-- Posted 1 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $670.60 | +$10.00 | +2.40% |
Silver | $13.69 | +$0.32 | +6.12% |
XAU | 142.31 | +1.82% | +4.82% |
HUI | 342.84 | +2.59% | +6.39% |
GDM | 1089.81 | +2.42% | +4.83% |
JSE Gold | 2729.90 | +2.10% | -0.26% |
USD | 82.32 | +0.03 | -0.05% |
Euro | 134.38 | -0.14 | -0.10% |
Yen | 81.92 | -0.19 | -0.29% |
Oil | $65.08 | +$1.07 | -0.18% |
10-Year | 4.956% | +0.066 | +1.95% |
Bond | 108.53125 | -0.625 | -0.66% |
Dow | 13668.11 | +0.30% | +1.19% |
Nasdaq | 2613.92 | +0.36% | +2.22% |
S&P | 1536.34 | +0.37% | +1.36% |
The Metals:
CoT Reports: Gold | Silver
Gold rose a couple of dollars in Asia and held its gains through London before it steadily marched higher throughout most of trade in New York and ended near its high with a gain of 1.51%. Silver rose nearly 10 cents in Asia, began to add to its gains in late London trade, extended its rise further in New York, and ended near its high with a gain of 2.39%.
Euro gold rose above €499, platinum gained $10 to $1,295, palladium gained $3 to $376, and copper remained at roughly $3.38.
Gold and silver equities rose about 2% in the first hour of trade and remained near their highs into the close.
Gold Climbs Most in Three Months After European Central Bank Caps Sales
Bloomberg
Gold futures gain more than $10 to close near three-week high
MarketWatch
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | May | 157k | 135K | 80K |
Unemployment Rate | May | 4.5% | 4.5% | 4.5% |
Hourly Earnings | May | 0.3% | 0.3% | 0.2% |
Average Workweek | May | 33.9 | 33.8 | 33.8 |
Personal Income | Apr | -0.1% | 0.3% | 0.8% |
Personal Spending | Apr | 0.5% | 0.4% | 0.4% |
Core PCE Inflation | Apr | 0.1% | 0.2% | 0.0% |
ISM Index | May | 55.0 | 54.0 | 54.7 |
Michigan Sentiment | May | 88.3 | 88.0 | 88.7 |
Pending Home Sales | Apr | -3.2% | 0.4% | -4.5% |
The BLS net birth/death adjustment added 203,000 jobs to May’s payrolls. As usual, most on Wall Street ignored the adjustment and instead concentrated on the headline number that came in above expectations. Also being hailed on Wall Street today was the fact that year-over-year Core PCE dipped down to 2.0% to fall within the Fed's comfort zone of 1 to 2 percent. While that part of the Personal Income/Spending report was widely talked about, almost completely ignored was the portion that showed personal savings fell to -1.3%.
All of this week’s economic reports:
Next week’s economic highlights include Factory Orders on Monday, ISM Services on Tuesday, Productivity on Wednesday, Initial Jobless Claims, Wholesale Inventories, and Consumer Credit on Thursday, and the Trade Balance on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil and gas rose on supply concerns as refinery problems continue with no notable drop in demand despite recent record high prices at the pump.
The U.S. dollar index and interest rates rose while treasuries fell as traders concentrated on strong headline payrolls and slightly better than expected ISM and Michigan Sentiment reports. The yield on the 10-year note rose to a 9 and ½ month high.
The Dow, Nasdaq, and S&P rose on indications of stronger than expected economic growth and tame inflation, but notable early gains were reduced slightly by the close. The Dow and S&P made new record closing highs.
Among the big names making news in the market Friday were Dow Jones, GM, Ford, Toyota, Chrysler, and Dell.
The Commentary:
“August Gold finished up 10.2 at 676.9, 0.4 off the high and 8.4 up from the low.
July Silver closed up 0.27 at 13.74. This was 0.15 up from the low and 0.01 off the high.
With a distinct rally back above the 100 day moving average and the rally unfolding in the face of mostly minor gains in the US Dollar, it would seem like the gold market has adopted a focus other than its recent infatuation with the currency markets. Certainly seeing the US economic outlook brightened by the monthly Non farm payrolls was beneficial to gold, but one might also suspect that the ongoing gains in the Asian and European equity markets gave off the impression of a strong global condition. With oil prices firming in the back ground and all the precious metals market rising in sync during the session, it would seem like something broad based was behind the rise in prices.
With a very distinct upward thrust on the charts the silver market seems to have come back alive. With the July contract soaring above the 100 day moving average early in the week, retesting that level and then running up aggressively, it would seem like the funds and the specs were involved in the run up. Certainly the favorable macro economic outlook contributed to the rally, but it would seem like the idea that silver will outperform the gold market is gathering a following. With news of a 9.5% decline in Mexican silver production in March compared to year ago, the market was also given some rare help from the supply side of the equation this week.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Blanchard's Neal Ryan on ECB's suspension of gold sales
European Central Bank won't sell gold through September
Ron Paul: The end of dollar hegemony, Part I
Banks give preferential rates on loans in takeover craze
Is Morgan working both sides of credit-insurance derivatives market?
GATA sympathizers gather for lunch in Sydney on June 14
European central banks to fall short of gold sales quota again
Couldn't they have voted for MorganChase or Citigroup instead?
The Statistics:
As of close of business: 5/31/2007
Gold Warehouse Stocks: | 7,633,132 | - 34,803 |
Silver Warehouse Stocks: | 130,497,159 | -1,016 |
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 | 468.22 | 15,053,865 | US$ 9,918m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.82 | 2,919,902 | US$ 1,961m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.92 | 382,873 | US$ 257m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,083 | US$ 271m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 4.62 tonnes.
COMEX Gold Trust (IAU)
Profile as of 5/31/2007 | |
Total Net Assets | $975,719,716 | 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 5/31/2007 | |
Total Net Assets | $1,798,881,108 | 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:
NovaGold’s (NG) project update and new director, North American Palladium’s (PAL) drill results, and Revett’s (RVM.TO) grizzly recovery program funding were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Richmont | RIC +8.15% $2.92 |
2. Metallica | MRB+6.78% $5.04 |
3. Nevsun | NSU+6.22% $2.39 |
LOSERS
1. Kimber | KBX -5.41% $1.40 |
2. Banro | BAA-1.93% $10.14 |
3. Metalline | MMG-1.27% $3.90 |
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:
Monroe Minerals first quarter 2007 results and activity update - More
- June 01, 2007 | Item | E-mail
Rocmec Initiates Strategic Plan to Split its Operations and Technology Into Two Separate Entities and Mandates Groups to Organize its Financing - More
- June 01, 2007 | Item | E-mail
CORRECTION FROM SOURCE/Sirios Resources Inc.: Positive Drilling Results on the PONTAX Silver Property - More
- June 01, 2007 | Item | E-mail
NovaGold Provides Update on Projects and Announces New Director - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today provided an update on its portfolio of projects and announced the appointment of a new director to its Board. NovaGold shareholders voted Mr. Kalidas Madhavpeddi to the Board of Directors at NovaGold's Annual General Meeting held on May 31." More
- June 01, 2007 | Item | E-mail
Capella Announces Increase in Financing with Dundee Securities Corporation - More
- June 01, 2007 | Item | E-mail
Wesdome Gold Mines and Western Québec Mines Inc. Execute Merger Agreement - More
- June 01, 2007 | Item | E-mail
Siguiri Basin Mining, Inc. (PINKSHEETS: SBMI): CEO of Consolidated Mining and Minerals Has Meeting With Hidalgo Mining International - More
- June 01, 2007 | Item | E-mail
Wildwood Management Inc. Opens European Public Relations Office - More
- June 01, 2007 | Item | E-mail
Glass Earth Limited: Gold Exploration Update Cont'd-Central North Island, NZ - More
- June 01, 2007 | Item | E-mail
North American Palladium Ltd.: Drilling at the Narkaus Property in Finland Confirms High Grade Reef and Contact Style Mineralization - "North American Palladium Ltd. ("NAP") (Toronto:PDL.TO - News)(AMEX:PAL - News) is pleased to announce the final results of its drill campaign on the Narkaus (SK Reef) Property in Finland (the "Narkaus Property"). The Narkaus Property is one of a group of advanced stage PGM deposits located south of Rovaniemi, Finland known as the Arctic Platinum Project ("APP") over which NAP has a joint venture agreement with Gold Fields Limited ("Gold Fields")." More
- June 01, 2007 | Item | E-mail
Unico, Inc. Announces Purchase and Delivery of Equipment for the Deer Trail Mine - More
- June 01, 2007 | Item | E-mail
CanAm Uranium Corp. Acquires Option to Own 100 Percent of the Reilly Uranium Property - More
- June 01, 2007 | Item | E-mail
Journey Expedites Exercise of Option to Acquire 100% of Musgrove Creek Gold Project - More
- June 01, 2007 | Item | E-mail
Canadian Royalties Inc.: Corporate & Exploration Update-New Bidlamaque Prospect Optioned to C2C Inc. - More
- June 01, 2007 | Item | E-mail
Uranium Energy Corp Appoints Uranium Mining Veteran Robert Underdown as Manager of Texas Operations - More
- June 01, 2007 | Item | E-mail
Laurion Announces Additional Drill Results on the Baktrian and Biaz Grids - Enid-Massey Project - More
- June 01, 2007 | Item | E-mail
UraMin Inc. ("UraMin" or "the Company") - Block Listing - Block Admission Application - Clarification - More
- June 01, 2007 | Item | E-mail
Linux Gold Corp. Completes $565,000 Private Placement at $0.20 Per Unit - More
- June 01, 2007 | Item | E-mail
Kazakhmys rejects request by the Board of Eurasia Gold Inc. to increase price of its offer - More
- June 01, 2007 | Item | E-mail
PCFG Plant Commissioning Update - More
- June 01, 2007 | Item | E-mail
Azimut adopts a shareholder rights plan - More
- June 01, 2007 | Item | E-mail
Paladin Resources Ltd.: Takeover Bid for Summit Resources Limited; Close of Offer Period and Notification of Relevant Interests - More
- June 01, 2007 | Item | E-mail
Dhanoa Minerals Announces New Chief Operating Officer to Live On-Site at the Company's Bonanza Mines - More
- June 01, 2007 | Item | E-mail
GLR Updates Resource at Box Mine Project - More
- June 01, 2007 | Item | E-mail
Goldrea Resources Corp.: $10,555,353.00 Financing Completed - More
- June 01, 2007 | Item | E-mail
Lateegra Appoints Thurston, Allen as VPs - More
- June 01, 2007 | Item | E-mail
Revett Funds First Phase of Grizzly Recovery Program - Enables Montana Fish, Wildlife & Parks to Hire Specialist - "While others talk about recovery efforts, Revett is stepping up to the plate to provide much-needed funding for Montana Fish Wildlife and Parks (FWP) to help carry out the overall grizzly bear recovery program," said Bill Orchow, President and CEO of Revett, adding, "the $250,000 provided by Revett will allow FWP to hire a wildlife conflict specialist now and a law enforcement officer later." More
- June 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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© Gold Seeker 2007
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-- Posted 1 June, 2007 | |
