-- Posted 9 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $660.50 | +$8.00 |
Silver | $12.69 | +$0.05 |
XAU | 146.61 | +1.11% |
HUI | 356.60 | +1.13% |
GDM | 1111.49 | +1.18% |
JSE Gold | 2579.60 | +2.12% |
USD | 81.46 | +0.02 |
Euro | 136.23 | +0.02 |
Yen | 81.09 | +0.02 |
Oil | $72.19 | -$0.62 |
10-Year | 5.159% | -0.036 |
T-Bond | 106.46875 | +0.375 |
Dow | 13649.97 | +0.28% |
Nasdaq | 2670.02 | +0.13% |
S&P | 1531.85 | +0.09% |
The Metals:
CoT Reports: Gold | Silver
Gold traded roughly $1-$4 higher in Asia and London before it jumped even higher to above $662 in early New York trade, remained near its highs in the low $660s for the rest of the session, and ended with a gain of 1.23%. Silver found over 1% gains above $12.80 in early New York trade before it fell back off in afternoon trade, but it still ended with a gain of 0.40%.
Euro gold rose above €485, platinum gained $6 to $1,314, palladium gained $4 to $370, and copper rose about a penny to roughly $3.63.
Gold and silver equities rose about 1.5% at the open before they dipped in early afternoon trade to find just slight gains on the day, but they then rallied back higher in the last two hours of trade and ended with over 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Consumer Credit | May | $12.9B | $6.5B | $2.3B |
Tomorrow at 10AM EST is the Wholesale Inventories report for May expected at 0.4%. Also tomorrow is a speech from Bernanke on inflation.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil prices fell after hitting new 11-month highs midday while gasoline rose on refinery problems as the IEA forecasted tight supplies in the long term.
The U.S. dollar index remained near unchanged as traders waited for a speech from Bernanke tomorrow and economic data later in the week.
Treasuries rose on continued worries over subprime loans and their impact on the rest of the market.
The Dow, Nasdaq, and S&P rose on takeover news and hopes for stronger than expected earnings reports despite poor retail sales indications and worries over inflation.
Among the big names making news in the market today were Danone and Numico, Johnson & Johnson, LaBranche, Lear and Icahn, CME and CBOT, Boeing, Univar and CVC, Lexmark, and Carlyle and Sequa.
The Commentary:
“The strength below $650 is enormous. But it is not the sort that will chase prices. Perhaps the biggest reason for the rise is the lack of selling. The funds tried to take the gold price down but then turned around to the long side. Central Bank selling is a low 6 tonnes this week and investment buying, whilst small, is now present. The trend looks as though it is in the process of reasserting itself. The market mood has been turning for the last two weeks, so I expect rising bottoms from now on. If it breaks $660 it may well run quite a way.”- Julian D.W. Phillips, www.goldforecaster.com
“August Gold finished up 7.7 at 662.5, 2.5 off the high and 4.7 up from the low.
September Silver closed up 0.063 at 12.82. This was 0.01 up from the low and 0.13 off the high.
For the August gold contract to have reached the highest price since June 7th in the face of a mostly unchanged US Dollar, it was clear that value hunting buying, physical buying or longer term short covering was in play. Certainly the market was supported by another sharp rise in unleaded gasoline prices and perhaps some of the buying was flight to quality buying ahead of the impending US Consumer Credit report, but in the end the gold rally took place in a wave of metals gains and that seemed to give the rally more credence. Certainly part of the buying was the result of improved macro economic expectations in the wake of last Friday's solid Non Farm payroll report, but additional buying might have been seen off renewed investment interest in the wake of the favorable Middle East demand stats that were floated overnight. According to some Press outlets the gold market was also lifted by trend following fund buying interest in the wake of a rise above the recent highs.
For most of the session the silver market underperformed the gold market, with the silver market only reaching the highest level since June 26th. Like gold, silver might have caught some trend following fund buying interest, but the silver gains were so limited that the buying almost seemed to be limited to technical short covering. In fact, the September silver contract even failed to close above the prior session's highs and that would seem to cut down on the influx of fund buying interest. Fortunately the silver market did see broad based buying in all the actively traded metals markets and that seemed to give the bull camp an added measure of confidence.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Zimbabwe thinks guns can repeal laws of economics
Banks seen losing up to $52 billion on subprime mortgages
Do you really want to bet that one person can't make a difference?
Kitco's Nadler overlooks the biggest parts of the gold market
Gold rush threatens Chilean glacier
Thieves outside central banks are lured by metal money too
Technical analysis at Resource Investor and Market Oracle
Fledgling gold industry brings hope to ninth-poorest country, Madagascar
S. Africa would extend rand to Zimbabwe in deal for reform
Bernanke's helicopters revving up?
Colombia reneges on treasure hunters who found $2 billion shipwreck
Ambrose Evans-Pritchard: As 'China effect' reverses, inflation threatens
Canadian dollar reaches 30-year high against greenback
Italy adds Bank of America to market-rigging prosecution
The Statistics:
As of close of business: 7/6/2007
Gold Warehouse Stocks: | 7,164,218 | -64,095 |
Silver Warehouse Stocks: | 135,123,468 | +331,975 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 473.45 | 15,221,932 | US$ 9,874m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,657 | US$ 1,979m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,389 | US$ 261m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,783 | US$ 274m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 9.23 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/6/2007 | |
Total Net Assets | $963,093,495 | Ounces of Gold
in Trust | 1,475,649.875 |
Shares Outstanding | 14,900,000 | Tonnes of Gold
in Trust | 45.90 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/6/2007 | |
Total Net Assets | $1,713,450,872 | Ounces of Silver
in Trust | 138,192,887.000 |
Shares Outstanding | 13,900,000 | Tonnes of Silver
in Trust | 4,298.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Canyon’s (CAU) feasibility study, Exeter’s (XRA) drill results, Great Basin’s (GBN) drill results, Agnico-Eagle’s (AEM) completed acquisition of Cumberland’s shares, Great Panther’s (GPR.TO) drill results, Southern Silver’s (SSV.V) drill results, Silvermex’s (SMR.V) acquired property, and MAG Silver’s (MVG) listing on the AMEX were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Miramar | MNG+4.27% $4.88 |
2. Endeavour | EXK +3.87% $5.10 |
3. Allied Nevada | ANV +3.84% $4.60 |
LOSERS
1. Minco Gold | MGH -1.46% $1.35 |
2. New Gold | NGD -1.36% $6.55 |
3. Exeter | XRA -1.11% $3.56 |
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:
Great Panther Discovers New Silver-Gold Zones at Guanajuato - "GREAT PANTHER RESOURCES LIMITED (Toronto:GPR.TO - News) is pleased to announce that surface diamond drilling has intersected four new silver-gold zones and provided further definition on the three previously known zones of silver-gold mineralization in the Promontorio area of the Company's wholly-owned Guanajuato Mine in Guanajuato, Mexico. All zones are sub-parallel and occur within 70 metres of the main Veta Madre." More
- July 09, 2007 | Item | E-mail
Southern Silver Expands Gold Zone at San Luis - "Southern Silver Exploration Corp. (TSX VENTURE:SSV - News; FRANKFURT:SEG - News) reported today results from the first three drill holes of the Phase II, San Luis core drilling program which have extended both the on-strike and down-dip projection of the mineralized vein system. Four drill holes have been completed to date and a fifth drill hole is currently in progress and will be completed upon the return of the drill crew from break in mid July. Assays from holes four and five of the Phase II program will be released when available." More
- July 09, 2007 | Item | E-mail
Silvermex Resources Acquires Lety Property in Durango - "Silvermex Resources Ltd. (TSX VENTURE:SMR - News) has entered into an option agreement to acquire a 100-per-cent interest in the Lety property located in the municipality of Santa Maria del Oro, Durango, approximately 230 kilometers North West straight line from the city of Durango, Mexico. The Lety property consists of three mining concessions covering 5,130 hectares in the Northern portion of the state of Durango (of that surface, 4,867 hectares were staked directly by Silvermex), and are located near the historical mining districts of Magistral del Oro, Santa Maria del Oro and Guanacevi, in the Sierra Madre Occidental of Mexico." More
- July 09, 2007 | Item | E-mail
Explor Acquires Pyne Township Land Position - More
- July 09, 2007 | Item | E-mail
Strait Gold Signs Drill Contract for Culebrilla Gold-Silver Project - More
- July 09, 2007 | Item | E-mail
Duran Progress Report on Exploration at the Aguila Project - More
- July 09, 2007 | Item | E-mail
Firstgold Corp. Expands Property Portfolio - More
- July 09, 2007 | Item | E-mail
Vena Resources Receives Award in Peru - More
- July 09, 2007 | Item | E-mail
Consolidated Goldfields Receives Sample Results from Its Pyramid Mine - More
- July 09, 2007 | Item | E-mail
Soil Sampling Discovers New Gold-Copper Zones at Acero-Martin's Pinaya Project, Southeastern Peru - More
- July 09, 2007 | Item | E-mail
RFI Announces Assay Results - Shawnee Zinc Exploration Project - Kentucky - More
- July 09, 2007 | Item | E-mail
Raven Gold Corp. is pleased to announce today that they are commencing additional exploration at La Currita, Mexico - More
- July 09, 2007 | Item | E-mail
Agnico-Eagle completes compulsory acquisition of remaining Cumberland common shares - "Agnico-Eagle Mines Limited ("Agnico-Eagle") announced today that its wholly-owned subsidiary, Agnico-Eagle Acquisition Corporation, has completed the compulsory acquisition of 6,624,271 common shares of Cumberland Resources Ltd. ("Cumberland") not acquired pursuant to the take-over bid initiated on March 12, 2007. It is expected that the consideration for the Cumberland share certificates deposited to date will be mailed to the depositing shareholders this week. Cumberland is now a wholly-owned indirect subsidiary of Agnico-Eagle." More
- July 09, 2007 | Item | E-mail
Quadra shares rise on jump in gold output target - More
- July 09, 2007 | Item | E-mail
Tung Ding Resources Inc. Acquires Chinese Mine - More
- July 09, 2007 | Item | E-mail
Mantis closes on Unit Financing - More
- July 09, 2007 | Item | E-mail
Eaglecrest Explorations Ltd.: Five New Target Gold Zones Discovered at San Simon - More
- July 09, 2007 | Item | E-mail
Goldcorp Declares Seventh Monthly Dividend Payment for 2007 - "GOLDCORP INC. (Toronto:G.TO - News)(NYSE:GG - News) is pleased to declare its seventh monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, July 20, 2007 will be entitled to receive payment of this dividend on Friday, July 27, 2007." More
- July 09, 2007 | Item | E-mail
Western Troy Announces Trench Sample Results in Panama, Commencement of Drilling at MacLeod Lake - More
- July 09, 2007 | Item | E-mail
Tribute Intersects 4.05 Metres (True Width) 11.5% Zinc, 1.48% Copper, 1.32 g/t Gold, 43.3 g/t Silver and 48.3 g/t Indium - More
- July 09, 2007 | Item | E-mail
Kinbauri Gold Appoints Brian McEwen to Board - More
- July 09, 2007 | Item | E-mail
Beartooth Platinum Corporation Announces 2007 Exploration Program for Stillwater Project - More
- July 09, 2007 | Item | E-mail
Tagish closes initial private placement of $2,000,000 by Wega Mining ASA - More
- July 09, 2007 | Item | E-mail
Lero Gold Corp.: Data Re-interpretation Yields Significant Upside at Taldybulak-Talas Cu-Au Porphyry Deposit, Kyrgyzstan - More
- July 09, 2007 | Item | E-mail
Cadiscor Resources Announces the Acquisition of the Flordin Gold Property from IAMGOLD - More
- July 09, 2007 | Item | E-mail
Forsys Upgrades Resource to 62.1 Mlbs at the Valencia Uranium Deposit, Namibia - More
- July 09, 2007 | Item | E-mail
Pelangio Starts Drilling at Obuasi Property in Ghana - More
- July 09, 2007 | Item | E-mail
Freegold Reports Additional Almaden Holes - Significant Moly Grades Intersected in North Zones - More
- July 09, 2007 | Item | E-mail
Simultaneous Re-Opening of XYZ Gold, Aroroy Gold and Gango Gold Projects To Post An Estimated Initial Annual Gross Gold Revenue of $44,259,400.00 - More
- July 09, 2007 | Item | E-mail
Mexivada Options to Purchase High Grade La Republica Silver-Au-Zn-Pb Mine near Yecora, in Chihuahua, Mexico - More
- July 09, 2007 | Item | E-mail
Bellhaven Copper & Gold Signs USD$4 Million Deal with Golden Cross Resources Ltd. For Interest in Los Hatillos Property - More
- July 09, 2007 | Item | E-mail
Rox Resources Ltd. ("RXRS.PK") to Close Fox Mine Purchase; to Receive up to $150,000 in New Funds for the Company; Appoints Chief Technical Advisor - More
- July 09, 2007 | Item | E-mail
Noront Options Garden Island Project Val D'or Area, Quebec - More
- July 09, 2007 | Item | E-mail
ABV Gold Inc. Issues Corporate Update - More
- July 09, 2007 | Item | E-mail
Deep Penetrating Diamond Drill Rig Contracted for Broulan Reef Gold Project, Red Lake Ontario - More
- July 09, 2007 | Item | E-mail
Annual and Special General Meeting of International PBX Ventures Ltd. Held 29 June, 2007 - More
- July 09, 2007 | Item | E-mail
Acrex completes Spanish Mtn geophysical survey - More
- July 09, 2007 | Item | E-mail
Normabec Initiates Diamond Drilling on the Real de Catorce Property - More
- July 09, 2007 | Item | E-mail
Radisson Mining Shareholders See New Film Entitled "Return of the Old O'brien Mine", Elect Three New Directors, Expand Stock Option Plan - More
- July 09, 2007 | Item | E-mail
Global Copper Intersects 255 Meters Grading 1.01% Copper Equivalent(ii) in Step-Out Drilling in the Las Guias Zone at Relincho, Chile; Drill Program Expanded - More
- July 09, 2007 | Item | E-mail
RSM: Progress at the Goldwedge Project to Include Potentially Significant Surface Core Drilling Results and Drilling to Commence on the Railroad Copper Prospect - More
- July 09, 2007 | Item | E-mail
Vicarage Capital Publishes Research on Golden China Resources - More
- July 09, 2007 | Item | E-mail
General Metals Receives Final Approvals for Phase 1 Drilling and Posts Reclamation Bond With BLM to Start Drilling - More
- July 09, 2007 | Item | E-mail
StrataGold intersects 85.5 metres averaging 5.80 g/t gold, Tassawini, Guyana - More
- July 09, 2007 | Item | E-mail
Stillwater and Pacific North West Capital Finalize Reconnaissance Agreement Alaska - More
- July 09, 2007 | Item | E-mail
Gold Resource Corporation Intercepts 3 Meters of 1.5 Ounce Gold Equivalent in Deepest Hole to Date at El Aguila Project - More
- July 09, 2007 | Item | E-mail
Anvil appoints EPCM contractor for Kinsevere Stage II Development - More
- July 09, 2007 | Item | E-mail
EXMIN Signs Strategic Alliance and Financing Agreement With Hochschild Mining Group - More
- July 09, 2007 | Item | E-mail
Consolidated Abaddon Resources Inc.: Denison Mines Begins Drilling on Huard-Kirsch Lakes Uranium Project, Athabasca, Saskatchewan - More
- July 09, 2007 | Item | E-mail
Powertech Selects Permitting Consultant for Dewey-Burdock Project - More
- July 09, 2007 | Item | E-mail
MAX Continues to Intersect Uranium at C de Baca - More
- July 09, 2007 | Item | E-mail
Western Uranium Corporation Encounters Elevated Uranium and Pathfinder Elements in Thelon Basin Drill Program - More
- July 09, 2007 | Item | E-mail
New Uranium Drill Program Underway at Helmer Lake - More
- July 09, 2007 | Item | E-mail
Pele Mountain Advances Mine Planning and Scoping Studies on 33-Million Pound Uranium Oxide Resource at Elliot Lake - More
- July 09, 2007 | Item | E-mail
SXR Uranium One sees strong price, output growth - More
- July 09, 2007 | Item | E-mail
Canyon Initiates Feasibility Study on Its Reward Gold Project - "Canyon Resources Corporation (Amex: CAU - News), a Colorado-based mining company, is pleased to announce that it has commissioned Chlumsky, Armbrust and Meyer LLC (CAM) of Lakewood, Colorado, to conduct final engineering and feasibility study work on its Reward gold project located near Beatty, Nevada. This study will develop project economics and a reserve estimate while providing a blueprint for project development." More
- July 09, 2007 | Item | E-mail
Exeter's Second Drill at Cero Morro Defines New Gold/Silver Zone - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports that a second rig now drilling at its Cerro Moro Project, in Santa Cruz Province Argentina, has discovered new sulphide-related veining southeast of the Esperanza vein system. The drilling confirms the potential for further discoveries on the property." More
- July 09, 2007 | Item | E-mail
Silver Wheaton to Release Second Quarter Results on August 3, 2007 - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) will release 2007 second quarter results on Friday, August 3, 2007 before market open. A conference call will be held Friday, August 3, 2007 at 11:00 am (Eastern Time) to discuss these results." More
- July 09, 2007 | Item | E-mail
Great Basin Gold's Hollister Project Continues to Deliver Excellent Results - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces further results from underground drilling at the Hollister Project on the Carlin Trend in Nevada, USA. The underground drill holes are spaced at 100 ft (30 m) spacing to fill in gaps from surface drilling and to define and test identified resource expansion areas within the Clementine and Gwenivere vein systems. This new drilling information will not be taken into account for the feasibility study, which is nearing completion, but will be used for continuous adjustments to the current mining plans." More
- July 09, 2007 | Item | E-mail
MAG Silver Corp. to List on the American Stock Exchange Under the Symbol "MVG" - "MAG Silver Corp. (CDNX:MAG.V - News)(Toronto:MVG.TO - News) announces that the Company has received formal approval to list its common shares on the American Stock Exchange ("AMEX"). The AMEX has advised that the approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if the Company is not in compliance with such standards." More
- July 09, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 9 July, 2007 | |
