-- Posted 11 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $670.10 | +$5.10 | -2.45% |
Silver | $13.20 | +$0.19 | -1.64% |
XAU | 139.68 | +1.50% | -1.53% |
HUI | 337.84 | +1.75% | -2.33% |
GDM | 1085.90 | +1.17% | -2.01% |
JSE Gold | 2729.49 | -1.07% | -4.26% |
USD | 82.12 | -0.13 | +0.45% |
Euro | 135.27 | +0.45 | -0.51% |
Yen | 83.26 | -0.03 | +0.01% |
Oil | $62.37 | +$0.56 | +0.71% |
10-Year | 4.670% | +0.022 | +0.65% |
Bond | 111.3125 | -0.25 | -0.47% |
Dow | 13326.22 | +0.84% | +0.46% |
Nasdaq | 2562.22 | +1.12% | -0.39% |
S&P | 1505.85 | +0.96% | +0.02% |
The Metals:
CoT Reports: Gold | Silver
Gold rose a few dollars in Asia and remained near $668 in London before it furthered its gains in New York and ended about $2 off its high of the session with a gain of 0.77%. Silver briefly fell about 10 cents in Asia, but it then rebounded and traded on either side of unchanged in London and accomplished impressive gains in New York before it dipped slightly into the close and ended around 5 cents off its high with a gain of 1.46%.
Euro gold rose to about €496, platinum gained $18 to $1,338, palladium gained $4 to $364, and copper rose a couple of cents to about $3.63.
Gold and silver equities rose over 1% in morning trade and remained near their highs into the close.
The Economy:
Report | For | Reading | Expected | Previous |
Retail Sales | Apr | -0.2% | 0.4% | 1.0% |
Retail Sales ex-auto | Apr | 0.0% | 0.5% | 1.1% |
PPI | Apr | 0.7% | 0.6% | 1.0% |
Core PPI | Apr | 0.0% | 0.2% | 0.0% |
Business Inventories | Mar | -0.1% | 0.2% | 0.2% |
All of this week’s economic reports:
Next week’s economic highlights include CPI, the NY Empire State Index, and Net Foreign Purchase on Tuesday, Housing Starts, Building Permits, Industrial Production, and Capacity Utilization on Wednesday, Initial Jobless Claims and the Philadelphia Fed on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended nearly 1% higher on security concerns in Nigeria and an IEA prediction for supply shortages this summer.
The U.S. dollar index fell as Core PPI came in tamer than expected and economic growth data came in worse than expected.
Treasuries started higher on poor economic data, but they then fell back off as traders appeared to pull money out of bonds and put it back into stocks.
The Dow, Nasdaq, and S&P rose markedly on tame Core PPI despite higher than expected PPI and worse than expected Retail Sales and Business Inventories. The Dow rose for the 26th time in the last 31 sessions.
Among the big names making news in the market Friday were Alcatel-Lucent, Movie Gallery, U.S. Auto Parts, Amgen, Thomson, Murdoch and Dow Jones, and Chicago Merc and Board of Trade.
The Commentary:
“June Gold finished up 5.3 at 672.3, 1.8 off the high and 3.4 up from the low.
July Silver closed up 0.165 at 13.305. This was 0.165 up from the low and 0.085 off the high.
The gold market was somewhat higher ahead of the US numbers and then managed to extend the gains in the wake of numbers that could have fostered slowing concerns. However, with the equity market showing strength, the deflationary psychology from the numbers was countervailed and some minor weakness in the Dollar seemed to prompt some technical short covering in gold. In the end, a good volume rally would seem to countervail a good portion of the patently bearish setup that seemed to control the gold market earlier in the week. Some traders suggested that the gold market might have been lifted by news of a planned terrorist attack in Germany, but recently the gold market hasn't been in a flight to quality posture. It is also possible that renewed strength in a host of physical commodity markets on Friday provided the gold market with some spillover support.
While the Press is touting short covering as the primary force behind the rally on Friday, it was clear that a wide cross section of physical commodity markets were moving higher and with the stock market also recovering, it is possible that the silver market did attract some fresh bargain hunting buying interest. The bear camp in silver could suggest that the rally Friday was indeed short covering, as the US economic reports depicted slower activity and dampened inflation and those could both be considered bearish to silver prices.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Blanchard research note: Spain is latest to try to clobber gold
Foreign bondholders seen undeterred by weak dollar
China will diversify mainly with new dollars, not old ones
CMRE audience wonders why gold falls hard on bad news for dollar
The Statistics:
As of close of business: 5/10/2007
Gold Warehouse Stocks: | 7,621,820 | - |
Silver Warehouse Stocks: | 131,520,272 | - 388,487 |
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 | 480.23 | 15,440,018 | US$ 10,398m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,582 | US$ 1,959m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,962 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,660 | US$ 245m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 5.55 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/10/2007 | |
Total Net Assets | $965,521,897 | 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 5/10/2007 | |
Total Net Assets | $1,804,822,019 | 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:
Metallica’s (MRB) first quarter results, Aurizon’s (AZK) drill results, Barrick’s (ABX) project approval, Richmont’s (RIC) signed letter of intent, Goldcorp’s (GG) earnings, Gammon Lake’s (GRS) first quarter results, Excellon’s (EXN.V) management structure changes, and Revett’s (RVM.TO) operating and financial results were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Apex Silver | SIL +9.99% $19.05 |
2. International Royalty | ROY +5.39% $8.01 |
3. Seabridge | SA +4.68% $15.66 |
LOSERS
1. Vista Gold | VGZ -10.06% $7.42 |
2. Gammon Lake | GRS -9.03% $14.10 |
3. Almaden Minerals | AAU -4.20% $2.28 |
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:
Nevsun Resources Ltd.: First Quarter Financial Results - "The Company's cash position at March 31, 2007 was approximately $23.1 million. The loss for the quarter was $3.6 million as compared to $6.0 million for Q1 2006." More
- May 11, 2007 | Item | E-mail
Advanced Resources Group, Ltd. AVRG Press Release for May 11, 2007 - More
- May 11, 2007 | Item | E-mail
Medoro Resources Announces Management Change - More
- May 11, 2007 | Item | E-mail
CanAm & El Nino Intercept Up To 0.31 Percent, 6.2 Lbs/Ton, Uranium - More
- May 11, 2007 | Item | E-mail
Entourage Mining and Abbastar Holdings Commence Drilling on the ''L'' Anomaly at Doran Uranium Prospect - More
- May 11, 2007 | Item | E-mail
Great West Gold, Inc. -- Symbol Change - More
- May 11, 2007 | Item | E-mail
Robert McEwen and Guyana Goldfields Inc. to Invest $2.3 million in Gold Port - More
- May 11, 2007 | Item | E-mail
Metallica Resources Announces First Quarter 2007 Results and Recent Corporate Highlights - "The Company reported a loss of $0.76 million ($0.01 per share) for the three months ended March 31, 2007 as compared to a loss of $0.37 million ($0.00 per share) for the three months ended March 31, 2006." More
- May 11, 2007 | Item | E-mail
Blue Pearl Elects Two New Directors and Changes Name to Thompson Creek Metals Company Inc.; New TSX Symbol 'TCM' Effective May 15, 2007 - More
- May 11, 2007 | Item | E-mail
Nuinsco Reports Q1 2007 Financial Results, Provides Summary of Activities - More
- May 11, 2007 | Item | E-mail
Oremex Announces Acquisition of Santa Catarina Massive Sulphide Property - More
- May 11, 2007 | Item | E-mail
Gold Canyon to Undertake Private Placement for $400,000 With MineralFields - More
- May 11, 2007 | Item | E-mail
Benton Options Goodmorning Lake Uranium Property and Joint Ventures to Grandcru - More
- May 11, 2007 | Item | E-mail
Pacific North West Capital/Xstrata Nickel commence drilling at West Timmins Nickel Project, South of Montcalm Mine, Ontario - More
- May 11, 2007 | Item | E-mail
Eastmain and Goldcorp Sign Confidentiality Agreement for Clearwater Project - More
- May 11, 2007 | Item | E-mail
Aurizon Reports Further Drilling Results and Increased Budget at Joanna - "Aurizon Mines Ltd. (Toronto:ARZ.TO - News)(AMEX:AZK - News) is pleased to announce additional drilling results at its Joanna project, comprising 90 claims, located 20 kilometres east of Rouyn-Noranda, in Northwestern, Quebec. As a result of these encouraging exploration results, Aurizon has increased the budget by $2.8 million for further exploration drilling; initiation of infill drilling; and completion of a preliminary economic assessment." More
- May 11, 2007 | Item | E-mail
Hemis Expands El Tigre Land Holdings; Acquires the La Casita Concession - More
- May 11, 2007 | Item | E-mail
Anaconda Mining closes purchase of Damoti Lake project - More
- May 11, 2007 | Item | E-mail
Cue Capital Corp. Signs Drilling Contracts for the Yuty Uranium Project, Paraguay - More
- May 11, 2007 | Item | E-mail
Contract Negotiations Begin at Stillwater Mine and Processing Facilities - More
- May 11, 2007 | Item | E-mail
Excellon Announces Changes to Management Structure - "Excellon Resources Inc. (CDNX:EXN.V - News) is pleased to announce the following changes in its management structure, effective May 10, 2007. Mr. Peter Crossgrove, currently an independent director of the Company, will become Chairman of the board of directors; Mr. Richard W. Brissenden, currently Chairman and Chief Executive Officer, will become President and Chief Executive Officer and remain a director; and Mr. G. Ross MacFarlane, currently President and Chief Operating Officer, will become Executive Vice-President of Operations and Chief Operating Officer." More
- May 11, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (Pink Sheets:SBMI) Commissions Geologist for Travel to Guinea - More
- May 11, 2007 | Item | E-mail
Marathon Drilling Continues Expansion of W Zone and Southern Resource - More
- May 11, 2007 | Item | E-mail
Pershimco Signs Letter of Intent to Acquire Las Minitas Silver Project in Sonora, Mexico - More
- May 11, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or the "Company") - Notification concerning interests in shares of the Company - More
- May 11, 2007 | Item | E-mail
Acero-Martin Announces Positive Preliminary Metallurgical Testwork for Pinaya - More
- May 11, 2007 | Item | E-mail
Geneva Resources, Inc. Enters Agreement to Acquire Large Scale Copper/Zinc Exploration Project in Plateau State, Nigeria - More
- May 11, 2007 | Item | E-mail
Inmet Mining presentation at Scotia Capital Materials Conference - More
- May 11, 2007 | Item | E-mail
Tara Gold Partners Las Minitas Silver-Gold Project - More
- May 11, 2007 | Item | E-mail
Inmet shareholder rights plan terminated - More
- May 11, 2007 | Item | E-mail
Radisson Mining Receives New Mineral Resource Estimate for the O'Brien Mine Zone 36 East - More
- May 11, 2007 | Item | E-mail
Osisko Signs Letter of Intent for Purchase of East Amphi Property - More
- May 11, 2007 | Item | E-mail
Hemis Expands El Tigre Land Holdings; Acquires the La Casita Concession - More
- May 11, 2007 | Item | E-mail
De Beira Goldfields Inc.: Sale of Gold and Silver - More
- May 11, 2007 | Item | E-mail
Gold Resource Corporation Lists on the Frankfurt Stock Exchange - More
- May 11, 2007 | Item | E-mail
Barrick's Buzwagi Project Receives EIA Approval - "The 100 per cent owned Buzwagi project is expected to produce 250,000 ounces of production annually at total cash costs(1) of $280 per ounce over a currently estimated 10 year mine life. Buzwagi has 2.64 million ounces of gold reserves and a further 0.41 million ounces of resources(2). Estimated capital costs are $400 million and once construction begins, it will take approximately two years to complete." More
- May 11, 2007 | Item | E-mail
Moly Juniors Making Waves on the Venture - More
- May 11, 2007 | Item | E-mail
Adanac Molybdenum "buy," target price raised - More
- May 11, 2007 | Item | E-mail
Thor Mining - more Moly in Australia - More
- May 11, 2007 | Item | E-mail
Paladin Resources Ltd. Notice: Takeover Bid for Summit Resources-Extension of Offer Period to 18 May 2007 - More
- May 11, 2007 | Item | E-mail
Revett Minerals Reports Operating and Financial Results for the Three Months Ended March 31, 2007 - "Revett Minerals Inc., Spokane Valley, Washington (TSX-RVM) ("Revett" or the "Company") is pleased to report on its improving operating and financial performance for the three months ended March 31, 2007. All currency in this report is in United States dollars unless otherwise indicated." More
- May 11, 2007 | Item | E-mail
Richmont Mines Signs a Binding Letter of Intent for the Sale of its East Amphi Property - "Richmont Mines Inc. (Toronto:RIC.TO - News)(AMEX:RIC - News) is pleased to announce that it has signed today a binding letter of intent with Osisko Exploration Ltd. (OSK:TSX-V, EWX:Deutsche Boerse) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, which property consists of 87 claims and one mining concession." More
- May 11, 2007 | Item | E-mail
Goldcorp First Quarter Net Earnings Increase 32 Percent - "Goldcorp Inc. (Toronto:G.TO - News)(NYSE:GG - News) today reported net earnings of $124.9 million, or $0.18 per share, for the quarter ended March 31, 2007. This compares to net earnings of $92.4 million, or $0.27 per share, in the first quarter of 2006." More
- May 11, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 May, 2007 | |
