-- Posted 15 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $672.70 | +$4.20 |
Silver | $13.19 | +$0.06 |
XAU | 137.51 | +0.11% |
HUI | 330.32 | -0.21% |
GDM | 1063.97 | +0.06% |
JSE Gold | 2716.36 | +1.71% |
USD | 82.77 | -0.28 |
Euro | 135.94 | +0.48 |
Yen | 83.13 | +0.03 |
Oil | $63.17 | +$0.71 |
10-Year | 4.712% | +0.022 |
T-Bond | 110.875 | -0.25 |
Dow | 13383.84 | +0.28% |
Nasdaq | 2525.29 | -0.83% |
S&P | 1501.19 | -0.13% |
The Metals:
Gold remained near unchanged on either side of $669 in Asia before it fell in London and dropped to $664.40 by the open in New York, but it then jumped above $670 after the CPI released was released, checked its gains a bit from 9-10AM EST, rallied to new highs near $672 in late morning trade, and closed with a gain of 0.63%. Silver dropped to about $12.95 in late London trade before it also rallied higher throughout much of trade in New York and ended near its high of the session with a gain of 0.46%.
Euro gold rose to about €495, platinum gained $8 to $1,335, palladium lost $3 to $356, and copper rose a couple of cents to about $3.55.
Gold and silver equities saw over 1% gains by early afternoon, but they then fell off in the last two and a half hours of trade and ended mixed and near unchanged.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | Apr | 0.4% | 0.5% | 0.6% |
Core CPI | Apr | 0.2% | 0.2% | 0.1% |
NY Empire State Index | Mar | 8.0 | 9.0 | 3.8 |
Net Foreign Purchases | Mar | $67.6B | $75.0B | $58.1B |
Core PCE fell to 2.3% to further ease inflation worries, but the reading is still above the fed’s comfort level of 2%. Also making economic news today was homebuilder confidence: “The NAHB/Wells Fargo Housing Market index dropped three points to 30 in May, matching the 15-year low set in September 2006, the group said.”
Tomorrow at 8:30AM EST brings Housing Starts for April expected at 1,480,000 and Building Permits expected at 1,520,000. At 9:15AM are Capacity Utilization for April expected at 81.5% and Industrial Production expected at 0.3%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on more violence in Nigeria causing supply disruptions as the retail price of gasoline in the U.S. hit a new record of $3.087 ahead of the summer driving season.
The U.S. dollar index fell as CPI came in less than expected and increased the chances the fed may cut interest rates.
Treasuries opened higher as CPI came in tamer than expected, but gains turned to losses as traders pulled money out of bonds and put it into stocks.
The Dow, Nasdaq, and S&P rose in early trade on optimism over perceived tame inflation, but they then fell off on housing worries and only the Dow was able to end with gains.
Among the big names making news in the market today were Ingersoll-Rand, Reuters and Thomson, DaimlerChrysler, Home Depot, Wal-Mart, and Tyco.
The Commentary:
“June Gold finished up 4.4 at 674.5, 0.5 off the high and 8.5 up from the low.
July Silver closed up 0.08 at 13.315. This was 0.215 up from the low and 0.025 off the high.
The gold market seemed to gather some support in the wake of the US CPI readings. Perhaps the gold market also gathered support from strengthening equity prices, a firm Empire State manufacturing report and perhaps from firming grain prices. However, with the Dollar finishing sharply lower and with a big range down move, we suspect that many players were simply prompted to bargain hunt in gold. As mentioned in the early coverage today it is also possible that new UN revelations regarding Iranian nuclear activities added some additional flight to quality buying. In the end, a lower Dollar and signs of growth in the economy simply overcame the potentially disappointing US CPI report. One could also suggest that firming oil prices on Tuesday even contributed to the supportive environment in the gold market.
Silver underperformed the gold market in the morning action and didn't seem to want to pick up any ground in the afternoon action. In fact, with gold, platinum, copper, equities and energy prices all higher on the day the 5 to 8 cents gained in the silver market seems to suggest that silver is lagging on the upside. With copper higher and the US manufacturing data release during the session coming in strong, the market wasn't lacking physical demand hopes and therefore it would seem like the investment interest in silver is somewhat thin.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Leave hedge funds alone, Fed chairman says
Central bankers fear the monsters they created -- hedge funds
Visiting London, IMF director threatens gold market again
James Turk: The battle for $700
The Statistics:
As of close of business: 5/14/2007
Gold Warehouse Stocks: | 7,718,842 | - 5,134 |
Silver Warehouse Stocks: | 132,655,353 | + 1,193,169 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 483.01 | 15,529,140 | US$ 10,406m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.84 | 2,920,452 | US$ 1,962m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,945 | US$ 254m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,644 | US$ 244m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 2.78 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/14/2007 | |
Total Net Assets | $970,415,625 | 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 5/14/2007 | |
Total Net Assets | $1,791,142,345 | 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:
Newmont’s (NEM) lawsuit with the New York Times, Ivanhoe’s (IVN) first quarter results, Canyon’s (CAU) new vice president of exploration, International Royalty’s (ROY) first quarter results and acquired royalties, Gold Reserve’s (GRZ) priced offerings, Great Basin’s (GBN) fourth quarter results, IAMGOLD’s (IAG) first quarter results, Minco Gold’s (MGH) drilling, Apollo Gold’s (AGT) first quarter results, Queenstake’s (QEE) first quarter results, and Endeavour’s (EXK) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Gammon Lake | GRS +7.28% $14.30 |
2. Vista Gold | VGZ +5.83% $6.90 |
3. Aurizon Mines | AZK +4.78% $3.29 |
LOSERS
1. Metalline | MMG -5.30% $3.75 |
2. Claude Resources | CGR -4.95% $1.4448 |
3. Cardero | CDY -4.31% $2.22 |
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:
Tagish receives Permits for the New Adit at the 1100m Elevation - More
- May 15, 2007 | Item | E-mail
Asia Now Grants Options to CFO - More
- May 15, 2007 | Item | E-mail
Timberline Reports $3.83-Million in Quarterly Revenue - More
- May 15, 2007 | Item | E-mail
Golden Goliath options Corona and Chamizal - More
- May 15, 2007 | Item | E-mail
Wildcat Exploration Ltd. - More
- May 15, 2007 | Item | E-mail
Klondike Star to Explore for Egyptian Gold - More
- May 15, 2007 | Item | E-mail
Drilling operations on Normétal Property resumed - More
- May 15, 2007 | Item | E-mail
Endeavour Reports Record Quarterly Sales Revenues, Mine Operating Cash-Flows and Mine Operating Earnings in First Quarter, 2007 - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) today reported record quarterly sales revenues, mine operating cash-flows and mine operating earnings for the 1st Quarter, 2007. Sales totaled US$7.23 million, cost of sales amounted to US$3.57 million, mine operating cash-flows were US$3.66 million and mine operating earnings came in at US$2.70 million." More
- May 15, 2007 | Item | E-mail
Homeland Precious Metals Corp.'s Water Canyon Work Program Begins - More
- May 15, 2007 | Item | E-mail
Energy Fuels Comment on Recent Share Price Activity - More
- May 15, 2007 | Item | E-mail
Jourdan Resources Inc.: Closing of a Private Placement and Increase of the Stock Option Plan - More
- May 15, 2007 | Item | E-mail
Third Phase Drill Program Starts on CMB NW Property - More
- May 15, 2007 | Item | E-mail
Company Acquires Property in the Stewart Area with High Grade Copper-Gold-Silver Zones and High Grade Gold Zones - More
- May 15, 2007 | Item | E-mail
Mega Uranium Ltd. Releases Unaudited Results for the Three and Six Months Ended March 31, 2007 - More
- May 15, 2007 | Item | E-mail
Ivanhoe Mines Announces Q1 2007 Results - "In Q1'07, Ivanhoe Mines recorded a net loss of $46.8 million (or $0.13 per share), compared to a net loss of $23.2 million (or $0.07 per share) in Q1'06. The $23.6 million increase in the loss from 2006 to 2007 was primarily due to a $21.9 million increase in exploration expenses. Included in exploration expenses are shaft sinking and engineering and development costs for the Oyu Tolgoi Project that have been expensed and not capitalized." More
- May 15, 2007 | Item | E-mail
St Andrew Reports 2007 Q1 Financial Results - More
- May 15, 2007 | Item | E-mail
Win-Eldrich Mines Limited reports molybdenum sales and mining progress at Ashdown Project - More
- May 15, 2007 | Item | E-mail
Jasper Mining Corporation mobilizes diamond drill onto McFarlane property - More
- May 15, 2007 | Item | E-mail
Canyon Resources Announces New Vice President, Exploration - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, is pleased to announce the employment of Mr. Stephen Zahony as Vice President, Exploration. Mr. James Matlock has resigned as Vice President of Exploration, a position that he has held since January 2006, to spend more time with his wife and daughter in Zurich, Switzerland." More
- May 15, 2007 | Item | E-mail
MacMillan Gold Exploration Update - More
- May 15, 2007 | Item | E-mail
Mega Uranium and Cash Minerals Intersect Visible Native Copper at Odie, Wernecke Uranium District, Yukon - More
- May 15, 2007 | Item | E-mail
Marathon Announces 2007 Q1 Financial Results - More
- May 15, 2007 | Item | E-mail
Eloro Continues Intersecting Zinc-Silver-Gold at Hurdman Property, Extends Sulphides Over 450 M Strike Length - More
- May 15, 2007 | Item | E-mail
Carlisle receives final Airborne Survey results - More
- May 15, 2007 | Item | E-mail
Atna Reports First Quarter Results - More
- May 15, 2007 | Item | E-mail
NFX Gold Options Gold Properties in Harker-Holloway Gold Camp - More
- May 15, 2007 | Item | E-mail
International Royalty Corporation Quarterly Revenues Grow 24 Fold with Additional Revenue Growth Forecast - "Strong increases in royalty revenues, earnings and cash flow from operating activities were driven primarily by a 28 fold increase in royalty revenues from the Voisey's Bay royalty, from $343,000 in the quarter ended March 31, 2006 to $9,705,000 in the same period in 2007. Payable production from Voisey's Bay increased from 1.7 million pounds of nickel in concentrate in 2006 to 27.0 million in the quarter ended March 31, 2007." More
- May 15, 2007 | Item | E-mail
BrazMin reports results for the three months ended March 31, 2007 - More
- May 15, 2007 | Item | E-mail
Birim Completes Drill Program on Tinga Property - More
- May 15, 2007 | Item | E-mail
Romios to Initiate a Diamond Drilling Program on its JW Property in the Galore Creek Area - More
- May 15, 2007 | Item | E-mail
Caldera Resources Inc.: Diamonds and Key Indicator Minerals-Runton Diamond Project, Western Australia - More
- May 15, 2007 | Item | E-mail
Pure Nickel Purchases Xstrata Nickel's Canadian Exploration Properties - More
- May 15, 2007 | Item | E-mail
Unico, Inc. Posts New Photo Gallery Showing Delivery and Installation of Main Transformer for Electrical Substation at the Deer Trail Mine - More
- May 15, 2007 | Item | E-mail
Gravity West Mining Corp.: 15 Cent Warrants Exercised. May 4th Expiry Date. - More
- May 15, 2007 | Item | E-mail
New Guinea Gold Corporation: Imwauna Drilling Intersects Grades to 21.3g/t Gold & 61g/t Silver - More
- May 15, 2007 | Item | E-mail
Continuum Initiates Surface Drilling and Underground Bulk Sampling at Natividad - More
- May 15, 2007 | Item | E-mail
Laurion Announces Initial Drill Results Confirming the Extension of VMS Style Cu-Zn Mineralization on the Santrap Grid - Enid-Massey Project - More
- May 15, 2007 | Item | E-mail
Peru exploration and royalty update - More
- May 15, 2007 | Item | E-mail
Serengeti Drills 328 Meters of 0.61% Copper and 0.72 g/t Gold at Its Kwanika Property, BC - More
- May 15, 2007 | Item | E-mail
Vantex Acquires Two Polymetallic Projects - More
- May 15, 2007 | Item | E-mail
Dragon Searches for the Missing Zinc - More
- May 15, 2007 | Item | E-mail
Aurus Board Shall Render Decision - More
- May 15, 2007 | Item | E-mail
Tinka begins drilling Colquipucro Silver Project - More
- May 15, 2007 | Item | E-mail
Erdene Announces 2007 Project Plans: First Quarter Financial Results - More
- May 15, 2007 | Item | E-mail
Geneva Resources, Inc. Appoints Duncan Bain as Director and Consulting Geologist - More
- May 15, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project Drilling Update-High Grade Intercept Results - More
- May 15, 2007 | Item | E-mail
Cash Minerals Intersects Visible Native Copper at the Odie Property, Wernecke Uranium District, Yukon - More
- May 15, 2007 | Item | E-mail
Northern Nickel Mining Inc. Acquires Option on Sudbury Basin Nickel Property - More
- May 15, 2007 | Item | E-mail
Mining Area Scoping Approved for Continental's Xietongmen Project - More
- May 15, 2007 | Item | E-mail
Front Range Project Update - More
- May 15, 2007 | Item | E-mail
Los Andes Copper Ltd. Announces Drilling Program for the Vizcachitas Porphyry Copper-Molybdenum Deposit - More
- May 15, 2007 | Item | E-mail
Orvana Reports Record Quarterly Production and Financial Performance for the Second Quarter Ended March 31, 2007 - More
- May 15, 2007 | Item | E-mail
Canadian Mining Company Inc. of Arizona Acquires 950 Acres of Mineral Rights - More
- May 15, 2007 | Item | E-mail
Tao Minerals Enters Negotiations to Acquire Producing Gold Property ``El Colmillo'' - More
- May 15, 2007 | Item | E-mail
Valdez Gold defines 5 anomalous areas at Jarros Norte - More
- May 15, 2007 | Item | E-mail
Eurasia Gold Inc. responds to unsolicited takeover bid from Kazakhmys PLC - More
- May 15, 2007 | Item | E-mail
Anooraq-Anglo Platinum Ga-Phasha PGM Joint Venture Drilling Increases Mineral Resources in UG2 Reef - More
- May 15, 2007 | Item | E-mail
Romarco Signs LOI to Purchase Haile Gold Mine - More
- May 15, 2007 | Item | E-mail
General Metals Corporation Initiates Investor Relations Program in Europe - More
- May 15, 2007 | Item | E-mail
Vior Listed on the Frankfurt Stock Exchange - More
- May 15, 2007 | Item | E-mail
Explorator Resources to Purchase Operating Mines Adjacent to El Espino Project - More
- May 15, 2007 | Item | E-mail
Golden Hope Mines Launches Drill Program at Bellechasse Gold Project, Quebec - More
- May 15, 2007 | Item | E-mail
Mountain Lake Completes Exploration Agreement on Cornerstone's Claims; Drilling Commences - More
- May 15, 2007 | Item | E-mail
Golden Phoenix Reports Molybdenum Sales Now Total $3.3 Million at Ashdown Project - More
- May 15, 2007 | Item | E-mail
Results for Q1 2007 - Stratoni increases production - Stratoni Silver Reserve sold to Silver Wheaton - More
- May 15, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces $400,000 Expected Cash Infusion - More
- May 15, 2007 | Item | E-mail
Caledonia Mining Announces its First Quarter 2007 Results - More
- May 15, 2007 | Item | E-mail
International Royalty announces acquisition of Limpopo PGM Royalties - "International Royalty Corporation (AMEX: ROY, TSX: IRC) (the "Company"or "IRC") reports that it has entered into a letter of intent with a private entity to acquire two platinum-palladium royalties in South Africa, subject to satisfactory due diligence and regulatory approval. The total acquisition cost is US$13.0 million and the transaction is expected to close within the next several weeks." More
- May 15, 2007 | Item | E-mail
Gold Reserve Inc. Announces Pricing of Concurrent Cross-Border Public Offerings - "Gold Reserve Inc. (TSX:GRZ - News; AMEX:GRZ - News) announced today that it has entered into underwriting agreements in connection with concurrent cross-border public offerings of US$90,000,000 aggregate principal amount of its 5.50% Senior Subordinated Convertible Notes due 2022 ("Convertible Notes") and 12,800,000 Class A common shares ("Common Shares") at US$5.80 per share (Cdn$6.42 per share) for aggregate gross proceeds to the Company of US$164,240,000. Aggregate net proceeds from the offerings are expected to be approximately US$154,775,000, after deducting underwriting fees and estimated offering expenses." More
- May 15, 2007 | Item | E-mail
Great Basin Gold Initiates Quarterly Reporting on Its Development Projects - "Great Basin Gold does not yet produce gold and, therefore, expenditure is mainly of a capital nature and directed at the construction of its growth projects. The Company incurred a loss of CAD$6.7 million before tax for the quarter ending March 31, 2007. Expenditures were mainly related to development activities at the Burnstone and Hollister projects, with operational and exploration costs of CAD$5.1 million. CAD$3.0 million was spent at Burnstone and CAD$2.1 million at Hollister. Operational and exploration expenditures increased from CAD$4.1 million in the fourth quarter of 2006." More
- May 15, 2007 | Item | E-mail
Paladin Resources Ltd.: Takeover Bid for Summit Resources-Extension of Offer Period to 25 May 2007 - More
- May 15, 2007 | Item | E-mail
Strathmore Acquires Additional Near-Surface Uranium Deposits in the Gas Hills, Wyoming: Historical Resource Exceeds 2.7 Million Pounds - More
- May 15, 2007 | Item | E-mail
Nuinsco to Immediately Begin Diamond Drilling at Prairie Lake Uranium Property - More
- May 15, 2007 | Item | E-mail
Anglo-Canadian Uranium Announces Otish Basin Uranium Project Geophysics Program and Radio Interview - More
- May 15, 2007 | Item | E-mail
Liberty Star Uranium Receives USD$4,400,000 Financing - More
- May 15, 2007 | Item | E-mail
IAMGOLD 2007 First Quarter Results - "Net earnings for the first quarter of 2007 were $11.3 million or $0.04 per share compared to $19.9 million or $0.13 per share for the first quarter of 2006. Revenues in 2007 benefited from stronger gold prices but were offset by higher operating costs at the mining operations. Corporate expenses, exploration expense and taxes were substantially higher than the first quarter of 2006 and resulted in the earnings reduction." More
- May 15, 2007 | Item | E-mail
Minco Gold Initiates Phase I Drilling at Yuezhao Gold Project - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to announce that exploration drilling at the Company's wholly-owned Yuezhao project area in South Gansu Province, China, began on May 2nd, 2007." More
- May 15, 2007 | Item | E-mail
Apollo Gold Reports First Quarter 2007 Results - "The president of Newmont Mining Corp.'s Indonesian unit filed a lawsuit on Tuesday against the New York Times and a reporter over pollution accusations made in the paper, and seeks $65 million in compensation, a lawyer said." More
- May 15, 2007 | Item | E-mail
Queenstake's First Quarter Results - "Queenstake Resources Ltd. (TSX: QRL - News; Amex: QEE - News; the "Company") reported a net loss of $5.1 million for the first quarter of 2007. Cash flow from operations before working capital changes totaled $1.2 million for the first quarter of 2007. Cash and cash equivalents at March 31, 2007 were $3.3 million. All amounts in this news release are in US dollars, unless otherwise stated." More
- May 15, 2007 | Item | E-mail
Newmont Indonesia chief sues New York Times -lawyer - "The president of Newmont Mining Corp.'s Indonesian unit filed a lawsuit on Tuesday against the New York Times and a reporter over pollution accusations made in the paper, and seeks $65 million in compensation, a lawyer said." More
- May 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 May, 2007 | |
