-- Posted 16 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $665.30 | -$0.70 |
Silver | $12.94 | -$0.08 |
XAU | 149.54 | -1.02% |
HUI | 352.70 | -1.15% |
GDM | 1111.66 | -1.07% |
JSE Gold | 2703.45 | +0.60% |
USD | 80.53 | -0.05 |
Euro | 137.81 | -0.08 |
Yen | 82.10 | +0.18 |
Oil | $74.15 | +$0.22 |
10-Year | 5.041% | -0.066 |
T-Bond | 107.71875 | +0.75 |
Dow | 13950.98 | +0.31% |
Nasdaq | 2697.33 | -0.36% |
S&P | 1549.52 | -0.19% |
The Metals:
Gold traded roughly $1-$2 higher in Asia and London before it fell back off in choppy trade in New York and ended near its low of the session with a loss of 0.11%. Silver followed a similar pattern and lost 0.61%.
Euro gold fell slightly under €482, platinum gained $3 to $1,313, palladium remained unchanged at $366, and copper fell roughly 4 cents to about $3.54.
Gold and silver equities fell about 2% by mid-afternoon, but they then rallied back higher in the last two hours of trade and ended with only about 1% losses.
The Economy:
Report | For | Reading | Expected | Previous |
NY Empire State Index | July | 26.5 | 17.0 | 25.8 |
Tomorrow at 8:30AM EST brings PPI for June expected at 0.1% and Core PPI expected at 0.2%. At 9AM is the Net Foreign Purchases report for May expected at $72.0 billion, and at 9:15AM is Capacity Utilization for June expected at 81.6% and Industrial Production expected at 0.5%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil ended modestly higher in mixed trade on refinery problems and forecasts of strong future demand.
The U.S. dollar index fell and treasuries rose on continued subprime concerns, but moves were somewhat limited ahead of important economic data and Bernanke testimony later in the week.
The Dow rose while the Nasdaq and S&P fell as buyout rumors battled worries over subprime mortgages and high oil prices.
Among the big names making news in the market today were RBS and ABN, Vodafone and Verizon, Mattel, Ihop and Applebee’s, ReAble Therapeutics and DJO, and McDonald’s.
The Commentary:
“August Gold finished down 1 at 666.3, 3.2 off the high and 1.3 up from the low.
September Silver closed down 0.045 at 13.065. This was 0.04 up from the low and 0.09 off the high.
Gold mostly waffled early in the session and then seemed to weaken toward the close and that might have been the result of an aggressive washout in energy prices and perhaps because of a setback in equity prices. Fortunately for the bull camp in gold the Dollar mostly remained weak but the failure to add to the early downward probe in the Dollar might have prompted some gold longs to exit positions. It is also possible that muted mid day inflationary forecasts for this week's CPI and PPI prompted the gold market to fade from its early high. In the end, the bull camp was left with the hope that the slightly better than expected Empire State Manufacturing reading would keep prices from sliding into the next round of scheduled US numbers.
The silver market started out mixed and faded throughout the session, as the weakness in gold prices and the lack of additional downside extension in the Dollar was disappointing to some players. In fact, with equity and energy prices showing a significant reversal during the session, it is possible that the silver trade saw its macro economic concerns heightened, especially with the copper and platinum markets both finishing weak. In addition to critical support at the $13.00 level, some traders were pointing to $12.975 as the next lower support zone on the charts.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Arrogant Germany and fearful France tearing euro apart
Got Gold Report: Big traders betting heavily that dollar will recover
And maybe the U.S. will buy some Chinese railroad bonds
ECB demotes money supply in inflation forecasts
Iran tells Japan to pay for oil in yen
The Statistics:
As of close of business: 7/13/2007
Gold Warehouse Stocks: | 7,129,799 | - |
Silver Warehouse Stocks: | 136,379,613 | + 597,075 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 484.84 | 15,588,081 | US$ 10,388m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.11 | 2,993,425 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,358 | US$ 262m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,664 | US$ 287m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/12/2007 | |
Total Net Assets | $983,688,860 | 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 7/12/2007 | |
Total Net Assets | $1,802,186,677 | Ounces of Silver
in Trust | 139,186,961.000 |
Shares Outstanding | 14,000,000 | Tonnes of Silver
in Trust | 4,329.20 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) new area of copper-gold mineralization, Gammon Gold’s (GRS) new President of Mexican Operations, U.S. Energy’s (USEG) drill results, Northern Orion’s (NTO) ESIA submission, Aurelian’s (ARU.TO) COO appointment, Minco Silver’s (MSV.TO) geological studies, Fortuna’s (FVI.V) drill results, MAG Silver’s (MVG) drill results, and Coeur’s (CDE) project update were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. MAG Silver | MVG+6.91% $13.92 |
2. Arizona Star | AZS +3.75% $11.89 |
3. Kimber | KBX +3.13% $1.32 |
LOSERS
1. Eldorado | EGO -5.18% $4.76 |
2. Banro | BAA-4.16% $10.02 |
3. Nevsun | NSU -3.93% $2.69 |
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:
Uranerz Acquires Texas Uranium Project - More
- July 16, 2007 | Item | E-mail
Eloro Options Four James Bay District Properties to NFX Gold Inc. - More
- July 16, 2007 | Item | E-mail
NFX Gold Options Four James Bay District Properties - More
- July 16, 2007 | Item | E-mail
Avalon Provides Corporate Update and Progress Report; Drilling Set to Commence on Thor Lake Rare Earth Elements Target - More
- July 16, 2007 | Item | E-mail
Uranerz Energy Corporation: Mongolian Joint Venture Update - More
- July 16, 2007 | Item | E-mail
/C O R R E C T I O N from source -- Gold Eagle Mines Ltd./ - More
- July 16, 2007 | Item | E-mail
Fire Destroys GWR Core Cutting Building - More
- July 16, 2007 | Item | E-mail
Almaden Minerals Ltd.: New Copper-Gold Porphyry Zone Discovered at Caballo Blanco - "Almaden Minerals Ltd. ("Almaden") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to announce that geologic mapping and geochemical sampling has identified a new area of copper-gold mineralization associated with quartz stockwork and alteration on the Caballo Blanco property, Mexico. The new area is located two and one-half kilometres north of the Central Grid Zone, where porphyry copper-gold mineralization is known to occur." More
- July 16, 2007 | Item | E-mail
Sherwood Reports Geotech Program Results in Improved Pit Slopes at Minto Mine - More
- July 16, 2007 | Item | E-mail
Step out drilling continues to expand the Bruce Channel Discovery. Latest results include 15.36 metres (50.39 ft) (at) 23.24 g/t (0.68 oz/t) - More
- July 16, 2007 | Item | E-mail
Mantis identifies a dynamic hydrothermal system on its Orphan property - More
- July 16, 2007 | Item | E-mail
Uravan Minerals Inc. - Boomerang Uranium Project - 2007 Drilling Commences - More
- July 16, 2007 | Item | E-mail
Cue Capital Corp. Announces Start of Drilling on Yuty Project, Paraguay - More
- July 16, 2007 | Item | E-mail
Asia Now Announces Director's Resignation - More
- July 16, 2007 | Item | E-mail
Luna Gold receives the operating licence for its Aurizona gold project - More
- July 16, 2007 | Item | E-mail
697 Square Miles of Claims Staked in Northwestern British Columbia - More
- July 16, 2007 | Item | E-mail
Minco Silver Continues to Advance Hydro-Geological Studies at Fuwan - "Initial work was undertaken by the 757 Geological Exploration Team from November, 2006 to May, 2007. Regional hydro-geological survey/mapping was conducted over an area of approximately 51 square kilometers and was followed up by more detailed mapping over the project area. Additionally, a geophysical dipole-dipole resistivity survey was conducted over the south-eastern and northern boundaries of the Fuwan deposit area with an 80 metre line spacing. This survey completed 49 line kilometers of test work and logged over 3,000 data points." More
- July 16, 2007 | Item | E-mail
Sprott Asset Management Increases Ownership to 16.7% of Scandinavian Minerals - More
- July 16, 2007 | Item | E-mail
Anglo Swiss Resources Details Geophysical and Diamond Drilling Program-Kenville Mine Property - More
- July 16, 2007 | Item | E-mail
Virginia Grants 127,000 Stock Options - More
- July 16, 2007 | Item | E-mail
Duncan Park Completes $1.3 Million Private Placement - More
- July 16, 2007 | Item | E-mail
Roxmark completes $1 Million flow-through financing with MineralFields Group - More
- July 16, 2007 | Item | E-mail
Unico, Inc. Announces Additional Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- July 16, 2007 | Item | E-mail
Golden Odyssey Announces Commencement of Drilling at White Rock Project, Elko County, Nevada - More
- July 16, 2007 | Item | E-mail
Canadian Royalties Inc./Nunavik Nickel Project: Award of Detailed Engineering Contracts - More
- July 16, 2007 | Item | E-mail
Cline Mining Announces Additional Cline Lake Drilling Results - More
- July 16, 2007 | Item | E-mail
Clarifications On Calculations Of The 95% Mandatory Buyback of Its Common Shares; Logical & Legal Reasoning For Corporate Action - More
- July 16, 2007 | Item | E-mail
Kodiak Discovers Multiple New High Grade Gold Veins at Hercules/Increases Land Position - More
- July 16, 2007 | Item | E-mail
Cream Minerals Reports Diamond Drill Summary on Nuevo Milenio Property, Mexico - More
- July 16, 2007 | Item | E-mail
Mexivada Drills Altered and Mineralized Volcanics to 1400 Foot Depth at Gold Junction; Moly Dome Geophysics Initiated - More
- July 16, 2007 | Item | E-mail
Tara Gold Receives Initial Sample Results of 15.8 Grams Gold and 1803 Grams Silver at La Currita - More
- July 16, 2007 | Item | E-mail
Vantex Defines a First Mineral Inventory at Lake Expense - More
- July 16, 2007 | Item | E-mail
Cromwell Uranium Corp. Completes Acquisition of Cromwell Uranium Holdings Inc. - More
- July 16, 2007 | Item | E-mail
Western Warrior announces equity offering - More
- July 16, 2007 | Item | E-mail
Sparrowtech Targets Gold Mining in Peru - More
- July 16, 2007 | Item | E-mail
Teryl Resources Announces Drilling Program Recommended on the Bisbee, Gold Hill Prospect, Arizona - More
- July 16, 2007 | Item | E-mail
Freegold Receives Final Permits for Commencement of Gold Processing Operations at Golden Summit - More
- July 16, 2007 | Item | E-mail
Semafo inc. - Mana mine construction update - More
- July 16, 2007 | Item | E-mail
Raven Gold Corp. announces Initial Sample Results of 15.8 grams Gold and 1,803 grams Silver at La Currita - More
- July 16, 2007 | Item | E-mail
Normabec Discovers New Veins on the Real de Catorce Property - More
- July 16, 2007 | Item | E-mail
Merrex Completes Phase I Diamond Drilling Program at Siribaya Gold Project in West Mali, West Africa - More
- July 16, 2007 | Item | E-mail
Radisson Mining Announces Grant of Options - More
- July 16, 2007 | Item | E-mail
Miranda Gold Corp. Announces Drill Program for Red Hill Project - More
- July 16, 2007 | Item | E-mail
Etruscan reports second quarter results - More
- July 16, 2007 | Item | E-mail
Silverado Gold Mines Ltd. - Gold recovery started at Nolan - More
- July 16, 2007 | Item | E-mail
Bolero provides update on Bald Butte Drill Program and results of July 9th, 2007 shareholder meeting - More
- July 16, 2007 | Item | E-mail
VentureNet Capital Group, Inc. Announces Joint Venture With West Desert Gold Mines, Inc. - More
- July 16, 2007 | Item | E-mail
Tentative Agreement Reached on Labor Contract at Stillwater Mine and Processing Facilities (Revised) - More
- July 16, 2007 | Item | E-mail
Anglo Swiss Resources Announces Private Placement - More
- July 16, 2007 | Item | E-mail
Little Squaw Gives Mid-Season Exploration and Discovery Update -- Chandalar, Alaska - More
- July 16, 2007 | Item | E-mail
StrataGold purchases Alluvial Gold mining rights at Tassawini, Guyana - More
- July 16, 2007 | Item | E-mail
Western Goldfields Announces OTC Bulletin Board Symbol Change - More
- July 16, 2007 | Item | E-mail
Gammon Gold Inc. Appoints Roberto Diaz as President of Mexican Operations - "Gammon Gold Inc. (TSX: GAM / AMEX: GRS) ("Gammon") is pleased to announce the appointment of Roberto Diaz as President of Mexican Operations. Reporting to Gammon's Chief Operating Officer Dave Keough, Mr. Diaz will be responsible for Gammon's Mexican operations which includes its Ocampo and El Cubo mining operations and future development property at Guadalupe y Calvo." More
- July 16, 2007 | Item | E-mail
Fortuna Drills 25.1m Averaging 10.9 g/t Au and 588 g/t Ag at San Jose - "Fortuna Silver Mines Inc. (TSX VENTURE:FVI - News) is pleased to announce additional drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd (24%)." More
- July 16, 2007 | Item | E-mail
U.S. Energy Corp. and Crested Corp. Announce Latest Drilling Results and Commencement of a 2007 Phase II Drill Program for Sutter Gold - "U.S. Energy Corp. (Nasdaq: USEG - News) and Crested Corp. (OTC Bulletin Board: CBAG - News), natural resource exploration and development Companies, announce the latest drilling results to close the Phase I program, and a new expanded surface and underground drilling program for their subsidiary, Sutter Gold Mining Inc. (TSX VENTURE: SGM - News)." More
- July 16, 2007 | Item | E-mail
MAG Finds High Grade Silver at Batopilas - "MAG Silver Corp. (CDNX:MAG.V - News)(AMEX:MVG - News) announces that the 2007 exploration program in the Batopilas Native Silver District has encountered high grade silver in: a) drilling in the Roncesvalles - Todos Santos area, b) drilling in the Las Animas area (The Cobriza Veins) and c) a series of drill roads and trenches in the Las Animas Ridge area. A seven hole, 2,907 metre drill program that started in mid-February has been completed and crews have demobilized from Batopilas for the rainy season." More
- July 16, 2007 | Item | E-mail
Robert D. Kasner Resigns as Officer and Director of Uranium City Resources Inc. and NOT Robert J. Kasner, President & CEO - More
- July 16, 2007 | Item | E-mail
Denison Announces Unconditional Offer to Acquire OmegaCorp - More
- July 16, 2007 | Item | E-mail
Trigon Expands Mineral Holdings in the White Canyon of Utah - More
- July 16, 2007 | Item | E-mail
Northern Orion Resources Inc.: Agua Rica Project Environmental and Social Impact Assessment Submitted - "Northern Orion (Toronto:NNO.TO - News)(AMEX:NTO - News) is pleased to announce that Minera Agua Rica, its wholly owned subsidiary, has submitted the required Environmental and Social Impact Assessment ("ESIA") Report for the development of its Agua Rica copper/gold/molybdenum development project to the Province of Catamarca, Argentina. The ESIA, which outlines the economic and employment benefits to the local communities in accordance with the updated international guidelines, is the final submission required to receive the operating permit for mine development." More
- July 16, 2007 | Item | E-mail
Coeur Provides Update on San Bartolome Silver Project in Bolivia - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News) today announced that construction workers at its large San Bartolome silver project in Bolivia have collectively surpassed the milestone of one million man-hours without a lost time accident, while remaining on schedule and on budget toward an anticipated January 2008 startup date. Through June 30, the project had posted 1,110,867 man-hours without a lost time accident." More
- July 16, 2007 | Item | E-mail
Aurelian Appoints COO to Oversee Development at FDN - "Aurelian Resources Inc. (TSX:ARU - News) today announced that George Bee, an experienced operations and project development executive, will join the company as its Chief Operating Officer effective the 1st of August. Mr. Bee was most recently Director, Technical Projects for Barrick Gold Corporation, where he has held a range of senior operational roles since 1989 when he first started with Barrick Goldstrike Mines Inc. in Nevada." More
- July 16, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 16 July, 2007 | |
