-- Posted 30 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $653.40 | -$3.30 |
Silver | $13.15 | +$0.01 |
XAU | 136.04 | +0.47% |
HUI | 322.52 | +0.30% |
GDM | 1030.50 | -0.24% |
JSE Gold | 2678.31 | -0.95% |
USD | 82.44 | +0.10 |
Euro | 134.23 | -0.30 |
Yen | 82.27 | +0.01 |
Oil | $63.49 | +$0.34 |
10-Year | 4.878% | -0.004 |
T-Bond | 109.15625 | +0.0625 |
Dow | 13633.08 | +0.83% |
Nasdaq | 2592.59 | +0.80% |
S&P | 1530.23 | +0.80% |
The Metals:
Gold traded mostly slightly higher in Asia before it began to fall off in London and dropped to as low as $651.50 by about 11AM EST in New York, but it then drifted back higher into the close and ended about $2 off its low with a loss of 0.50%. Silver dropped to as low as $12.99 before it rallied over 1% off its low in the last few hours of trade and ended with a gain of 0.08%.
Euro gold fell to about €486, platinum lost $2 to $1,259, palladium lost $3 to $368, and copper fell a few cents to about $3.35.
Gold and silver equities fell over 1% at the open, but they soon rallied back to about unchanged and traded mixed for the rest of the day.
The Economy:
FOMC minutes from their May 9th meeting noted that inflation uncertainty was still the main concern and that risks to economic activity were down slightly. GDP expansion is expected to be below trend for the rest of 2007 thanks in part to the ongoing correction in housing that has lasted longer than the fed expected. Also making economic news was a fall in mortgage applications as reported by the MBA and a fewer than estimated addition of 97,000 jobs in May as reported by ADP.
Tomorrow at 8:30AM EST brings Q1 GDP expected at 0.8%, the Chain Deflator expected at 4.0%, and Initial Jobless Claims for 5/26 expected at 315,000. At 9:45AM is the Chicago PMI report for May expected at 54.0 and at 10AM are Construction Spending for April expected at 0.1% and the Help-Wanted Index for April expected at 31.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil bounced higher after yesterday’s large sell-off as traders prepared for tomorrow’s inventory reports that are delayed from today due to the long Memorial Day holiday weekend.
The U.S. dollar index rose and treasuries pared early gains as interest rates came off their earlier lows on the fed’s continued focus on inflation.
The Dow, Nasdaq, and S&P rose after FOMC minutes revealed no big surprises and kept investors minds at ease despite the fact that the Shanghai Composite Index fell over 6% on news that China is tripling taxes on share trades. The S&P joined the Dow at a new record closing high.
Among the big names making news in the market today were IBM, ICE and CBOE, Williams-Sonoma, Cantor Fitzgerald and ESpeed, Polo Ralph Lauren, Airbus, Borders Group, CDW, Pulte, and Tishman, Lehman, and Archstone-Smith.
The Commentary:
“June Gold finished down 4.1 at 653.1, 1.3 off the high and 1.4 up from the low.
July Silver closed down 0.003 at 13.22. This was 0.13 up from the low and 0.02 off the high.
The gold market ended up favoring the downside for most of the session Wednesday. With the Dollar showing some renewed bullish momentum later in the session it is not surprising that the gold market showed more weakness than the silver and platinum markets. However, gold also saw some light liquidation pressure in anticipation of the release of the FOMC meeting minutes but the market really didn't show a definitive reaction in the aftermath of the actual release. Some traders might have expected some support in the gold market in the wake of upbeat economic suggestions from the Fed, but apparently the inflation talk in the release just wasn't conclusive enough to drive buyers to the gold market.
While the silver market didn't exhibit as much weakness as the gold market during the action Wednesday, the metals markets in total weren't positively biased throughout the session. Certainly the platinum market managed a late recovery bounce but the silver and gold markets didn't seem to be tracking those fundamentals. If the silver market had any reaction to the FOMC meeting release it was slightly positive but in the end, it is possible that the minor post release bounce was simply short covering from pre-report selling interest.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
The surprising relevance of Ron Paul
Forced to trial, MorganChase settles copper price-rigging lawsuit
Ted Butler: Raptor update
The Statistics:
As of close of business: 5/29/2007
Gold Warehouse Stocks: | 7,667,935 | - |
Silver Warehouse Stocks: | 132,127,715 | - |
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 | 472.23 | 15,182,570 | US$ 10,354m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,966 | US$ 1,908m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.92 | 382,882 | US$ 250m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,092 | US$ 272m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/29/2007 | |
Total Net Assets | $969,982,060 | 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 5/29/2007 | |
Total Net Assets | $1,769,048,938 | 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 Fields’ (GFI) loss of their Executive Vice President and Head of Exploration, Tanzanian Royalty’s (TRE) management services agreement, Miramar’s (MNG) plan approval, Randgold’s (GOLD) non water shortage, New Gold’s (NGD) offering terms, Rubicon’s (RBY) exploration program, ECU’s (ECU.V) financial results, Fortuna’s (FVI.V) drill results, and Orko’s (OK.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Minco Gold | MGH +3.70% $1.40 |
2. IAMGOLD | IAG +3.24% $7.00 |
3. Freeport-McMoRan | FCX +2.54% $77.77 |
LOSERS
1. Allied Nevada | ANV -6.26% $4.19 |
2. Exeter | XRA -6.18% $2.58 |
3. Vista Gold | VGZ -4.64% $5.34 |
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:
Lakota Resources Inc. Announces Private Placement - More
- May 30, 2007 | Item | E-mail
Amseco Exploration Purchased Four Claims in the Inverness Township - More
- May 30, 2007 | Item | E-mail
Tanzanian Royalty Enters Into Management Services Agreement With Sloane Developments For Prospecting Licenses In Tanzania - "Under the Management Services Agreement, a wholly-owned subsidiary of Tanzanian Royalty will carry out field and exploration work on the Kisunge and Shilalo Hills targets within the Luhala Project Area and similar work at the Golden Horseshoe Reef Project." More
- May 30, 2007 | Item | E-mail
Eurasia Gold Inc.'s Board recommends shareholders reject offer from Kazakhmys - More
- May 30, 2007 | Item | E-mail
Firstgold Corp. Completes Drilling on Heaps, Results Pending - More
- May 30, 2007 | Item | E-mail
Soltoro Releases 2007 Q1 Results - More
- May 30, 2007 | Item | E-mail
Miramar Reports Receipt of Approval for Con Mine Closure and Reclamation Plan - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) announced today the successful re-start of the autoclave at the Con Mine on May 6, 2007 as part of its ongoing reclamation activity at the mine in Yellowknife. The autoclave will process all of the remaining arsenic bearing sludges and calcines left on site from historic roaster operations prior to Miramar's ownership of the mine." More
- May 30, 2007 | Item | E-mail
ECU Silver-Update to Financial Results Press Release-First Quarter Ended March 31, 2007 - "ECU Silver Mining Inc. (CDNX:ECU.V - News) provides a correction to the press release previously announced of today's date for the quarter ended March 31, 2007." More
- May 30, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Exploration Update - More
- May 30, 2007 | Item | E-mail
Randgold Resources announces No water shortage at Loulo - "London and Nasdaq listed gold miner Randgold Resources said today its Loulo mine in Mali was not affected by the water shortage which could soon force the suspension of processing operations at Nevsun's Tabakoto mine." More
- May 30, 2007 | Item | E-mail
Network Exploration Ltd. - Preliminary trench and pit results confirm high surface copper and clarify gold zone at Caldera - More
- May 30, 2007 | Item | E-mail
Golden Chalice Commences Drilling on the New Langmuir Nickel Discovery - More
- May 30, 2007 | Item | E-mail
Drilling restarts at North Shore Property, Quebec - More
- May 30, 2007 | Item | E-mail
Coronation Minerals Inc.: Drilling Resumes at Wellgreen Mine Property - More
- May 30, 2007 | Item | E-mail
Geodex announces an Agreement with Wardrop Engineering Inc. for a Scoping Study on the Sisson Brook Tungsten/Molybdenum/Copper Deposit, New Brunswick - More
- May 30, 2007 | Item | E-mail
Romarco Announces First Quarter Results - More
- May 30, 2007 | Item | E-mail
Wescan Goldfields Inc. announces first quarter results - More
- May 30, 2007 | Item | E-mail
Callinan Mines Limited: Sulphide Mineralization Intersected on the Cal Claims - More
- May 30, 2007 | Item | E-mail
Absolut Extends Term of Warrants - More
- May 30, 2007 | Item | E-mail
1,074,000,000 (One Billion and Seventy-Four Million) PAIM Common Shares Requested To Be Cancelled, Pearl Asian Mining Reports - More
- May 30, 2007 | Item | E-mail
Paramount Gold Drills Multiple Silver Intercepts, Including 5,370 g/t Silver Across 0.40 Meters - More
- May 30, 2007 | Item | E-mail
Atlas Mining Company Continues Contracting Efforts - More
- May 30, 2007 | Item | E-mail
Anglo Swiss Resources Announces a New Work Program for its Historic Kenville Mine Property to Target a Large Copper, Gold, Silver, Molybdenum Anomaly - More
- May 30, 2007 | Item | E-mail
Research Works Initiates Coverage on Dutch Gold Resources - More
- May 30, 2007 | Item | E-mail
Algamarca legal actions dismissed - Supreme court upholds Sulliden appeal - More
- May 30, 2007 | Item | E-mail
Vantex Completes a $110,000 Financing - More
- May 30, 2007 | Item | E-mail
Victoria Resource Corporation: Further Drill Results at Cove-McCoy Project, Nevada - More
- May 30, 2007 | Item | E-mail
Vantex Raises $400,000 - More
- May 30, 2007 | Item | E-mail
Premier-Goldcorp sign joint venture agreement to explore Red Lake "mine trend" land package - More
- May 30, 2007 | Item | E-mail
Tara Gold Drills Multiple Silver Intercepts, Including 5,370 g/t Silver Across 0.40 Meters - More
- May 30, 2007 | Item | E-mail
Crew Gold Corporation Announces: Continued Positive Drilling Results From Lero Karta - More
- May 30, 2007 | Item | E-mail
Millstream Mobilizes Drillers to Airport East Property; Drilling Continues at Potter - More
- May 30, 2007 | Item | E-mail
San Jose Drill Program Cuts 104.9m of 283 g/t Ag 2.48 g/t Au - More
- May 30, 2007 | Item | E-mail
Canadian Mining Company Inc. Identifies Geological Structure - More
- May 30, 2007 | Item | E-mail
Craig Nelsen to Leave Gold Fields - "Gold Fields Limited (Gold Fields) (NYSE: GFI, JSE: GFI, DIFX: GFI) said today that Craig Nelsen, its Executive Vice President and Head of Exploration would be leaving the Group to establish a new business venture in Denver, Colorado of which he will be CEO." More
- May 30, 2007 | Item | E-mail
New Gold Announces Terms of Underwritten Offering - "New Gold Inc. (Toronto:NGD.TO - News)(AMEX:NGD - News) is pleased to announce that further to its previously announced (May 29, 2007) offering (the "Offering") of Units, Debentures, Flow-Through Shares and Shares, that that it has entered into an underwriting agreement with a syndicate of underwriters to sell 10,700,000 common shares at $7.50 per share and 2,055,000 Flow through shares at $9.75 per share for gross proceeds of $100,286,250." More
- May 30, 2007 | Item | E-mail
Tao Minerals Forms New Colombian Subsidiary - More
- May 30, 2007 | Item | E-mail
High River Gold Reports Positive Economics for Recovering Zinc and Lead at Berezitovy - More
- May 30, 2007 | Item | E-mail
Rimfire Minerals Corporation: Pogo Area Drilling Program Underway - More
- May 30, 2007 | Item | E-mail
First Three Holes Expand Continental's Newtongmen Deposit - More
- May 30, 2007 | Item | E-mail
Armistice Resources Corp. appoints advisor to the board - More
- May 30, 2007 | Item | E-mail
Scorpio's Surface Drilling of Santa Teresa Reports Mineralized Intercepts; Underground Drilling Targeting the Extension of the Sept 9 Zone - More
- May 30, 2007 | Item | E-mail
Galway Resources engages SRK to proceed with Scoping Study at the Victorio molybdenum/tungsten project - More
- May 30, 2007 | Item | E-mail
Golden Phoenix to Highlight Its Molybdenum Achievements at Metals Forum in New York City on June 5th - More
- May 30, 2007 | Item | E-mail
Silver Fields acquires second Mexican property - More
- May 30, 2007 | Item | E-mail
Strathmore Updates Juniper Ridge Wyoming Project - More
- May 30, 2007 | Item | E-mail
Crosshair Reports Highest Uranium Grades and Intercepts Ever Returned from Lower C Zone - More
- May 30, 2007 | Item | E-mail
Yellowcake Updates Juniper Ridge Wyoming JV Project - More
- May 30, 2007 | Item | E-mail
UCR Commences Drilling on Quartzite Ridge Property - More
- May 30, 2007 | Item | E-mail
Pele Mountain Expands Drilling at Elliot Lake Uranium Project - More
- May 30, 2007 | Item | E-mail
International Arimex acquires additional uranium properties - More
- May 30, 2007 | Item | E-mail
Thelon Ventures Ltd.: 47,120 Acre Uranium Property to be Joint Ventured in Utah's Green River Mining District - More
- May 30, 2007 | Item | E-mail
Rubicon Heads North to Alaska - "Rubicon Minerals Corporation (TSX:RMX - News; AMEX:RBY - News) is pleased to announce that crews have been mobilized to commence a $3.0 million first-phase exploration program on the Company's newly acquired district-scale Pogo land holdings." More
- May 30, 2007 | Item | E-mail
Fortuna Cuts 104.9m of 283 g/t Ag 2.48 g/t Au at San Jose - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News; "Fortuna"): Mr. Jorge Ganoza, President of the Company, is pleased to announce initial drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico which is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd (24%). Analytical results have been received for the first two drill holes in the initial 11,000m phase of the drill program." More
- May 30, 2007 | Item | E-mail
Orko Silver Intercepts 19.05 Metres of 239.6 g/t Silver-Equivalent - "Of particular note is the major width and high grade in the Abundancia Vein in "Mina La Preciosa" sector from drill hole BP07-101. The Abundancia Vein yielded 19.05 metres true width grading 226.0 g/t Ag and 0.227 g/t Au for a silver-equivalent of 239.6 g/t, including 11.97 metres true width grading 296.5 g/t Ag and 0.249 g/t Au for a silver-equivalent of 311.4 g/t. This hole also contained thickness and grade intercepts for Chabelita, Luz Elena and Martha Veins." More
- May 30, 2007 | Item | E-mail
ECU Silver Announces Financial Results for the First Quarter Ended March 31, 2007 - "Following a year of significant discoveries, the Company ramped up its exploration and definition drilling program in January 2007 at its properties in Durango State, Mexico. The new program will include a total of 32,000 meters of drilling in 2007. The program is currently underway with simultaneous drilling at the Santa Juana and San Mateo areas on the Velardena property and additional drilling on the nearby Chicago and San Diego properties." More
- May 30, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 30 May, 2007 | |
