-- Posted 24 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $652.50 | -$9.50 |
Silver | $12.81 | -$0.22 |
XAU | 134.52 | -2.52% |
HUI | 318.74 | -3.24% |
GDM | 1034.32 | -3.14% |
JSE Gold | 2789.71 | +0.18% |
USD | 82.42 | +0.12 |
Euro | 134.40 | -0.17 |
Yen | 82.37 | +0.17 |
Oil | $64.18 | -$1.59 |
10-Year | 4.857% | -0.002 |
T-Bond | 109.03125 | +0.03125 |
Dow | 13441.13 | -0.62% |
Nasdaq | 2537.92 | -1.52% |
S&P | 1507.51 | -0.97% |
The Metals:
Gold remained near unchanged in Asia and London before it dipped about $4 in early New York trade and then dropped another 1% between 11AM EST and noon to as low as $651.00 before it rebounded slightly into the close, but it still ended with a loss of 1.44%. Silver followed a similar pattern and dropped to as low as $12.74 before it also rebounded in afternoon trade and ended with a loss of 1.69%.
Euro gold fell near €486, platinum lost $20 to $1,285, palladium lost $11 to $364, and copper fell over 10 cents to about $3.20.
Gold and silver equities steadily fell throughout most of trade and ended near their lows with about 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Durable Orders | Apr | 0.6% | 0.9% | 5.0% |
Initial Claims | 5/19 | 311K | 305K | 296K |
New Home Sales | Apr | 981K | 860K | 844K |
New Home Sales unexpectedly rose 16.2%, but that rise was helped by the fact that March’s sales were revised down from 858,000 to 844,000 and most notably by the fact that the average home sale price fell a whopping 11.1% from $257,600 in March to $229,100 in April. Inventory levels dropped to 6 and ˝ months of supply, but that does not include canceled homes. Durable Goods Orders for April rose less than expected, but March’s orders were revised up to 5.0% from 4.3% to offset that disappointment.
Tomorrow at 10AM EST brings the Existing Home Sales report for April expected at 6,130,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in the U.S. and gasoline rose on continued refinery problems that swell crude inventories and limit gas inventories while London Brent crude rose to a 9 month high near $71 on a strike threat in Nigeria and worries over Iran.
The U.S. dollar index rose and treasuries fell in morning trade as mostly stronger than expected economic data briefly pushed the yield on the 10-year above 4.9% for the first time since January, but those early moves reversed in afternoon trade and bonds ended slightly higher while the dollar cut most of its gains.
The Dow, Nasdaq, and S&P rose markedly after New Home Sales surprisingly jumped higher and initially eased worries about weakness in the housing sector, but all three indices eventually fell off to find notable losses as worries over higher interest rates overcame that optimism.
Among the big names making news in the market today were Upper Deck and Topps, Dell and Wal-Mart, Advanced Medical and Bausch & Lomb, Sanderson Farms, Hormel, AnnTaylor, GM, Mylan, and Toll Brothers.
The Commentary:
“June Gold finished down 9.3 at 653.3, 8.2 off the high and 1.8 up from the low.
July Silver closed down 0.185 at 12.92. This was 0.07 up from the low and 0.21 off the high.
The gold market initially waffled on both sides of unchanged but then seemed to come under direct pressure in the wake of the sharp slide in equity prices. One could have taken the regularly scheduled US economic data as a positive to gold as a better than expected housing reading failed to markedly lift the US Dollar. However, the Dollar mostly maintained a positive track throughout the trade and remained within striking distance of an upside breakout and that seemed to keep the heat on the gold trade. With crude oil prices sharply lower and unleaded prices sharply higher, we doubt that the slide in gold was influenced that much by the energy market action. However, it is possible that the gold trade was simply fretting over the prospect of a follow through decline in Asian equity prices and perhaps renewed concerns of slowing Asian economic activity.
Certainly the silver market was impacted by the slide in equity prices but with the platinum and copper markets down hard, the silver market had plenty of outside market pressures to contend with. Even talk of strong interest in a new silver ETF failed to provide the silver with a positive tilt in the wake of a multi market wave of selling. Some traders suggested that an options expiration prompted some of the volatility but it would seem like the market was seeing enough fundamental justification for the decline in prices.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Eric Sprott: The era of China
China concedes little at U.S. summit
ETF captures 13% of world silver output
The Statistics:
As of close of business: 5/23/2007
Gold Warehouse Stocks: | 7,667,935 | -514 |
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 | 2,920,160 | US$ 1,908m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.84 | 380,407 | US$ 249m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 11.96 | 384,404 | US$ 254m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.37 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/23/2007 | |
Total Net Assets | $977,133,541 | 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 5/23/2007 | |
Total Net Assets | $1,759,685,932 | 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:
Barrick’s (ABX) sold stake in Gold fields (GFI), Yamana’s (AUY) drilling update, Exeter’s (XRA) drill results, Endeavour’s (EXK) acquired 100% interest in the Guanacevi Mines Project, SilverCrest’s (SVL.V) assay results, and MAG Silver’s (MAG.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +10.96% $2.43 |
2. Rio Narcea | RNO +1.76% $5.20 |
3. Entree Gold | EGI +1.50% $2.03 |
LOSERS
1. Crystallex | KRY -8.49% $4.42 |
2. Great Basin | GBN -7.39% $2.38 |
3. Banro | BAA-6.66% $10.23 |
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:
Bruce Durham joins Temex as Executive Chairman - More
- May 24, 2007 | Item | E-mail
Energentia Announces Management Change - More
- May 24, 2007 | Item | E-mail
Glass Earth Limited: Hauraki Region Gold Exploration Update and Preliminary Results - More
- May 24, 2007 | Item | E-mail
VVC Exploration sells BBAM shares and improve cash position - More
- May 24, 2007 | Item | E-mail
Mediterranean closes CDN$13.0 million private placement to fund exploration and development - More
- May 24, 2007 | Item | E-mail
Platinex Permitted by Court Order to Proceed with Drilling Program on its Big Trout Lake Property - More
- May 24, 2007 | Item | E-mail
Ronald Sheardown and Michael Bartlett Join Board of Directors - More
- May 24, 2007 | Item | E-mail
Gold Canyon Undertakes Private Placement for $330,000 - More
- May 24, 2007 | Item | E-mail
Cameco, Zircatec union labor talks underway - More
- May 24, 2007 | Item | E-mail
Gulfside Minerals arranges private placement - More
- May 24, 2007 | Item | E-mail
Manicouagan Reports Significant Rhodium Concentrations of Up to 1 Gram Per Tonne From Trenches on Its Mouchalagane Property - More
- May 24, 2007 | Item | E-mail
Golden China Closes Private Placement Offering Gross Proceeds of C$7.8 Million Raised - More
- May 24, 2007 | Item | E-mail
Acero-Martin Announces New Appointments to Its Management and Operations Team - More
- May 24, 2007 | Item | E-mail
Metco Acquires 100% of the Galinee Property and Further Consolidates its Position in the Matagami Mining Camp - More
- May 24, 2007 | Item | E-mail
Gossan Announces Magnesium Thermodynamic Study Underway - More
- May 24, 2007 | Item | E-mail
Typhoon Updates Property Exploration - More
- May 24, 2007 | Item | E-mail
Endeavour Acquires Remaining 49% Interest In Guanacevi Mines Project, Durango, Mexico - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that its wholly owned subsidiary company, Minera Plata Adelante SA de CV ("MPA"), has entered into an agreement to acquire the remaining 49% of the shares of Minera Santa Cruz y Garibaldi SA de CV ("MSCG"), which will result in Endeavour owning a 100% interest in the Guanacevi Mines properties located in Durango, Mexico. Endeavour will issue 1.35 million common shares to purchase the remaining 49% of MSCG." More
- May 24, 2007 | Item | E-mail
Drilling results keep expanding MacLellan Mine - More
- May 24, 2007 | Item | E-mail
GBS Gold International Inc.: Acquisition of the Tom's Gully Gold Mine - More
- May 24, 2007 | Item | E-mail
Western Copper Corporation; Carmacks Copper Project: Independent Feasibility Study's Executive Summary - More
- May 24, 2007 | Item | E-mail
Atomic Announces Conditional Approval of Qualifying Transaction and Private Placement - More
- May 24, 2007 | Item | E-mail
Benton and Grandcru receive uranium results from the first of several new radioactive zones at Sibley Basin - More
- May 24, 2007 | Item | E-mail
Hinterland Appoints Vaughn MacLellan as Director - More
- May 24, 2007 | Item | E-mail
Puma Begins Drilling on Molybdenum Property in New Brunswick - More
- May 24, 2007 | Item | E-mail
Northern Mining Explorations Ltd. Changes its Name to MDN INC. - More
- May 24, 2007 | Item | E-mail
Pacific Comox Resources Ltd: Infill Drilling Increases Average Grade of Carmelitas North Zone to 1.1 g/tonne Gold and 40 g/tonne Silver - More
- May 24, 2007 | Item | E-mail
EXMIN Acquires Additional Project in the Batopilas Region, Chihuahua, Mexico - More
- May 24, 2007 | Item | E-mail
Marathon study confirms size, continuity and high grade nature of W horizon - More
- May 24, 2007 | Item | E-mail
Anooraq Announces Appointment of New Chief Financial Officer & Resignation of Director - More
- May 24, 2007 | Item | E-mail
Mega Uranium Provides Update on Wernecke Uranium District Project, Yukon - More
- May 24, 2007 | Item | E-mail
Dutch Gold Resources Further Enhances Mill to Process Free Gold - More
- May 24, 2007 | Item | E-mail
Carpathian Gold Provides a Status Update on its Exploration Programs - More
- May 24, 2007 | Item | E-mail
Augyva Announces the Beginning of its 2007 Exploration Campaign on Gold Showings at Yasinski - More
- May 24, 2007 | Item | E-mail
DIAGNOS Acquires its First Mining Property in the Gaspesie Region - More
- May 24, 2007 | Item | E-mail
Rare-Earth Drill Program Underway at Rare Element Resources' Wyoming Property, Newmont's Sundance Gold-Focused Drill Program to begin in Mid June - More
- May 24, 2007 | Item | E-mail
Sparton's Secondary Uranium Recovery Program Expands Into Central Europe - More
- May 24, 2007 | Item | E-mail
Geneva Resources, Inc. Ships Underground Samples From the Vilcoro Gold Property, Peru - More
- May 24, 2007 | Item | E-mail
Gold Summit / Astral JV Reports Early High Grade Gold Assay Results From Saluda Core Drilling - More
- May 24, 2007 | Item | E-mail
Astral/Gold Summit JV Reports Initial High-Grade Gold Assay Results from Saluda Drilling - More
- May 24, 2007 | Item | E-mail
Rochester's Mina Real Mill Resumes Production - More
- May 24, 2007 | Item | E-mail
Uranium Hunter Moves Forward on Second Uganda Uranium Property - More
- May 24, 2007 | Item | E-mail
Argentex expands Pinguino exploration program to include additional trenching and drilling - More
- May 24, 2007 | Item | E-mail
Cadiscor Resources Announces 150% Increase in Measured and Indicated Resources at the Discovery Gold Project - More
- May 24, 2007 | Item | E-mail
Stroud Intersects 6.51 (g/t) Gold Over 8.7 Metres and 7.12 (g/t) Over 4.6 Metres at the Hislop Project - More
- May 24, 2007 | Item | E-mail
American Bonanza Gold Corp.: Drill Map for Two Nickel Rich Zones-Grades Up to 1.7% - More
- May 24, 2007 | Item | E-mail
Virginia Mines Inc./Anatacau Project: Signing of a $3 Million Agreement with Iamgold Corporation - More
- May 24, 2007 | Item | E-mail
Golden Chalice Resources Increases Land Position at New Nickel Discovery - More
- May 24, 2007 | Item | E-mail
Eastern Platinum Limited: Continuity, Width and Grade of Merensky Reef Confirmed at Spitskop - More
- May 24, 2007 | Item | E-mail
U.S. Precious Metals Adds New Member to Board of Directors - More
- May 24, 2007 | Item | E-mail
Cloudbreak Receives Drill Permit for West Dolly Varden Project, Nevada; Drill Program Imminent - More
- May 24, 2007 | Item | E-mail
Freegold Drilling Continues to Intersect High Grade Veins at Golden Summit - More
- May 24, 2007 | Item | E-mail
Pacific Cascade Minerals Inc.: "Crack Moly" Molybdenum Property Drilling Agreement Signed - More
- May 24, 2007 | Item | E-mail
Yamana Provides Drilling Update at Amelia Ines and Magdalena Deposits at Gualcamayo, Argentina - "YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(AIM: YAU) today announced the most recent results from the ongoing exploration program at its 100%-owned Gualcamayo gold project in San Juan Province, Argentina. A total of five diamond drill holes (including infill and exploration holes) were recently completed at the Amelia Ines and Magdalena satellite deposits located approximately 1.0 km and 1.5 km northwest, respectively, of the main Quebrada Del Diablo (QDD) resource area (see attached Figures 1 and 2)." More
- May 24, 2007 | Item | E-mail
Crosshair Winter Drill Program Recovers More High-Grade Uranium Within 4.5-Kilometer-Long Corridor - More
- May 24, 2007 | Item | E-mail
CanAm Announces Preliminary Property Evaluation of the Wheeler-Beckett Claims Northern Saskatchewan - More
- May 24, 2007 | Item | E-mail
Firestone Ventures Exploration and Corporate Update Spring 2007 - More
- May 24, 2007 | Item | E-mail
Cash Minerals Begins Construction of Lumina and Bear River Camps - More
- May 24, 2007 | Item | E-mail
Trigon Acquires One of Utah's Largest Holders of Uranium Properties - More
- May 24, 2007 | Item | E-mail
Powertech Completes NI 43-101 Compliant Resource Estimate on Centennial Project - More
- May 24, 2007 | Item | E-mail
Thelon Ventures Ltd.: Phase Two Drilling to Be Completed This Summer on Pasfield Lake - More
- May 24, 2007 | Item | E-mail
Exeter Drills 304 Metres of 0.9 Grams Per Tonne Gold on Caspiche Gold Porphyry Target, Eleven Kilometres South of the Refugio Mine in Chile - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that diamond drill hole CSDH 013 at its Caspiche project in Chile has intersected 304 metres (1,003 ft) grading 0.9 grams/tonne gold (0.026 oz/ton), from a down hole depth of 40 metres." More
- May 24, 2007 | Item | E-mail
SilverCrest Reports New Silver Discovery at Cruz de Mayo, Mexico - "SilverCrest Mines Inc. (the "Company") (TSX VENTURE:SVL - News; FRANKFURT:CW5 - News) is pleased to report assay results for an additional 8 reverse circulation (RC) drill holes and the re-sampling assay results for 3 previously reported core drill holes at its Cruz de Mayo Project in northern Mexico. These results establish the continuity and grade of a silver mineralized zone that is now considered to be the discovery of a significant new silver deposit." More
- May 24, 2007 | Item | E-mail
Barrick sells most of its stake in Gold Fields - "Barrick Gold Corp (ABX.TO: Quote, Profile , Research) has sold three-quarters of its stake in South Africa's Gold Fields Ltd (GFIJ.J: Quote, Profile , Research), sending Gold Fields' shares higher.
Gold Fields' shares jumped 2.4 percent to 126.99 rand by 1055 GMT, outperforming a 0.47 percent rise in the gold mining index <.JGLDX>. The shares have shed 4.7 percent this year." More
- May 24, 2007 | Item | E-mail
MAG Silver & Penoles Extend Strike Length of Valdecanas Vein to 1,000 Metres - "MAG Silver Corp. (CDNX:MAG.V - News) and Industrias Penoles S.A. de C.V. are pleased to announce that assay results from Holes SD and MG combined with visual results from Holes ID and IE indicate a minimum 1,000 metre (1 kilometre) strike length for the Valdecanas Vein. Hole MG has also provided a confirmation of the dip length continuity of the vein to be over 500 metres." More
- May 24, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 May, 2007 | |
