-- Posted 10 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $662.60 | +$2.10 |
Silver | $12.87 | +$0.18 |
XAU | 146.02 | -0.36% |
HUI | 354.61 | -0.56% |
GDM | 1101.88 | -0.86% |
JSE Gold | 2604.88 | +0.98% |
USD | 80.85 | -0.61 |
Euro | 137.18 | +0.95 |
Yen | 81.88 | +0.79 |
Oil | $72.81 | +$0.62 |
10-Year | 5.038% | -0.121 |
T-Bond | 107.65625 | +1.1875 |
Dow | 13501.70 | -1.09% |
Nasdaq | 2639.16 | -1.16% |
S&P | 1510.12 | -1.42% |
The Metals:
Gold fell a few dollars in Asia, found slight gains in London, and rose near $665 to find near 1% gains by late morning in New York before it fell back off a bit into the close, but it still ended with a gain of 0.32%. After underperforming gold yesterday, silver outperformed today and rose near $13.00 before it also fell off a bit into the close, but it still ended with a healthy gain of 1.42%.
Euro gold fell near €482 on euro strength, platinum lost $4 to $1,310, palladium lost $5 to $365, and copper fell nearly 5 cents to about $3.59.
Gold and silver equities dipped slightly at the open and rose slightly midday, but they then fell back off into the close and ended with roughly 0.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | May | 0.5% | 0.4% | 0.3% |
Bernanke spoke about inflation and noted that expectations about inflation are better anchored than in the past, but are not perfectly anchored. Overall, his comments were largely academic about how inflation is evaluated and had little impact on the markets with no specific economic predictions being given. There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell in early trade, but it found decent gains by the close on short covering as a third U.S. Navy carrier headed towards the Persian Gulf and raised worries over Iran. Refinery outages in the U.S. also brought up supply worries ahead of tomorrow’s inventory reports.
The U.S. dollar index dropped to a new record low versus the euro and to a new 2 and ½ year low overall as treasuries rose markedly on subprime worries in the U.S. and on the world interest rate outlook in general.
The Dow, Nasdaq, and S&P fell as D.R. Horton, Home Depot, and Sears all pointed towards a poor housing market as the reason for decreased sales and poor earnings. Higher oil prices were blamed for a second round of selling late in the day as the markets seemed to get no help from the fact that interest rates fell rather noticeably for the second day in a row.
Among the big names making news in the market today were D.R. Horton, BHP and Alcoa, Activision, Home Depot, Sears, and Pepsi Bottling.
The Commentary:
“The funds and the physical market are turning to the long side too. At the end of this week we saw investment demand return and take 10 tonnes in the States. The Central Banks of Europe sold only 3 tonnes of gold last week and have not picked up the pace so far this week.
With the $ now falling through the $1.37:€ level we are on the threshold of seeing a break down of the $. Add to this the oil price looks like staying well into the mid $70’ and the future of the oil price higher than this. So we are seeing the underlying fundamentals affecting the short-term moves as well now.”- Julian D.W. Phillips, www.goldforecaster.com
“August Gold finished up 1.9 at 664.4, 2.6 off the high and 2.7 up from the low.
September Silver closed up 0.155 at 12.975. This was 0.09 up from the low and 0.095 off the high.
The gold market started out on a firm footing and at times managed to reach the highest level since June 7th. Initially the gold market seemed to be lifted by the surprise expansion in the Chinese trade surplus but weakness in the Dollar probably played a role in the early rally. In fact, early in the session, the equity market was only marginally weaker, oil prices were very firm and the market was fearful of inflationary dialogue from the Fed Chairman. However later in the session the equity market began to slide aggressively and the dialogue from the Fed was anything but hawkish. Therefore, it wasn't surprising for the August gold contract to have fallen back from the early highs but there was apparently enough bullish information to generally leave the bull camp in control.
The silver market actually held up markedly better than the gold market, especially when one considers that copper and platinum prices were under pressure for most of the session. Certainly the silver market was being lifted by the sagging Dollar, but with the Chinese trade surplus soaring, corporate earnings soft and energy prices rising sharply, it is possible that some buying interest in silver was flight to quality interest. In the end, the silver and gold markets clearly diverged from the action in platinum and copper and that would seem to suggest that the issue driving prices upward was financially orientated.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
New French president insists on more inflation in European Union
David Vaughn: Forget the gold price!
Bank of Canada study proposed eliminating penny
The Statistics:
As of close of business: 7/9/2007
Gold Warehouse Stocks: | 7,211,868 | + 47,650 |
Silver Warehouse Stocks: | 133,995,396 | - 1,128,072 |
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 | 481.15 | 15,469,332 | US$ 10,228m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,624 | US$ 1,985m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,385 | US$ 262m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,778 | US$ 280m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 7.7 tonnes after adding 9.23 tonnes from Friday to Monday.
COMEX Gold Trust (IAU)
Profile as of 7/9/2007 | |
Total Net Assets | $974,571,901 | 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 7/9/2007 | |
Total Net Assets | $1,760,366,041 | 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:
Rubicon’s (RBY) exploration activities released late yesterday, Freeport’s (FCX) debt reduction, Almaden’s (AAU) exploration update, IAMGOLD’s (IAG) drill results, Great Basin’s (GBN) Second Decline Amendment, Taseko’s (TGB) mine expansion, U.S. Silver’s (USA.V) mine acquisition, Silvercorp’s (SVM.TO) exploration joint venture, Hecla’s (HL) new Corporate Development V.P., and MAG Silver’s (MAG.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Richmont | RIC +2.91% $2.83 |
2. Vista Gold | VGZ +2.20% $5.10 |
3. Almaden | AAU+1.86% $2.73 |
LOSERS
1. Entree | EGI-15.27% $2.94 |
2. Seabridge | SA -10.3% $23.70 |
3. Nevsun | NSU -7.60% $2.43 |
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:
Raven Gold Corp. is pleased to announce today, they will commence general exploration at La Currita, Mexico, within the next 21 days. - More
- July 10, 2007 | Item | E-mail
Centerra Gold 2007 Second Quarter Conference Call and Webcast - "Centerra Gold Inc. (Toronto:CG.TO - News) invites investors and the media to join its second quarter conference call and web cast on Monday, July 30, 2007 at 11:00 a.m. Eastern time." More
- July 10, 2007 | Item | E-mail
African Gold Group, Inc: KB07-73 Intersects 38.20 Meters of 1.93 g/t Au, Including 6.5 Meters of 9.39 g/t Au at Kobada, Mali - More
- July 10, 2007 | Item | E-mail
Yankee Hat Minerals Closes Non Brokered Private Placement, Appoints Brad Kitchen President - More
- July 10, 2007 | Item | E-mail
Forsys Signs Agreement for Spinoff of Non Uranium Assets; Subsidiary Announces $15 Million Financing - More
- July 10, 2007 | Item | E-mail
Freeport-McMoRan Copper & Gold Inc. Announces Additional Debt Reduction and Refinancing of Term Loan - "Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX - News) announced today that it has reduced its senior secured term debt from $4.4 billion at March 31, 2007, to $2.45 billion at June 30, 2007, and has refinanced its term debt to achieve interest cost savings and improved terms. FCX established a new $2.45 billion Term Loan A and used the proceeds to repay fully amounts borrowed under its Term Loan B. Interest cost savings associated with this transaction approximate 0.75 percent per annum." More
- July 10, 2007 | Item | E-mail
Gryphon Gold Conference Call Re: Nevada Eagle Resources LLC - More
- July 10, 2007 | Item | E-mail
Energy Metals Enters Agreement With Anadarko Land Corp. - More
- July 10, 2007 | Item | E-mail
Almaden Minerals Ltd.: Update of Caballo Blanco Exploration Program - "Almaden (Toronto:AMM.TO - News)(AMEX:AAU - News) has completed a property wide exploration program on the Caballo Blanco project, Mexico. This program was managed by Almaden and commenced prior to forming an option agreement with Canadian Gold Hunter Corp. ("CGH"). CGH can acquire a 70% interest in the property (see Almaden news release of April 17, 2007). Future work on the Caballo Blanco project will be managed by CGH." More
- July 10, 2007 | Item | E-mail
Copper Ridge farms out Yukon Olympic IOCG property - More
- July 10, 2007 | Item | E-mail
Vantex Identifies Three New Gold Zones on Guillet - More
- July 10, 2007 | Item | E-mail
Bayswater: Kilgore Acquires Extensive Database for Mountain West Uranium Property, Nevada - More
- July 10, 2007 | Item | E-mail
Union Membership Turns Down Labor Contract at Stillwater Mine and Processing Facilities; Strike Pending - More
- July 10, 2007 | Item | E-mail
CCM Research Issues Update Report on Xemplar Energy Corp. - More
- July 10, 2007 | Item | E-mail
SLAM Exploration Increases Zinc-Lead-Silver Resource - More
- July 10, 2007 | Item | E-mail
Shoreham Resources Signs Option Agreement to Acquire Setting Net Lake South Claims - More
- July 10, 2007 | Item | E-mail
Revett Announces Discovery of New Mineralization at Troy - More
- July 10, 2007 | Item | E-mail
St. Genevieve Resources Ltd.: Positive Pre-feasibility Study for the Emerald Isle Mine Received - More
- July 10, 2007 | Item | E-mail
Romios Announces Appointment of New Director and Chair of Audit Committee - More
- July 10, 2007 | Item | E-mail
U.S. Silver Corporation Announces the Acquisition of the Historic Dayrock Lead-Silver Mine and Mill - "U.S. Silver Corporation (CDNX:USA.V - News), is pleased to announce the acquisition of the historic Dayrock Lead-Silver Mine and Mill facility located about 3 1/2 miles northeast of the Company's Galena Mining Complex in the Silver Valley of North Idaho. The Dayrock operated intermittently from 1924 until 1977 having produced 155 million pounds of lead and 6,500,000 ounces of silver." More
- July 10, 2007 | Item | E-mail
Astral Intersects 1.98 m of 17.8 g/t Gold at Saluda Gold Project, South Carolina - More
- July 10, 2007 | Item | E-mail
Unico, Inc. Releases July 2007 Investor Newsletter - More
- July 10, 2007 | Item | E-mail
Wildcat Exploration Issues Stock Option Grant - More
- July 10, 2007 | Item | E-mail
Sulliden continues to create unnecessary delays in the legal proceedings in Peru - More
- July 10, 2007 | Item | E-mail
Ressources Appalaches: Extension of the Uranium Zone on the Ashini Property - More
- July 10, 2007 | Item | E-mail
South African Gold Producers Boost Pay Offer to 7%, Union Says - "The offer by AngloGold Ashanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Co. will now be considered by Solidarity, the National Union of Mineworkers and the United Association of South Africa, Reint Dykema, a spokesman for Solidarity, said in an interview from Johannesburg. The offer was improved from 6 percent. The unions are looking for 15 percent." More
- July 10, 2007 | Item | E-mail
Puma Exploration: First Metallurgical Test for Nicholas-Denys - More
- July 10, 2007 | Item | E-mail
IAMGOLD Announces Further Drill Results at Quimsacocha - "IAMGOLD Corporation ("IAMGOLD" or "the Company") (Toronto:IMG.TO - News)(NYSE:IAG - News)(Boston:IAMGOLD - News) is pleased to announce the results of an additional 16 diamond drill holes on its 100% owned Quimsacocha Project in Ecuador, including an intersection of 32.6 metres averaging 5.3 grams per tonne (g/t) gold, 66.5 g/t silver and 0.36% copper." More
- July 10, 2007 | Item | E-mail
Sparton Secures Exclusive Rights to Process Uranium Bearing Coal Ash From Yunnan Power Station in China - More
- July 10, 2007 | Item | E-mail
Rockcliff Adds Ground Adjoining the Rail Lake VMS Deposit Snow Lake, Manitoba - More
- July 10, 2007 | Item | E-mail
Skyline Announces Closing of Private Placement - More
- July 10, 2007 | Item | E-mail
International Gold Resources Commences First Stage Diamond Drill Program at Its Mahtin Property in the Yukon. - More
- July 10, 2007 | Item | E-mail
Goldbelt Increases Inata Gold Resource by a Further 16% - More
- July 10, 2007 | Item | E-mail
EXMIN Announces Production at the Moris Mine, Chihuahua, Mexico, and Strategic Alliance With the Hochschild Mining Group - More
- July 10, 2007 | Item | E-mail
Serengeti Reports 312 Meters of 0.27% Copper and 0.39 g/t Gold From Spring Drilling-Major Follow-Up Drill Program Commences at Kwanika - More
- July 10, 2007 | Item | E-mail
SearchGold Confirms Depth Extension of Zone A on Bakoudou, Gabon - More
- July 10, 2007 | Item | E-mail
Michael Sandidge accepts the position as a Director for the Company - More
- July 10, 2007 | Item | E-mail
Laurion Announces a Major Staking Program on Nickel-Copper-Platinum Group Element targets in the Nipigon and Gowganda Areas, Ontario - More
- July 10, 2007 | Item | E-mail
Copper Fox Updates 2007 Schaft Creek Work Program - More
- July 10, 2007 | Item | E-mail
Argentex receives $2 million capital injection - More
- July 10, 2007 | Item | E-mail
PolyMet Drill Program Confirms Expansion of "Magenta" Zone and Demonstrates Continuity of NorthMet Ore Zones - More
- July 10, 2007 | Item | E-mail
Andina Minerals Inc.: Volcan Drilling Outlines Ojo de Agua Area Gold Zone Over 500 Metres - More
- July 10, 2007 | Item | E-mail
Castillian Resources Expands Mangabal South Nickel-Copper Sulphide Deposit and Doubles the Number of Diamond Drills - More
- July 10, 2007 | Item | E-mail
Franklin and Miramonte Mining in Discussions for Pulacayo Processing Plants - More
- July 10, 2007 | Item | E-mail
Golden China's Beyinhar drill hole BYD142 intersects 77m (at) 4.1g/t - More
- July 10, 2007 | Item | E-mail
Idaho General Mines Announces the Appointment of Dan Zang as Controller and Seth Foreman as Director of Investor Relations - More
- July 10, 2007 | Item | E-mail
Gold Summit/Astral JV Intersects 1.98 m of 17.8 g/t Au at Saluda, South Carolina - More
- July 10, 2007 | Item | E-mail
CZM Starts Phase III Drilling at Tag Gold-Silver Project - More
- July 10, 2007 | Item | E-mail
Scorpio's 8 Level Underground Drilling of Nuestra Senora Deposit Reports 15.20 Meters Grading 321 g/t Ag, 8.26% Zn, 1.18% Cu, 4.90% Pb and 0.377 g/t Au - More
- July 10, 2007 | Item | E-mail
Thompson Creek Announces Revised Mine Life of 27 Years at Endako Molybdenum Mine - More
- July 10, 2007 | Item | E-mail
Aurelio Acquires Nearly 77,000 Feet of Valuable Drill Core - More
- July 10, 2007 | Item | E-mail
Mexoro Minerals Updates Drill Program at Guazapares Project - More
- July 10, 2007 | Item | E-mail
Russian agency targets Highland Gold project - More
- July 10, 2007 | Item | E-mail
Daniel Bernard Joins Globex Team - More
- July 10, 2007 | Item | E-mail
Great Basin Gold Receives BLM Approval for Second Decline at Hollister Project, Nevada - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that the Bureau of Land Management ("BLM") has approved the Second Decline Amendment to the Hollister Development Block Plan of Operations. The approval is subject to Nevada Division of Environmental Protection approval of an Engineering Design Change, expected to be received next week, and other conditions as outlined in the BLM letter dated June 26, 2007." More
- July 10, 2007 | Item | E-mail
Silvercorp Signed Joint Venture Contract to Explore Two Silver-Polymetallic Mineral Properties in Qinghai Province, China - "Silvercorp Metals Inc. (the "Company") (Toronto:SVM.TO - News) announces that it has signed a joint venture contract with Qinghai Geological Survey ("QGS") to form Qinghai Found Mining Company Ltd. ("Qinghai Found"), a Sino-foreign cooperate joint venture company, to explore and develop the Na-Bao silver-polymetallic Project in Qinghai Province." More
- July 10, 2007 | Item | E-mail
Forum Uranium and Superior Diamonds Commence Exploration Nearby Areva's Kiggavik Uranium Deposit - More
- July 10, 2007 | Item | E-mail
Tournigan Adopts Shareholder Rights Plan - More
- July 10, 2007 | Item | E-mail
Hathor Exploration Limited: Diamond Drilling Starts at Carswell Uranium Project, Athabasca Basin - More
- July 10, 2007 | Item | E-mail
Purepoint Uranium Group Inc: Extensive Drill Phase Commences at Red Willow - More
- July 10, 2007 | Item | E-mail
Silver Spruce Resources Inc.: Mount Benedict Property Start of Follow Up; Acquisition of New Claims - More
- July 10, 2007 | Item | E-mail
United States Enrichment Corporation (USEC) Inc. Selects Vontu to Protect Its Intellectual Property - More
- July 10, 2007 | Item | E-mail
Superior Diamonds and Forum Uranium Commence Exploration at the North Thelon Joint Venture - More
- July 10, 2007 | Item | E-mail
Taseko's Gibraltar Mine Expansion on Schedule - "Taseko Mines Limited ("Taseko" or the "Company") (Toronto:TKO.TO - News)(AMEX:TGB - News) is pleased to announce that the key components of the Semi Autogenous Grinding ("SAG") mill for the Gibraltar concentrator expansion have commenced shipment from Europe. Mill motors and ancillary systems are already on site at Gibraltar and ready for installation in the newly erected SAG mill building. With the shipment of the SAG mill components now underway, delivery is on target for August of this year as projected in the original plans in May 2006." More
- July 10, 2007 | Item | E-mail
Hecla Welcomes New Corporate Development V.P. - "Hecla Mining Company (NYSE:HL - News) is pleased to announce the appointment of Don Poirier to the position of Vice President -- Corporate Development. Poirier is headquartered at Hecla's office in Vancouver, B.C." More
- July 10, 2007 | Item | E-mail
Ahead of the Bell: Freeport-McMoRan - "Freeport-McMoRan Copper & Gold Inc., which recently bought Phelps Dodge Corp. for $25.9 billion to create the world's largest publicly-traded copper miner, hosts its annual meeting Tuesday." More
- July 10, 2007 | Item | E-mail
MAG & Penoles Intersect More High Grade Silver and Gold at Valdecanas - "MAG Silver Corp. (CDNX:MAG.V - News)(Toronto:MVG.TO - News) and Industrias Penoles S.A. B. de C.V. ("Penoles") announce results from Holes GD and ID. Hole GD has returned a core length of 21.1 metres (16.2 metres true width) grading 1,175 grams per tonne (g/t) silver (34.3 ounces per ton (opt)), 3.66 g/t gold and 13.56% lead/zinc.(i)" More
- July 10, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 10 July, 2007 | |
