-- Posted 21 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $662.60 | +$2.00 |
Silver | $13.03 | +$0.14 |
XAU | 138.28 | +1.12% |
HUI | 330.77 | +0.66% |
GDM | 1072.87 | +0.96% |
JSE Gold | 2749.91 | +1.03% |
USD | 82.34 | +0.17 |
Euro | 134.65 | -0.44 |
Yen | 82.33 | -0.22 |
Oil | $66.27 | +$1.33 |
10-Year | 4.788% | -0.016 |
T-Bond | 110.09375 | +0.15625 |
Dow | 13542.88 | -0.10% |
Nasdaq | 2578.79 | +0.80% |
S&P | 1225.10 | +0.15% |
The Metals:
Gold traded roughly $2 higher in Asia before it began to fall in London and dropped to as low as $656.40 by about 10AM EST in New York, but it then rallied back higher for the rest of trade and ended near its high of the session with a gain of 0.30%. Silver dropped to as low as $12.79 before it also rallied for the rest of trade and ended with a gain of 1.09%.
Euro gold rose to about €492, platinum lost $7 to $1,317, palladium gained $13 to $374, and copper rose roughly 8 cents to about $3.51.
Gold and silver equities remained near unchanged for the first hour of trade, rose to find about 1.5% gains midday, and then fell back off a bit into the close and ended about 1% higher.
The Economy:
There were no major economic reports today, but a forecast by the National Association for Business Economics predicting economic growth at just 2.3% for the year did have some talking. There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose about 2% near an 8-month high on concerns over new violence in Nigeria, Lebanon, and Israel as retail gasoline set a new record high at $3.196 per gallon on supply concerns.
The U.S. dollar index rose near a 5 week high as recent economic data has come in mostly better than expected and reduced chances the fed will cut interest rates.
Treasuries ended higher after early losses as traders looked ahead to economic data later in the week.
The Dow and S&P ended mixed and near unchanged while the Nasdaq found nice gains on more takeover news.
Among the big names making news in the market today were Blackstone, Lowe’s, Alltel, Pfizer, Saudi Basic and General Electric Plastics, Saks, and Dow Jones.
The Commentary:
“June Gold finished up 1.8 at 663.8, 0.4 off the high and 6.3 up from the low.
July Silver closed up 0.127 at 13.13. This was 0.22 up from the low and 0.02 off the high.
The gold market waffled definitively on both sides of unchanged throughout the day on Monday. Interestingly enough, the gold market managed some strength despite a stronger Dollar through most of the session and that would seem to hint at a de-linking of the two markets. Apparently, strength in energy prices were not that important to the bull camp. Fortunately for the bull camp US and international equity markets were showing strength and that allowed gold to discount a weak Chicago Fed National Activity Index. For some in the trade the ability to avoid a downside extension was a positive signal.
While equities and copper prices were higher, the silver market showed very little interest in those outside markets. Talk that the widening of the Chinese currency band might end up supporting copper prices could have given an indirect lift. Sustained appreciation in the Chinese currency could in effect discount the cost of metals imports and that would be a positive to all metals.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Gold Fields CEO says miners now realize hedging was stupid
Australia's drought puts squeeze on mining
Miners grapple with rising tax demands
Join GATA at the Vancouver conference June 17 and 18
China to buy 10% stake in Blackstone while yielding voting rights
Chinese businesses fear closure if yuan continues rise
Vietnam allows banks to trade gold via offshore accounts
To control inflation, Kuwait drops dollar peg
Antal Fekete and Doug Noland on the devices of infinite money
More and more of American business is just financial manipulation
China preparing to trade U.S. bonds for equities in a big way
Will U.S. let this $11 billion come home via a buyout?
George Cooper: Gold eclipses currencies as inflation hedge
The Statistics:
As of close of business: 5/18/2007
Gold Warehouse Stocks: | 7,718,847 | +2 |
Silver Warehouse Stocks: | 132,011,183 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 469.15 | 15,083,560 | US$ 9,908m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,258 | US$ 1,936m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.84 | 380,420 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,620 | US$ 241m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/18/2007 | |
Total Net Assets | $975,858,046 | Ounces of Gold
in Trust | 1,476,628.340 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.93 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 5/18/2007 | |
Total Net Assets | $1,747,582,153 | 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:
With Canada closed in observance of Victoria Day there was little news from the miners today, but Goldcorp (GG) did announce a new credit facility and Gold Fields’ (GFI) CEO Ian Cockerill commented on rising gold prices.
WINNERS
1. Fronteer | FRG+6.78% $13.5822 |
2. Apex Silver | SIL +6.35% $21.44 |
3. Metalline | MMG +5.26% $4.00 |
LOSERS
1. New Gold | NGD-4.44% $7.11 |
2. Orezone | OZN -4.14% $1.62 |
3. Solitario | XPL -3.69% $4.43 |
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:
Lack of big find keeps gold price up - Gold Fields - "A failure to find the next mother lode was helping prop up gold bullion prices, the head of South Africa's Gold Fields Ltd., the world's fourth-largest gold miner, said on Monday.
"There is a lack of exploration expenditure and a lack of discovery of any significant size," the company's chief executive, Ian Cockerill told a conference in the Australian city of Perth." More
- May 21, 2007 | Item | E-mail
South American Minerals, Inc. Commences Operations of its Mobile Land Based Gold Gravel Sluicing Plant - More
- May 21, 2007 | Item | E-mail
CanAm Uranium Signs Definitive Property Option Agreement to Expand in the Athabasca Basin - More
- May 21, 2007 | Item | E-mail
CityView's Results of Phase 1 Sampling Programme - Catabola - More
- May 21, 2007 | Item | E-mail
Consolidated Goldfields Corporation Completes Private Placement - More
- May 21, 2007 | Item | E-mail
RSM: Goldwedge Project Progress, Nye County, Nevada And Other News - More
- May 21, 2007 | Item | E-mail
Rio boosts uranium exploration, sees higher prices - More
- May 21, 2007 | Item | E-mail
Unico, Inc. Announces $1.7 Million Financing Commitment to Exercise Purchase Option on the Deer Trail Mine - More
- May 21, 2007 | Item | E-mail
Goldcorp Announces New Credit Facility - "The credit facility replaces the Company's existing credit facilities. It is intended to be used to finance growth opportunities and for general corporate purposes. The floating rate facility is unsecured and amounts drawn are required to be financed or repaid by May 18, 2012." More
- May 21, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 21 May, 2007 | |
