-- Posted 11 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $660.40 | -$2.20 |
Silver | $12.85 | -$0.02 |
XAU | 145.91 | -0.08% |
HUI | 353.07 | -0.43% |
GDM | 1097.25 | -0.42% |
JSE Gold | 2588.91 | -0.61% |
USD | 80.78 | -0.07 |
Euro | 137.61 | +0.43 |
Yen | 81.89 | +0.01 |
Oil | $72.56 | -$0.25 |
10-Year | 5.080% | +0.042 |
T-Bond | 107.15625 | -0.50 |
Dow | 13577.87 | +0.56% |
Nasdaq | 2651.79 | +0.48% |
S&P | 1518.76 | +0.57% |
The Metals:
Gold traded roughly $2 higher in Asia and London before it fell back off in New York and dropped to as low as $659.30 by late morning, but it then rebounded slightly in afternoon trade and ended with a loss of just 0.33%. Silver dropped to as low as $12.79 before it also rallied back higher in afternoon trade and ended with a loss of just 0.16%.
Euro gold fell to about €480, platinum lost $10 to $1,300, palladium gained $1 to $366, and copper remained at about $3.59.
Gold and silver equities traded mostly slightly lower throughout the day and ended with less than 0.5% losses.
The Economy:
There were no major economic reports today, but the following headlines did have a few talking:
Fed's Plosser-housing not derailing growth outlook Reuters
U.S. Budget Deficit Will Narrow to $205 Billion This Year, Bush Aide Says Bloomberg
Single-family starts to decline again in 2008, realtors say MarketWatch
US home sales, prices to slip more this year-NAR Reuters
Mortgage Applications Increased 1.1 Percent Last Week, MBA Index Shows Bloomberg
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/07 expected at 315,000 and the Trade Balance for May expected at -$60.0 billion. At noon is the Treasury Budget for June expected at $30.0 billion.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended slightly lower after inventory reports came in a little better than expected overall. Crude inventories fell 1.4 million barrels, gasoline inventories built 1.2 million barrels, distillates built 800,000 barrels, and refinery utilization rose 0.2% to 90.2%.
The U.S. dollar index continued to fall on worries over subprime mortgages and the health of the U.S. economy. It fell to a new all-time low versus the euro above $1.37 and a new 26 year low versus the pound above $2.03, but losses were somewhat limited with no major economic reports to act on.
Treasuries fell as traders took profits from impressive gains achieved during the last two sessions as the yield on the 10-year failed to fall under 5%.
The Dow, Nasdaq, and S&P rebounded from yesterday’s steep losses on another round of takeover news and optimism over better than expected earnings reports after a slow start so far from this quarter’s results.
Among the big names making news in the market today were Dow Jones, Citigroup, Liz Claiborne, Gerdau and Chaparral Steel, and Ventana and Roche.
The Commentary:
GATA Posts:
James Turk: The dollar plumbs new depths
Now Japan is talking about diversifying out of dollar
Thanks to Samex Mining for sponsoring GATA reception
Dan Norcini: Gold price cappers aren't fooling anyone anymore
If we can fool the public, there's no inflation, Fed chief says
India would mine more gold, import less
Ted Butler: As good as it gets?
The Statistics:
As of close of business: 7/10/2007
Gold Warehouse Stocks: | 7,161,855 | - 50,013 |
Silver Warehouse Stocks: | 133995396 | - |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 481.15 | 15,469,332 | US$ 10,235m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,591 | US$ 1,978m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,380 | US$ 261m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.18 | 423,773 | US$ 280m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/10/2007 | |
Total Net Assets | $977,512,520 | 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 7/10/2007 | |
Total Net Assets | $1,775,790,168 | Ounces of Silver
in Trust | 138,192,887.000 |
Shares Outstanding | 14,000,000 | Tonnes of Silver
in Trust | 4,298.28 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Barrick’s (ABX) energy projects, Almaden’s (AAU) exploration update, Newmont’s (NEM) 2007 operating outlook and Uzbek mine dispute, Endeavour’s (EXK) raised 2007 production forecast, Silver Eagle’s (SEG.TO) assays, Silver Dragon’s (SDRG.OB) new controller, Sabina’s (SBB.V) drilling, and Coeur’s (CDE) mine update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Entree | EGI +7.82% $3.17 |
2. Nevsun | NSU+4.94% $2.55 |
3. Seabridge | SA +4.43% $24.75 |
LOSERS
1. US Energy | USEG -3.49% $5.53 |
2. Gold Reserve | GRZ -2.83% $5.49 |
3. Pacific Rim | PMU -2.68% $1.09 |
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:
MDN Withdraws From Eritrea - More
- July 11, 2007 | Item | E-mail
Endeavour Raises 2007 Production Forecast to 2.8 Million Oz Silver; Bolanitos Mines Project to Produce 300,000 Oz Silver in 2007 - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) announces that with the recent acquisition of the Bolanitos Mines Project in Guanajuato State, Mexico, the Company has raised its 2007 production forecast to 2.8 million oz silver. Bolanitos is projected to produce 300,000 oz silver in 2007, and the Guanacevi Mines Project is now forecast to produce 2.5 million oz in 2007." More
- July 11, 2007 | Item | E-mail
Goldmarca Now in Position to Increase Interest in Condor Concession - More
- July 11, 2007 | Item | E-mail
Barrick Invests in Innovative Energy Projects in Chile, Tanzania - "Barrick Gold Corporation (Toronto:ABX.TO - News) (NYSE:ABX - News) today announced plans to invest approximately US$68 million in projects that will harness the advantages of clean energy and enhance existing power infrastructure in Chile and Tanzania." More
- July 11, 2007 | Item | E-mail
TEAL reports on Kalumines' initial Lupoto drill results and provides update on current mining - More
- July 11, 2007 | Item | E-mail
Silver Eagle Extends Its Calvario Vein Down Dip More Than 400 Metres (1300 Feet) - "Silver Eagle Mines Inc. ("Silver Eagle" or the "Company") (Toronto:SEG.TO - News) is pleased to announce assays from six holes at its Miguel Auza Mine in Zacatecas, Mexico, including the deepest hole drilled on the Calvario Vein to date. Diamond drill hole number 2007-131 has intersected the Calvario Vein at 410 metres below surface and returned an equivalent grade of 732 g/t (24 oz.) Ag Eq.(1) over a vein true width of 3.0 metres." More
- July 11, 2007 | Item | E-mail
Standard & Poor's Releases an Updated Factual Stock Report on Uranium Explorer Cash Minerals Ltd. - More
- July 11, 2007 | Item | E-mail
Ashdown Mine issues its first cash distribution of US$1.25 million to Win-Eldrich and Golden Phoenix from Q2 molybdenum sales - More
- July 11, 2007 | Item | E-mail
Silver Dragon Resources Inc. Appoints Controller - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the appointment of Mr. Sri Siva-Kumaran to be the Company's Controller. Mr. Siva-Kumaran will be responsible for the day-to-day administration and consolidation of the Company's worldwide financial statements." More
- July 11, 2007 | Item | E-mail
Gabriel Resources Ltd.: EIA Approval Update - More
- July 11, 2007 | Item | E-mail
Consolidated Spire Ventures Announces Major Gold Mineralized Zone Discovered At the Prospect Valley Property - More
- July 11, 2007 | Item | E-mail
Mantis Geologist returns to Orphan Gold Mine property for further sampling - More
- July 11, 2007 | Item | E-mail
Intrepid Reports Additional Positive Drill Results at Casposo Leading to Probable Pit Extension - More
- July 11, 2007 | Item | E-mail
TTM Resources Inc.: CHU Phase 2 Program Intersects Additional High Grade Mo in Hole 07-16-0.096% Mo Over 216.4 Meters Including 0.205% Mo Over 28.7 Meters - More
- July 11, 2007 | Item | E-mail
Almaden Minerals Ltd.: Update of Mexican Exploration Activites - "Almaden Minerals Ltd. ("Almaden" or "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) has completed a regional generative exploration program in Mexico. Several new epithermal systems were identified during this program and Almaden is in the process of acquiring these areas through staking. Almaden will report further details with respect to these new properties once the ground has been acquired. Several projects are being advanced by Almaden's partners and news from these projects and other joint ventures are reported below." More
- July 11, 2007 | Item | E-mail
Ur-Energy Acquires Large Data Package - More
- July 11, 2007 | Item | E-mail
Freegold Hits 34.0 g/t and 22.7 g/t at Surface in Golden Summit Fence 9 Drilling - More
- July 11, 2007 | Item | E-mail
Ashdown Mine Issues Its First Cash Distribution of $1.25 Million to Golden Phoenix and Win-Eldrich From Q2 Molybdenum Sales - More
- July 11, 2007 | Item | E-mail
Landmark and Galore Commence Uranium Exploration Program in NWT - More
- July 11, 2007 | Item | E-mail
Global Gold Uranium Commences Airborne Survey on Cochrane Pond - More
- July 11, 2007 | Item | E-mail
Strathmore Completes LOI With Nu-Mex Uranium for US $18 Million Commitment at Dalton Pass, New Mexico Uranium Project - More
- July 11, 2007 | Item | E-mail
Cabo commences drill program on Little Deer Copper Deposit for Thundermin and Cornerstone - More
- July 11, 2007 | Item | E-mail
Los Andes Copper Ltd. Commences Vizcachitas Drilling Program - More
- July 11, 2007 | Item | E-mail
Goldeye and Polar Announce Drill Programme on Todd Creek Project, BC., Canada, and Report on Sonia Project, Chile - More
- July 11, 2007 | Item | E-mail
Stellar cuts two high grade gold veins at depth (13.28 g/t Au over 1.1 m and 10.52 g/t Au over 2.2 m) on its Vassan property - More
- July 11, 2007 | Item | E-mail
Alexis Minerals Announces Conference Call and Webcast for Thursday, July 12th at 10 AM E.T. - More
- July 11, 2007 | Item | E-mail
Freewest Acquires Croon Lake Uranium Property in Northwestern Ontario and Reports Start-Up of Drilling at Clarence Stream in New Brunswick - More
- July 11, 2007 | Item | E-mail
Sabina Commences Drilling at Del Norte on "3 Oz Vein" Target - "Three holes drilled on the "3 Oz Vein" trend in 2006 tested the vein/shear zone over a vertical distance of approximately 300 m on one section. True thickness of the "3 Oz Vein" is estimated to be approximately 29 m (95 feet). Surface samples from the "3 Oz Vein" returned values of up to 29.65 g/t gold (0.86 oz/ton). High-grade surface samples and the presence of high-grade gold values in Hole SDN-06-02 warrant additional exploration along this robust vein/shear zone which is open to the north and south and to depth. The 2007 program will step out and test continuity along strike." More
- July 11, 2007 | Item | E-mail
Hawk's Shares to Delist From the CNQ - More
- July 11, 2007 | Item | E-mail
Dumont acquires Arizona Strip uranium claims - More
- July 11, 2007 | Item | E-mail
Telephone access available for Inmet Mining second quarter conference call - More
- July 11, 2007 | Item | E-mail
Cloudbreak Commences Drilling on its Ikiztepe-Sarp Property, NW Turkey - More
- July 11, 2007 | Item | E-mail
FNX Announces Promotions in Exploration Group - More
- July 11, 2007 | Item | E-mail
95% Mandatory Buy Back of Pearl Asian Mining Industries' Common Shares (PAIM) Will Be Automatic With The Exchange or Record Date Effective July 20, 2007 - More
- July 11, 2007 | Item | E-mail
Moto Goldmines Limited-Appointment of Director - More
- July 11, 2007 | Item | E-mail
Nu-Mex Uranium Completes LOI With Strathmore Minerals for US $18 Million Commitment at Dalton Pass, New Mexico Uranium Project - More
- July 11, 2007 | Item | E-mail
Azimut and Channel form Strategic Alliance for Ecuador - More
- July 11, 2007 | Item | E-mail
Atna Increases Resource at Pinson - More
- July 11, 2007 | Item | E-mail
Copper Fox Announces Conference Call on July 11, 2007 at 4:30 EST - More
- July 11, 2007 | Item | E-mail
Millstream Cuts High Value Intersections of 10.24% Copper, 17.51% Zinc in Hole S-07-09 and 10.88% Copper, 27.30% Zinc in Hole S-07-08 at its Potter Property - More
- July 11, 2007 | Item | E-mail
Canadian Mining Company Inc. Mineral Exploration Permit Approved - More
- July 11, 2007 | Item | E-mail
REPEAT: 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 11, 2007 | Item | E-mail
EXMIN-Hochschild Joint Venture Updates Exploration Activity at the Moris Project, Chihuahua, Mexico - More
- July 11, 2007 | Item | E-mail
American Bonanza Gold Corp.: Highest Nickel Grades to Date (1.9% Nickel) Plus First Platinum Group Assays - More
- July 11, 2007 | Item | E-mail
International PBX Ventures Ltd.-Drill Results: Copaquire Molybdenum-Copper Porphyry, Chile - More
- July 11, 2007 | Item | E-mail
Gemini Explorations, Inc. Reports Symbol Change and Forward Share Split of Two for One to Combat Illegal Naked Short Interest Position - More
- July 11, 2007 | Item | E-mail
Cadiscor Resources Intersects 14.1 g/t Au Over 2.97m on its Discovery Property - More
- July 11, 2007 | Item | E-mail
Goldcrest Extends Copper-Gold Mineralization at its Gaoua Copper-Gold Project in Burkina Faso, West Africa With a 131 Metre Intersection - More
- July 11, 2007 | Item | E-mail
Willie McLucas Appointed to Serve as President of Oriental Minerals - More
- July 11, 2007 | Item | E-mail
Drilling Begins on Midas Claims - More
- July 11, 2007 | Item | E-mail
Alturas Commences Drilling at the Utupara Copper-Gold Porphyry Project, Peru - More
- July 11, 2007 | Item | E-mail
Cadiscor Resources: Exploration Update - More
- July 11, 2007 | Item | E-mail
High River Gold Arranges US $15 Million Revolving Credit Facility - More
- July 11, 2007 | Item | E-mail
Virginia Mines: Coulon JV Project - Lens 44 Returns Values of 4.2% Zn, 0.95% Cu and 25.47 g/t Ag / 26.15m to a depth of 380m - More
- July 11, 2007 | Item | E-mail
Trade Winds Drills 6.67 g/t Gold Over 8.0 Metres Near Surface at Block A, Detour Lake, Ontario - More
- July 11, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Construction Catering Contract Awarded for the Ruby Creek Project - More
- July 11, 2007 | Item | E-mail
Candente Resource Corp.: High Grade Silver in Veins and Gold in Vuggy Silica Found on Tres Marias Property, Southern Peru - More
- July 11, 2007 | Item | E-mail
Private equity ready to target miners: report - "Private equity corporate raiders who have so far sidestepped the mining sector despite widespread consolidation, could soon reset their sights, global accounting and consulting firm Ernst & Young said on Wednesday." More
- July 11, 2007 | Item | E-mail
Aquila Continues to Drill Thick Intersections of Zinc and Gold Including 34 Meters of 11% Zinc - More
- July 11, 2007 | Item | E-mail
Exploration begins at Pipewrench Lake, Saskatchewan - More
- July 11, 2007 | Item | E-mail
UEX Commences Summer/Fall 2007 Drilling Programs at the Raven and Horseshoe Deposits: Horseshoe Resource Definition Drilling on Schedule - More
- July 11, 2007 | Item | E-mail
Trigon Appoints Louis Blom as Chief Financial Officer - More
- July 11, 2007 | Item | E-mail
Utah Uranium Adds Further Depth to Board, Comments on White Mesa Mill Buying Schedule - More
- July 11, 2007 | Item | E-mail
U Mining Resources Inc. Announces Appointment of Colonel James H. Krilich as Chairman of the Board of Directors - More
- July 11, 2007 | Item | E-mail
Coeur d'Alene Mines Provides Kensington Gold Mine Update - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News) today announced that construction work has been completed on the main access tunnel at the Kensington Gold Mine in Alaska, with all remaining, non-tailings related surface facility construction scheduled for completion by mid-August." More
- July 11, 2007 | Item | E-mail
Newmont Confirms 2007 Operating Outlook - "Newmont Mining Corporation (NYSE: NEM - News) today confirmed its previously announced 2007 outlook for gold sales of between 5.2 and 5.6 million equity ounces at costs applicable to sales of between $375 and $400 per ounce, and copper sales of between 210 and 230 million equity pounds at costs applicable to sales of between $1.10 and $1.20 per pound. In addition, the Company continues to expect consolidated capital expenditures of between $1.8 and $2.0 billion for 2007." More
- July 11, 2007 | Item | E-mail
Newmont to get $80 mln in Uzbek mine dispute - "Newmont Mining Corp. (NEM.N: Quote, Profile, Research) said on Wednesday it would receive $80 million under an agreement with Uzbekistan to settle a dispute concerning the government's seizure of a mine there last year." More
- July 11, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 July, 2007 | |
