-- Posted 24 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $684.40 | +$3.60 |
Silver | $13.35 | +$0.11 |
XAU | 155.41 | -1.80% |
HUI | 364.71 | -1.14% |
GDM | 1149.75 | -1.40% |
JSE Gold | 2725.19 | -0.64% |
USD | 80.13 | -0.24 |
Euro | 138.27 | +0.25 |
Yen | 82.96 | +0.53 |
Oil | $73.56 | -$1.33 |
10-Year | 4.944% | -0.020 |
T-Bond | 108.46875 | +0.09375 |
Dow | 13716.95 | -1.62% |
Nasdaq | 2639.86 | -1.89% |
S&P | 1511.04 | -1.98% |
The Metals:
Gold traded mostly slightly higher in Asia and London before it spiked about 1% higher in early New York trade to above $686 by about 8:45 AM EST, but it then fell back off for most of the rest of trade and ended around $3 off its highs with a gain of 0.53%. Silver rocketed near $13.50 and saw close to 2% gains before it also fell back off in later New York trade, but it still ended with a notable gain of 0.83%.
Euro gold rose to about €495, platinum lost $6 to $1,322, palladium lost $3 to $366, and copper rose slightly to about $3.67.
Gold and silver equities found small gains in morning trade, but they were then dragged down in afternoon trade by general market weakness and closed with over 1% losses.
The Economy:
There were no major economic reports today. Tomorrow at 10AM EST brings Existing Home Sales for June expected at 5,900,000 and at 2PM is the release of the fed’s Beige Book.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell for the third session in a row and closed almost 2% lower as Iran agreed to let IAEA officials visit a reactor building site and speculation grew about OPEC possibly raising production.
Treasuries rose and the U.S. dollar index fell to yet to another new all-time low versus the euro and a new 26 year low versus the pound on worries that problems in subprime mortgages are spreading to other loans as well.
The Dow, Nasdaq, and S&P fell nearly 2% by the close as the homebuilders and financials took another hit on an especially disappointing report from Countrywide Financial that amplified worries about mortgage problems and their impact on the rest of the market and economy.
Among the big names making news in the market today were McDonald’s, PepsiCo, Countrywide, AT&T, DuPont, Lilly, JetBlue, American Express, UAL, and Lockheed.
The Commentary:
“August Gold finished up 3.3 at 684.8, 3.2 off the high and 2.1 up from the low.
September Silver closed up 0.113 at 13.443. This was 0.143 up from the low and 0.137 off the high.
With a massive range up extension in the gold market early in the session and the market subsequently falling back sharply from those highs, it almost seemed like gold was shifting its focus away from the weakness in the Dollar and toward the prospect of a sharp slowdown in the US economy off the sub-prime loan situation. It is also possible that a massive slide in the energy complex added to the reversal in the gold market, as sharply lower oil prices might have prompted some flight to quality buyers to bank profits and move to the sidelines. With the August gold contract to the highs Tuesday over $45 an ounce above the late June lows, it is certainly understandable that gold would encounter some stop loss selling in the wake of the interday reversal of prices.
Despite an extremely volatile trading session, the bull camp in the silver still managed to keep prices in positive ground for most of the session. It is possible that up beat silver price projections from Mexican silver producer Penoles inspired some buyers as that company predicted that silver prices could reach $15.00 an once before the end of 2007. However, as suggested in the mid day coverage Penoles also left off the potential for a moderate correction down to $12.00 and that could have prompted some spec longs to bank profits and move to the sidelines. With a mostly weak equity market and significant weakness in energy prices, the silver market could have been undermined by outside market forces during the action Tuesday.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ted Butler: Still the same
Ambrose Evans-Pritchard: When will gold go ballistic?
Adjusted for falling dollar, oil earning less for OPEC
Paulson supports a strong dollar -- and a weaker one
Mint's reply to Liberty Dollar's lawsuit is a wonderful hypocrisy
The Statistics:
As of close of business: 7/23/2007
Gold Warehouse Stocks: | 6,952,675 | - |
Silver Warehouse Stocks: | 131,460,925 | - 629,174 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 497.15 | 15,983,883 | US$ 10,898m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 93.10 | 2,993,159 | US$ 2,046m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,823 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 13.92 | 447,452 | US$ 305m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/20/2007 | |
Total Net Assets | $1,008,983,638 | 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 7/20/2007 | |
Total Net Assets | $1,869,125,447 | Ounces of Silver
in Trust | 140,677,879.400 |
Shares Outstanding | 14,150,000 | Tonnes of Silver
in Trust | 4,375.57 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Almaden’s (AAU) zinc silver properties, AngloGold’s (AU) shut mine shaft, Exeter’s (XRA) drill results, Seabridge’s (SA) drill results, Newmont’s (NEM) investment in Indonesia, Palmarejo’s (PJO.V) drill results, and Esperanza’s (EPZ.V) property updates were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Exeter | XRA +6.20% $3.77 |
2. Allied Nevada | ANV +3.53% $5.57 |
3. New Gold | NGD +2.50% $6.98 |
LOSERS
1. Nevsun | NSU -5.93% $2.54 |
2. Entree | EGI -4.85% $2.94 |
3. Ivanhoe | IVN-4.66% $14.92 |
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:
Wesdome Gold Mines Ltd. - Wesdome reports strong second quarter production and updates development work - More
- July 24, 2007 | Item | E-mail
Royal Gold Announces Fiscal 2007 Fourth Quarter and Year-End Conference Call - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, will report its fourth quarter and year-end fiscal 2007 results before the market opens for trading on Thursday, August 16, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities." More
- July 24, 2007 | Item | E-mail
Tagish closes first tranche of non-brokered private placement of units - More
- July 24, 2007 | Item | E-mail
Nuinsco Resources Limited Issues Early Warning Report Pursuant to National Instrument 62-103 Regarding Campbell Resources Inc. - More
- July 24, 2007 | Item | E-mail
Skyline Announces Closing of Final Tranche of Private Placement - More
- July 24, 2007 | Item | E-mail
Goldcliff's Multi-Sensor Airborne Geophysical Surveys Underway - More
- July 24, 2007 | Item | E-mail
Pearl Asian Mining Industries, in Cooperation with Its Transfer Agent and DTCC, Allows 3-Day Settlement Period from the Effective Date of July 20th 2007 - More
- July 24, 2007 | Item | E-mail
Explor Increases Carnegie-Kidd Township Land Position - More
- July 24, 2007 | Item | E-mail
Metanor Resources Inc. - Correction of the press release dated last July 20 - More
- July 24, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Premium Exploration, Inc. - More
- July 24, 2007 | Item | E-mail
Almaden Deals Zinc Silver Properties - "Almaden Minerals Ltd. (the "Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) advises that it has acquired and now beneficially owns 3,500,000 common shares, representing approximately 41% of the issued and outstanding voting securities, of Tarsis Capital Corp. ("Tarsis") as of the date of this News Release. The shares are subject to Escrow Restrictions as imposed by the TSX Venture Exchange." More
- July 24, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Alexandria Minerals Corp. - More
- July 24, 2007 | Item | E-mail
Amera Resources Corporation: Exploration Manager Appointed in Peru - More
- July 24, 2007 | Item | E-mail
Ur-Energy Announces Webcast for July 26, 2007 - More
- July 24, 2007 | Item | E-mail
Northland Resources: 2007 Annual General Meeting to Be Held in Oslo, Norway - More
- July 24, 2007 | Item | E-mail
Sidon Releases Grab Samples From North Dolly - More
- July 24, 2007 | Item | E-mail
Roxmark begins exploration work on western extension of Northern Empire Gold Mine Property - More
- July 24, 2007 | Item | E-mail
Grenville Targets 40 Million Ounces of Silver At the Silveria Project - More
- July 24, 2007 | Item | E-mail
Monroe Minerals enters option agreement with Altius in New Labrador uranium project - More
- July 24, 2007 | Item | E-mail
Sage Pulls Best Nickel - Copper Drill Hole to Date at Jacobus - More
- July 24, 2007 | Item | E-mail
QGX Forms Strategic Alliance with Mongolian Investor - JUST Group Industries to Acquire 5 Million Shares of QGX at $4.15 per Share - More
- July 24, 2007 | Item | E-mail
Hawthorne Gold Retains Grandich Publications - More
- July 24, 2007 | Item | E-mail
Mantis Minerals Corp. announces initial potential of 25,290 long tons at Orphan Mine property - More
- July 24, 2007 | Item | E-mail
C2C Announces Major Progress in the Acquisition of the Bella Rica Mine Property in Ecuador and Confirms Good Standing of the Title of the Mining Concession - More
- July 24, 2007 | Item | E-mail
Golden Odyssey Announces Washiki Soil Results - More
- July 24, 2007 | Item | E-mail
Galantas Gold Corporation: Director Exercises Options - More
- July 24, 2007 | Item | E-mail
EXMIN Options Silver Project in the Precious Metal Belt of Durango, Mexico - More
- July 24, 2007 | Item | E-mail
Timberline Reports Fifth Consecutive Quarterly Revenue Record At Kettle Drilling - More
- July 24, 2007 | Item | E-mail
Grandview Extends Sanshaw-Bonanza Property Option Agreement; Optimizing Red Lake Gold District Winter Drilling Opportunity - More
- July 24, 2007 | Item | E-mail
Noront Resources Ltd. Option Mid-Matra Project, Hungary - More
- July 24, 2007 | Item | E-mail
Underground Sample Results Received from Consolidated Goldfields Pyramid Mine - More
- July 24, 2007 | Item | E-mail
Unico, Inc. Announces Selection of New Metallurgist for Deer Trail Mining Company - More
- July 24, 2007 | Item | E-mail
Dia Bras Appoints Mr. Eduardo Gonzalez to the Board - More
- July 24, 2007 | Item | E-mail
Uranium Energy Corp Appoints Independent Members to its Board of Directors and Advisory Board - More
- July 24, 2007 | Item | E-mail
Northern Freegold Resources Ltd.: Diamond Drilling in Tinta Zone Extends Vein System Down Dip 200 m and Returns 0.435 oz/t Gold, 13.00 oz/t Silver - More
- July 24, 2007 | Item | E-mail
Diamond Fields' new joint venture for exploration in Zambia adjacent to D.R.C Kipushi Zinc/Copper/Germanium mine. - More
- July 24, 2007 | Item | E-mail
Cypress Retains Leading Investor Relations Firm - More
- July 24, 2007 | Item | E-mail
Piedmont Mining Company Exploration Update - More
- July 24, 2007 | Item | E-mail
Consolidated Spire Ventures Ltd.: Stockwork Gold Mineralized Zone Continues to Expand At the Prospect Valley Property - More
- July 24, 2007 | Item | E-mail
Preliminary Metallurgical Study Indicates Good Gold Recovery at Keegan's Esaase Project - More
- July 24, 2007 | Item | E-mail
Manicouagan Reports Drilling Underway at Mouchalagane Nickel-Copper-PGE Property - More
- July 24, 2007 | Item | E-mail
Midlands Mineral Corporation: Hole # 5 Intersects 3 Significant Gold Intervals Distributed Over 75 M and Opens the South Area of the Esaase Deposit - More
- July 24, 2007 | Item | E-mail
Franklin Mining, Inc. Announces Frankfurt Stock Exchange Listing - More
- July 24, 2007 | Item | E-mail
General Metals Technical Team Is Joined By Samuel Nunnemaker, P. Geo Who Leads Technical Data Exchange And Phase 1 Exploration Drilling - More
- July 24, 2007 | Item | E-mail
Miranda Gold Corp. and Romarco Minerals Inc. Amend Terms on Red Canyon Joint Venture - More
- July 24, 2007 | Item | E-mail
Canstar Resources Completes Drilling on the Shrimp Lake and Tahoe Lake Projects, Northwestern Ontario; Mary March Project Update - More
- July 24, 2007 | Item | E-mail
Red Lake Visits Chilean Properties - More
- July 24, 2007 | Item | E-mail
Asian Dragon Group Inc. Adds Senior Geologist to Board of Directors - More
- July 24, 2007 | Item | E-mail
S.Africa tells AngloGold to shut mine shaft - "South Africa has instructed gold producer AngloGold Ashanti (ANGJ.J: Quote, Profile, Research) to shut the shaft at its Moab Khutsong mine after two miners were killed in a rock fall at the weekend, the government said on Tuesday." More
- July 24, 2007 | Item | E-mail
Palmarejo Silver and Gold Corporation Announces Further Drill Results from the Guadalupe Project - "Palmarejo Silver and Gold Corporation (CDNX:PJO.V - News)(the "Company") is pleased to announce results from the continuing reverse circulation (RC) and diamond drill program at the Guadalupe project, 7 kilometres southeast of the Palmarejo Project, in the Temoris District, Chihuahua, Mexico. The project is held by the Company's 100%-owned subsidiary, Planet Gold SA de CV." More
- July 24, 2007 | Item | E-mail
Exeter Drilling Continues to Expand the Escondida Vein System - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") reports high-grade gold and silver results, from nine new diamond drill holes, continues to expand the Escondida East vein system at its Cerro Moro Project in Santa Cruz Province, Argentina." More
- July 24, 2007 | Item | E-mail
Esperanza Updates Promising Exploration Prospects - "Esperanza Silver Corporation (TSX VENTURE:EPZ - News; PINK SHEETS:ESPZF - News) is pleased to present this update of its generative exploration properties. These properties are in addition to its bonanza-grade San Luis, Peru joint-venture property (20% fully carried, assuming taken into production) and its Cerro Jumil, Mexico (100%) advanced stage project." More
- July 24, 2007 | Item | E-mail
Drilling Results Confirm SE Extension of Seabridge Gold's Noche Buena Deposit - "Seabridge Gold (CDNX:SEA.V - News)(AMEX:SA - News) announced today that assay results from the first seven drill holes at its 100% owned Noche Buena project have confirmed a southeast extension of gold mineralization with grades and thicknesses consistent with the known deposit." More
- July 24, 2007 | Item | E-mail
Newmont in Indonesia for Long-Haul - "Newmont Mining Corp. said Tuesday it wants to expand investment in Indonesia despite concerns about sabotage at one of its exploration sites and an ongoing legal battle against a top U.S. executive over alleged pollution." More
- July 24, 2007 | Item | E-mail
S.Africa gold miners' unions reject higher pay offer - "Trade unions have rejected an increased wage offer from the three biggest gold firms in South Africa, the world's biggest producer of the precious metal, a labour spokesman said on Monday.
The unions rejected a 7.25 percent wage offer from the Chamber of Mines, but agreed to meet again on August 1, Reint Dykema, spokesman for Solidarity trade union, said." More
- July 24, 2007 | Item | E-mail
Costs, flat output to curb S.African gold profits - "Quarterly earnings at South Africa's two biggest gold firms are expected to creep higher on the back of strong prices, but output glitches and a once-off charge at third-ranking Harmony (HARJ.J: Quote, Profile , Research) is due to crimp profit, analysts said." More
- July 24, 2007 | Item | E-mail
Mineralized Zone at Million Mountain Continues to Expand to the South and East; Intervals Include 31.25 Meters @ 2.23 G/T Au - More
- July 24, 2007 | Item | E-mail
Sprott Asset Management Acquires 9.8% of Canadian Zinc Corporation - More
- July 24, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 24 July, 2007 | |
