-- Posted 16 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $660.10 | -$12.60 |
Silver | $12.83 | -$0.36 |
XAU | 136.12 | -1.00% |
HUI | 325.44 | -1.20% |
GDM | 1051.08 | -1.00% |
JSE Gold | 2588.50 | -1.03% |
USD | 82.16 | +0.38 |
Euro | 135.18 | -0.76 |
Yen | 82.82 | -0.31 |
Oil | $62.55 | -$0.62 |
10-Year | 4.708% | -0.004 |
T-Bond | 110.9375 | +0.0625 |
Dow | 13487.53 | +0.77% |
Nasdaq | 2547.42 | +0.88% |
S&P | 1514.14 | +0.86% |
The Metals:
Gold traded slightly lower in Asia, fell a couple more dollars in London, dropped another $5 in morning New York trade, and then fell even further in afternoon trade to as low as $658.90 before it rebounded just slightly in the last minutes of trade, but it still ended with a notable loss of 1.87%. Silver followed a similar pattern but was able to hold the $13.00 level until a dramatic drop in afternoon trade brought it to as low as $12.79 before a small rebound at the close, but it still ended with a loss of 2.73%
Euro gold fell under €490, platinum lost $13 to $1,322, palladium lost $3 to $353, and copper fell over 10 cents to about $3.45.
Gold and silver equities fell over 2% by early afternoon, but they then rebounded in the last couple of hours of trade and ended with about 1% losses.
Gold Demand Grows Despite High Price CNBC
U.S. gold, silver hit lows on fund sales, dollar Reuters
Gold futures drop $13 to close at a two-month low MarketWatch
Metals Sink on High Dollar, Reports The Street
Gold demand edges up in Q1 as physical buying offsets weaker ETF inflows - WGC AFX
The Economy:
Report | For | Reading | Expected | Previous |
Housing Starts | Apr | 1528K | 1480K | 1491K |
Building Permits | Apr | 1429K | 1520K | 1569K |
Industrial Production | Apr | 0.7% | 0.3% | -0.3% |
Capacity Utilization | Apr | 81.6% | 81.5% | 81.2% |
Housing Starts surprisingly rose, but that potentially positive development in housing was offset by the fact that Building Permits fell to a 10-year low. Also making news today was the fact that Greenspan joined Pimco as a consultant.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 5/12 expected at 310,000. At 10AM is the Leading Economic Indicators report for April expected at 0.0%, and at noon is the Philadelphia fed survey for May expected at 4.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as tensions in Nigeria eased and inventories built more than expected. Crude inventories built 1.0 million barrels, gasoline inventories built 1.7 million barrels, distillates built 1.0 million barrels, and refinery utilization rose 0.5% to 89.5%.
The U.S. dollar index rose on mostly better than expected economic data, but most currency traders had their eyes on the relationship between the euro and the yen as the yen fell to a record low versus the euro ahead of tomorrow’s conclusion to the Bank of Japan’s policy meeting that is expected to keep interest rates unchanged at 0.5%.
Treasuries rose slightly after mixed housing data did not dramatically change interest rate expectations.
The Dow, Nasdaq, and S&P ended markedly higher after mixed morning trade as lower oil, deal news, and billionaire buyers like Buffet and Icahn encouraged investors and traders to go long and send the Dow to a new record high.
Among the big names making news in the market today were Sony, Amazon, Federated, U.S. rail stocks, Merrill, Bausch & Lomb, Deere, and Edward Lampert and Citigroup.
The Commentary:
“We believe the fall in gold reflected the performance of the $. It appeared that the € was stronger overnight taking it to $1.36, then after New York’s opening the $ recovered to $1.3534. This caused gold to continue consolidating above support at $666. The danger zone for the $ is in the $1.35 to $1.37 to the € area and it seems to us that the $ is mired in this area. A break down below $1.37 would spell trouble for the $.
It appears that the $ is soon to breach $1.37 and we believe that this will not make the Fed unhappy, or Paulson, despite his strong $ talk.
Support at the mid $660 level is now being supported by lower Central Bank sales currently and by a return of the Investors to the gold Exchange Traded Funds.” - Julian D.W. Phillips, www.goldforecaster.com
“June Gold finished down 13 at 661.5, 10 off the high and 0.8 up from the low.
July Silver closed down 0.385 at 12.93. This was 0.01 up from the low and 0.31 off the high.
The gold market was certainly undermined by the sharp upward thrust in the US Dollar. Not surprisingly the gold trade decided to favor the direction of the Dollar over a noted improvement in the US economy. However, it is possible that the gold market was distracted from the improvement in the economic outlook because of the sharp Dollar rise, the sharp slide in energy prices and the lackluster response in the stock market to the favorable readings. However, it was also noted that June gold managed to fall below the 100 day moving average and the trade also failed to get the slightest lift from the news that Egyptian 1st quarter gold demand was more than 15% above the prior years pace. The market also wasn't supported by the fact that Saudi Arabian 1st quarter gold demand was up nearly 7% over year ago levels. In short technical considerations and Dollar strength simply prompted a layer of longs to exit from gold positions.
With the Dollar up sharply and gold under pressure it was logical for silver to come under more intense selling pressure. However, while the gold market fell below the 100 day moving average, the silver market fell below the 200 day moving average and that might have prompted a larger liquidation among the funds and the technical traders. With copper prices also down aggressively and the US stock market failing to give off much in the way of positive macro economic sentiment, it was not surprising to see another wave of weak handed longs move to the sidelines. In fact, if the Dollar continues to climb and the silver isn't capable of garnering support from the physical commodity fundamentals, then the market might see little in the way of support until the March low of $12.63.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
GoldSeek radio's Gold Manhattan Project
Greenspan first cringed at Rubin's 'strong dollar' slop but grew to love it
John Crudele: No freedom of info on Plunge Protection Team
The Statistics:
As of close of business: 5/15/2007
Gold Warehouse Stocks: | 7,718,845 | - |
Silver Warehouse Stocks: | 132,058,765 | -596,588 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 485.78 | 15,618,263 | US$ 10,666m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,420 | US$ 1,935m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,941 | US$ 251m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,640 | US$ 243m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 2.77 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/15/2007 | |
Total Net Assets | $976,938,347 | 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 5/15/2007 | |
Total Net Assets | $1,768,028,111 | 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:
Entree Gold’s (EGI) Deputy Chairman appointment, DRDGOLD’s (DROOY) closed Emperor hedge book, Apollo Gold’s (AGT) project update, YGC’s (YGC.TO) drill results, and Bear Creek’s (BCM.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Allied Nevada | ANV +8.65% $4.90 |
2. Apex Silver | SIL +8.48% $19.44 |
3. Ivanhoe | IVN +2.79% $12.51 |
LOSERS
1. Orezone | OZN -8% $1.61 |
2. Vista Gold | VGZ-7.68% $6.37 |
3. Rubicon | RBY -7.62% $1.94 |
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:
Richview Files First Quarter 2007 Financial Statements and Management Discussion & Analysis - More
- May 16, 2007 | Item | E-mail
SIRIOS RESOURCES INC.: Agreement with DIOS Targeting Uranium on OPINACA NORD, James Bay, Quebec - More
- May 16, 2007 | Item | E-mail
JNR Announces Appointment of New Director and Officers - More
- May 16, 2007 | Item | E-mail
Multi-Element assay data indicates significant molybdenum potential at Big Bar's Yuma King Project - More
- May 16, 2007 | Item | E-mail
Acquisition of a Uranium Exploration Project, Laguiche Basin, Opinaca Area, Quebec - More
- May 16, 2007 | Item | E-mail
International Arimex Key Lake Drilling has Significant Results - More
- May 16, 2007 | Item | E-mail
Southampton Acquires Four Uranium Permits in Niger, West Africa - More
- May 16, 2007 | Item | E-mail
Uranium Resources, Inc. Clarifies Form 424B3 Filing, Prospectus Filed Pursuant to Rule 424 - More
- May 16, 2007 | Item | E-mail
The Rt Honourable Michael Howard Joins Entree Gold as Deputy Chairman and Director - "Mr. Howard, the former leader of the Conservative Party in Britain and a distinguished lawyer, has filled many government posts, including Home Secretary, Secretary of State for Employment and Secretary of State for the Environment. Since leaving office he was Shadow Foreign Secretary and then Shadow Chancellor. He remains a Member of Parliament until the next election." More
- May 16, 2007 | Item | E-mail
La Mancha Resources inc.: Frog's Leg Results Exceed Expectations - More
- May 16, 2007 | Item | E-mail
Slam Exploration drilling intersects 10.58% zinc over 3.75 metres at Nepisiguit - More
- May 16, 2007 | Item | E-mail
Sprott Asset Management and others exercise warrants - More
- May 16, 2007 | Item | E-mail
Wasserman Morris & Co. Issues Research Report Update for Gold Resource Corporation - More
- May 16, 2007 | Item | E-mail
Colibri identifies Molybdenum Porphyry on the Leon Project, Sonora, Mexico - More
- May 16, 2007 | Item | E-mail
First Drilling Phase Completed With Success on Isambara - More
- May 16, 2007 | Item | E-mail
AVRG Announces Intention to Proceed with Analysis of Company Owned Precious and Strategic Metals Reserves - More
- May 16, 2007 | Item | E-mail
Central Government of Nigeria Issues Licenses to Explore and Mine Leases on Geneva Resources' Copper/Zinc Exploration Project in Plateau State, Nigeria - More
- May 16, 2007 | Item | E-mail
General Metals Corp Clarifies Record Date of May 22, 2007 for 11:10 Forward Split and Shareholders Entitled to Vote at the Annual & Special General Meeting - More
- May 16, 2007 | Item | E-mail
Aurus Board of Directors Accepts $.55 Offer - More
- May 16, 2007 | Item | E-mail
Golden Goose Resources Inc. - Amendment to stock option plan - More
- May 16, 2007 | Item | E-mail
Crew Gold Corporation Announces Financial Results for the Quarter Ended March 31, 2007 - More
- May 16, 2007 | Item | E-mail
Soltoro to Drill Mexican Bacanora Bulk Tonnage Gold Project - More
- May 16, 2007 | Item | E-mail
Fieldex starts drilling on Lac Sairs uranium property in Quebec - More
- May 16, 2007 | Item | E-mail
Anaconda Mining Inc. Pine Cove Mine Activities Update - More
- May 16, 2007 | Item | E-mail
Palladon Closes Private Placement - More
- May 16, 2007 | Item | E-mail
Acero-Martin Commences Scoping Study for an Initial Gold Operation at Pinaya - More
- May 16, 2007 | Item | E-mail
Canarc Acquires Option to Purchase Santiago Gold Project, Chihuahua State, Mexico - More
- May 16, 2007 | Item | E-mail
Global Platinum Gold, Inc. Announces Assay Results from Production - More
- May 16, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Camp Construction Begins - More
- May 16, 2007 | Item | E-mail
Mexivada Intersects 22.3 g/t Gold, 1,640 g/t Silver and High Grade Zinc-Lead Mineralization at Yecora, Sonora, Mexico - More
- May 16, 2007 | Item | E-mail
Romios Announces Filing of National Instrument 43-101 Report - More
- May 16, 2007 | Item | E-mail
High Grades in Certej Infill Drilling - More
- May 16, 2007 | Item | E-mail
Eastern Platinum Limited: More High Grade Platinum-Rhodium Rich UG2 Reef Intersections Reported at Spitzkop - More
- May 16, 2007 | Item | E-mail
Scorpio Mining Corporation Creates Gold Subsidiary - More
- May 16, 2007 | Item | E-mail
Golden Chalice Intersects 1.14% Nickel Over 72.50 Meters - More
- May 16, 2007 | Item | E-mail
Canstar Resources Receives Results for Sunday Lake Drilling; Update on the Mary March Property - More
- May 16, 2007 | Item | E-mail
Adanac Completes Awards of Long Lead Time Items-$39.2 Million CDN in Purchase Orders - More
- May 16, 2007 | Item | E-mail
Aurelio Appoints Stephen R. Stine as its Chief Operating Officer - More
- May 16, 2007 | Item | E-mail
American United Gold Corporation Announces Investor-Oriented Websites - More
- May 16, 2007 | Item | E-mail
Tribute Announces Final Results From the Winter Drilling of the Garnet Lake and Copperlode Properties - More
- May 16, 2007 | Item | E-mail
Forsys Receives Pre-Feasibility Study on the Valencia Uranium Deposit - More
- May 16, 2007 | Item | E-mail
Alberta Star Begins Phase 2 Drilling on Its Eldorado & Contact Lake IOCG & Uranium Projects - More
- May 16, 2007 | Item | E-mail
Lifespan Appoints Experienced Mining Director and Makes Two Additional Property Acquisitions - More
- May 16, 2007 | Item | E-mail
Magnum Uranium Commences Phase II Wyoming Drilling - More
- May 16, 2007 | Item | E-mail
Abaddon Acquires Pukaskwa Uranium Properties in NW Ontario - More
- May 16, 2007 | Item | E-mail
Uranium Energy Corp Provides an Update on its Goliad Operations - More
- May 16, 2007 | Item | E-mail
Abaddon Acquires Pukaskwa Uranium Properties in NW Ontario - More
- May 16, 2007 | Item | E-mail
Colt Capital Corp. Acquires Two Uranium Properties From DIAGNOS - More
- May 16, 2007 | Item | E-mail
Core Resources Enter Uranium Mining Business - More
- May 16, 2007 | Item | E-mail
YGC Resources reports more high grade results from its Silver Valley property - "Diamond drilling continues on the Silver Valley silver-lead-gold-copper property, located 8 kilometers east of the Ketza mine site. Results have been received for 16 diamond drill holes since the April 19, 2007 news release. These holes tested the vein at a higher level than in the previous drilling." More
- May 16, 2007 | Item | E-mail
Bear Creek intersects high-grade silver and expands mineralization on 100% owned Santa Ana project - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") is pleased to announce results from the first five diamond drill holes in the third phase of drilling at its 100% owned Santa Ana silver project. Santa Ana is located 200 kilometers south of the Company's Corani silver-base metal deposit in southeastern Peru. Drilling at Santa Ana now totals 5,034 meters in forty-two drill holes." More
- May 16, 2007 | Item | E-mail
DRDGold closes Emperor hedge book - "South African gold miner DRDGold (DRD) on Wednesday said that it has closed out its gold forward-sell hedge book of 145 695 ounces at a spot price of $670 per ounce." More
- May 16, 2007 | Item | E-mail
Apollo Gold Updates the Market on Its Black Fox Project - "Apollo is pleased to report that applications for environmental permits to mine and mill 1,500 tonnes per day were submitted in May 2007 for its Black Fox project for a combined open pit and underground operation." More
- May 16, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 May, 2007 | |
