-- Posted 23 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $662.00 | +$3.20 |
Silver | $13.03 | +$0.14 |
XAU | 137.97 | +1.59% |
HUI | 329.41 | +1.40% |
GDM | 1067.90 | +1.21% |
JSE Gold | 2784.59 | +0.93% |
USD | 82.30 | -0.11 |
Euro | 134.57 | +0.03 |
Yen | 82.20 | -0.07 |
Oil | $65.77 | +$0.26 |
10-Year | 4.859% | +0.028 |
T-Bond | 109.25 | -0.34375 |
Dow | 13525.65 | -0.11% |
Nasdaq | 2577.05 | -0.42% |
S&P | 1522.28 | -0.12% |
The Metals:
Gold traded within about $2 of either side of unchanged in Asia and early London trade before it began to rise in late London and early New York trade, remained solidly above $660 throughout the rest of trade in New York, and ended about $2 off its high with a gain of 0.49%. Silver followed a similar pattern and rose over $13.10 in late morning New York trade before it fell off a bit into the close, but it still ended with a gain of 1.09%.
Euro gold rose near €492, platinum gained $13 to $1,305, palladium gained $5 to $375, and copper fell roughly 4 cents to about $3.31.
Gold and silver equities rose over 2% by late morning before they drifted lower in afternoon trade, but they still ended with about 1.5% gains.
The Economy:
There were no major economic reports due out today. Tomorrow at 8:30AM EST brings Durable Goods Orders for April expected at 0.9% and Initial Jobless Claims for 5/19 expected at 305,000. At 10AM is the New Home Sales report for April expected at 860,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly higher as inventory reports came in about as expected and geopolitical tensions increased as the U.S. moved nine warships through the Straits of Hormuz into the gulf off of Iran’s coast to hold drill’s in a show of force. Crude inventories built 2.0 million barrels, gasoline inventories built 1.5 million barrels, distillated built 500,000 barrels, and refinery utilization rose 1.6% to 91.1%.
The U.S. dollar index fell as minutes from the Bank of England’s last meeting revealed their decision to raise interest rates was unanimous and there was even talk of a 0.5% hike instead of the 0.25% move. Strong European industrial data also suggested the European Central bank will continue to raise interest rates from the current level of 4.25% while the fed appears to be keeping interest rates in the U.S. unchanged for the time being.
Treasuries fell as the yield on the 10-year rose to a new 3 and ½ month high on further transition to the belief that the fed will not lower interest rates anytime soon.
The Dow, Nasdaq, and S&P rose in the first few hours of trade on more takeover news before they fell off mid-afternoon after Greenspan commented that he feared a “dramatic correction” in Chinese stocks, but losses were mostly marginal at the close.
Among the big names making news in the market today were Payless ShoeSource and Stride Rite, Amazon and Brilliance Audio, Morgan Stanley, GameStop, Ross Stores, Target, KKR and Blackstone, and Dillard’s.
The Commentary:
“June Gold finished up 2.7 at 662.6, 2.7 off the high and 1.4 up from the low.
July Silver closed up 0.115 at 13.105. This was 0.015 up from the low and 0.095 off the high.
With the US Dollar forging a rather wide trading range and finishing lower, the bull camp in the gold was able to discount some of the recent flow of bearish fundamental news. Certainly the fear of ongoing central bank sales has the market undermined and certainly the fear of money rotating toward the stock market is hampering the gold market, but as long as the Dollar shows some weakness it seems as if gold prices can perk up quickly. However, the market continues to lack a definitive optimism from the investment front and it would also seem like the sloppy action in copper and platinum prices is serving as a distraction.
Apparently the silver market was partially emboldened by the recovery in gold and the reversal in the US Dollar as it managed a fairly impressive recovery bounce during the action Wednesday. As suggested in the mid day coverage today, the market could have been discouraged by the fact that the World Silver Survey projected a decline in 2006 Silver Fabrication demand. On the other hand, the market also saw evidence that soaring silver prices were not necessarily reducing investment demand and that seemed to allow the market to accept the balance of the survey as a partially bullish development. However, dampening silver prices somewhat were fresh suggestions from Gold Fields Mineral Services that government silver sales jumped to 77.7 million ounces from just 65.9 million in the prior year. In another potentially fresh bearish development the survey also pointed to a rise in silver supply to 188 million ounces from 186.4 million ounces.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Shanghai can't find domestic help -- the maids are out day-trading
The Statistics:
As of close of business: 5/22/2007
Gold Warehouse Stocks: | 7,668,449 | -50,297 |
Silver Warehouse Stocks: | 132,013,261 | - |
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$ 9,983m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.83 | 2,920,193 | US$ 1,934m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.84 | 380,411 | US$ 252m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.59 | 372,531 | US$ 246m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/22/2007 | |
Total Net Assets | $973,009,645 | 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 5/22/2007 | |
Total Net Assets | $1,774,650,635 | 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:
Gold Reserve’s (GRZ) exercised over-allotment option, Rio Narcea’s (RNO) hot commissioning commencement at Tasiast, Great Basin’s (GBN) increased resource, NovaGold’s (NG) partnership with Teck Cominco to build the Galore Creek mine, Fury’s (FUR.V) drilling, Silver Eagle’s (SEG.TO) assay results, Aquiline’s (AQI.TO) drill results, and Silver Dragon’s (SDRG.OB) project development were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU+11.79% $2.18 |
2. NovaGold | NG +7.90% $15.16 |
3. Allied Nevada | ANV +5.88% $4.50 |
LOSERS
1. U.S. Energy | USEG-3.35% $6.05 |
2. Fronteer | FRG -3.32% $12.52 |
3. Crystallex | KRY 2.82% $4.83 |
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:
Teck Cominco joins NovaGold to build Galore Creek - "NovaGold Resources Inc. (NG.TO: Quote, Profile , Research) said on Wednesday it will team up with Teck Cominco Ltd. (TCKb.TO: Quote, Profile , Research) to build its $2 billion Galore Creek copper-gold mine in northwestern British Columbia.
NovaGold stock surged nearly 11 percent after the highly anticipated announcement, but later pulled back. Shares added C$1.12, or 7.3 percent, to close at C$16.37 on the Toronto Stock Exchange, while Teck Cominco stock slipped 30 Canadian cents to end at C$43.40 in Toronto." More
- May 23, 2007 | Item | E-mail
North Atlantic Commences Airborne Survey of Uranium Permits in Niger - More
- May 23, 2007 | Item | E-mail
Wildcat Exploration Ltd.- More High Grade Gold at the Jeep Project - More
- May 23, 2007 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Drilling Confirms Gold Continuity and Expands York-Viking Gold Zone - More
- May 23, 2007 | Item | E-mail
Guyana Goldfields Inc.: Aurora Exploration Update-45m @ 7.20 g/t Au - More
- May 23, 2007 | Item | E-mail
Tonogold Resources, Inc. Announces Initial Work Program at Tonopah Divide Gold Project - More
- May 23, 2007 | Item | E-mail
Cameco takes 10 percent stake in Western Uranium - More
- May 23, 2007 | Item | E-mail
Amseco Exploration Acquires a Gold Property in the Opinaca Gold Play Area - More
- May 23, 2007 | Item | E-mail
Goldeye Grants Employee Incentive Options - More
- May 23, 2007 | Item | E-mail
Petaquilla Finalizes Debt Financing for Molejon Gold Mine - More
- May 23, 2007 | Item | E-mail
Gold Reserve's Underwriters Exercise Over-Allotment Option - "Gold Reserve Inc. (TSX:GRZ - News; AMEX:GRZ - News) announced today that the underwriters of its May 18, 2007 public offering of Class A common shares ("Common Shares") and senior subordinated convertible notes ("Convertible Notes") have exercised over-allotment options and will purchase an additional US$13,500,000 principal amount of Convertible Notes and 962,300 Common Shares at US$5.80 per share. The Convertible Notes were offered and sold to the public at their stated principal amount of US$1,000 per Convertible Note and have a semi-annual cash interest coupon of 5.50% per year. Each US$1,000 principal amount of Convertible Notes is convertible at the option of the holder into 132.6260 Common Shares, subject to adjustment, representing an initial conversion price of US$7.54." More
- May 23, 2007 | Item | E-mail
Grandview Gold Inc. Announces Private Placement - More
- May 23, 2007 | Item | E-mail
Canyon Resources' Uranium Joint Venture to Continue Drilling - More
- May 23, 2007 | Item | E-mail
C2C Confirms High Gold Potential of the Bella Rica Mine Property in Ecuador, Releases NI 43-101 Technical Report - More
- May 23, 2007 | Item | E-mail
Clifton Mining Company Inc. - Drilling Begins - More
- May 23, 2007 | Item | E-mail
Hochschild Mining PLC Subsidiary to Review Silveria Project Info - More
- May 23, 2007 | Item | E-mail
Gravity West Plans Exploration on Gin, Hornby - More
- May 23, 2007 | Item | E-mail
Nigeria awards 1,000 mining licences to investors - "The outgoing Nigerian government has granted 50 mining leases and 952 exploration licences to international and local firms, a statement said on Wednesday.
President Olusegun Obasanjo, who steps down on Tuesday, has attracted criticism for embarking on a sale of state assets to allies in the private sector in the dying days of his administration." More
- May 23, 2007 | Item | E-mail
Drilling Initiated at Fury's Magistral Project - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) announces that drilling has started on its Magistral project in Jalisco, Mexico. A total of 5,000 metres of "HQ" diamond drilling on multiple precious and base metal targets is planned for the 2007 exploration season. Ground reconnaissance, mapping, sampling and IP geophysics continue to refine targets on the property." More
- May 23, 2007 | Item | E-mail
Shoshone Silver Expands Uranium Holdings - More
- May 23, 2007 | Item | E-mail
Rusoro Mining Ltd.: Drilling at Increible 6 Continues to Extend All Gold Zones - More
- May 23, 2007 | Item | E-mail
North American Gem Inc. to Drill Whiskey Gap in Fall 2007 - More
- May 23, 2007 | Item | E-mail
Freewest Acquires Dalhousie Mountain Nickel-Copper-Vanadium Property in West-Central Quebec - More
- May 23, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): CEO of Consolidated Mining and Minerals Travels to Denver, Colorado to Negotiate Partnership With Panama Mining - More
- May 23, 2007 | Item | E-mail
Core Resources Meets Financial Disclosure Requirements for Pinksheets.com - More
- May 23, 2007 | Item | E-mail
Consolidated Spire Ventures Announces the Discovery of a New Gold/Silver Quartz Vein At the Yago Property in Mexico - More
- May 23, 2007 | Item | E-mail
Bluerock Resources Signs Two Agreements on Urvan District Uranium Projects - More
- May 23, 2007 | Item | E-mail
Hathor Exploration Limited: Airborne Gravity Starts Over Russell South Uranium Property, Athabasca Basin - More
- May 23, 2007 | Item | E-mail
Rio Narcea Announces Commencement of Hot Commissioning at Tasiast - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (Toronto:RNG.TO - News)(AMEX:RNO - News) today announced successful completion of Cold Commissioning and commencement of Hot Commissioning at its Tasiast gold project in Mauritania, West Africa. The Company anticipates the first gold pour at Tasiast to take place soon after first fill of plant circuits." More
- May 23, 2007 | Item | E-mail
Silver Eagle Confirms Continued Extension of Veins at Depth - "Silver Eagle Mines Inc. ("Silver Eagle") (Toronto:SEG.TO - News) is pleased to report additional assay results from drilling completed on the Calvario Vein system at its Miguel Auza Mine, Mexico. Drilling continues to demonstrate extension of the vein system below previous exploration limits." More
- May 23, 2007 | Item | E-mail
Tagish Appoints Technical Advisor - More
- May 23, 2007 | Item | E-mail
Great Basin Gold's Hollister Project Increases Resources by 100% to Approximately 2 Million Equivalent Ounces - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) ("Great Basin Gold" or the "Company") announces that underground drilling has expanded and upgraded the mineral resources at the Company's Hollister Project on the Carlin Trend in Nevada, USA by 100% to approximately 2 million ounces gold equivalent." More
- May 23, 2007 | Item | E-mail
Birim Goldfields Inc.: Drilling to Commence on Sangolo Property, Burkina Faso - More
- May 23, 2007 | Item | E-mail
Moly Mines Limited Announces Appointment of Corporate Finance Advisor - More
- May 23, 2007 | Item | E-mail
SearchGold Resumes Surface Exploration to Define Targets for Next Round of Drilling - More
- May 23, 2007 | Item | E-mail
USA Uranium Corp. Acquires Initial Uranium Property - More
- May 23, 2007 | Item | E-mail
Franklin Continues Developing Bolivian Projects - More
- May 23, 2007 | Item | E-mail
Western Warrior announces personnel change - More
- May 23, 2007 | Item | E-mail
Fieldex announces the filing of a preliminary prospectus by Visible Gold Mines Inc. - More
- May 23, 2007 | Item | E-mail
International PBX Ventures Ltd.-Drill Results: Copaquire Molybdenum-Copper Porhyry, Chile - More
- May 23, 2007 | Item | E-mail
Galantas Gold Corporation: Commissioning Update - More
- May 23, 2007 | Item | E-mail
Dumont commences drilling of Carlin style gold target at Rattler Project, Utah - More
- May 23, 2007 | Item | E-mail
Goldcrest's First Drill Hole Intersects 106m (at) 0.66%Cu and 0.49g/t Au at its Gaoua Copper-Gold Project in Burkina Faso, West Africa - More
- May 23, 2007 | Item | E-mail
Stellar to begin drilling on Vassan property - More
- May 23, 2007 | Item | E-mail
Olympus Intersects 8.56 G/T Gold Over 5.75 Meters Within a Wider Section of 3.84 G/T Gold Over 14.95 Meters at Phuoc Son - More
- May 23, 2007 | Item | E-mail
Explorator Intercepts Additional High Grade Copper-Gold Mineralization at El Espino - More
- May 23, 2007 | Item | E-mail
U Mining Resources Inc. Opens for Trading Today (May 23, 2007) Under New Ticker UMNG - More
- May 23, 2007 | Item | E-mail
Galway Resources' infill drilling intercepts 105 feet of molybdenum/tungsten at Victorio - More
- May 23, 2007 | Item | E-mail
Virginia Mines Inc.: Drilling at Poste Lemoyne Extension: The Orfee Est Zone Returns 4.28 g/t Au / 16m to a Depth of 340m - More
- May 23, 2007 | Item | E-mail
Malaga reports sales of $2.3 million of tungsten concentrate for the first quarter 2007 - More
- May 23, 2007 | Item | E-mail
Sacre-Coeur Minerals Receives $1.8 Million From Recent Warrant Exercises - More
- May 23, 2007 | Item | E-mail
Sonora Gold Corp. Signs Definitive Agreement With Deal Capital Ltd. to Sell Santa Gertrudis Property - More
- May 23, 2007 | Item | E-mail
NovaGold and Teck Cominco Form Partnership to Build Galore Creek Mine - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) and Teck Cominco Limited today announced the formation of a partnership that will invest US$2 billion to build the Galore Creek copper-gold mine in northwestern British Columbia. On closing of the transaction, NovaGold and Teck Cominco will each hold a 50% interest in the partnership." More
- May 23, 2007 | Item | E-mail
Western Uranium Corporation Forms Strategic Alliance With Cameco Corporation - More
- May 23, 2007 | Item | E-mail
Harmony sees uranium unit IPO in 18-30 months - More
- May 23, 2007 | Item | E-mail
Aquiline Adds Second Rig as New High Grade Zone Confirmed at Navidad - "Aquiline Resources Inc. ("Aquiline") (TSX:AQI - News) is pleased to report the results of 20 new diamond drill holes at the Navidad Silver Project in Chubut Province, Argentina. These include the results for follow-up holes that were designed to test the extent of the new high-grade zone of silver mineralization intersected at Barite Hill during Aquiline's drilling program in March 2007." More
- May 23, 2007 | Item | E-mail
Silver Dragon Begins Underground Development and Test Mining of the La Chiva Zone At Its Cerro Las Minitas Silver Project in Durango, Mexico - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the beginning of underground development and test-mining of the La Chiva zone at its Cerro Las Minitas Silver Project in Durango, Mexico. The La Chiva zone is a shallow mineralized body which was discovered during drill-testing in 2006. It is estimated that the La Chiva zone contains more than 54,000 tons of oxide mineralization with grades of approximately 350 g/ton silver, 4.76% lead, and 2.59% zinc." More
- May 23, 2007 | Item | E-mail
Silver Spruce Drilling at Mother Lode Gold Property - More
- May 23, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 23 May, 2007 | |
