-- Posted 18 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $672.10 | +$7.70 |
Silver | $13.20 | +$0.30 |
XAU | 154.41 | +3.58% |
HUI | 365.10 | +3.96% |
GDM | 1151.77 | +3.94% |
JSE Gold | 2728.75 | +1.20% |
USD | 80.43 | -0.11 |
Euro | 138.06 | +0.24 |
Yen | 82.11 | +0.39 |
Oil | $75.05 | +$1.03 |
10-Year | 5.010% | -0.068 |
T-Bond | 107.96875 | +0.6875 |
Dow | 13918.22 | -0.38% |
Nasdaq | 2699.49 | -0.47% |
S&P | 1546.17 | -0.21% |
The Metals:
Gold rose to find over $4 dollar gains in Asia before it fell back off in London and traded near unchanged in early New York trade, but it then gained over 1% between 10AM and 11AM EST as Bernanke began to speak and oil inventory data was released. After topping $672 by late morning, it then remained close to its high near $674 for the rest of trade and closed with a gain of 1.16%. Silver dropped to find small losses at $12.87 in early New York trade before it also rose during mid to late morning and closed with a gain of 2.33%.
Euro gold rose near €488, platinum gained $11 to $1,318, palladium remained unchanged at $365, and copper rose roughly 2 cents to about $3.58.
Gold and silver equities rose throughout the day and ended with nearly 4% gains.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | June | 0.2% | 0.1% | 0.7% |
Core CPI | June | 0.2% | 0.2% | 0.1% |
Housing Starts | June | 1467K | 1450K | 1434K |
Building Permits | June | 1406K | 1490K | 1520K |
Bernanke’s testimony before the House Committee on Financial Services weighed his concerns over inflation versus worries about the housing market stemming from subprime mortgage problems. While Bernanke recognized that “sizable increases in food and energy prices have boosted overall inflation and eroded real incomes in recent months,” he also said he expected core inflation will fall in 2008. He further noted that he thought subprime problems could get worse before they would get better and that certainly was not encouraging for Wall Street. Bernanke testifies before the Senate Banking Committee tomorrow.
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/14 expected at 310,000. At 10AM is the Leading Economic Indicators report for June expected at -0.1%, at noon is the Philadelphia Fed survey for July expected at 14.0, and at 2PM is the release of FOMC minutes from their June 28th meeting.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over 1% above $75 and gasoline rose over 2% after inventory reports surprised with draws across the board instead of an expected build in gasoline at minimum. Oil inventories fell 500,000 barrels, gasoline inventories fell 2.3 million barrels, distillates fell 200,000 barrels, and refinery utilization rose 0.8% to 91.0%.
The U.S. dollar index found slight gains early as CPI came in a bit higher than expected, but it soon fell back off to new all-time lows versus the euro and new 15 year lows overall as subprime worries spread to other U.S. bankers after Bernanke expressed concern and Bear Stearns announced late yesterday that two of its hedge funds had “no value left” due to poor bets on the sector.
Treasuries rose as interest rates dropped back near 5.00% on subprime worries.
The Dow, Nasdaq, and S&P fell markedly on poor earnings reports, higher energy prices, and concerns about failure in subprime loans and their impact on both the housing sector and the financial sector overall, but losses were roughly cut in half in the last minutes of trade on optimism over earnings reports due out late today and early tomorrow.
Among the big names making news in the market today were Knight, Bear Stearns, JPMorgan Chase, KKR and Macy’s, Delta Air Lines, Pfizer, Altria, Southwest Airlines, CIT Group, Imperial and Altadis, and Sainsbury and Qatar.
The Commentary:
“August Gold finished up 7.8 at 673.7, 1.6 off the high and 7.4 up from the low.
September Silver closed up 0.272 at 13.29. This was 0.3 up from the low and 0.03 off the high.
Gold prices benefited from a sharply weaker dollar, stronger energy prices and a weaker stock market today, as concerns over the sub-prime loan crisis escalated and fund buying stepped into the market. The dollar fell to new contract lows against the Euro today, and nearby crude oil rallied to its highest level in almost a year. Fed Chairman Bernanke's testimony before congress acknowledged that the weakness in the housing sector could get worse before it gets better, and that outlook is raising fears of more sub-prime spillover impact on the economy. August gold traded to its highest level since early June.
Silver benefited from flight to quality buying along with other precious metals today, as the traders were confronted with stock market declines, a weakening dollar and sharply higher energy prices. With the Fed looking for moderate growth and an easing of inflation, it also suggests the Fed is not poised to tighten interest rates, which also supports the bull case for metals and weakens the outlook for the dollar.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Scientists find economic process for creating gold from base metals
Bear Stearns admits two subprime mortgage funds are worthless
Ted Butler: The principle of substitution
The Statistics:
As of close of business: 7/17/2007
Gold Warehouse Stocks: | 6,968,917 | - 160,882 |
Silver Warehouse Stocks: | 133,844,470 | - 3,131,970 |
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$ 10,453m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,358 | US$ 2,011m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,350 | US$ 265m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.43 | 431,654 | US$ 287m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/17/2007 | |
Total Net Assets | $980,683,732 | 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 7/17/2007 | |
Total Net Assets | $1,795,102,740 | 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:
Entree Gold’s (EGI) exploration agreement, Harmony Gold’s (HMY) postponed bond issue, Great Basin’s (GBN) earn-in agreement, Aurelian’s (ARU.TO) drill results, Kirkland’s (KGI.TO) year end update, Yale’s (YLL.V) access agreement, Orko’s (OK.V) drill results, ECU’s (ECU.V) new assays, Silver Dragon’s (SDRG.OB) subsidiary incorporation, and Silver Standard’s (SSRI) new VP of finance and CFO were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Seabridge | SA +9.14% $25.92 |
2. Cardero | CDY +7.47% $1.87 |
3. Kinross | KGC+7.27% $14.17 |
LOSERS
1. Entree | EGI -6.77% $2.89 |
2. Metalline | MMG-1.93% $3.56 |
3. Orezone | OZN -1.66% $1.78 |
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:
Gemini Explorations Inc Reports on La Planada Gold Project Phase 2 Channel Sampling and Upcoming Drill Program - More
- July 18, 2007 | Item | E-mail
Aldershot Resources Ltd.: Yuinmery Uranium Project Update - More
- July 18, 2007 | Item | E-mail
Ungava Minerals Corp. Completes Private Placement - More
- July 18, 2007 | Item | E-mail
Eloro Announces $750,000 Financing - More
- July 18, 2007 | Item | E-mail
Duran Announces $3,500,000 Private Placement Financing - More
- July 18, 2007 | Item | E-mail
Shoreham Resources Completes $2,183,250 Flow-Through Private Placement and Announces Additional $300,000 Subscription - More
- July 18, 2007 | Item | E-mail
Western Copper Corporation-Casino Deposit: Initiation of Pre-Feasibility Study and Intention to Exercise Casino Option Agreement - More
- July 18, 2007 | Item | E-mail
Drilling Commences on Ruddock Creek Zinc/Lead Project B.C. - More
- July 18, 2007 | Item | E-mail
Newmont Declares Regular Quarterly Dividend - "The Board of Directors of Newmont Mining Corporation (NYSE: NEM - News) today declared a regular quarterly dividend of $0.10 per share, payable September 28, 2007 to holders of record at the close of business on September 7, 2007." More
- July 18, 2007 | Item | E-mail
Largo Reports Additional Positive Drill Results From Maracas Vanadium-PGM Project (Brazil) - More
- July 18, 2007 | Item | E-mail
Cabo to drill up to 11,000 meters for Paragon Minerals Corporation - More
- July 18, 2007 | Item | E-mail
Uranerz Welcomes New Land Department Manager - More
- July 18, 2007 | Item | E-mail
Puma Exploration: 1.5 kg Ag, 7.4 g/t Au, 10.1% Zn, and 7.3% Pb Over 3.4 Metres at Nicholas-Denys - More
- July 18, 2007 | Item | E-mail
Genco Announces Results of Continued Drilling on the Creston Target & Commencement of Feasibility Study - More
- July 18, 2007 | Item | E-mail
Santoy Reports Exploration/Drill Plans on Uranium Joint Venture, Athabasca Basin, SK - More
- July 18, 2007 | Item | E-mail
Yale Ready to Start Work on La Verde and Adds Exploration Manager to Its Team - "Yale Resources Ltd. (CDNX:YLL.V - News) (Frankfurt:YAB.F - News) is pleased to announce that the Company has signed an access agreement with the local land owner who has the surface rights that cover a majority of the La Verde Project and that the State of Sonora has accepted for filing an environmental impact report covering the La Verde Project." More
- July 18, 2007 | Item | E-mail
Pacific North West Capital Closes $4,112,949 Private Placement - More
- July 18, 2007 | Item | E-mail
Cancor Mines (KCR-TSX) is pleased to provide an update on the exploration and development activities for its gold and base metal properties (copper and zinc) - More
- July 18, 2007 | Item | E-mail
Normabec Grants 500,000 Stock Options - More
- July 18, 2007 | Item | E-mail
Uranium Hunter Appoints Director of Exploration for Tanzania - More
- July 18, 2007 | Item | E-mail
Moydow Announces Appointment of Directors - More
- July 18, 2007 | Item | E-mail
Exploration Adit at Radius's Tambor Gold Project Intersects Quartz Vein with Visible Gold - More
- July 18, 2007 | Item | E-mail
Marathon developing additional PGM and copper resources in the Magnetite Zone, 2.06 g/t PGM and gold and 0.17% copper over 11.04 m - More
- July 18, 2007 | Item | E-mail
Sultan Minerals Confirms High-Grade Molybdenum and Discovers New Lead & Zinc Zone at Jersey-Emerald Property, B.C. - More
- July 18, 2007 | Item | E-mail
Pershimco Resources Announces the Acquisition of 13 Claims on the Courville Property in Abitibi and the Issuance of Shares for Debt - More
- July 18, 2007 | Item | E-mail
Golden Star Schedules Second Quarter 2007 Results Conference Call - "Golden Star Resources Ltd. (TSX: GSC - News; AMEX: GSS - News) will release its second quarter 2007 results after the market close on Tuesday, August 7, 2007 and has scheduled a conference call and webcast on Wednesday, August 8 at 11:00 a.m. Eastern Time (9:00 a.m. Mountain Time)." More
- July 18, 2007 | Item | E-mail
Metco Resources Inc.: Results of Prefeasibility Study on the Caber Deposit and Technical Report on the Caber and Caber North Deposits, Matagami - More
- July 18, 2007 | Item | E-mail
Sparton Receives Second Payment for Sale of Share Interest in Luxi Gold Project; $1.67 Million Dollars Added to Working Capital - More
- July 18, 2007 | Item | E-mail
Mediterranean intersects high grade gold mineralization and confirms significant polymetallic potential at Corak - More
- July 18, 2007 | Item | E-mail
Geneva Resources, Inc. Reports on Gold Mineralization at Vilcoro Gold Property, Peru - More
- July 18, 2007 | Item | E-mail
Sierra Hires Flora Wood as Investor Relations Manager - More
- July 18, 2007 | Item | E-mail
Colibri samples exceptional Cu-Mo soils on the Leon Project, Sonora, Mexico - More
- July 18, 2007 | Item | E-mail
Network appoints Schnoor as CFO - More
- July 18, 2007 | Item | E-mail
J-Pacific Gold Retains Renmark Financial - More
- July 18, 2007 | Item | E-mail
Freegold Completes Construction of 1,200 Ton/Day Portable Gravity Processing Plant - More
- July 18, 2007 | Item | E-mail
Monroe Minerals appoints independent advisors for uranium division - More
- July 18, 2007 | Item | E-mail
Everton Samples Up to 28.2 g/t Gold at the "Manuel Showings" on Wildcat 5 in James Bay, Quebec - More
- July 18, 2007 | Item | E-mail
Explorator Resources Announces Appointment of Chief Financial Officer - More
- July 18, 2007 | Item | E-mail
Philex Gold Announces Results of Infill Drill Holes at the Boyongan Property - More
- July 18, 2007 | Item | E-mail
VVC Exploration to test anomalies in Playfair Township (ON) - More
- July 18, 2007 | Item | E-mail
Avnel Gold Announces Exceptional Soil Geochemistry Results at its Fougadian Exploration Permit, South Mali - More
- July 18, 2007 | Item | E-mail
Amarillo Provides Results From Drill Holes 4 to 8, Focused on the Cerrito Prospect, Lavras do Sul - More
- July 18, 2007 | Item | E-mail
Manicouagan Reports Initial Phase II Drill Results From Brabant Lake - More
- July 18, 2007 | Item | E-mail
Wits Basin Provides Merger Update Information - More
- July 18, 2007 | Item | E-mail
Canadian Zinc Announces $10 Million Private Placement with Sprott Asset Management Inc. - More
- July 18, 2007 | Item | E-mail
Entree Gold Enters Into Agreement to Explore for Porphyry Copper in Southwestern U.S.A. - "Entree Gold Inc. (Toronto:ETG.TO - News)(AMEX:EGI - News)(Frankfurt:EKA.F - News) ("Entree" or the "Company") announces that, subject to TSX acceptance, the Company has entered into an agreement with Empirical Discovery LLC to explore for and develop porphyry copper targets in southeastern Arizona and adjoining southwestern New Mexico." More
- July 18, 2007 | Item | E-mail
Kilgore & Bayswater Shareholders Approve Merger - More
- July 18, 2007 | Item | E-mail
Northwestern and UraMin complete phase one drilling in Niger - More
- July 18, 2007 | Item | E-mail
Bayswater and Kilgore Shareholders Approve Merger - More
- July 18, 2007 | Item | E-mail
Monroe Minerals appoints independent advisors for uranium division - More
- July 18, 2007 | Item | E-mail
Energy Fuels to Construct the "Pinon Ridge" Uranium Mill-First Uranium Mill to be Built in the US in 25 Years - More
- July 18, 2007 | Item | E-mail
TSX Venture Exchange Accepts for Filing the Sale of Trigon's Diamond Division to Diamondex and Closing Date Expected to be July 26, 2007 - More
- July 18, 2007 | Item | E-mail
Harmony Gold postpones $350 mln bond issue - "South Africa's Harmony Gold has delayed a $350 million, seven-year bond issue, it said on Wednesday. "We have postponed it due to market conditions," spokeswoman Amelia Soares said." More
- July 18, 2007 | Item | E-mail
Orko Silver Continues to Hit Martha Vein; Adds Third Drill Rig to Projects in Mexico - "These latest assays continue to support the consistency of our overall excellent results from La Preciosa to date, and in particular the strength of the Martha vein. Furthermore, we have managed to add a third rig, which is now drilling on the San Juan property, adjacent to La Preciosa. We are looking forward to results from early targets there." More
- July 18, 2007 | Item | E-mail
Great Basin Gold Concludes Agreement to Earn-In on Ganes Creek Property in Alaska, USA - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that a Letter of Intent ("LOI") was concluded on June 8, 2007, whereby the Company can earn an 80% interest in all hard rock mineral rights on the Ganes Creek Property in Alaska by making a total of US$3 million in exploration expenditures over a period of 3 years. The Ganes Creek Property is held by Clark/Wiltz Mining (CWM), based in Talkeetna, Alaska, USA." More
- July 18, 2007 | Item | E-mail
Aurelian Intersects 172.70 Metres Grading 7.71 g/t of Gold in Infill Drilling and 158.64 Metres Grading 8.13 g/t of Gold at the Eastern Edge of FDN - "Aurelian Resources Inc. (TSX:ARU - News) today announced results from 10 additional drill holes from the buried epithermal gold-silver discovery at Fruta Del Norte (FDN) on its wholly-owned Condor Project in south-eastern Ecuador. These include 172.70 metres grading 7.71 g/t of gold ("Au") and 8.2 g/t of silver ("Ag") in infill drill hole CP-07-130 and 158.64 metres grading 8.13 g/t Au and 11.3 g/t Ag in CP-07-126 at the eastern edge of the deposit. The drill holes are from sections 9583300N and 9583200N respectively." More
- July 18, 2007 | Item | E-mail
ECU Silver Announces New Assays at its Chicago Property in Mexico - "ECU Silver Mining Inc. (Toronto:ECU.TO - News) is pleased to report recent assay results from the first phase of the exploration drilling work conducted at the Company's Chicago Property which consisted of drilling six holes totaling 4,101 meters. The Chicago Property is located less than 500 meters south from the Company's Velardena Property boundary. On surface, several veins are well identified, varying in known length from 250 meters to 1,300 meters and in width from 0.20 to 6.0 meters. The best known vein, the Los Muertos - Chicago Vein (the "Chicago Vein"), has historically been followed for 1,300 meters horizontally including underground development for 390 meters horizontally and 240 meters vertically." More
- July 18, 2007 | Item | E-mail
Chifeng Silver Dragon Resources & Technologies, Ltd. Incorporated in China - "Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) (``Silver Dragon'') today announced the incorporation, under the laws of China, of Chifeng Silver Dragon Resources & Technologies, Ltd. (``Chifeng Silver'') as a wholly-owned subsidiary of Sanhe Sino-Top Resources & Technologies, Ltd.(``Sino-Top''). Silver Dragon owns a 90% equity interest in Sino-Top, a Chinese company which holds the exploration and mining rights to nine properties including the Erbahuo Silver Mine located in the Erbahuo Silver District in Northern China." More
- July 18, 2007 | Item | E-mail
Silver Standard Appoints New Vice President, Finance and CFO - "Silver Standard Resources Inc. (Toronto:SSO.TO - News)(NasdaqGM:SSRI - News) is pleased to report the appointment of Tom S. Q. Yip as Vice President, Finance and Chief Financial Officer, effective July 16, 2007. Mr. Yip's career includes 22 years in senior financial management positions in the mining industry including the positions of Vice President, Finance and CFO at Echo Bay Mines Ltd. and most recently at Asarco, LLC." More
- July 18, 2007 | Item | E-mail
Kirkland Lake Gold Inc.: New South Mine Complex Year End Reserves and Resources Show Substantial Growth - "Kirkland Lake Gold Inc. (the "Company") (TSX:KGI - News; AIM:KGI) is pleased to announce a year end update on the reserves and resources for its "New South Mine Complex" discovered to the south of the historic Main Break. The New South Mine Complex consists of 16 or more mineralized gold zones, five of which have been defined over strike lengths in excess of 1,000 feet. These zones, which are open in all directions, are the focus of exploration programs including diamond drilling and access drifting on the 5000 and 5300 foot levels." More
- July 18, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
- Would you like to receive the Free Daily Gold Seeker Report in your e-mail? Click here
Additional Resources for today’s Gold Seeker Report can be found:
© Gold Seeker 2007
Note: This article may be reproduced provided the article, in full, is used and mention to Gold-Seeker.com is given.
Disclosure: The owner, editor, writer and publisher and their associates are not responsible for errors or omissions. The author of this report is not a registered financial advisor. Readers should not view this material as offering investment related advice. Gold-Seeker.com has taken precautions to ensure accuracy of information provided. Information collected and presented are from what is perceived as reliable sources, but since the information source(s) are beyond Gold-Seeker.com’s control, no representation or guarantee is made that it is complete or accurate. The reader accepts information on the condition that errors or omissions shall not be made the basis for any claim, demand or cause for action. Past results are not necessarily indicative of future results. Any statements non-factual in nature constitute only current opinions, which are subject to change. Nothing contained herein constitutes a representation by the publisher, nor a solicitation for the purchase or sale of securities & therefore information, nor opinions expressed, shall be construed as a solicitation to buy or sell any stock, futures or options contract mentioned herein. Investors are advised to obtain the advice of a qualified financial & investment advisor before entering any financial transaction.
-- Posted 18 July, 2007 | |
