-- Posted 22 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $658.80 | -$3.80 |
Silver | $12.89 | -$0.14 |
XAU | 135.76 | -1.88% |
HUI | 324.85 | -1.79% |
GDM | 1055.12 | -1.65% |
JSE Gold | 2758.91 | +0.33% |
USD | 82.41 | +0.06 |
Euro | 134.54 | -0.11 |
Yen | 82.27 | -0.06 |
Oil | $64.97 | -$1.30 |
10-Year | 4.831% | +0.043 |
T-Bond | 109.59375 | -0.50 |
Dow | 13539.95 | -0.02% |
Nasdaq | 2588.02 | +0.36% |
S&P | 1524.12 | -0.06% |
The Metals:
Gold rose a couple of dollars by late trade in Asia and early trade in London before it fell back off for the rest of trade in London and New York and ended just 10 cents off its low with a loss of 0.57%. Silver rose near $13.10 by early trade on London, but it also fell off for the rest of trade and ended just one cent off its low with a loss of 1.07%.
Euro gold fell back under €490, platinum lost $25 to $1,292, palladium lost $4 to $370, and copper dropped over 16 cents to about $3.35.
Gold and silver equities opened briefly higher before they steadily sold off for most of the rest of trade and ended with over 1.5% losses.
The Economy:
There were no major economic reports today, but some inflationary talk from the fed’s Lacker and Moskow did push interest rates a tad higher ahead of economic reports on Thursday and Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil and gasoline fell roughly 2% ahead of tomorrow’s expected inventory builds as NOAA forecasted a below average hurricane season.
The U.S. dollar index found small gains and treasuries fell as inflationary comments pushed the yield on the 10-year to a new 4 month high.
The Dow, Nasdaq, and S&P rose in afternoon trade as oil fell and merger and acquisition rumors continued to drive the major indices higher, but the Dow and S&P then fell back off in the last hour of trade and ended with small losses.
Among the big names making news in the market today were MGM, Anheuser-Busch, American Eagle, CompUSA, BJ’s Wholesale, United Natural, Fremont, Staples, and Medtronic and Abbott.
The Commentary:
“June Gold finished down 3.9 at 659.9, 5.1 off the high and 0.1 up from the low.
July Silver closed down 0.14 at 12.99. This was 0.01 up from the low and 0.16 off the high.
The early pattern of gold holding up better than the rest of the precious metals markets mostly held into the close, but the market did see a fresh wave of selling just after mid day. Surprisingly the gold market wasn't supported by more evidence of slumping gold production nor was the gold market supported by suggestions from a major gold mining executive that gold prices had entered a "new regime" pricing zone. With oil prices down sharply and a number of physical commodity markets down sharply during the session and the scheduled US numbers failing to give off the impression of a growing robust US economy its not surprising that some additional bulls decided to throw in the towel on Tuesday. However, the market wasn't presented with a patently bearish economic track on Tuesday as the US Treasury Secretary Paulson suggested that the US economy was beyond the worst of the US housing slump. In the end, even a minor upside tilt in the US Dollar seemed to leave the bear camp in gold with an edge.
The silver market diverged with the gold market and it would also seem like the European silver action held together better than the US silver trade. In short, the silver market was apparently hit with a fresh bearish tilt after the European silver fixed higher. With the copper market ending up roughly 10 cents lower and the platinum market seeing a massive $31 an ounce slide, it was clear that closely related metals markets were also under pressure. In fact, with gold somewhat sidestepping the selling see in other markets, it would seem like something other than the Dollar or the lack of investment interest was driving the metals markets down.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: The raptors turn on the biggest shorts in silver
Blanchard note: Record central bank gold sales offset miners' dehedging
Derivatives grow explosively, BIS reports
Kuwait unhooks dinar from dollar, signaling possible trend
Trickle of Chinese money could become investment flood
MineWeb: Much dehedging in 1st Q, a lot more to come
John Dizard: Gold tells a sad story of future asset deflation
The Statistics:
As of close of business: 5/21/2007
Gold Warehouse Stocks: | 7,718,746 | -101 |
Silver Warehouse Stocks: | 132,013,261 | +2,078 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 469.15 | 15,083,560 | US$ 9,922m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,225 | US$ 1,925m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.84 | 380,416 | US$ 251m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.34 | 364,616 | US$ 239m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 5/18/2007 | |
Total Net Assets | $978,631,557 | 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 | $1,755,659,640 | 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:
Coeur d'Alene’s (CDE) revoked permit in Alaska, Seabridge’s (SA) drilling, Fronteer’s (FRG) drilling, Rubicon’s (RBY) closed transaction with investor Rob McEwen, Newmont’s (NEM) appealed ruling in Indonesia, Minco Gold’s (MGH) assay results, YGC’s (YGC.TO) merger approval with Queenstake (QEE), and Silver Dragon’s (SDRG.OB) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Great Basin | GBN +4.96% $2.54 |
2. Solitario | XPL +4.74% $4.64 |
3. New Gold | NGD+3.23% $7.34 |
LOSERS
1. Allied Nevada | ANV -10.53% $4.25 |
2. Northern Dynasty | NAK -5.04% $11.68 |
3. Endeavour | EXK -5.03% $5.10 |
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:
Metco Acquires 50% of the B6-20 McIvor Property: Matagami Mining Camp - More
- May 22, 2007 | Item | E-mail
U.S. court blocks Alaska mine waste from lake - "In a victory for environmentalists, a U.S. appeals court ruled on Tuesday that a disputed permit allowing an Alaska gold mine to deposit rock waste into a natural alpine lake was illegal and would be revoked.
Coeur d'Alene Mines Corp.'s (CDE.N: Quote, Profile , Research) Coeur Alaska unit had hoped the Kensington mine north of Juneau -- a site mined from 1897 to 1928 -- would produce 100,000 ounces of gold annually with operations starting later this year." More
- May 22, 2007 | Item | E-mail
Drilling underway at the C de Baca Uranium Property, New Mexico - More
- May 22, 2007 | Item | E-mail
400 Metre Estimated Strike Length to Golden Chalice's New Nickel Discovery - More
- May 22, 2007 | Item | E-mail
Rio's Uranium Prospects Look Rich - More
Golden Arch Resources releases NI 43-101 Report: Wakefield Lakes Zinc Property - More
- May 22, 2007 | Item | E-mail
Vena Resources Reports Positive Metallurgical Tests on Pucara Project - More
- May 22, 2007 | Item | E-mail
Benton Resources Corp. (BTC-V) Starts Drilling on Flying Loon Gold Zone - More
- May 22, 2007 | Item | E-mail
Amerigo Comments on Market Volatility - More
- May 22, 2007 | Item | E-mail
Drilling Underway at Seabridge Gold's Noche Buena Project - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that drilling has commenced at its 100% owned Noche Buena Project in Sonora Mexico. Layne de Mexico, a Layne Christensen Company, has begun work on a 10,000 meter reverse circulation designed to expand the known resorce by testing three targets within and adjacent to the existing deposit." More
- May 22, 2007 | Item | E-mail
Pediment Exploration Ltd.: Drill Results Confirm and Extend Las Colinas Gold Mineralization - More
- May 22, 2007 | Item | E-mail
San Gold Develops New High Grade Vein at Rice Lake - More
- May 22, 2007 | Item | E-mail
Eloro Acquires McArthur Lake Nickel Property Near the Texmont Nickel Deposit, Timmins, Ontario; Updates James Bay Exploration - More
- May 22, 2007 | Item | E-mail
Mirasol Closes $2 Million Non-Brokered Private Placement - More
- May 22, 2007 | Item | E-mail
Ur-Energy Announces New Chief Financial Officer, General Counsel and Corporate Secretary - More
- May 22, 2007 | Item | E-mail
Iberian Minerals Corp. Project Update-Aguas Tenidas - More
- May 22, 2007 | Item | E-mail
Glass Earth Limited-Major OTAGO Airborne Geophysics Campaign Update: Flying 60% Complete - More
- May 22, 2007 | Item | E-mail
Thistle announces results for the year ending December 31, 2006 - More
- May 22, 2007 | Item | E-mail
Tagish Increases the Mineral Resource at Skukum Creek by Thirty percent (30%) - More
- May 22, 2007 | Item | E-mail
Fronteer's Agi Dagi in Northwestern Turkey Continues to Expand With Ongoing Drilling - "Fronteer Development Group Inc. ("Fronteer") (Toronto:FRG.TO - News)(AMEX:FRG - News) is pleased to announce that Teck Cominco Limited's Turkish subsidiary ("TCAM"), who holds the project under option, has reported ongoing widely spaced drilling which has intersected significant gold mineralization in three new areas of the Agi Dagi gold project in northwestern Turkey." More
- May 22, 2007 | Item | E-mail
Grandview Gold Commences Diamond Drilling on Dixie Lake Project Near Red Lake Ontario - More
- May 22, 2007 | Item | E-mail
Paragon and Meridian Extend Gold Mineralization at the Huxter Lane Project - More
- May 22, 2007 | Item | E-mail
Temex Acquires Strategic Property Within Whitney Gold Project - Surface Exploration Underway - More
- May 22, 2007 | Item | E-mail
Timberline Enters Agreement to Purchase Butte Highlands Gold Project - More
- May 22, 2007 | Item | E-mail
Wealth Minerals Discovers Bonanza Uranium Grades at Bororo Nuevo Property, San Jorge Basin, Argentina - More
- May 22, 2007 | Item | E-mail
EXMIN Provides Update on Exploration at the Horcon Project, Guanajuato Region, Mexico - More
- May 22, 2007 | Item | E-mail
Drilling Continues to Expand Copper-Nickel-PGM Mineralization at Birch Lake, Minnesota - More
- May 22, 2007 | Item | E-mail
Hemis expands El Tigre land holdings; Acquires La Centela concessions - More
- May 22, 2007 | Item | E-mail
Arianne Drills on Heva West, Abitibi, Quebec - More
- May 22, 2007 | Item | E-mail
Spirit Exploration, Inc. Completes Acquisition of Nueva Esperanza, Autonomus and Las Canas Mines in the Muluncay Mining District, Ecuador - More
- May 22, 2007 | Item | E-mail
Millstream Welcomes Alex Doulis Onto its Board of Directors - More
- May 22, 2007 | Item | E-mail
Geodex announces private placement closing - More
- May 22, 2007 | Item | E-mail
45 Underground Samples AT Espanola Average 2.51% Copper - More
- May 22, 2007 | Item | E-mail
Marifil Cuts Broad Zones of Zinc Mineralization in Drilling at San Roque - More
- May 22, 2007 | Item | E-mail
Klondex Mines Expands Board with Appointment of Mining Industry Executive, Ronald Shorr - More
- May 22, 2007 | Item | E-mail
Klondex Mines Adopts Shareholder Rights Plan - More
- May 22, 2007 | Item | E-mail
ANDINA Intersects 668 Metres Grading 0.81 g/t Gold at Volcan - More
- May 22, 2007 | Item | E-mail
Impressive Drill Results Continue at Nuinsco's Elmalaan Project in Turkey - More
- May 22, 2007 | Item | E-mail
Avnel Appoints New Company Secretary - More
- May 22, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. CEO Announces Strategy - More
- May 22, 2007 | Item | E-mail
Hemisphere Gold First Auger Assays Being Compiled for Analysis - More
- May 22, 2007 | Item | E-mail
Mexoro Minerals Guazapares Project New High-Grade Gold Zones - More
- May 22, 2007 | Item | E-mail
Searchlight Minerals Corp. announces inventory of 20.2 million tons of slag in Clarkdale, Arizona - More
- May 22, 2007 | Item | E-mail
Houston Lake Intersects 7.35 Meters Grading 6.21 g/mt Au in Drilling at West Cedartree Gold Project - More
- May 22, 2007 | Item | E-mail
Powertech Appoints Project Managers - More
- May 22, 2007 | Item | E-mail
Consolidated Pacific Bay Minerals Ltd.: Multiple Uranium Targets Outlined by Geophysics on Pacific Bay Matoush Claims, Otish Mountains, Quebec - More
- May 22, 2007 | Item | E-mail
Spruce Ridge Resources Engages CHF Investor Relations - More
- May 22, 2007 | Item | E-mail
43-101 Report Confirms Uranium Potential at Pan African Mining Corp.'s Tranomaro Project in Madagascar; Exploration Accelerating - More
- May 22, 2007 | Item | E-mail
Silver Dragon Cuts 1400 Grams Per Tonne/45.0 Ounces Silver in First Drill Hole of 2007 Drill Season At Cerro Las Minitas Project, Mexico - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce assay results from Drill Hole LM-12 at its Cerro Las Minitas Project in Durango, Mexico. Drill Hole LM-12 is the first hole to be drilled at Cerro Las Minitas in the 2007 drill season." More
- May 22, 2007 | Item | E-mail
Rubicon Closes McEwen Transaction to Launch the New Rubicon - "Rubicon Minerals Corporation (TSX:RMX - News; AMEX:RBY - News) is very pleased to announce that the transaction with investor Rob McEwen has now closed. Under the terms of the transaction, Rubicon secured a $15 million non-brokered private placement financing and acquired a 513,000 acre land package in the area of the world-class Pogo gold mine in Alaska and a 225,000 acre land position in northeast Nevada and Utah (see news releases dated February 26, 2007, and March 1, 2007). The transaction was approved by Rubicon shareholders on May 14, 2007." More
- May 22, 2007 | Item | E-mail
Oriental Minerals to reopen S Korean mine - More
- May 22, 2007 | Item | E-mail
YGC shareholders give an overwhelming go ahead on the merger - "In a key step in the growth of the Company, shareholders approved a special resolution to adopt a Plan of Arrangement (the "Arrangement") between YGC and Queenstake Resources Ltd. ("Queenstake") providing for, inter alia, the business combination of YGC and Queenstake to create Yukon-Nevada Gold Corp. ("YNG")." More
- May 22, 2007 | Item | E-mail
Indonesia prosecutors submit Newmont appeal document - "On April 24, a court in the Indonesian city of Manado cleared PT Newmont Minahasa Raya and its American president, Richard Ness, of charges related to dumping of toxic waste into a bay near a gold mine in North Sulawesi and making people sick.
"We submitted the document to Manado District Court on Monday. We are filing an appeal because the judges' ruling is not in line with Indonesian law," said Purwanta Sudarmadji, who heads the prosecution team in the case." More
- May 22, 2007 | Item | E-mail
Minco Gold Continues to Define High Grade Gold Veins at Gold Bull Mountain - "Minco Gold Corporation (the "Company" or "Minco Gold") (Toronto:MMM.TO - News)(AMEX:MGH - News)(Frankfurt:MI5.F - News) is pleased to announce assay results for 40 channel samples collected at its wholly-owned Gold Bull Mountain ("GBM") project located in the western part of Hunan Province in the People's Republic of China. The property is located 6 kilometres north of the famous Xiangxi Gold mine, which has been in operation for over one hundred years." More
- May 22, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 22 May, 2007 | |
