-- Posted 17 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $664.40 | -$0.90 |
Silver | $12.90 | -$0.04 |
XAU | 149.07 | -0.29% |
HUI | 351.20 | -0.43% |
GDM | 1108.06 | -0.32% |
JSE Gold | 2696.47 | -0.26% |
USD | 80.54 | +0.01 |
Euro | 137.82 | +0.01 |
Yen | 81.72 | -0.38 |
Oil | $74.02 | -$0.13 |
10-Year | 5.078% | +0.037 |
T-Bond | 107.28125 | -0.4375 |
Dow | 13971.55 | +0.15% |
Nasdaq | 2712.29 | +0.55% |
S&P | 1549.37 | -0.01% |
The Metals:
Gold remained near unchanged in Asia, fell a few dollars near $662 in London, and then rallied back higher to find slight gains by midmorning in New York, but it then slowly and steadily fell back off into the close and ended with a loss of 0.14%. Silver fell under $12.85 in London before it rose back over $13.00 in New York, but it then also fell back off into the close and ended with a loss of 0.31%.
Euro gold fell to about €482, platinum lost $6 to $1,307, palladium lost $1 to $365, and copper rose roughly 2 cents to about $3.56.
Gold and silver equities rose slightly at the open, but they soon fell back off near unchanged and remained modestly lower for the rest of the day.
Will central bank gold sales pick up? Just 9 weeks remain...
Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
PPI | June | -0.2% | 0.1% | 0.9% |
Core PPI | June | 0.3% | 0.2% | 0.2% |
Net Foreign Purchases | May | $126.1B | $72.0B | $80.3B |
Capacity Utilization | June | 81.7% | 81.6% | 81.4% |
Industrial Production | June | 0.5% | 0.5% | -0.1% |
Net Foreign Purchases rose to a new record high in May, but that was despite the fact that China has been a net seller of treasuries for the second straight month as it diversifies its reserves away from the dollar.
Tomorrow at 8:30AM EST brings CPI for June expected at 0.1%, Core CPI expected at 0.2%, Housing Starts for June expected at 1,450,000, and Building Permits for June expected at 1,490,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose above $75 in the U.S. in early trade on concerns over supply disruptions along with forecasts of strong future demand, but it fell back off to find a small loss by the close as traders bet that refineries recently coming back online will provide for bearish data in tomorrow’s gasoline inventory report that will spread to the entire energy complex.
The U.S. dollar index found early gains on better than expected Net Foreign Purchases, but it fell back near unchanged by the close on continued subprime worries as traders also looked towards testimony from Bernanke over the next two days.
Treasuries fell after decent economic data sent interest rates back higher.
The Dow and Nasdaq rose while the S&P ended marginally lower on mixed earning reports.
Among the big names making news in the market today were Wells Fargo, Sallie Mae, Basell and Lyondell, News Corp and Dow Jones, Merrill Lynch, Coca-Cola, and J&J.
The Commentary:
“August Gold finished down 0.4 at 665.9, 2.3 off the high and 1.9 up from the low.
September Silver closed down 0.047 at 13.018. This was 0.038 up from the low and 0.117 off the high.
The gold market waffled around unchanged throughout the session and had to contend with a confusing PPI report and periodic strength in the US Dollar. However, it was clear following the release of the US Industrial Production report that some buyers were willing to step forward into the gold market but even that buying interest waned after mid session. Perhaps the gold market was supported by news that funds were interested players and perhaps some buyers were motivated by fresh terrorism concerns.
The silver market was also apparently lifted by talk of fund buying but that fund buying interest wasn't able to support prices throughout the session. Perhaps a slightly higher Dollar trade and weakness in the platinum, copper and gold market put the silver market on the defensive but a decent set of economic numbers from the US and at times a positive equity market seemed to keep the silver market from getting into a patently bearish position.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Grandich slips market manipulation into MarketWatch daily gold report
Ron Paul owns the whiplash point on the political spectrum
Canadian dollar hits US96 cents for first time in 30 years
Resurrected M3 may warn of inflationary blowoff in U.S.
The Statistics:
As of close of business: 7/16/2007
Gold Warehouse Stocks: | 7,129,799 | - |
Silver Warehouse Stocks: | 136,976,440 | +596,827 |
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 | 487.92 | 15,687,034 | US$ 10,446m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,391 | US$ 1,989m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,354 | US$ 262m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,659 | US$ 287m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 3.08 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/16/2007 | |
Total Net Assets | $981,137,179 | 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 7/16/2007 | |
Total Net Assets | $1,813,221,884 | 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:
Lundin’s (LMC) bid for Rio Narcea (RNO), Cardero’s (CDY) completed property purchase, Allied Nevada’s (ANV) closed private placement, Stillwater’s (SWC) new labor agreement, Silver Dragon’s (SDRG.OB) 43-101 report, and UC Resources’ (UC.V) assay results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. U.S. Energy | USEG+4.05% $5.40 |
2. Aurizon | AZK +2.84% $3.62 |
3. Banro | BAA +2.77% $10.30 |
LOSERS
1. Seabridge | SA -6.27% $23.75 |
2. Northgate | NXG-4.62% $3.10 |
3. Pacific Rim | PMU-3.67% $1.05 |
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:
Columbia Metals Corporation Limited Announces $750,000 Non-Brokered Private Placement - More
- July 17, 2007 | Item | E-mail
Vault intersects gold in multiple structures at Lebel - More
- July 17, 2007 | Item | E-mail
Sage Completes 3800M Second Phase of Drilling at Jacobus Nickel/Copper - More
- July 17, 2007 | Item | E-mail
Richmond Minerals Inc. property aquisition - More
- July 17, 2007 | Item | E-mail
Timberline Retains Klepfer Mining Services and Acquires Dedicated Drill Rig to Advance Key Exploration Projects - More
- July 17, 2007 | Item | E-mail
Explor Acquires Montrose/Midlothian Township Property - More
- July 17, 2007 | Item | E-mail
Longview Capital Partners Acquires Additional Shares in Pacific Coast Nickel Corp. (Formerly Fargo Capital Corp.) - More
- July 17, 2007 | Item | E-mail
First Metals Obtains Mining Licence - More
- July 17, 2007 | Item | E-mail
Hidalgo Mining International (Pink Sheets: HMIT) Announces Exploration of Tudor Gold Project in Conjunction With Subury Resources Inc. - More
- July 17, 2007 | Item | E-mail
Hochschild Completes Early Purchase of Cardero's Los Manantiales Gold Project - "Cardero Resource Corp. ("Cardero" or the "Company") - (Toronto:CDU.TO - News)(AMEX:CDY - News)(Frankfurt:CR5.F - News) is pleased to announce that its valued exploration partner, Hochschild Mining Holdings Limited ("HMHL"), a subsidiary of Hochschild Mining plc (LSE:HOC.L - News), has requested Cardero to exercise its option from the underlying vendor (Stenfield Minera S.A.) and complete the purchase of Los Manantiales property (formerly "Mina Angela") on behalf of the partnership twelve months ahead of schedule." More
- July 17, 2007 | Item | E-mail
Drake Gold Resources, Inc. Welcomes the Addition of a New CFO - More
- July 17, 2007 | Item | E-mail
Yukon Gold VTEM Helicopter Survey Outlines EM Conductor at its Zinc-Copper-Silver Deposit in the Yukon - More
- July 17, 2007 | Item | E-mail
Franklin Applies to Be Listed on Frankfurt Stock Exchange - More
- July 17, 2007 | Item | E-mail
Cameco doesn't own Paladin stock, mum on bid talk - More
- July 17, 2007 | Item | E-mail
Silver Dragon Resources Completes 43-101 Report for Erbahuo Silver Project - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) is pleased to announce the completion of a technical report on the Erbahuo Silver Project in Wengniute County, Inner Mongolia, China. The technical report was prepared in accordance with JORC and Canadian National Instrument 43-101 requirements for the estimation of resources by Micromine Consulting (``Micromine''), a resource sector software developer and consulting company headquartered in Perth, Australia." More
- July 17, 2007 | Item | E-mail
Grenville Gold Announces Acquisition of 3,933 Ha of Land Encompassing Four Silver Mines in Peru - More
- July 17, 2007 | Item | E-mail
Scandinavian Minerals Third Quarter Financial Results; Kevitsa Project Update - More
- July 17, 2007 | Item | E-mail
Notice: DPM 2007 Second Quarter Financial Results - More
- July 17, 2007 | Item | E-mail
UC Resources Intersects 2.45 Meters Averaging 1.52 Ounces Per Ton Gold and 112.1 Ounces Per Ton Silver at La Soledad Occurrence-Copalquin Property - "UC Resources Ltd. (the Company) (CDNX:UC.V - News) is pleased to announce that the previously announced (June 12, 2007) drill intersection at La Soledad gold-silver project, has received partial assay results. Hole MP-07-101 has received preliminary (please refer to assay methodology) assays over the main mineralized zone. Samples selected over the six meters that encompasses the mineralized zoned averaged 21.93 g/t Au (0.64 ounces Au per ton) and 1,597.4 g/t Ag (46.6 ounces Ag per ton). The initial 2.45 meter section of the sample averaged 52.27 g/t Au (1.52 ounces Au per ton) and 3,840.47 g/t Ag (112.01 ounces Ag per ton). True width of the mineralized zone is undetermined at this point in the exploration of the La Soledad vein system." More
- July 17, 2007 | Item | E-mail
Homeland Precious Metals Corp. Provides Project Update on Water Canyon, Nevada - More
- July 17, 2007 | Item | E-mail
AURUS Corp Calls a Special Shareholders Meeting - More
- July 17, 2007 | Item | E-mail
St. Elias Mines Ltd. -- 157.4 Tonne Bulk Sample Returns Average Grade of 0.93 Oz/T Gold Including 4.1 Tonnes of 11.22 Oz/T Gold at Tesoro Gold Project, Peru - More
- July 17, 2007 | Item | E-mail
Temex acquires uranium exploration properties in northwestern Ontario and eastern Manitoba - More
- July 17, 2007 | Item | E-mail
Compania de Minas Buenaventura Announces Second Quarter 2007 Conference Call - "Monday, July 30, 2007 at 11:00 a.m. EDT" More
- July 17, 2007 | Item | E-mail
First Narrows Discovers Thick Zone of Tungsten-Molybdenum Mineralization on Falls Creek Property, New Brunswick - More
- July 17, 2007 | Item | E-mail
Capital Gold Signs Refining Agreement With Penoles for El Chanate Gold Mining Project in Sonora, Mexico - More
- July 17, 2007 | Item | E-mail
Cadiscor Resources Announces Initiation of Scoping Study on its Discovery Property - More
- July 17, 2007 | Item | E-mail
C2C Inc. Announces the Nomination of Yves Gagnon as President - More
- July 17, 2007 | Item | E-mail
Allied Nevada Gold Corp. Closes Cdn $17,000,000 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 has completed the private placement financing announced on June 25, 2007 with amounts increased as announced on July 12, 2007. The private placement consisted of 3,696,000 Units for total gross proceeds of CDN$17,000,000 (the "Offering"). Each Unit comprised of one share of common stock (a "Common Share") and one common share purchase warrant (a "Warrant")." More
- July 17, 2007 | Item | E-mail
Luiri Gold Commences Major Drilling Programme in Zambia - More
- July 17, 2007 | Item | E-mail
Molybdenum exploration planned for Gold Hill Alaska - More
- July 17, 2007 | Item | E-mail
Yankee Hat Announces Drilling Results From its Fran Gold Project - More
- July 17, 2007 | Item | E-mail
Unico, Inc. Announces Extension to Complete Purchase of the Deer Trail Mine - More
- July 17, 2007 | Item | E-mail
Northland Provides Update on Metallurgical Testwork at Hannukainen Iron-Copper-Gold Project, Finland - More
- July 17, 2007 | Item | E-mail
Inter-Citic Adds Third Drill at Dachang - More
- July 17, 2007 | Item | E-mail
Mercator Reports Record Copper Production for the Second Quarter - More
- July 17, 2007 | Item | E-mail
Lake Shore Gold Commences Drilling at Blakelock and Expands Its Property Position to the West - More
- July 17, 2007 | Item | E-mail
Malaga Inc.: change of corporate name and trading symbol (previously Dynacor Mines Inc.) - More
- July 17, 2007 | Item | E-mail
Union Membership Ratifies New Labor Contract at Stillwater Mine and Processing Facilities - "Stillwater Mining Company (NYSE: SWC - News) was notified late Monday evening that union employees at the Company's Stillwater Mine and Columbus processing facilities, represented by the USW International Union Local 11-001, have ratified a new four-year labor agreement. Represented employees are expected to return to work effective with swing shift tonight." More
- July 17, 2007 | Item | E-mail
Radisson Mining Options a Molybdenum/Gold Property and a Nickel Property in Northwestern Quebec - More
- July 17, 2007 | Item | E-mail
Sherwood Identifies Two Extensive Copper-Gold Systems at Minto Project, Yukon - More
- July 17, 2007 | Item | E-mail
Rocher Deboule Acquires Several Manganese Properties - More
- July 17, 2007 | Item | E-mail
Phase I Drilling has Commenced on Kootenay's Promontorio Silver Property - More
- July 17, 2007 | Item | E-mail
Lundin Mining Announces Successful Bid for Rio Narcea and Extends Expiry Time of Offer to August 10 - "Lundin Mining Corporation (Toronto:LUN.TO - News)(OMX: LUMI)(AMEX:LMC - News) ("Lundin Mining" or the "Company") is pleased to announce that 120,537,264 shares of Rio Narcea Gold Mines, Ltd. ("Rio Narcea"), representing approximately 71.2% of the Rio Narcea shares outstanding, have been tendered to Lundin Mining's amended offer, announced on June 29, 2007." More
- July 17, 2007 | Item | E-mail
Northern Continental Resources Inc.: Diamond Drilling Begins on the Russell Lake Uranium Project - More
- July 17, 2007 | Item | E-mail
Hathor Starts Diamond Drilling at Russell Lake Uranium Project - More
- July 17, 2007 | Item | E-mail
Trigon Announces Non-brokered Private Placement - More
- July 17, 2007 | Item | E-mail
Paladin Denies "Takeover Target" Rumour - More
- July 17, 2007 | Item | E-mail
Radisson Mining Options a Molybdenum/Gold Property and a Nickel Property in Northwestern Quebec - More
- July 17, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 17 July, 2007 | |
