-- Posted 12 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $666.70 | +$6.30 |
Silver | $13.09 | +$0.24 |
XAU | 150.77 | +3.32% |
HUI | 357.06 | +1.13% |
GDM | 1122.80 | +2.33% |
JSE Gold | 2647.10 | +2.25% |
USD | 80.64 | -0.14 |
Euro | 137.86 | +0.25 |
Yen | 81.70 | -0.19 |
Oil | $72.50 | -$0.06 |
10-Year | 5.116% | +0.036 |
T-Bond | 106.84375 | -0.34375 |
Dow | 13861.73 | +2.09% |
Nasdaq | 2701.73 | +1.88% |
S&P | 1547.70 | +1.91% |
The Metals:
Gold rose over a dollar in Asia, added another couple of dollars to its gains in London, and rose over 1% on the day by midmorning in New York before it fell back off slightly in the last couple hours of trade, but it still ended with a gain of 0.95%. Silver rose about 5 cents in Asia and London before it rose throughout trade in New York and ended near its high with a gain of 1.87%.
Euro gold rose to about €484, platinum gained $15 to $1,315, palladium gained $1 to $367, and copper fell roughly 4 cents to about $3.55.
Gold and silver equities had a mixed performance as the XAU rose about 3% early and remained near its highs into the close, but the HUI and GDM were held back by a poor performance by EGO (see more below) and ended with a little over 1% and 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/07 | 308K | 315K | 320K |
Trade Balance | May | -$60.0B | -$60.0B | -$58.7B |
Treasury Budget | June | $27.5B | $30.0B | $20.5B |
Also making economic news today was a report showing an 87% increase in foreclosures in June compared to a year ago. Tomorrow at 8:30AM EST brings Export and Import Prices for June and Retail Sales for June expected at 0.0%. Excluding autos, sales are expected at 0.2%. At 10AM is the Business Inventories report for May expected at 0.3% and Michigan Sentiment for July expected at 86.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to new 11-month highs above $73 in the U.S. and above $76 for Brent crude in London in early trade on renewed worries in Nigeria, but it fell back off near unchanged by the close on word of refineries coming back online in the U.S.
The U.S. dollar index fell to another record low versus the euro on continued concerns about the U.S. mortgage market.
Treasuries fell as traders pulled money out of bonds and put it into stocks.
The Dow, Nasdaq, and S&P rose substantially on more takeover activity and individual retail sales reports that were not as bad as expected. The Dow and S&P closed at new record highs and the Nasdaq closed at a new 6 and ˝ year high.
Among the big names making news in the market today were Wal-Mart, J.C. Penny, Macy’s, Rio Tinto and Alcan, Marriot, and Sony Ericsson.
The Commentary:
“August Gold finished up 6.2 at 668.3, 2.7 off the high and 4 up from the low.
September Silver closed up 0.205 at 13.18. This was 0.14 up from the low and 0.03 off the high.
With the Euro climbing to record high and the Dollar continuing to slump, the gold market certainly got a lift off the currency action today. The push through some key levels also seemed to attract new buyers to gold. Early in the session gold was also supported by sharp gains in crude oil. Although energies turned lower later in the session, it was impressive gold was able to hold on to most of the session's gains. We suspect the sharp upward price moves in other commodities particularly grains and hogs are promoting "agflation" concerns among gold traders. The on-going problems in the sub-prime mortgage market are likely attracting investors to gold on a flight to quality basis. Moody's Investor Services cut ratings on securities backed by sub-prime mortgages today. Also gold may have been supported by news that a Canadian metals mining company was forced to close a mine in Turkey and news South African gold union workers rejected the latest pay offer. In another bullish story, Qatar's Central Bank quadrupled their gold holdings between January and April this year as part of a plan to diversify foreign exchange reserves out of Dollars. News that South African gold production rose 1.3% in May from year ago seemed to have little impact.
It is not too surprising to see the strong upward extension in September silver given the strong leadership from gold and a push to fresh lows for the Dollar. However, it is impressive silver was able to trade sharply higher in the face of weak action in copper this session. With stellar gains seen in the stock market, the positive macro economic outlook is certainly giving silver bulls another buying incentive. Since the trade appears to be embracing a bullish outlook, news of a possible high-grade gold and silver find in Nevada seemed to be completely discounted.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Historic Bolivian silver mine at risk of collapse
James Turk: Bernanke explains why Fed must rig gold price
Australian hedge fund warns about withdrawals
Russians trading dollars for their country's own currency
National Public Radio cites digital gold currency
The Statistics:
As of close of business: 7/11/2007
Gold Warehouse Stocks: | 7,129,799 | -32,056 |
Silver Warehouse Stocks: | 135,182,866 | +1,187,470 |
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$ 10,255m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,557 | US$ 1,999m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,376 | US$ 264m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,683 | US$ 286m |
Note: Change in Total Tonnes from yesterday’s data: The JSE added 0.25 tonnes.
COMEX Gold Trust (IAU)
|
Profile as of 7/11/2007 | |
Total Net Assets | $974,255,378 | 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 7/11/2007 | |
Total Net Assets | $1,802,211,365 | Ounces of Silver
in Trust | 139,186,961.000 |
Shares Outstanding | 14,000,000 | Tonnes of Silver
in Trust | 4,329.20 |
Note: Change in Total Tonnes from yesterday’s data: 30.92 tonnes were added to the trust.
The Stocks:
Eldorado’s (EGO) ordered mine shutdown, Great Basin’s (GBN) feasibility study, Anatolia’s (ANO.TO) drill results, Allied Nevada’s (ANV) increased private placement, Newmont’s (NEM) priced offering, and Valencia’s (VVI.V) acquisition of Silver Standard’s (SSRI) remaining 20% interest in the Cachinal silver project were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Nevsun | NSU +6.67% $2.72 |
2. Arizona Star | AZS+6.04% $11.24 |
3. Rubicon | RBY +5.91% $2.15 |
LOSERS
1. Eldorado | EGO-24.71% $5.18 |
2. Orezone | OZN -2.59% $1.88 |
3. Minco Gold | MGH -2.24% $1.31 |
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:
Antare's first deep drill hole confirms porphyry Cu-Mo-Au discovery at Haquira East - More
- July 12, 2007 | Item | E-mail
Alhambra Resources Ltd. - Correction to News Release Dated July 12, 2007 - Proposed Corporate Reorganization - More
- July 12, 2007 | Item | E-mail
Geoinformatics Announces the Startup of Drilling on the Whistler Project - More
- July 12, 2007 | Item | E-mail
San Gold Extends High Grade "93" Vein at Rice Lake - More
- July 12, 2007 | Item | E-mail
Houston Lake Closes $345,000 First Tranche of a Private Placement Financing - More
- July 12, 2007 | Item | E-mail
Raven Gold Corp's Detailed "Phase 1 Exploration Program," Commissioned at La Currita - More
- July 12, 2007 | Item | E-mail
Sparrowtech Terminates Negotiations - More
- July 12, 2007 | Item | E-mail
Drilling at Inter-Citic's Dachang Gold Project Intersects 58m Containing 5.3 GPT Gold North of the DMZ - More
- July 12, 2007 | Item | E-mail
Golden Goose Resources Inc. releases its first Lac Levac Property NI 43-101 resources estimate with Nickel, Copper, Cobalt and PGM - More
- July 12, 2007 | Item | E-mail
Eldorado Gold Corporation: Kisladag Mine Conference Call - "Paul Wright, President & Chief Executive Officer of the Company will host a conference call at 1:00 pm PDT (4:00 pm EDT) on Thursday, July 12, 2007 to provide access to management relating to the July 12, 2007 news release 07-12 regarding the Kisladag Mine." More
- July 12, 2007 | Item | E-mail
Jasper Mining Corporation - Management discussion on latest high grade molybdenum results from McFarlane property; 0.889% Mo over 7.3 m. - More
- July 12, 2007 | Item | E-mail
Eagle Plains/Wellstar Energy Complete Airborne Geophysical Survey on Saskatchewan Uranium Project - More
- July 12, 2007 | Item | E-mail
Mega Uranium Ltd. and NU Energy Uranium Corporation Sign Acquisition Agreement - More
- July 12, 2007 | Item | E-mail
Golden Goliath Resources Ltd. - Drilling increases at Uruachic camp - More
- July 12, 2007 | Item | E-mail
Saturn Minerals Inc. Arranges Financing With Loeb Aron & Company Ltd. - More
- July 12, 2007 | Item | E-mail
New Jersey Mining Company Locates Mineral Ridge Gold Property - More
- July 12, 2007 | Item | E-mail
Valencia Buys Silver Standard's Remaining Interest in Cachinal Silver Project - "Valencia Ventures Inc. (CDNX:VVI.V - News) is pleased to announce that it has entered into an agreement to acquire Standard Resources Inc.'s (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) remaining 20% interest in the Cachinal silver project. The CDN$5.5 million purchase price is payable in two instalments with the issue of Valencia common shares. The first instalment of CDN$4.0 million is payable upon closing of the transaction and the balance 12 months hence." More
- July 12, 2007 | Item | E-mail
Uranium Resources Appoints Marvin Kaiser to Board of Directors - More
- July 12, 2007 | Item | E-mail
Metco Begins Drilling on Mont de l'Observation Property, Gaspe - More
- July 12, 2007 | Item | E-mail
Virgin Metals Releases Drill Results at Los Verdes - More
- July 12, 2007 | Item | E-mail
First Narrows Reports Additional Chester Analytical Results - More
- July 12, 2007 | Item | E-mail
U Mining Resources Inc. Announces Closing of TSX Venture Corporation Acquisition - More
- July 12, 2007 | Item | E-mail
Adriana Commences Expanded Drill Program at MIE Ni-Cu-PGE Project - More
- July 12, 2007 | Item | E-mail
Deeper high grade intercepts at Etruscan's Finkolo Gold Project in Mali - More
- July 12, 2007 | Item | E-mail
Queensland Minerals Announces Commencement of Drilling - More
- July 12, 2007 | Item | E-mail
Strathmore Acquires Near-Surface Uranium Deposit in Gas Hills Uranium District, Wyoming - More
- July 12, 2007 | Item | E-mail
Canadian Shield Signs Option on Colpayoc Property Yanachocha District, Northern Peru - More
- July 12, 2007 | Item | E-mail
Cascadero Copper Corporation: Exploration Update Pine North Copper-Gold Porphyry Prospect - More
- July 12, 2007 | Item | E-mail
Stratabound Finds More Gold Showings in Western New Brunswick - More
- July 12, 2007 | Item | E-mail
Franconia Minerals Corporation: Additional Copper-Nickel-PGM Mineralization Intercepted at Birch Lake, Minnesota - More
- July 12, 2007 | Item | E-mail
Cloudbreak Successfully Defining Vein System Over 1,000 Feet Drilling Continues on Gold-Copper Property Elko County, Nevada - More
- July 12, 2007 | Item | E-mail
Bullion River Gold Corp. Reports New Gold Assays as High as 45 Opt in the French Gulch Mine, Details High Gold Assay Results in Key Veins - More
- July 12, 2007 | Item | E-mail
Augusta Files Plan of Operations for Rosemont Copper Project-Completing First Step in Permitting Process - More
- July 12, 2007 | Item | E-mail
Terra Nostra Resources Joint Venture Operations Achieve Substantial Fourth Quarter Revenue Growth - More
- July 12, 2007 | Item | E-mail
Diamond Drilling Program Has Now Commenced on the Curlew Lake Typhoon Gold Property. Curlew Lake Holds a 100% Interest in the 23 Square Kilometer Property - More
- July 12, 2007 | Item | E-mail
Moto Goldmines Limited-Update on DRC Commission Review - More
- July 12, 2007 | Item | E-mail
Global Minerals Enters Into A Drilling Agreement for its Quarter Horse Project - More
- July 12, 2007 | Item | E-mail
Timberline Resources Corporation Applies for AMEX Listing - More
- July 12, 2007 | Item | E-mail
Amerix Precious Metals Announces Brokered Private Placement Financing - More
- July 12, 2007 | Item | E-mail
Infill Drilling at NAP's Ahmavaara Deposit at Suhanko Finland Indicates Good Continuity of Widths and Grades - More
- July 12, 2007 | Item | E-mail
Scandinavian Minerals Announces Positive Pilot Plant Results for Kevitsa Nickel-Copper-PGE Property - More
- July 12, 2007 | Item | E-mail
Breakwater Comments on Recent Market Activity - More
- July 12, 2007 | Item | E-mail
High River Gold Reports Positive Drill Results at Bissa in Burkina Faso - More
- July 12, 2007 | Item | E-mail
Marathon discovers additional mineralization outside perimeter of existing resource pit - More
- July 12, 2007 | Item | E-mail
Crowflight-Xstrata Nickel Complete Transfer of Bucko Lake Mining Lease to Crowflight - More
- July 12, 2007 | Item | E-mail
Alexis Feasibility Confirms Strong Profitability at Lac Herbin With IRR of 48% and Cash Cost of $389/Ounce Gold - More
- July 12, 2007 | Item | E-mail
Capstone Announces Normal Course Issuer Bid - More
- July 12, 2007 | Item | E-mail
Wildcat Completes Jeep Drill Program - Achieves Positive Results - More
- July 12, 2007 | Item | E-mail
Goldrea Resources Corp. and Molycor Gold Corp.: Diamond Drilling Commences on Crowrea Moly Project - More
- July 12, 2007 | Item | E-mail
Infrastructure Development Begins in Atlin for Construction Phase of Adanac's Ruby Creek Molybdenum Project - More
- July 12, 2007 | Item | E-mail
Proposed Corporate Reorganization - Private Placement of DOT Resources Ltd. - More
- July 12, 2007 | Item | E-mail
Astral Drills 7.01 g/t Gold Over 19 Metres on Jumping Josephine Gold Project - More
- July 12, 2007 | Item | E-mail
Canadian Zinc Corporation: Surface Exploration Drilling Program Commences at Prairie Creek - More
- July 12, 2007 | Item | E-mail
Andean Resources Ltd. Building Management Team - More
- July 12, 2007 | Item | E-mail
Mustang Minerals Corp.: Fox Property Acquisition Announcement - More
- July 12, 2007 | Item | E-mail
Sonora Gold Corp. Closes Santa Gertrudis and Roca Roja Properties Sale - More
- July 12, 2007 | Item | E-mail
Feasibility Study Indicates Robust Returns From a High Grade Gold-Silver Operation at Great Basin Gold's Hollister Project - "Great Basin Gold Ltd. (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces excellent returns from a feasibility study on Hollister Development Block Project on its 100% owned Hollister property in Nevada, USA. The study is based on a 400 ore tons per day underground operation, mining the high-grade gold-silver mineralization from the Gwenivere, Clementine and South Gwenivere vein systems and trucking it to an off-site toll milling facility." More
- July 12, 2007 | Item | E-mail
Anatolia Copler Drilling Indicates Possible New Zone - "Anatolia Minerals Development Limited (TSX:ANO - News; "Anatolia") is pleased to announce assay results at its 100% owned Copler Gold Project. The drill program was designed to target underlying sulfides in the Main Zone, the area between the Main Zone and Manganese Mine Zone, and other areas adjacent to presently defined reserves and resources." More
- July 12, 2007 | Item | E-mail
UEX/AREVA Drilling Extends Mineralization at Kianna Deposit: SHE-115-15A Intersects 7.11% U(3)O(8) Over 6.5 metres - More
- July 12, 2007 | Item | E-mail
Aldershot Resources Ltd.: Significant Drill Intersection at Adelaide River Uranium Prospect - More
- July 12, 2007 | Item | E-mail
Western Uranium Corporation Announces Broad Low Grade Gold Intercept From Drilling at Kings Valley - More
- July 12, 2007 | Item | E-mail
Bayswater Starts Drilling for Uranium in Central Mineral Belt, Labrador - More
- July 12, 2007 | Item | E-mail
Golden Patriot Update - More
- July 12, 2007 | Item | E-mail
Allied Nevada Gold Corp. Announces Increase in Non-Brokered Private Placement - "Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (Toronto:ANV.TO - News)(AMEX:ANV - News) is pleased to announce that it will increase the size of the financing described in its press release dated June 25, 2007 to approximately 3,696,000 Units for gross proceeds of approximately CDN$17,000,000 (the "Offering"). Previously, the maximum gross proceeds anticipated to be raised from the financing was CDN$15,000,000." More
- July 12, 2007 | Item | E-mail
Eldorado Gold Corporation: Kisladag Mine - "Eldorado Gold Corporation (the "Company") (Toronto:ELD.TO - News)(AMEX:EGO - News) today announced that its Kisladag mine (the "Mine"), located in western Turkey, was, by court decision registered yesterday, ordered to be shut down, pending the ultimate decision by that court on the appeal of a lower court order in favour of the Company confirming the legality and validity of the Mine's Environmental Impact Assessment." More
- July 12, 2007 | Item | E-mail
Newmont Announces Pricing of Offering of $1.0 Billion Convertible Senior Notes - "Newmont Mining Corporation (NYSE: NEM - News) today announced the pricing of its $1.0 billion Convertible Senior Notes due 2014 and 2017, each in the principal amount of $500 million. Each series of notes is being sold in a private offering to qualified institutional buyers pursuant to Rule 144A of the Securities Act of 1933. The Company also granted the initial purchasers an option to purchase an additional $75 million of each of the 2014 and 2017 Senior Convertible Notes to cover over-allotments. Subject to customary conditions, the offering is expected to close on July 17, 2007." More
- July 12, 2007 | Item | E-mail
Court orders Eldorado to shut mine in Turkey - "Eldorado Gold Corp. (ELD.TO: Quote, Profile, Research) (EGO.A: Quote, Profile, Research) said on Thursday that it was ordered to shut its Kisladag gold mine in western Turkey in a court decision registered on Wednesday.
Shares in the junior miner plummeted to a nine-month low after the announcement. The stock bottomed at C$4.55 on the Toronto Stock Exchange, down C$2.67, or 37 percent. It then regained some ground to C$5.10 in Toronto and $4.88 on Amex, a 29 percent drop." More
- July 12, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 12 July, 2007 | |
