-- Posted 17 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $656.10 | -$4.00 |
Silver | $12.76 | -$0.07 |
XAU | 134.92 | -0.90% |
HUI | 322.59 | -0.88% |
GDM | 1042.94 | -0.77% |
JSE Gold | 2670.90 | -0.65% |
USD | 82.32 | +0.16 |
Euro | 134.97 | -0.21 |
Yen | 82.45 | -0.37 |
Oil | $64.86 | +$2.31 |
10-Year | 4.756% | +0.048 |
T-Bond | 110.4375 | -0.50 |
Dow | 13476.72 | -0.08% |
Nasdaq | 2539.38 | -0.32% |
S&P | 1512.75 | -0.09% |
The Metals:
Gold rose nearly $4 in after hours and Asian trade, fell back off in London to about $660 by the New York open, and then fell even further in morning New York trade to as low as $653.30 by a little after 11AM EST before it rebounded into the close, but it still ended with a loss of 0.61%. Silver rose over $12.90 in Asia before it fell to $12.65 by about 10AM EST in New York, but it then rebounded nearly 1% off it low in the next three and a half hours of trade and ended with a loss of 0.55%.
Euro gold fell near €487, platinum lost $7 to $1,315, palladium gained $8 to $361, and copper fell another 8 cents to about $3.37.
Gold and silver equities fell nearly 2% in the first half hour of trade, but they then steadily rebounded for the rest of the day and ended with less than 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 5/12 | 293K | 310K | 298K |
Leading Indicators | Apr | -0.5% | 0.0% | 0.6% |
Philadelphia Fed | May | 4.2 | 4.0 | 0.2 |
Bernanke spoke before a Chicago fed conference and noted the following, but his comments had little impact on the markets:
"We believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system."
Tomorrow at 10AM EST brings the preliminary reading for May Michigan Sentiment expected at 86.5.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil and gasoline rose over 3% on several refinery problems as supply disruptions continue in Nigeria as well. Natural gas rose over 1% as supplies built a smaller than expected 95 billion cubic feet.
The U.S. dollar index rose and treasuries fell as Initial Jobless Claims and manufacturing data came in better than expected and pushed interest rates higher.
The Dow, Nasdaq, and S&P traded lower for most of trade as oil and interest rates rose, but losses were limited on optimism over more takeover activity.
Among the big names making news in the market today were Alliance Data Systems and Blackstone, J.C. Penny, and Doral of Puerto Rico.
The Commentary:
“July Silver closed down 0.02 at 12.91. This was 0.145 up from the low and 0.03 off the high.
With another big range down extension in June gold it would certainly seem like the strength in the Dollar is giving the bear camp the confidence to attack prices. Some might have considered the US economic reports from Thursday morning to be mixed, but apparently the currency markets saw the information as supportive for the Dollar and that seemed to leave the gold market in the grips of the recent liquidation wave. Even sharply higher oil prices failed to alter the weak action in gold and with several critical technical levels violated on the charts it is likely that the selling action was stop loss selling. With the copper market at times down as much as 20 cents (5.8%) it wasn't surprising to see spillover selling pressure in gold.
Fortunately for the bull camp, the last scheduled US economic reading of the day was better than expected or the silver market could have come under much more aggressive selling pressure. In fact, with the gold down $3 to $5 for most of the session and the July silver contract mostly hold 4 to 6 cents lower, it was clear that the silver market was actually weathering the selling pressure rather well. In fact, considering that copper prices at one time were as much as 20 cents lower on the day, the silver market was really fortunate to have avoided more significant losses.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Exchange-traded funds are great tools for short-sellers
Spain risks crisis over vanishing FX and gold reserves
Central bank dishoarding strains to meet industrial demand for gold
The Statistics:
As of close of business: 5/16/2007
Gold Warehouse Stocks: | 7,718,845 | - |
Silver Warehouse Stocks: | 132,058,765 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 477.77 | 15,360,808 | US$ 10,255m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,387 | US$ 1,920m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.77 | 377,937 | US$ 249m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,636 | US$ 243m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 8.01 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/16/2007 | |
Total Net Assets | $958,343,870 | 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 5/16/2007 | |
Total Net Assets | $1,787,018,937 | 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:
A possible strike at Peru’s Yanacocha mine, Taseko’s (TGB) mine expansion, Crystallex’s (KRY) auditor appointment, Miramar’s (MNG) drill results, Fronteer’s (FRG) commenced drill program, Yamana’s (AUY) scoping study results, Great Basin’s (GBN) extended time to conclude an agreement, Bear Creek’s (BCM.V) stock option grant, and Mines Management’s (MGN) first quarter results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG +5.16% $4.28 |
2. Mines Management | MGN +3.33% $4.03 |
3. Entree Gold | EGI +3.14% $1.97 |
LOSERS
1. Vista Gold | VGZ -5.49% $6.02 |
2. Cardero | CDY -5.29% $1.97 |
3. International Royalty | ROY -5.22% $7.26 |
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:
Golden Goose Resources announces New Nickel drilling results on its Lac Levac Property - More
- May 17, 2007 | Item | E-mail
Taseko Commences Further Expansion to the Gibraltar Mine - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) announces that the Company has commenced a Cdn$40 million Phase II expansion to the Gibraltar Mine to further increase milling capacity that complements the Phase I expansion now underway." More
- May 17, 2007 | Item | E-mail
Goldbelt Commences 2007 Drill Program - More
- May 17, 2007 | Item | E-mail
Bear Creek Mining Corporation - Grant of incentive stock options - "Bear Creek Mining (TSX Venture: BCM - News; "Bear Creek" or the "Company") announces that the board of directors has authorized the grant of 525,000 incentive stock options under its incentive stock option plan to directors and officers of Bear Creek and a consultant performing investor relations activities, at an exercise price of $7.99 per share." More
- May 17, 2007 | Item | E-mail
Canadian Shield and Southern Peru Copper Corporation, Sucursal Del Peru, Sign Earn-In Agreement for Cerro Cori Property in Peru - More
- May 17, 2007 | Item | E-mail
Vena Resources Receives Conditional TSX Listing Approval - More
- May 17, 2007 | Item | E-mail
Robex: first drilling results from Wili-Wili - an intersection yields 5.42 g/t Au over 3 m - More
- May 17, 2007 | Item | E-mail
Solitaire Minerals Corp. - Port Radium Property Boundaries Established - More
- May 17, 2007 | Item | E-mail
Weststar Exercises the Option to Acquire an Additional 15% Interest in the Axe Property and Now Owns a 66% Interest in the Property - More
- May 17, 2007 | Item | E-mail
Pacific North West Capital/Xstrata Nickel commence drilling at West Timmins Nickel Project, South of Montcalm Mine, Ontario - More
- May 17, 2007 | Item | E-mail
Sutcliffe Resources Default Status Report - More
- May 17, 2007 | Item | E-mail
Doublestar Resources sells Scotia claims to Geo Minerals - More
- May 17, 2007 | Item | E-mail
Duluth Metals announces significant mineralization in six new drill holes - More
- May 17, 2007 | Item | E-mail
Plexmar Resources Inc.: Exploration Work has Resumed on Bolsa - More
- May 17, 2007 | Item | E-mail
Cameco CEO says uranium industry flying high, mining company is ‘resilient’ - More
- May 17, 2007 | Item | E-mail
Crystallex International Corporation Will Propose PricewaterhouseCoopers as Auditor; - "Crystallex International Corporation (Toronto:KRY.TO - News)(AMEX:KRY - News) - announced today that based on the recommendation of the Audit Committee, the Board of Directors will propose the appointment of PricewaterhouseCoopers LLP ("PwC") as its new independent registered public accounting firm to the shareholders for their approval at the upcoming Annual & Special Meeting. The appointment is subject to completing professional and regulatory requirements." More
- May 17, 2007 | Item | E-mail
Noront Resources Ltd.: Double Eagle Project, McFaulds Lake Area, James Bay Lowlands - More
- May 17, 2007 | Item | E-mail
American Uranium Acquires Interest in Strathmore's Pinetree-Reno Creek Properties in Wyoming; Robert Rich Becomes President and Controlling Shareholder - More
- May 17, 2007 | Item | E-mail
Birim Receives Minerals Commission Approval for an Additional Two Bui Belt Licenses - More
- May 17, 2007 | Item | E-mail
RJK Management Changes and Granting of Options - More
- May 17, 2007 | Item | E-mail
Sulliden owns Shahuindo Property; Refutes Century Mining press release - More
- May 17, 2007 | Item | E-mail
Golden Odyssey Spring Exploration Update - More
- May 17, 2007 | Item | E-mail
Beaufield Provides a Drill and Exploration Update on Opinaca - More
- May 17, 2007 | Item | E-mail
Vantex Resources Ltd.: New Drill Targets on Guillet - More
- May 17, 2007 | Item | E-mail
Keegan Resources Inc.: Resource Drilling Program Continues to Rapidly Expand Main Gold Deposit at Esaase - More
- May 17, 2007 | Item | E-mail
Champion Bear announces preliminary assay results from its drilling program at its Sudbury area Iron Mask property - More
- May 17, 2007 | Item | E-mail
Gold Eagle Mines Ltd. announces closing of over-allotment option - More
- May 17, 2007 | Item | E-mail
Threegold Resources Begins Work on its Projects - More
- May 17, 2007 | Item | E-mail
Rocher Deboule Builds Land Position on IOCG Target - More
- May 17, 2007 | Item | E-mail
Gemini Explorations Inc Presents Letter of Intent to Acquire the Los Chorros Gold Mine - More
- May 17, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): COO of Consolidated Mining and Minerals Travels to Africa to Set Up Production Operations - More
- May 17, 2007 | Item | E-mail
Unico, Inc. Announces Additional Reconstruction Progress at the Mill and Processing Facility at the Deer Trail Mine - More
- May 17, 2007 | Item | E-mail
Moly Mines Advises the Results of General Meeting - More
- May 17, 2007 | Item | E-mail
Additional Exploration License Granted at Golden China's Beyinhar Gold Project - New Beyinhar Joint Venture Business License Registered - More
- May 17, 2007 | Item | E-mail
Midlands Minerals Intersects a 65 Metre Pyrite Zone Hosting Silica Alteration With 1.99 G/T Over 13 Meters on Sian-Ghana - More
- May 17, 2007 | Item | E-mail
Detour Gold Continues to Extend Gold Mineralization Outside of the Current Resource at its Detour Lake Property, Northern Ontario - More
- May 17, 2007 | Item | E-mail
Pelangio Advised of Drill Results From Detour Gold's Drilling Program at Detour Lake, Ontario - More
- May 17, 2007 | Item | E-mail
Manicouagan Reports Additional Drill Results From Brabant Lake Including 15.88% Zinc Over 6.93 Metres - More
- May 17, 2007 | Item | E-mail
Franklin Mining, Inc. Receives Final Approval at Pulacayo - More
- May 17, 2007 | Item | E-mail
Mines Management Announces First Quarter Results - "Mines Management, Inc. (AMEX:MGN - News; TSX:MGT - News) is pleased to announce results for the first quarter of 2007. The Company reported a net loss for the quarter ended March 31, 2007 of $1.8 million, or $0.14 per share compared to $1.1 million loss, or $0.08 per share for the quarter ended March 31, 2006." More
- May 17, 2007 | Item | E-mail
Miramar Reports Suluk Drilling Continues to Encounter Wider Higher Grade Zones Near Surface - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced further encouraging results from the 2007 exploration program at its Hope Bay Project in Nunavut. Five of the six core rigs are focussed on the Suluk deposit where they continue to intersect wide high grade mineralization near surface and a sixth drill is coring on the new Boston BN zone. A seventh drill will be added before the end of May. The initial Suluk drill holes, reported in a press release dated April 26, 2007, exceeded Miramar's expectations." More
- May 17, 2007 | Item | E-mail
Fronteer Commences 2007 Drill Program in Wernecke Mountains, Yukon - "Fronteer Development Group Inc. ("Fronteer" or "Company") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that it has commenced a 10,000 metre drilling program on its Wernecke Mountains Project in north central Yukon. Fronteer is building on the success of last year's exploration program, and remains focused on the discovery of Olympic Dam-style copper-gold-uranium deposits in this exciting new Canadian mineral district. This C$6 million exploration program will be operated by Fronteer, and funded pro-rata by Fronteer (80%) and its joint venture partner Rimfire Minerals Corporation (20%)." More
- May 17, 2007 | Item | E-mail
Romarco Announces Core Drilling at Pine Grove - More
- May 17, 2007 | Item | E-mail
Marifil & Castillian Sign Earn-In Agreement for San Luis Nickel-Copper-PGM Property, Argentina - More
- May 17, 2007 | Item | E-mail
Magnus International Resources, Inc. Announces Closing of US$1.9 Million Private Placement - More
- May 17, 2007 | Item | E-mail
General Metals Welcomes John R. Rose, MBA, to the Board of Directors and as an Audit Committee Member - More
- May 17, 2007 | Item | E-mail
Miranda Gold Corp. and White Bear Resources Sign Second Joint Venture Agreement - More
- May 17, 2007 | Item | E-mail
Castillian Announces Option/JV to Acquire Up to 65% Interest in the San Luis Nickel-Copper-PGM Properties, Argentina of Marifil Mines Ltd. - More
- May 17, 2007 | Item | E-mail
Sierra Gold Corporation Announces Trading on the Frankfurt Exchange - More
- May 17, 2007 | Item | E-mail
Conway Resources Completes a $1,367,800 Private Placement - More
- May 17, 2007 | Item | E-mail
African Copper's Thakadu Drill Results a Positive Step Toward Delineating a Second Area of Significant Mineralisation - More
- May 17, 2007 | Item | E-mail
Liberty Star Uranium Updates Shareholders for Next Week's 2007 Annual Meeting - More
- May 17, 2007 | Item | E-mail
China National Nuclear Corporation Agrees to Buy Uranium Production From Sparton's Non-Conventional Uranium Program in China - More
- May 17, 2007 | Item | E-mail
Strathmore US Completes LOI With American Uranium Corporation Inc. for $33 Million Commitment at Pine Tree-Reno Creek Wyoming Uranium Project - More
- May 17, 2007 | Item | E-mail
Significant near surface uranium mineralization intersected in drilling at North Shore Property, Quebec - More
- May 17, 2007 | Item | E-mail
Forum Uranium Finalizes Agreement for the Purchase of Henday Project Near Midwest Lake Uranium Mine - More
- May 17, 2007 | Item | E-mail
Uranium Energy Corp Completes Acquisition of Past-Producing Uranium and Vanadium Mines on the Colorado Plateau - More
- May 17, 2007 | Item | E-mail
Powertech Drilling Update - More
- May 17, 2007 | Item | E-mail
Yamana Gold Announces Scoping Study Results for Chapada Pyrite Project and Provides Gualcamayo Update - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU) today announced the completion of the scoping study for its Pyrite Project at the Chapada Mine in Goias State, Brazil. The objective of the study was to determine how to increase further the gold and copper recovery at the Chapada Mine. The scoping study concludes that additional gold and copper, along with sulphuric acid, can be recovered from the pyrite concentrate taken from the tailings of the principal operations." More
- May 17, 2007 | Item | E-mail
Great Basin Gold Announces Extended Time to Conclude Definitive Agreement on Burnstone Project - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that in respect of the Framework Agreement to effect the introduction of Tranter Gold (Proprietary) Limited ("Tranter") as a broad-based black economic empowerment shareholder in Great Basin Gold ("the proposed transaction"), the relevant transaction processes are continuing as envisaged." More
- May 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 May, 2007 | |
