-- Posted 19 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $676.70 | +$4.60 |
Silver | $13.25 | +$0.05 |
XAU | 158.11 | +2.40% |
HUI | 371.11 | +1.65% |
GDM | 1171.67 | +1.73% |
JSE Gold | 2738.41 | +0.35% |
USD | 80.47 | +0.04 |
Euro | 138.05 | -0.01 |
Yen | 81.92 | -0.19 |
Oil | $75.92 | +$0.87 |
10-Year | 5.028% | +0.018 |
T-Bond | 107.78125 | -0.1875 |
Dow | 14000.41 | +0.59% |
Nasdaq | 2720.04 | +0.76% |
S&P | 1553.08 | +0.45% |
The Metals:
Gold remained near unchanged at about $672 in Asia before it found slight gains in London and morning New York trade, but it then advanced its gains in afternoon trade and ended right near its high of the session with a gain of 0.68%. Silver traded on either side of unchanged for most of world trade before it also rose in afternoon New York trade and ended with a gain of 0.38%.
Euro gold rose over €490, platinum gained $2 to $1,320, palladium gained $4 to $369, and copper rose roughly 8 cents to about $3.66.
Gold and silver equities rose throughout the day and ended with about 2% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/14 | 301K | 310K | 309K |
Leading Indicators | June | -0.3% | -0.1% | 0.2% |
Philadelphia Fed | July | 9.2 | 14.0 | 18.0 |
Bernanke finished his testimony before the senate today and reiterated his concerns about subprime mortgages. FOMC minutes showed that fed members thought that risks to economic growth were more balanced and “core inflation would remain relatively subdued but concurred that a sustained moderation in inflation had not yet been convincingly demonstrated.” There are no major economic reports due out tomorrow.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil added over 1% more to yesterday’s gains in further reaction to yesterday’s poor inventory reports as newly reported 11.9% GDP growth in China indicated continued strong demand as well.
The U.S. dollar index rose slightly and treasuries dipped despite poor economic data and continued subprime worries as traders decided to book profits from the recent run in bonds and fall in the dollar.
The Dow, Nasdaq, and S&P rose on mostly strong earnings reports despite notable weakness in financial stocks.
Among the big names making news in the market today were Continental Airlines, Hershey, Harley-Davidson, Nasdaq, Dow Jones, Citigroup, Lehman, Bank of America, Honeywell, Motorola, and Baxter.
The Commentary:
“August Gold finished up 4.4 at 678.1, 0.4 off the high and 4.6 up from the low.
September Silver closed up 0.085 at 13.375. This was 0.085 up from the low and 0.015 off the high.
After mostly waffling around unchanged throughout the first half of the trade session the gold market managed to firm considerably in the early afternoon trade. Once again it did not seem like the renewed buying interest correlated with a noted decline in the Dollar and that would seem to give additional credence to the idea that renewed investment interest is being seen. However, with the market managing to climb to another new high for the move and also reaching the highest level since June 5th, it is likely that gold was also the benefactor of technically inspired buying. With the gold rally coming in the wake of a weak Philly Fed survey release it would almost seem like some of the buying was prompted by macro economic flight to quality concerns.
With the September silver contract managing to rise to the highest level since June 20th and the gold market providing solid leadership, the bull camp seems to have ended the session with even more confidence than was seen at the start of the trading session. However, another ultra strong Chinese GDP reading seemed to give markets like, gold, copper and silver an added lift from renewed hopes of improving physical demand. With the US stock market also showing rather impressive action at times during the session, the whole idea of improving physical demand for certain metals markets wasn't difficult to embrace.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Markets dive as Fed raises stagflation fears
Gold's enemies have not yet evaded the laws of physics
The Statistics:
As of close of business: 7/18/2007
Gold Warehouse Stocks: | 6,968,917 | - |
Silver Warehouse Stocks: | 133,323,005 | -521,465 |
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 | 497.15 | 15,983,883 | US$ 10,779m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,325 | US$ 2,026m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.28 | 394,345 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.67 | 439,563 | US$ 293m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 9.23 tonnes and the JSE added 0.24 tonnes.
COMEX Gold Trust (IAU)
Profile as of 7/18/2007 | |
Total Net Assets | $992,330,619 | 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 7/18/2007 | |
Total Net Assets | $1,800,645,628 | 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:
NovaGold’s (NG) dismissed lawsuit against Barrick (ABX), Royal Gold’s (RGLD) Taparko Mine royalty, Rio Narcea’s (RNO) Board changes, Centerra Gold’s (CG.TO) production forecast, Kirkland’s (KGI.TO) year end results, and Fury’s (FUR.V) consulting appointment were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +9.91% $4.88 |
2. Entree | EGI +8.67% $3.14 |
3. Metalline | MMG+8.15% $3.85 |
LOSERS
1. Exeter | XRA -2.47% $3.56 |
2. Richmont | RIC -1.75% $2.80 |
3. International Royalty | ROY -1.53% $7.08 |
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:
Royal Gold to Begin Receiving Royalty Revenue From High River Gold's Taparko Mine - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, today announced the initiation of gold production subject to the Company's royalty interests at the Taparko-Bouroum ("Taparko") gold mine in Burkina Faso, West Africa, operated by High River Gold Mines Ltd. ("High River"). Royal Gold holds four royalty interests at this property." More
- July 19, 2007 | Item | E-mail
MetalCORP Limited Announces Stock Options Granted - More
- July 19, 2007 | Item | E-mail
Rio Narcea Announces Changes to Board of Directors - "Following the acquisition of approximately 71 percent of the common shares and approximately 67 percent of the warrants of Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or the "Company") (Toronto:RNG.TO - News)(AMEX:RNO - News), by Lundin Mining Corporation, the Company today announced the composition of its new board of directors. The new board is comprised of Karl-Axel Waplan, Colin K. Benner, William A. Rand, Brian D. Edgar and John H. Craig. Each member of Rio Narcea's previous board has resigned." More
- July 19, 2007 | Item | E-mail
Taranis Resources Inc. Announces Private Placement - More
- July 19, 2007 | Item | E-mail
Antares Appoints Robert D. Wunder As COO Former Vice President of Operations for BHP's Escondida Copper Mine, Chile - More
- July 19, 2007 | Item | E-mail
Azco Mining Retains Premier Media Services Inc. to Lead Investor and Public Relations Efforts - More
- July 19, 2007 | Item | E-mail
Coronation Minerals Inc.: Press Release - More
- July 19, 2007 | Item | E-mail
Wind River Issues Update Regarding Mongolian Uranium Properties - More
- July 19, 2007 | Item | E-mail
Copper/Gold/Palladium Acquisition - More
- July 19, 2007 | Item | E-mail
Strathmore Finalizes Spin-Out Transaction; Fission Energy Expected to Commence Trading Next Week - More
- July 19, 2007 | Item | E-mail
Matamec Explorations Inc.: Plan of Arrangement on Spin-Off of its Uranium Properties and Financing by Rights Offering Prospectus - More
- July 19, 2007 | Item | E-mail
Supreme Court of British Columbia approves plan of arrangement with Selkirk Metals Corp. - More
- July 19, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports on progress at Ketza River and Jerritt Canyon - More
- July 19, 2007 | Item | E-mail
Bonaventure Announces New Director and Expanded Resource Focus as Exploration Continues in Nevada - More
- July 19, 2007 | Item | E-mail
ESO starts MPX Geophysics on helicopter-borne magnetic and radiometric surveys on East Athabasca uranium properties in Saskatchewan - More
- July 19, 2007 | Item | E-mail
NovaGold's Case Against Barrick Dismissed - "We are satisfied that the Alaskan Court found in Barrick's favor and has entirely dismissed NovaGold's series of allegations," said Patrick Garver, Executive Vice President and General Counsel. "We vigorously disputed NovaGold's allegations that implied improper conduct by Barrick and we are glad the Federal Court has dismissed this ill-conceived action." More
- July 19, 2007 | Item | E-mail
Molycor Gold Corp.: Increase in Private Placement - More
- July 19, 2007 | Item | E-mail
Centerra Gold Completes Preliminary Geotechnical Analysis of SB Zone Highwall and Revises 2007 Kumtor Gold Production Forecast - "Centerra Gold Inc. (Toronto:CG.TO - News) announced today that independent geotechnical experts have completed a preliminary analysis of the previously reported (April 27, 2007) Kumtor SB Zone highwall waste dump movement and have recommended stabilization by designing to flatter angles through the underlying till layer and overlying waste dump." More
- July 19, 2007 | Item | E-mail
Breakwater Resources Ltd.'s Second Quarter 2007 Financial And Operating Results Conference Call - More
- July 19, 2007 | Item | E-mail
Jourdan Resources inc. Hires Dresden Capital for IR - More
- July 19, 2007 | Item | E-mail
Asia Now Intersects 17 Metres at 0.96% Copper Near Surface at Habo - More
- July 19, 2007 | Item | E-mail
Uranerz Stakes More Powder River Basin Claims - More
- July 19, 2007 | Item | E-mail
Noront Resources Ltd. Windfall Lake Property - More
- July 19, 2007 | Item | E-mail
Cline Announces Board Appointments - More
- July 19, 2007 | Item | E-mail
Southwestern Withdraws Previously Announced Results for Its Boka Project Pending Further Review and Announcement - More
- July 19, 2007 | Item | E-mail
Uranium Power Corp. Announces Appointment of Senior Technical Advisor - More
- July 19, 2007 | Item | E-mail
Foisey system extends to strike length of 750 meters - More
- July 19, 2007 | Item | E-mail
Eagle Plains Commences Diamond Drilling Program in Bronco Discovery Area - More
- July 19, 2007 | Item | E-mail
Wescan completes private placement for gross proceeds of $1,555,500 - More
- July 19, 2007 | Item | E-mail
Uranium Bay Resources Outlines Initial U308 Results From Uskawanis Uranium Property, Quebec - More
- July 19, 2007 | Item | E-mail
Raven Gold Corp. announces that Mr. Francis D.A. Forbes III, has accepted the position as a Director for the Company - More
- July 19, 2007 | Item | E-mail
Vior Cuts 4.1 g/t Au Over 5.0 Metres - More
- July 19, 2007 | Item | E-mail
Luna Gold wins the competitive tender for the advanced stage, Cachoeira Gold Project, Para State, Brazil - More
- July 19, 2007 | Item | E-mail
Six new sulphide zones discovered at Argentex Zinc-Indium Pinguino Project, Argentina - More
- July 19, 2007 | Item | E-mail
Jaguar Mining Provides Update of Operations, Licensing, Exploration and Corporate Initiatives - More
- July 19, 2007 | Item | E-mail
Unico, Inc. Announces Addition of New Photo Gallery to Corporate Website Showing Reconstruction Work at the Mill and Processing Facility at the Deer Trail Mine - More
- July 19, 2007 | Item | E-mail
Premier Gold Mines - Red Lake Drilling Update - More
- July 19, 2007 | Item | E-mail
Final Clarification on the 95% Mandatory Buy Back of PAIM Common Shares Effective Date July 20, 2007 - More
- July 19, 2007 | Item | E-mail
Northern Freegold Resources Ltd.: First 2007 Diamond Drill Hole in Nucleus Zone Steps Out 50 m and Returns 72 m of 2.5 g/t Gold - More
- July 19, 2007 | Item | E-mail
Grenville Adds 31 New Mineral Concessions to Silveria and Now Has 2797 Ha of Mineral Titles Over Four Former Silver Mines - More
- July 19, 2007 | Item | E-mail
Northland Acquires the Pellivuoma Iron-Copper Deposit, Northern Sweden - More
- July 19, 2007 | Item | E-mail
J-Pacific Intersects 15.53g Au/t and 10.42g Au/t at Montgolfier Project - More
- July 19, 2007 | Item | E-mail
Blue Note Mining Exploration Update - More
- July 19, 2007 | Item | E-mail
Uranium Resources, Inc. Starts Up New Wellfield in Texas - More
- July 19, 2007 | Item | E-mail
Buffalo Gold Ltd.: Kinbauri Gold Reports First Drill Program at El Valle Intersects 11.1g/t Gold and 2.27% Copper Over 25.6 Metres - More
- July 19, 2007 | Item | E-mail
Uranium Star Discovers Significant Intersection of 22.7g/t Gold (Au) Over 4.5 Meters at the Sagar Property in Northern Quebec - More
- July 19, 2007 | Item | E-mail
Cream Minerals Intersects 1.30% Nickel and 2.27% Copper Over 66.8 Feet on Wine Property, Manitoba - More
- July 19, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces Submission of New Mexico Exploration Permit - More
- July 19, 2007 | Item | E-mail
Idaho General Mines Announces the Relocation of Corporate Headquarters to Lakewood, Colorado, and the Continued Addition of Key Personnel - More
- July 19, 2007 | Item | E-mail
First Drill Program at Kinbauri Gold's El Valle Project in Spain Intersects 11.1g/t Gold and 2.27 % Copper Over 25.6 Metres - More
- July 19, 2007 | Item | E-mail
Franklin Mining Schedules Financial Meetings and Work-Site Inspections for August 2007 - More
- July 19, 2007 | Item | E-mail
General Metals Announces Completion of 11:10 Forward Stock Split - More
- July 19, 2007 | Item | E-mail
Sunridge Gold Announces Technical Services Agreements for Asmara Project, Eritrea - More
- July 19, 2007 | Item | E-mail
Ministry of Development Completes Review of Business Plan for Greek Gold Projects - More
- July 19, 2007 | Item | E-mail
Fury Appoints O&M Partners of New York - "New York based O&M Partners LLC is a buyside consulting firm specializing in the junior resource sector. Since 1996, O&M has been bringing small cap equities to the institutional investment community across the United States and select European and U.K. markets. For the past four years, O&M has been in the forefront of helping introduce senior management of natural resource and mining companies to both specialist and generalist institutional investors." More
- July 19, 2007 | Item | E-mail
Timberline Completes Acquisition of Conglomerate Mesa Project - More
- July 19, 2007 | Item | E-mail
Capstone Provides Cozamin Mine Expansion Update - More
- July 19, 2007 | Item | E-mail
Aurelio Reports Additional Near-Surface Oxide Copper Intercepts at Hill Copper-Zinc Project, Arizona, Including 65 Ft @ 1.04% Cu - More
- July 19, 2007 | Item | E-mail
Grand Central Silver Mines, Inc. Names Lehman Brothers as Exclusive Financial Advisor - More
- July 19, 2007 | Item | E-mail
Pan African Mining Corp. Commences Formal Core Drilling Program for Uranium at Tranomaro in Madagascar - More
- July 19, 2007 | Item | E-mail
Tournigan Project Updates - More
- July 19, 2007 | Item | E-mail
Azimut: Update on Uranium Exploration Properties - More
- July 19, 2007 | Item | E-mail
Paladin Announces Board Change - More
- July 19, 2007 | Item | E-mail
NovaGold Receives Ruling on Donlin Case - "NovaGold Resources Inc. (Toronto:NG.TO - News)(AMEX:NG - News) has received notice from the United States District Court for the District of Alaska relating to its lawsuit brought against Barrick Gold Corporation ("Barrick") in August 2006. The lawsuit alleged breach of contract and breach of fiduciary duty, and sought a declaratory judgment clarifying the requirements Barrick must satisfy to earn an additional 40% interest in Donlin Creek and Barrick's ability to satisfy these requirements." More
- July 19, 2007 | Item | E-mail
Kirkland Announces Year End Results - "The fourth quarter ended with underground production in April of 18,500 tons of ore, the Company's best mining month to date," said Brian Hinchcliffe, Company President. "A solid team effort delivered a month that was 2,400 tons above plan for the first time and a grade of 0.46 ounces per ton." More
- July 19, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 19 July, 2007 | |
