-- Posted 14 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $668.50 | -$1.60 |
Silver | $13.13 | -$0.07 |
XAU | 137.37 | -1.71% |
HUI | 331.00 | -2.02% |
GDM | 1063.38 | -2.07% |
JSE Gold | 2670.78 | -2.15% |
USD | 82.05 | -0.07 |
Euro | 135.46 | +0.19 |
Yen | 83.10 | -0.16 |
Oil | $62.42 | +$0.05 |
10-Year | 4.690% | +0.020 |
T-Bond | 111.125 | -0.1875 |
Dow | 13346.78 | +0.15% |
Nasdaq | 2546.44 | -0.62% |
S&P | 1503.15 | -0.18% |
The Metals:
Gold rose a couple of dollars in Asia and saw about $4 gains near $674 in London before it fell in early New York trade and dropped to as low as $665.70 by about 10:30AM EST, but it then rallied back higher into the close and ended with a loss of just 0.24%. Silver fell to $13.00 before it also rebounded in late morning New York trade and ended with a loss of a 0.53%.
Euro gold fell to about €494, platinum lost $11 to $1,327, palladium lost $5 to $359, and copper fell nearly 10 cents to about $3.53.
Gold and silver equities fell over 2% by mid-afternoon before they rebounded a bit into the close, but they still ended with about 2% losses.
The Economy:
There were no major economic reports today, but a survey from the Philly fed forecasting slower economic growth in the second quarter did have some talking. Tomorrow at 8:30AM EST brings CPI for April expected at 0.5%, Core CPI expected at 0.2%, and the NY Empire State Index for May expected at 9.0. At 9AM is the Net Foreign Purchases report for March expected at $75.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on refinery problems and supply concerns while gasoline prices set a new record high at $3.073.
The U.S. dollar index fell versus the euro, rose versus the yen, and ended slightly lower as traders positioned themselves for tomorrow’s economic data.
Treasuries drifted lower on the view that the fed will likely not be cutting interest rates anytime soon, but any losses were minimal ahead of tomorrow’s CPI data.
The Dow, Nasdaq, and S&P opened higher on news that Daimler is selling Chrysler to Cerberus, but the three indices then began to fall off after 2PM EST and ended mixed after news that the Philly fed is forecasting slower economic growth.
Among the big names making news in the market today were Cardinal Heath and Viasys, Ford, DaimlerChrysler and Cerberus, and Mylan.
The Commentary:
“June Gold finished down 2.2 at 670.1, 4.5 off the high and 2.4 up from the low.
July Silver closed down 0.07 at 13.235. This was 0.085 up from the low and 0.055 off the high.
With the Dollar unable to extend on the downside the gold market seemed to be missing a supportive theme for the bull camp on Monday. The bear camp tried to embrace weak and choppy oil price action and at times tried to foster ideas that the US economy was slowing and that upcoming inflation readings were going to show a muting of inflation. It is possible that the gold market sees the Administrations push to curb domestic gasoline use as a negative to gold prices, as that might serve to slow the economy and it could also dampened retail and consumer inflation.
For most of the session Monday, the silver market seemed to show more weakness than gold prices. Certainly, the sharp slide in copper prices increased the spillover selling interest in silver and with the market doubting a long standing bull market like copper it isn't surprising to see the silver specs knocked back on their heels. Like the gold market, the silver market might not see the US attempt to cut back gasoline consumption as a positive and therefore oil prices action might become a little more important to silver prices in the coming sessions. Other traders were pointing to a critical 200 day moving average in July silver just below the market at $13.09 as an extremely critical upcoming pivot point.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Canada's National Post reports warnings given at CMRE meeting
China's money supply rises 17%, exceeding target
Independent cooperatives fight nationalizing mines in Bolivia
India may tap FX reserves for infrastructure projects
Mongolia's gold rush: blessing or curse?
Silver prices have Idaho's Silver Valley companies booming
There's a lot of money floating around with nothing to do
Disinformation about gold from The Globe and Mail
Business News Network interviews Peter Grandich
The Statistics:
As of close of business: 5/11/2007
Gold Warehouse Stocks: | 7,723,976 | - |
Silver Warehouse Stocks: | 131,462,184 | -58,088 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 480.23 | 15,440,018 | US$ 10,328m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,484 | US$ 1,954m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,949 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,648 | US$ 243m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/11/2007 | |
Total Net Assets | $973,496,530 | 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 5/11/2007 | |
Total Net Assets | $1,770,841,856 | 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:
Crystallex’s (KRY) first quarter results, Xstrata’s warrant exercise in Seabridge (SA), Great Basin’s (GBN) shareholder rights plan, Randgold’s (GOLD) ringing of the closing bell tomorrow, Aurelian’s (ARU.TO) exploration update, Gammon Lake’s (GRS) mine development, Centerra Gold’s (CG.TO) roadblock removal, Silver Standard’s (SSRI) and Esperanza’s (EPZ.V) drill results, and Silver Standard’s first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA +21.2% $10.75 |
2. Metalline | MMG +9.09% $3.96 |
3. U.S. Energy | USEG+5.62% $6.76 |
LOSERS
1. Gold Reserve | GRZ -12.92% $6.00 |
2. Vista Gold | VGZ -12.13% $6.52 |
3. Exeter | XRA -11.44% $2.09 |
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:
Crystallex Reports First Quarter 2007 Results - "The Company recorded a net loss of $8.2 million, or $0.03 per share for the first quarter of 2007, as compared with a net loss of $7.0 million, or $0.03 per share for the comparable period in 2006. The first quarter of 2007, as compared with the same period in 2006, reflects lower revenues due to selling fewer ounces of gold and higher charges for operating costs, general and administrative expenses and stock based compensation. These were offset, in part, by lower interest expense and amortization and depletion charges in the current quarter." More
- May 14, 2007 | Item | E-mail
Continuing Exploration at El Tigre Discovers Molybdenum Mineralization Representing New Exploration Opportunity - More
- May 14, 2007 | Item | E-mail
Ontex Resources Limited: First Quarter Interim Financial Statements and MD &A - More
- May 14, 2007 | Item | E-mail
Panoro Announces Listing on the Lima Stock Exchange - More
- May 14, 2007 | Item | E-mail
Powertech Uranium Corp.: Update on Warrant Exercises/Share Capital - More
- May 14, 2007 | Item | E-mail
Xstrata Exercises Seabridge Gold Share Purchase Warrants - "Seabridge Gold Inc. (CDNX:SEA.V - News)(AMEX:SA - News) reports that it has received a total of C$13.5 million from Xstrata plc (formerly Falconbridge Limited) pursuant to Xstrata's exercise of half of the two million Seabridge share purchase warrants it holds. The warrants were issued to Xstrata as part of the consideration by which Seabridge repurchased a 100% interest in its Kerr-Sulphurets project. (See news release of September 5, 2006). Each warrant permits the holder to purchase one common share of Seabridge Gold for C$13.50 until February 20, 2012." More
- May 14, 2007 | Item | E-mail
Merrex Exploration Update - More
- May 14, 2007 | Item | E-mail
Houston Lake to Raise $2.5 Million in a Private Placement Financing With Max Capital Markets Ltd. - More
- May 14, 2007 | Item | E-mail
International Royalty Corporation - First Quarter Conference Call and Annual General Meeting Notification - "The Company will host its quarterly conference call Wednesday, May 16, 2007 at 8:30 AM EDT, 6:30 AM MDT." More
- May 14, 2007 | Item | E-mail
Campbell Reports First Quarter 2007 Financial Results, Provides Summary of Activities - More
- May 14, 2007 | Item | E-mail
New Guinea Gold Announces First Gold Pour at Sinivit Later This Month - More
- May 14, 2007 | Item | E-mail
Tagish Extends the Mineralized Zone - More
- May 14, 2007 | Item | E-mail
Vena Resources Resumes Work Plan at Aurora Copper/Moly Project - More
- May 14, 2007 | Item | E-mail
Cigma Metals Corporation (Cigma, the Company) Is Very Pleased to Announce That Drilling Has Begun on the Company's Central Berezki Target Area - More
- May 14, 2007 | Item | E-mail
Great Basin Gold Adopts Shareholder Rights Plan - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBG) announces that its Board of Directors has approved a Shareholder Rights Plan Agreement (the "Rights Plan"). The Rights Plan is being adopted to ensure the fair and equal treatment of all Great Basin Gold shareholders in the event of any future take-over bid for the outstanding common shares of the company." More
- May 14, 2007 | Item | E-mail
Pro-Spect-Or Resources Inc. Announces Financing With the Mineralfields Group - More
- May 14, 2007 | Item | E-mail
Imperial Ramping Into 144 Zone and Continues Exploration Across Expanded Sterling Property - More
- May 14, 2007 | Item | E-mail
Maxy Gold Corp. appoints new Vice President - More
- May 14, 2007 | Item | E-mail
Randgold Resources Limited (GOLD) Chief Executive Officer to Ring the NASDAQ Stock Market Closing Bell - "The closing bell is available from 3:50 p.m. to 4:05 p.m. on uplink IA-6 C-band/transponder 17. The downlink frequency is 4040 Vertical; Audio 6.2-6.8 The feed can also be found on Waterfront fiber 1623. If you have any questions, please contact Jolene Libretto at (646) 441-5220." More
- May 14, 2007 | Item | E-mail
NSR's attached to Mill City's Nevada properties now owned by Allied Nevada Gold Corp. - More
- May 14, 2007 | Item | E-mail
RJK Options Additional Mineral Rights for Goldie Gold Project - More
- May 14, 2007 | Item | E-mail
Uranerz Acquires Additional Uranium Property Adjoining Nichols Ranch - More
- May 14, 2007 | Item | E-mail
Rockcliff Concludes Shihan First Phase Drilling Further Drill Testing Warranted - More
- May 14, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (Pink Sheets:SBMI) Addresses Share Structure; Announces No Reverse Split Planned - More
- May 14, 2007 | Item | E-mail
Reunion Gold Corporation - More
- May 14, 2007 | Item | E-mail
Consolidated Spire Ventures Announces Drilling Has Begun At the Yago Gold/Silver Property in Nayarit, Mexico - More
- May 14, 2007 | Item | E-mail
Gravity West Mining Corp.: VTEM Survey Completed on Sibley Basin Ground - More
- May 14, 2007 | Item | E-mail
Full Metal Commences Drilling at 40 Mile Zinc, Lead, Silver Project - More
- May 14, 2007 | Item | E-mail
Unico, Inc. Announces Delivery and Installation of Main Transformer for Electrical Substation at the Deer Trail Mine - More
- May 14, 2007 | Item | E-mail
Aurelian Initiates Follow-Up to Regional Gold Exploration at the Condor Project - "Aurelian Resources Inc. (Toronto:ARU.TO - News) today provided an update on the continuing exploration of its regional gold targets within the company's wholly-owned Condor project in south-eastern Ecuador. The Fruta del Norte (FDN) gold-silver epithermal discovery was just the first gold target to be tested from a list of more than thirty that was generated by the company's initial two-year regional exploration program." More
- May 14, 2007 | Item | E-mail
Dumont organizes USA uranium subsidiary - More
- May 14, 2007 | Item | E-mail
Uranium Hunter Announces Initial $675,000.00 Financing - More
- May 14, 2007 | Item | E-mail
Pacific North West Capital/SOQUEM Acquires First Round of Platinum Group Metals Properties in Quebec - More
- May 14, 2007 | Item | E-mail
Southwestern Resources Project Update - More
- May 14, 2007 | Item | E-mail
Avnel Gold Mining Limited (AVK: TSX) announces first quarter 2007 results - More
- May 14, 2007 | Item | E-mail
Q1 2007 results conference call & webcast - More
- May 14, 2007 | Item | E-mail
Mexoro Minerals Encino Gordo Project - More
- May 14, 2007 | Item | E-mail
Candente Resource Corp.: Feasibility and Deeper Drilling Underway at Canariaco Norte Copper Project, Peru - More
- May 14, 2007 | Item | E-mail
250 Meter Stepout to South Yields Broad Low Grade Zone; Intervals Include 55.2 Meters @ 1.09 g/t Au - More
- May 14, 2007 | Item | E-mail
Legend International Holdings Announces That It Intends to Spin off Its Uranium Interests to a New Public Company - More
- May 14, 2007 | Item | E-mail
Uranium Power Corp. Announces Acquisition of South Fork Project, Saskatchewan - More
- May 14, 2007 | Item | E-mail
Strathmore Receives Permit to Drill Roca Honda Project in New Mexico - More
- May 14, 2007 | Item | E-mail
Alberta Star Development Corp.: Foraco Drilling Ltd. Appointed Drill Contractor for the Eldorado & Contact Lake IOCG & Uranium Projects for 2007 - More
- May 14, 2007 | Item | E-mail
Aldershot Resources Commences Drill Program at Adelaide River and George Creek Uranium Projects - More
- May 14, 2007 | Item | E-mail
Uranium One Announces Financial Results for Q1 2007 - More
- May 14, 2007 | Item | E-mail
JNR to Option South Fork Project to Uranium Power Corporation - More
- May 14, 2007 | Item | E-mail
Paladin Announces Third Quarter Financial Results to March 31, 2007 - More
- May 14, 2007 | Item | E-mail
Buffalo Spins Off Uranium Assets to Australian Explorer Bondi Mining Ltd. - More
- May 14, 2007 | Item | E-mail
Gammon Lake Resources Announces Start of Development of Third Mine at Ocampo - "Gammon Lake Resources Inc. ("Gammon Lake") (TSX:GAM and AMEX:GRS) is pleased to announce that the Company has commenced driving a major development ramp to explore and develop high grade veins below the limits of the Ocampo open pit bottoms. This project is targeting the major development of a potential third mine on the Ocampo property." More
- May 14, 2007 | Item | E-mail
Centerra Gold Confirms Removal of Roadblock - "Centerra Gold Inc. (TSX:CG - News) today confirmed that the illegal roadblocks have been removed and normal transportation to the Kumtor mine site has resumed. Gold production at Kumtor has not been affected." More
- May 14, 2007 | Item | E-mail
Silver Standard and Esperanza Extend San Luis' High-Grade to Depth - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) and Esperanza Silver Corporation (CDNX:EPZ.V - News)(Other OTC:ESPZF.PK - News) are pleased to announce more results of ongoing diamond drilling at the San Luis high-grade gold and silver joint venture property in central Peru." More
- May 14, 2007 | Item | E-mail
Silver Standard Reports First Quarter 2007 Results - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) reports a first quarter loss of $1.6 million ($0.03 per share) compared with a loss of $1.1 million ($0.02 per share) for the first quarter of 2006. All figures are in Canadian dollars unless otherwise noted." More
- May 14, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 May, 2007 | |
