail
Gravity West Mining Corp.: Option Acquired on Chilean Copper Property - More
- May 10, 2007 | Item | E-mail
ITH Closes $14,650,800 Brokered Private Placement - More
- May 10, 2007 | Item | E-mail
SLAM Exploration launches new drilling program at Nash Creek - More
- May 10, 2007 | Item | E-mail
Odyssey Signs Exclusivity Agreement on its Turkish Bentonite Clay Property - More
- May 10, 2007 | Item | E-mail
Geneva Resources, Inc. Updates Development and Exploration Work on the Vilcoro Gold Property, Peru - More
- May 10, 2007 | Item | E-mail
Dia Bras Drills 40.5 Metres of 100 g/t Ag at the San Antonio Pit in the Cusi Silver District - More
- May 10, 2007 | Item | E-mail
Redcorp Expands Its Management Group - More
- May 10, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Underground Development Contractor Selected for Tulsequah Mine Development - More
- May 10, 2007 | Item | E-mail
International PBX Ventures Ltd.-Drill Results:Copaquire Molybdenum-Copper Porhyry, Chile - More
- May 10, 2007 | Item | E-mail
Millstream Cuts 6.7 Metres of 2.16% Copper, 1.48% Zinc and .043% Cobalt at Potter in Drill Hole S-07-06 - More
- May 10, 2007 | Item | E-mail
Tao Minerals Updates Trenching Results at Golondrina Property, Colombia - More
- May 10, 2007 | Item | E-mail
Longview Capital Partners Earns $0.24 Per Share in First Quarter - More
- May 10, 2007 | Item | E-mail
Underground Sampling Continues to Confirm Wide Zones of Disseminated Mineralization at Marmato - More
- May 10, 2007 | Item | E-mail
General Metals Corp Sets Record Date - More
- May 10, 2007 | Item | E-mail
Paramount Gold's Trenching Discovers New Santa Clara Zone - 1,380 Meters Along Strike to the South With Assays Up to 282 g/t Silver, 1.2 g/t Gold - More
- May 10, 2007 | Item | E-mail
Amerix Reports More Gold Results From Ouro Roxo Gold Project, Brazil - More
- May 10, 2007 | Item | E-mail
Trade Winds Intersects 8.26 Grams/Tonne Gold Over 11.53 Metres on Near Surface Gold M Zone on Its 50% Block A Property at Detour Lake, Ontario - More
- May 10, 2007 | Item | E-mail
NewWest Gold Corporation reports first quarter operating and financial results - More
- May 10, 2007 | Item | E-mail
Trenching Extends San Miguel Mineralized Zone 1,380 Meters Along Strike to the South With Assays up to 282 g/t Silver, 1.2 g/t Gold and 1.38% Lead/Zinc - More
- May 10, 2007 | Item | E-mail
Neutron Energy, Inc. Acquires 51% Interest in Cebolleta Land Grant Containing 20.65 Million Pounds of U3O8 - More
- May 10, 2007 | Item | E-mail
Silverado Appoints Administration and Environmental Engineering VP - More
- May 10, 2007 | Item | E-mail
Anvil Mining Reports First Quarter Net Income of $21.1 Million or $0.37 per share and Operating Profit of $27.2 Million - More
- May 10, 2007 | Item | E-mail
GBS Gold International Inc.: Open Pit Resource Update - More
- May 10, 2007 | Item | E-mail
GBS Gold International Inc.: First Quarter 2007 Results - More
- May 10, 2007 | Item | E-mail
Lakota Announces 3.26 g/t Gold Over 3m in RC Drilling on TEMBO - More
- May 10, 2007 | Item | E-mail
Skanska to Build Facilities at Aitik Mine in Sweden for About SEK 460 M - More
- May 10, 2007 | Item | E-mail
Lundin Mining Makes Further Investment in Sunridge Gold Corp. - More
- May 10, 2007 | Item | E-mail
African Copper Signs 5-year Mining Contract for its Dukwe Copper Project in Botswana - More
- May 10, 2007 | Item | E-mail
TTM Resources Announces Mr Terry A. Lyons Appointed to Chairman of the Board and Shareholder Rights Protection Plan is Adopted - More
- May 10, 2007 | Item | E-mail
Molybdenum's Time Has Come: Nano Particle Technology for the Future - More
- May 10, 2007 | Item | E-mail
Mawson acquires new uranium projects in Salamanca, Spain - More
- May 10, 2007 | Item | E-mail
Crosshair Acquires Additional Uranium Properties in Central Mineral Belt - More
- May 10, 2007 | Item | E-mail
Galore Resources to Explore Landmark's NWT Uranium Properties - More
- May 10, 2007 | Item | E-mail
Western Prospector Group Ltd. Litigation Developments - More
- May 10, 2007 | Item | E-mail
Capella Resources Ltd. Activates Seal Lake Exploration Camp in Labrador - More
- May 10, 2007 | Item | E-mail
Vista Gold and Allied Nevada Announce Closing of Arrangement - "Vista Gold Corp. (Amex: VGZ; Toronto) ("Vista") and Allied Nevada Gold Corp. (Amex: ANV; Toronto) ("Allied Nevada") announce that the previously announced plan of arrangement involving Vista, Allied Nevada and Carl and Janet Pescio (the "Arrangement") closed today. The transaction resulted in the acquisition by Allied Nevada of Vista's Nevada properties and the Nevada mineral assets of Carl and Janet Pescio." More
- May 10, 2007 | Item | E-mail
Northern Orion Reports First Quarter 2007 Results - "Northern Orion (Toronto:NNO.TO - News)(AMEX:NTO - News) recorded net earnings of $9,525,000 ($0.06 basic earnings per share) for the three months ended March 31, 2007 ("Q1 2007") compared with net earnings of $21,469,000 ($0.14 basic earnings per share) for the three months ended March 31, 2006 ("Q1 2006")." More
- May 10, 2007 | Item | E-mail
Richmont Mines Reports its First Quarter 2007 Results - "Revenue for the first quarter of 2007 was $10.3 million, up 28% compared with $8.1 million in the first quarter of the prior year driven by an increase in precious metal revenue and higher revenue from gain on the sale of assets and other revenue. In the first quarter of 2007, 12,403 ounces of gold produced at a cash cost of US$493 were sold at an average price of US$659. In the same quarter the prior year, 12,108 ounces of gold produced at a cash cost of US$573 were sold at an average price of US$570." More
- May 10, 2007 | Item | E-mail
U.S. Silver Corporation Announces Acquisition of Mining Leases and Mineral Rights in the Coeur d'Alene District - "U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (CDNX:USA.V - News) is pleased to announce that its wholly-owned subsidiary, U.S. Silver-Idaho, Inc. ("U.S. Silver-Idaho") has as of today entered into several agreements to acquire certain mining leases and mineral rights in the Coeur d'Alene Mining District centered around Wallace, Idaho." More
- May 10, 2007 | Item | E-mail
Glencairn Reports First Quarter 2007 Financial Results - "First quarter gold output established a good start to the year and puts the Company on track to reach our 2007 sales and production targets. We are also in a strong cash position which has grown to $13.0 million," said President and CEO Peter Tagliamonte. "Cash costs were high. However, we surpassed our expected overall quarterly production at lower than budgeted costs." More
- May 10, 2007 | Item | E-mail
SilverCrest Updates Progress at the Santa Elena Project, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News; FRANKFURT:CW5 - News) is pleased to announce all phases of preparatory work for the Company's preliminary assessment study at the Santa Elena Project in northern Mexico continue on schedule. The Santa Elena Project is located approximately 150 kilometres northeast of Hermosillo, Sonora, Mexico and is easily accessible with excellent local infrastructure." More
- May 10, 2007 | Item | E-mail
Canadian Shield and Esperanza Silver Sign Earn-In Agreement for Pucarana Property in Peru - "Canadian Shield Resources Inc. ("Canadian Shield") (TSX VENTURE:CSP - News) and Esperanza Silver Corp. ("Esperanza") (TSX VENTURE:EPZ - News) are pleased to announce that they have finalized a previously announced earn-in agreement whereby Esperanza can earn up to a 60% interest in Canadian Shield's Pucarana Gold Property ("Pucarana"), located in southern Peru." More
- May 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 May, 2007 | |
