-- Posted 31 May, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $660.60 | +$7.20 |
Silver | $13.37 | +$0.22 |
XAU | 139.63 | +2.63% |
HUI | 334.20 | +3.62% |
GDM | 1063.99 | +3.25% |
JSE Gold | 2673.78 | -0.17% |
USD | 82.39 | -0.15 |
Euro | 134.52 | +0.29 |
Yen | 82.11 | -0.16 |
Oil | $64.01 | +$0.52 |
10-Year | 4.890% | +0.012 |
T-Bond | 109.15625 | UNCH |
Dow | 13627.64 | -0.04% |
Nasdaq | 2604.47 | +0.46% |
S&P | 1530.62 | +0.03% |
The Metals:
Gold rose $2-$3 in Asia and London and added another $5 in early New York trade to above $660 before it fell back to about $658 around 10:30AM EST, but it then rose to new highs by late morning, fell back off again in early afternoon trade, and again rose to new highs in the last half hour of trade and ended with a gain of 1.10%. Silver rose near $13.50 by about 9:45 before it chopped its way slightly lower into the close, but it still ended with a gain of 1.67%.
Euro gold rose over €491, platinum gained $26 to $1,285, palladium gained $5 to $373, and copper gained a few cents to about $3.38.
Gold and silver equities rose over 1% at the open, steadily added to their gains throughout the day, and ended with about 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
GDP | Q1 | 0.6% | 0.8% | 1.3% |
Chain Deflator | Q1 | 4.0% | 4.0% | 4.0% |
Initial Claims | 5/26 | 310K | 315K | 314K |
Chicago PMI | May | 61.7 | 54.0 | 52.9 |
Construction Spending | Apr | 0.1% | 0.1% | 0.6% |
Help-Wanted Index | Apr | 29 | 31 | 30 |
GDP came in lower than expected at the slowest growth in over four years, but that economic disappointment was offset by better than expected Initial Claims and Chicago PMI data. Also making economic news was a rarely watched government report showing prices for single family homes rose just 4.3% from a year earlier, the smallest gain about 10 years.
Tomorrow at 8:30AM EST brings jobs data for May. Nonfarm Payrolls are expected at 135,000, the Unemployment Rate is expected at 4.5%, the Average Workweek is expected at 33.8, and Hourly Earnings are expected at 0.3%. Also at 8:30 are Personal Spending for April expected at 0.4%, Personal Income expected at 0.3%, and Core PCE Inflation expected at 0.2%. At 10AM are Pending Home Sales for April expected at 0.4%, Michigan Sentiment for May expected at 88.0, and the ISM Index for May expected at 54.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded all over the place and ultimately ended higher on mixed inventory data as crude inventories unexpectedly fell 2.0 million barrels, gasoline inventories built 1.3 million barrels, distillates built 100,000 barrels, natural gas stocks built 107 billion cubic feet, and refinery utilization remained unchanged at 91.1%.
The U.S. dollar index fell versus the euro on weak GDP growth, but losses pared by the end of the day as the dollar gained versus the yen on stronger than expected Chicago PMI.
Treasuries fell in early trade as interest rates rose near 9 month highs in reaction to the stronger than expected Chicago PMI report, but losses were erased by the close as traders prepared for tomorrow’s jobs report.
The Dow, Nasdaq, and S&P opened higher on more takeover news, but worries over mixed economic data pared gains by the close and the three indices ended mixed and near unchanged.
Among the big names making news in the market today were WellPoint, Sears, Tiffany, Morgan Stanley and Investa, Northwest Airlines, Ceridian, Wachovia and A.G. Edwards, and Costco.
The Commentary:
“August Gold finished up 7.4 at 666.7, 0.8 off the high and 3.1 up from the low.
July Silver closed up 0.25 at 13.47. This was 0.085 up from the low and 0.09 off the high.
The gold market forged a pretty impressive range up bounce on Thursday and managed to forge the gains without a distinct break down in the US Dollar. Apparently evidence of inflationary pressure within the Chicago Purchasing Managers report provided some buyers with the impetus to push up prices. With oil prices at least temporarily showing upside interest and the metals complex in general managing a concerted rally it certainly seemed like a number of bullish themes were being embraced. If fact, the Chicago Purchasing Managers readings were on the face strong enough to countervail the disappointment from the US GDP readings and therefore some traders think that the gold market actually saw some fresh bargain hunting buying from the improved forward outlook on the economy.
With the silver market mostly outperforming the gold market and both the copper and platinum markets making very clear upward bids on the charts it is not surprising to see the silver spring back to life. Certainly the second set of economic readings from the US (the Chicago Purchasing Managers report) gave silver an additional lift and certainly the minor decline in the Dollar was helpful but the main burst of buying seemed to come from the physical commodity side of the equation.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Senators draft legislation for currency intervention by U.S.
The Statistics:
As of close of business: 5/30/2007
Gold Warehouse Stocks: | 7,667,935 | - |
Silver Warehouse Stocks: | 130,496,143 | -1,631,572 |
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 | 463.60 | 14,905,362 | US$ 9,724m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,934 | US$ 1,929m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.92 | 382,878 | US$ 253m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,092 | US$ 272m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX subtracted 8.63 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/30/2007 | |
Total Net Assets | $964,064,917 | 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 5/30/2007 | |
Total Net Assets | $1,779,890,444 | 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:
Gammon Lake’s (GRS) operations at Ocampo, Vista Gold’s (VGZ) drill results, Sabina Silver’s (SBB.V) agreement for engineering services, U.S. Silver’s (USA.V) 1st quarter financial results, and Minefinders’ (MFN) drilling were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +9.76% $2.25 |
2. Minefinders | MFN+8.70% $11.62 |
3. Agnico-Eagle | AEM+6.60% $36.36 |
LOSERS
1. Entree Gold | EGI -2.82% $2.07 |
2. Richmont | RIC -1.46% $2.70 |
3. Exeter | XRA -1.16% $2.55 |
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:
Utah Uranium Announces Property Acquisitions, Additional Director - More
- May 31, 2007 | Item | E-mail
Gammon Lake Resources Inc. Confirms Continuous Operations at Ocampo - "In response to recent Mexican media reports about the potential for mine production disruption at Gammon Lake's Ocampo project arising from minor land permitting clarifications with government authorities, Gammon management wishes to assure shareholders that these discussions are regular and ongoing and have no impact on the Company's operations at Ocampo." More
- May 31, 2007 | Item | E-mail
Clarification: Strathmore Completes Option Agreement on Duddridge Lake Uranium Project - More - May 31, 2007 | Item | E-mail
Pershimco Resources Inc.: 3 Million Non-Brokered Private Placement - More
- May 31, 2007 | Item | E-mail
CanAm Uranium Corp. Acquires Option to Own 100 Percent of the Reilly Uranium Property - More
- May 31, 2007 | Item | E-mail
New Cantech Ventures Inc. Announces Resource Estimate For the Indi Claims at Silver Coin - More
- May 31, 2007 | Item | E-mail
Purepoint Uranium Group Inc. Issues Employee Stock Options - More
- May 31, 2007 | Item | E-mail
Doublestar Resources Announces Change of Date of Shareholders' Meeting - More
- May 31, 2007 | Item | E-mail
General Minerals Corporation Options Large Land Package Surrounding Canasta Dorada Gold Property in Sonora, Mexico - More
- May 31, 2007 | Item | E-mail
Dr. Francis Chartrand joins Amex Exploration Inc. - More
- May 31, 2007 | Item | E-mail
Carmax Closes Second Private Placement - More
- May 31, 2007 | Item | E-mail
Soho Reports Management Resignation - More
- May 31, 2007 | Item | E-mail
Gold World Appoints Nevsun COO To Board - More
- May 31, 2007 | Item | E-mail
Virginia Mines Shareholders Annual Meeting - More
- May 31, 2007 | Item | E-mail
Final tranche of $8.45 million private placement completed - More
- May 31, 2007 | Item | E-mail
Sabina Silver Hires AMEC Americas Limited for Engineering Services as the Silver-Zinc Hackett River Project Advances - "A recent NI 43-101 compliant Preliminary Economic Assessment of the Hackett River Project has indicated potential production levels of over 12 million ounces silver and 147,000 tonnes zinc per year plus appreciable copper, lead and gold, for a mine life of 13.6 years. The project generates a C$257 million NPV at a full 10% discount rate using conservative metal prices of US$8.69/oz silver, US$0.72/lb zinc, US$1.35/lb copper, US$0.39 lead and US$522.50/oz gold (March 5, 2007)." More
- May 31, 2007 | Item | E-mail
U.S. Silver Corporation Announces 1st Quarter Financial Results for 2007 - "For the period from January 1st, 2007 to March 31, 2007 U.S. Silver generated consolidated revenue of approximately U.S. $4.2 Million and recorded an operating loss of U.S. $1.2 Million. Net loss for the period was $1.2 million, equaling a loss per share of U.S. $0.01. As the Company was formed in the 2nd Qtr in 2006, there are no comparables to the first quarter." More
- May 31, 2007 | Item | E-mail
Aurogin Reports First Quarter 2007 Financial Results - More
- May 31, 2007 | Item | E-mail
CCM Research Issues Initial Report on Alhambra Resources, Ltd. - More
- May 31, 2007 | Item | E-mail
Carat Expands Drilling Program at Comparbala Property, Chile, and is Announcing a Financing. - More
- May 31, 2007 | Item | E-mail
IP Survey Doubles Strike Length of Angel Hill Gold Zone to 2.8km on Houston Lake's West Cedartree Gold Project - More
- May 31, 2007 | Item | E-mail
Mountain Lake Strengthens Management Team - More
- May 31, 2007 | Item | E-mail
Carlisle Appoints Corporate Secretary - More
- May 31, 2007 | Item | E-mail
Orex Accepts a Private Placement Proposal for Goldboro Phase 2 Exploration - More
- May 31, 2007 | Item | E-mail
Keegan Core Drilling Results Expand Strike Length of Gold Mineralization at Main Zone to Over 3 Km - More
- May 31, 2007 | Item | E-mail
Golden Odyssey Acquires 100% of Washiki Project, Pershing County, Nevada. High Grade Gold Confirmed by Sampling - More
- May 31, 2007 | Item | E-mail
VVC Exploration - delay in filing audited financial statements - More
- May 31, 2007 | Item | E-mail
Firstgold Corp. Completes Phase One Drilling, Awaiting Results - More
- May 31, 2007 | Item | E-mail
Phoenix Matachewan Mines Inc.: Diamond Drilling Update Steel River Zinc-Copper-Gold Property - More
- May 31, 2007 | Item | E-mail
Oromonte announces 1st quarter financial results and other news - More
- May 31, 2007 | Item | E-mail
Nevada Copper Corp.: Impressive Drilling Results Continue/Program Expanded - More
- May 31, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or "the Company") - Block Listing - More
- May 31, 2007 | Item | E-mail
Anaconda Mining Begins Exploration Program on Restauradora Copper-Gold Project - More
- May 31, 2007 | Item | E-mail
Algamarca Refutes Sulliden Press Release And Accurately States Facts - More
- May 31, 2007 | Item | E-mail
Virgin Metals Reports Additional Drill Results, Including 22m. at 0.78% Mo and 2.08% Cu - More
- May 31, 2007 | Item | E-mail
Russell Industries 504 Completed - More
- May 31, 2007 | Item | E-mail
Metanor hires Mr. C. Imbeault as General Manager and updates boosted gold resources of the Barry project - More
- May 31, 2007 | Item | E-mail
General Metals Announces Closing of Unit Private Placement and Warrant Exercises for Proceeds of $451,065 to Advance Phase 1 Drilling at Independence Mine - More
- May 31, 2007 | Item | E-mail
Laurion Mineral Exploration Inc. announces warrant extension application - More
- May 31, 2007 | Item | E-mail
Etruscan intersects high grade gold at Agbaou - More
- May 31, 2007 | Item | E-mail
Ascendant Copper Announces Exploration Results From Its Telimbela Copper Project, Central Ecuador - More
- May 31, 2007 | Item | E-mail
Strathmore Completes Option Agreement on Duddridge Lake Uranium Project - More
- May 31, 2007 | Item | E-mail
Global Minerals Signs Letter of Intent to Earn 50% Interest of Alto Sobrido Located in Portugal - More
- May 31, 2007 | Item | E-mail
Bellhaven Copper & Gold Signs USD$4 Million LOI with Golden Cross Resources for Los Hatillos Property Interest - More
- May 31, 2007 | Item | E-mail
Unico, Inc. Files 8-K Reporting Appointment of New Director - More
- May 31, 2007 | Item | E-mail
Duluth Metals announces continuous mineralization in another five new drill holes - More
- May 31, 2007 | Item | E-mail
Cerro Rico de Potosi Evaluation Meetings Are Complete; Franklin Mining, Bolivia S.A. and COMIBOL Officials Evaluate Production Plan - More
- May 31, 2007 | Item | E-mail
Trend Exploration Halts Kurchum River Project - More
- May 31, 2007 | Item | E-mail
Mawson stakes 2.9 million pound historic uranium resource in Finland - More
- May 31, 2007 | Item | E-mail
Exploration Program Started on Cheechoo Gold Project, James Bay, Quebec - More
- May 31, 2007 | Item | E-mail
Majescor Prepares to Drill "Lac Mantouchiche" Uranium Showing in the Otish Mountains & Provides Exploration Update on its Four Quebec Uranium Projects - More
- May 31, 2007 | Item | E-mail
Gold & Silver Minerals Inc. Announces Frankfurt Stock Exchange Listing - More
- May 31, 2007 | Item | E-mail
Minera Andes drills significant copper at Los Azules Project, Argentina - More
- May 31, 2007 | Item | E-mail
Gravity West Mining Corp.: Million Dollar Drill Program Planned on Sibley Basin Uranium Property - More
- May 31, 2007 | Item | E-mail
Verena Minerals Triples Land Position at Volta Grande - More
- May 31, 2007 | Item | E-mail
African Gold Group, Inc.: 33 New Drill Holes Advance Kobada Potential to Southwest Within "Zone 1" - More
- May 31, 2007 | Item | E-mail
Abacus Mining and Exploration Corp.: First Assay Results Continues Expansion of Ajax Area - More
- May 31, 2007 | Item | E-mail
Minefinders Begins Drilling in Sonora and Nevada-Stakes Large Land Package in Sierra Madre Belt - "As we advance the Dolores gold and silver mine to production, we continue to put our exploration expertise to work. Over the years of exploring and developing Dolores, we have assembled one of the strongest exploration teams in Mexico. With a significant exploration budget, I am confidant that our field activity will continue to be rewarded." More
- May 31, 2007 | Item | E-mail
Crowflight Regional Exploration Drilling Intersects 32.8 Feet Grading 1.35% Nickel at Halfway Lake - More
- May 31, 2007 | Item | E-mail
Sherwood Produces First Copper-Gold Concentrates at Minto Mine, Yukon - More
- May 31, 2007 | Item | E-mail
Trade Winds Plans Spin-Out and IPO for Its Two Western China Projects - More
- May 31, 2007 | Item | E-mail
First Narrows Provides Chester Update - More
- May 31, 2007 | Item | E-mail
BCM Resources Corporation-Shan Phase 2 Drilling: Partial Hole 27 Results; 190 Meters of 0.103% Molybdenum - More
- May 31, 2007 | Item | E-mail
Freegold Drilling Continues to Intersect Deeper, Higher-Grade Gold Mineralization at Almaden - More
- May 31, 2007 | Item | E-mail
Aquila Adds Third Drill to Target Massive Sulfide Resource, Gold Zones and New Geophysical Anomalies - More
- May 31, 2007 | Item | E-mail
Mega Uranium and Monster Copper Announce Update for Monster Copper Acquisition - More
- May 31, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 31 May, 2007 | |
