-- Posted 5 June, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $669.70 | -$1.10 |
Silver | $13.74 | +$0.10 |
XAU | 140.44 | -1.05% |
HUI | 339.99 | -0.74% |
GDM | 1077.99 | -0.98% |
JSE Gold | 2734.91 | -0.21% |
USD | 81.90 | -0.14 |
Euro | 135.24 | +0.39 |
Yen | 82.42 | +0.33 |
Oil | $65.61 | -$0.60 |
10-Year | 4.976% | +0.047 |
T-Bond | 108.4375 | -0.50 |
Dow | 13595.46 | -0.59% |
Nasdaq | 2611.23 | -0.27% |
S&P | 1530.95 | -0.53% |
The Metals:
Gold traded mostly slightly higher in Asia and London and rose over $673 in early New York trade, but it then sold off about $4 between 9AM and 10AM EST, remained near its lows for most of the rest of trade, and ended with a loss of 0.16%. Silver held strong despite gold’s weakness and rose near $13.80 in late morning trade before it fell back off slightly in early afternoon trade, but it still ended with a gain of 0.73%.
Central bank selling of gold and especially Spain’s recent selling grabbed the headlines as it does most Tuesdays, and as usual Blanchard’s Neal Ryan gave us some terrific analysis of it in his note this morning available here. Of particular note is the unprecedented cumulative ECB selling of a massive 170 tonnes in the past 3 months, with 108 tonnes of that selling coming from Spain. Gold sales anywhere near this amount in such a short period of time have crushed the gold price in the past, though gold has traded mostly sideways over this last bout of selling. The question that remains is that when this selling stops or slows, then what will happen to the gold price then? If demand remains anywhere near recent levels and price action echoes that of times past, then certainly the price of gold and all things precious appear to be headed higher soon.
Euro gold fell near €495, platinum lost $3 to $1,299, palladium lost $3 to $371, and copper fell over 5 cents to about $3.31.
Gold and silver equities fell nearly 1.5% by early afternoon, but they then rebounded slightly in the last hour of trade and ended with about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Services | May | 59.7 | 55.5 | 56.0 |
Also making economic news today were some comments from Bernanke at a monetary policy conference in Cape Town, South Africa about weakness in the housing sector and inflation risks that appear to be moderating, but remain the predominant concern for the fed.
Tomorrow at 8:30AM EST brings the revised reading for 1st quarter Productivity expected at 1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell as worries eased over tropical cyclone Gonu that is threatening the Persian Gulf but appears to be weakening and headed inland over Iran rather than disrupt operations in the gulf.
The U.S. dollar index fell after Bernanke warned that the slump in the housing market is ongoing, but it did pare its losses after ISM Services came in better than expected and pushed interest rates to new 9 month highs as treasuries fell.
The Dow, Nasdaq, and S&P fell as treasury yields neared 5% and Bernanke reiterated his warning that the housing slump “appears likely to remain a drag on economic growth for somewhat longer than previously expected.”
Among the big names making news in the market today were Ryanair, Avaya and Silver Lake Partners and TPG, Fannie Mae and Freddie Mac, and Moody’s.
The Commentary:
“August Gold finished down 1.2 at 675.1, 3.7 off the high and 0.7 up from the low.
July Silver closed up 0.067 at 13.812. This was 0.072 up from the low and 0.058 off the high.
The gold market found some support early today on outside market influences like a weaker dollar and softer stock market, but it sold off as the dollar recovered. Overnight it was reported that the Bank of Spain sold close to $1 million in gold reserves during the month of May and that ECB gold and gold receivables fell by 29 million Euros for the week ending June 1st. While that news was dismissed early in the face of a sharply lower dollar, it seemed to become more prominent once the Dollar bounced off of its lows by mid-session. The dollar had fallen earlier after the Fed chairman said he expected the US economy to continue to be dragged down by the housing sector. The Dollar eventually traded to its lowest level since May 16th, but by afternoon it was trading 1.70 off the lows of the day. Crude oil gave back some of its gains from Monday, which also added pressure to gold, while declines in US equity markets lent some support.
July silver held its own against declining gold prices today, trading to its highest level since late April despite weaker copper prices and mixed economic news. Apparently the recent announcement by Mexico that it would regain the title of the world's largest silver producing country in 2007 did not scare the market. The Fed Chairman's comments this morning that sent the dollar sharply lower may have actually undermined silver, as it put some doubt on US economic health and on the industrial demand outlook for silver. While a better than expected Consumer Confidence number may have countervailed the Fed comments and lent some support to silver, it did little to support the stock market, which was still trading sharply lower by mid-afternoon.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Neal Ryan: Gold thrives despite three months of record bank sales
James Grant: Gold joins the mainstream
Michael Kosares: Turning point?
James Turk: Measured in gold, stock market gains are illusory
GATA sympathizers invited to lunch in Canberra on June 11
To curb inflation, Syria ends dollar peg
The Statistics:
As of close of business: 6/04/2007
Gold Warehouse Stocks: | 7,633,132 | - |
Silver Warehouse Stocks: | 130,368,616 | - 128,543 |
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 | 477.77 | 15,360,769 | US$ 10,305m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 90.81 | 2,919,772 | US$ 1,956m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 11.99 | 385,356 | US$ 258m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 12.82 | 412,069 | US$ 274m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 6/4/2007 | |
Total Net Assets | $989,999,992 | Ounces of Gold
in Trust | 1,476,134.274 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.91 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 6/4/2007 | |
Total Net Assets | $1,869,414,568 | Ounces of Silver
in Trust | 136,760,402.300 |
Shares Outstanding | 13,750,000 | Tonnes of Silver
in Trust | 4,253.72 |
Note: Change in Total Tonnes from yesterday’s data: 29.19 tonnes were added to the trust.
The Stocks:
Rio Narcea’s (RNO) drill results, NovaGold’s (NG) Galore Creek Construction start, Tanzanian Royalty’s (TRE) exclusivity agreement, U.S. Silver’s (USA.V) new 43-101 report, SNS Silver’s (SNS.V) increased private placement, Coeur’s (CDE) construction work, Aura Silver’s (AUU.V) project update, Fury’s (FUR.V) assay results, Silver Standard’s (SSRI) vice president of operations appointment, and an update on the Navidad Litigation involving Aquiline (AQI.TO) and IMA Exploration (IMR) were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. IMA Exploration | IMR +49.32% $1.09 |
2. Exeter | XRA +3.79% $3.01 |
3. Allied Nevada | ANV +3.48% $4.46 |
LOSERS
1. Rubicon | RBY -5.68% $1.66 |
2. Gammon Lake | GRS-3.15% $13.85 |
3. Endeavour | EXK -2.62% $5.21 |
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:
Cusac Commences Oro Vein Drilling, Acquires New Taurus Area Claims - More
- June 05, 2007 | Item | E-mail
Latin American Minerals Inc. Announces Stock Option Grants - More
- June 05, 2007 | Item | E-mail
Golden Goose Resources Inc. - Annual meeting of shareholders and grant of stock options - More
- June 05, 2007 | Item | E-mail
Eaglecrest Hits Highest Grade Bulk Sample to Date: 11.7 Metres of 10.0 Grams Per Tonne Gold - More
- June 05, 2007 | Item | E-mail
Romios Confirms That it Abandoned Merger With Copper Canyon Resources Ltd. - More
- June 05, 2007 | Item | E-mail
Vena Resources Intersects High-Grade Zinc plus Gold Zone in Azulcocha - More
- June 05, 2007 | Item | E-mail
Goldeye/Polar Chip Samples From the Condor Vein Return 8.11 g/t Au and 20.0 g/t Ag Over 1 m. - More
- June 05, 2007 | Item | E-mail
Mirasol Resources Ltd. - Correction of Private Placement Disclosure - More
- June 05, 2007 | Item | E-mail
Wildcat Initiates Summer Exploration Programs - More
- June 05, 2007 | Item | E-mail
New Guinea Gold Corporation: First Gold Pour at Sinivit Delayed Several Weeks - More
- June 05, 2007 | Item | E-mail
Freewest Options Lizar Gold-Based Metal Property in Northwestern Ontario to Noront - More
- June 05, 2007 | Item | E-mail
Noront Acquires Lizar Gold-Base Metal Property in Northwestern Ontario - More
- June 05, 2007 | Item | E-mail
Verena Minerals Receives Promising Drill Results from the Monte do Carmo Gold Project - More
- June 05, 2007 | Item | E-mail
Olympus Intersects Further Significant Gold & Copper at Capcapo, Northern Philippines - More
- June 05, 2007 | Item | E-mail
Rio Narcea Announces Ongoing Drilling Extends Strike Length of Mineralization at Aguablanca Deep Body - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or "the Company") (Toronto:RNG.TO - News)(AMEX:RNO - News) is pleased to announce the results of the most recent hole drilled at its Aguablanca nickel mine in southern Spain. Currently the Company has 3 underground drill rigs testing the lateral extensions of the Deep Body, located beneath the existing Aguablanca ore body. A fourth rig will arrive on site shortly." More
- June 05, 2007 | Item | E-mail
Merrex Commences Diamond Drilling at Siribaya Gold Project in Mali, West Africa - More
- June 05, 2007 | Item | E-mail
Mesa Uranium Signs LOI With Energy Fuels Inc. - More
- June 05, 2007 | Item | E-mail
Energy Fuels Signs Letter of Intent with Mesa Uranium - More
- June 05, 2007 | Item | E-mail
Moydow Announces Update on Ghana Gold Production Royalty - More
- June 05, 2007 | Item | E-mail
U.S. Silver Corporation Announces New 43-101 Technical Report - "This new technical report is the compilation of a considerable amount of exploration and development work that has been undertaken at the mining complex over the past year" said Bruce Reid, Chief Executive Officer of U.S. Silver. "The increases in silver reserves and resources are the result of these efforts." More
- June 05, 2007 | Item | E-mail
Soltoro Commences Deep Drilling on El Rayo Silver Property in Mexico - More
- June 05, 2007 | Item | E-mail
IMA Exploration Inc.: Navidad Judgment to Be Delivered on June 7th - "IMA Exploration Inc. (CDNX:IMR.V - News)(AMEX:IMR - News)(Frankfurt:IMT.F - News)(WKN 884971) wishes to advise shareholders that The British Columbia Court of Appeal will deliver a judgment in the Navidad litigation on June 7, 2007, at 9:30 a.m. Pacific Standard Time (Court of Appeal file No. CA034280)." More
- June 05, 2007 | Item | E-mail
SNS Silver Increases Non-Brokered Private Placement - "SNS Silver Corporation (TSX-V: SNS - News; "SNS") announces that it has increased the size of its previously announced non-brokered private placement. SNS will now issue up to 5,000,000 Units through the non-brokered portion of the private placement, with no change to the size of the previously announced brokered private placement of 6,000,000 Units being conducted by Pacific International Securities Inc and Research Capital Corporation." More
- June 05, 2007 | Item | E-mail
Strateco Announces Graduation on TSX - More
- June 05, 2007 | Item | E-mail
Golden Odyssey Finds Significant Surface Gold on Golden Shirene Project, Walker Lane Belt, Nevada. Drill Targets Defined - More
- June 05, 2007 | Item | E-mail
Brazauro Resources Grants Incentive Stock Options - More
- June 05, 2007 | Item | E-mail
Typhoon Intersects 2.41 G/T Gold Over 7.6 Meters, 800 Meters From the Fayolle Showing - More
- June 05, 2007 | Item | E-mail
First Metals Signs Definitive Custom Milling Agreement With Xstrata Copper - More
- June 05, 2007 | Item | E-mail
Lund Gold Ltd.: Drilling Contract Signed for Carneirinho Project - More
- June 05, 2007 | Item | E-mail
Raven Gold Corp. is pleased to announce the appointment of Mr. Blair Naughty to the position of Chief Executive Officer and President - More
- June 05, 2007 | Item | E-mail
Konigsberg Shareholders Approve Corporate Name Change to Gold Mountain Explorations - More
- June 05, 2007 | Item | E-mail
Inmet Mining presentation at RBC Capital Markets Global Mining and Materials Conference - More
- June 05, 2007 | Item | E-mail
Burn Molybdenum Property Work Program Commences - More
- June 05, 2007 | Item | E-mail
Dhanoa Minerals to Generate Additional $6.5 Million in Revenue Over Next 12 Months From Silver Production - More
- June 05, 2007 | Item | E-mail
Patrician Diamonds Inc.: Triex Diamond Drilling Dismal West Uranium Now - More
- June 05, 2007 | Item | E-mail
Drilling Continues to Intersect Wide Oxide and Sulphide Gold Mineralization at Golden China's Beyinhar Gold Project - More
- June 05, 2007 | Item | E-mail
Freegold Drilling (Fence 5) Continues to Extend Gold Mineralization at Golden Summit - More
- June 05, 2007 | Item | E-mail
AuEx Ventures, Inc.: All Accelerated Warrants Exercised - More
- June 05, 2007 | Item | E-mail
Malaga appoints O&M Partners LLC of New York to provide investor relations services in United States and Europe - More
- June 05, 2007 | Item | E-mail
Midland Exploration Inc. Opportunistic Gold Properties Acquisition in The James Bay Area - More
- June 05, 2007 | Item | E-mail
African Copper-Infill Drill Programme Returns High-grade Intersections and Shows Vertical Continuity of Copper Mineralisation in the Proposed Open Pit Area - More
- June 05, 2007 | Item | E-mail
Aurora Commences Comprehensive C$26 Million Uranium Exploration and Development Program in Coastal Labrador - More
- June 05, 2007 | Item | E-mail
Results from first drill hole at C de Baca uranium project in New Mexico confirm historic data from Occidental Minerals - More
- June 05, 2007 | Item | E-mail
NovaGold Board Approves Start of Galore Creek Construction - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) today announced that it has received the necessary Federal and Provincial authorizations and permits to allow NovaGold's Board of Directors to approve the start of construction for the Galore Creek copper-gold deposit in northwestern British Columbia." More
- June 05, 2007 | Item | E-mail
San Bartolome Silver Project in Bolivia Surpasses 600,000 Man Hours without a Lost Time Accident - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News) today announced that construction work at its large San Bartolome silver mine in Bolivia has surpassed 600,000 man hours without a lost time accident, while remaining on schedule and on budget as it moves toward an anticipated January 2008 startup date." More
- June 05, 2007 | Item | E-mail
US Gold Announces Annual General Meeting - "US GOLD CORPORATION (Toronto:UXG.TO - News)(AMEX:UXG - News) is pleased to announce that it will hold its 2007 Annual General Meeting on Tuesday, June 12, 2007 at 4:30pm EDT. The meeting will take place in the Vanity Ballroom at Le Royal Meridian King Edward Hotel located at 37 King Street East in downtown Toronto, Ontario, Canada." More
- June 05, 2007 | Item | E-mail
Aquiline Provides Update of Navidad Litigation - "Aquiline Resources Inc. ("Aquiline" or the "Corporation") (TSX:AQI - News) wishes to announce that the British Columbia Court of Appeal has advised the parties that it will deliver a judgment in the Navidad litigation, Court of Appeal File No. CA034280, on Thursday, June 7, 2007 at 9:30 a.m. (Vancouver time)." More
- June 05, 2007 | Item | E-mail
New Discoveries on Aura Silver's Taviche Project, Mexico: Drilling Program Approved - "Aura Silver Resources Inc. (TSX VENTURE:AUU - News; the "Company" or "Aura Silver") is pleased to provide an update on its Taviche Property that surrounds the San Jose silver-gold deposit owned by Fortuna Silver Mines Inc. ("Fortuna") and Continuum Resources. A press release (May 30, 2007) by Fortuna, outlined results from their recent drilling campaign in which one hole assayed 2.48 grams per tonne gold and 283 grams per tonne silver over 104.9 metres." More
- June 05, 2007 | Item | E-mail
Tanzanian Royalty Enters Into Exclusivity Agreement with Company from the People's Republic of China - "Tanzanian Royalty Exploration (AMEX: TRE/TSX: TNX) ("TRE") is pleased to announce that it has signed a letter of intent with a company from the People's Republic of China (the "PRC company") to enter into negotiations with a view to concluding a definitive option agreement providing for the exploration, development and production of mineral products from a portfolio of properties held by TRE in the Republic of Tanzania." More
- June 05, 2007 | Item | E-mail
Fury Intersects Additional High-Grade Silver at Taylor - "Fury Explorations Ltd. (the "Company") (CDNX:FUR.V - News) has received assay results for additional drill holes from its Taylor silver property located near Ely, Nevada. Infill and confirmation drilling at Taylor is now substantially complete with a total of over 26,000 feet drilled in 107 holes. Preparation of a resource calculation has been initiated by Independent Mining Consultants of Tucson, Arizona as a part of the permitting for redevelopment of the property." More
- June 05, 2007 | Item | E-mail
Silver Standard Appoints Senior Vice President, Operations - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to report the appointment of George N. Paspalas as Senior Vice President, Operations, effective June 1, 2007. Mr. Paspalas' career includes 18 years in management positions with Placer Dome Inc., most recently as Senior Vice President Projects - Technical Development." More
- June 05, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 5 June, 2007 | |
