-- Posted 31 July, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $667.20 | +$3.00 |
Silver | $12.95 | +$0.13 |
XAU | 148.71 | -0.69% |
HUI | 345.04 | -0.69% |
GDM | 1087.90 | -0.73% |
JSE Gold | 2632.42 | +0.83% |
USD | 80.79 | -0.05 |
Euro | 136.88 | +0.01 |
Yen | 84.10 | -0.16 |
Oil | $78.21 | +$1.38 |
10-Year | 4.771% | -0.033 |
T-Bond | 110.0625 | +0.4375 |
Dow | 13211.99 | -1.10% |
Nasdaq | 2546.27 | -1.43% |
S&P | 1455.27 | -1.26% |
The Metals:
Gold traded slightly higher in Asia and added to its gains in London to find over $4 gains above $668 in early New York trade before it fell back off in midmorning trade to as low as $663.10 by about 11AM EST, but it then rallied back higher into the close and ended near its high of the session with a gain of 0.45%. Silver rose over $13.00 before it fell to $12.83 by about 11AM EST, but it also rallied back higher into the close and ended with a gain of 1.01%.
Euro gold remained above €485, platinum gained $22 to $1,290, palladium gained $3 to $363, and copper rose roughly 6 cents to about $3.76.
Gold and silver equities rose over 1% at the open, but they then fell back off with gold and silver midmorning and remained lower into the close despite gold and silver’s afternoon rebound as general market weakness seemed to keep the miners lower.
Central bank gold sales ramp up, but still far short of quota Resource Investor
The Economy:
Report | For | Reading | Expected | Previous |
Personal Income | June | 0.4% | 0.5% | 0.4% |
Personal Spending | June | 0.1% | 0.1% | 0.6% |
Core PCE Inflation | June | 0.1% | 0.2% | 0.1% |
Employment Cost Index | Q2 | 0.9% | 0.9% | 0.8% |
Chicago PMI | July | 53.4 | 58.5 | 60.2 |
Construction Spending | June | -0.3% | 0.2% | 1.1% |
Consumer Confidence | July | 112.6 | 105.0 | 105.3 |
Tomorrow at 10AM EST brings the ISM Index for July expected at 55.5 and Pending Home Sales for June expected at -0.6%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose over a dollar to above $78 and made a new record closing high on supply concerns ahead of tomorrow’s inventory data. Prices also closed just 19 cents away from the all-time record intraday high of $78.40.
The U.S. dollar index traded mostly slightly lower on mixed economic data and renewed subprime worries.
Treasuries rose on tame Core PCE Inflation data as weak Chicago PMI and Construction Spending data was offset by better than expected Consumer Confidence data. Credit worries added to bond gains late in the day and pushed the yield on the 10-year to its lowest close in 2 and ½ months.
The Dow, Nasdaq, and S&P rose markedly in early trade on mostly good earnings reports and tame Core PCE Inflation, but they then fell back off in afternoon trade and ended with over 1% losses as oil prices set a new record closing high and subprime worries returned to the market with American Home Mortgage Investment Corp. announcing some trouble with its credit lines.
Fed will act on market slide if warranted: Poole Reuters
Among the big names making news in the market today were American Home Mortgage Investment Corp., NCR, Northwest Air, Sirius, Avon, Nike, News Corp. and Dow Jones, CBS, General motors, and J&J.
The Commentary:
“December Gold finished up 2.7 at 679.3, 1.5 off the high and 3.8 up from the low.
September Silver closed up 0.114 at 13.017. This was 0.097 up from the low and 0.073 off the high.
A slightly weaker dollar and stronger stock market action today combined to provide a slight lift to the gold market, but this second day of recovery off of last week's steep declines seemed to run out of steam as the session progressed. A spate of economic reports this morning sent some mixed signals to the precious metals and contributed to choppy action early in the session. The market appeared to react negatively towards the Core PCE Inflator, which came in well below expectations, possibly because it lowered inflationary concerns. A stronger than expected US Consumer Confidence number, coming in at 112.6 for July, the highest reading since August 2001 and well above expectations was offset by a lower than expected Chicago PMI reading. Neither the stock market nor the dollar provided much leadership to gold today, as they were choppy as well, and sharply higher crude oil prices failed to generate much interest.
Silver started out strong on overnight strength in equities, a weaker dollar and calmer international debt markets, but like gold, its two day correction of last week's break seemed to run out of steam after mid-morning. A stronger copper market may have lent support through the mid-session and kept higher on the day, but by late in the session the market was threatening to trade lower on the day, as neither the dollar nor the stock market provided much direction.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
India, another rich country insisting on being poor -- until now, maybe
Credit derivatives 'performing poorly' in crisis
Anti-gold cartel's UBS plans fund to short commodities
Gee, you think they might be trying to suppress gold?
The Statistics:
As of close of business: 7/30/2007
Gold Warehouse Stocks: | 6,907,147 | - |
Silver Warehouse Stocks: | 131,577,291 | + 738,158 |
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 | 496.53 | 15,964,095 | US$ 10,557m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,923 | US$ 2,026m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,791 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,287 | US$ 303m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/30/2007 | |
Total Net Assets | $992,806,817 | Ounces of Gold
in Trust | 1,495,451.595 |
Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.51 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 7/30/2007 | |
Total Net Assets | $1,802,744,785 | Ounces of Silver
in Trust | 141,671,812.200 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,406.49 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
AngloGold’s (AU) second quarter profit and retiring CEO, Gold Fields’ (GFI) Investor and Media Relations appointment, Royal Gold’s (RGLD) new Board member, Eldorado’s (EGO) development of the Vila Nova Iron Ore Project, Polyus’ gold production, Harmony’s (HMY) mine sale, Royal Gold’s (RGLD) amended merger agreement with Battle Mountain (BMGX.OB), Yamana’s (AUY) response to Meridian’s (MDG) Board rejection of Yamana’s offer, Palmarejo’s (PJO.V) project update, and Revett’s (RVM.TO) mine fatality were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Claude Resources | CGR +8.19% $1.45 |
2. Almaden Minerals | AAU +4.33% $2.556 |
3. Eldorado Gold | EGO +3.86% $4.57 |
LOSERS
1. Nevsun | NSU -4.62% $2.48 |
2. Orezone | OZN -4.26% $1.80 |
3. Kinross | KGC-3.06% $12.98 |
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:
Intrepid Reports Operating Activities for the Quarter Ended June 30, 2007 - More
- July 31, 2007 | Item | E-mail
Sparton Resources Inc.: Drilling Program Begins to Evaluate Waste Piles at Xiaolongtang Power Station - More
- July 31, 2007 | Item | E-mail
Yamana Gold's Offer Continues to be the Logical Choice for Meridian Gold's Shareholders - "Yamana expresses disappointment with the conclusions of the Meridian Board as outlined in the circular, and notes that the circular failed to address the many benefits which Meridian shareholders stand to gain by becoming part of the combination of Yamana, Northern Orion and Meridian. Moreover, after careful review of Meridian's Directors' Circular, investor presentation, and audit of their conference call, Yamana believes that there is no new material information concerning Meridian that is not already publicly known and inherent in their share price. Yamana has been offered no new information that would change its view that its offer is full and fair." More
- July 31, 2007 | Item | E-mail
Uranium Bay Adds U308 to Uskawanis, Doubles Size of Property and Continues Aggressive Program to Define Full U3O8 Potential - More
- July 31, 2007 | Item | E-mail
Palmarejo Update on Development and Corporate Activities - "Palmarejo Silver and Gold Corporation (CDNX:PJO.V - News)(the "Company") is pleased to provide an update on the development activities at its Palmarejo Silver-Gold Project located in the Temoris District, Chihuahua, Mexico. Last week, the Company published an update on exploration and drilling results at its Palmarejo, La Patria and Guadelupe projects (see news releases dated July 24, 25 and 26, 2007 available on the Company's web site at www.palmarejogold.com and on SEDAR at www.sedar.com)." More
- July 31, 2007 | Item | E-mail
Wealth Significantly Expands Its Bororo Nuevo Uranium Property, San Jorge Basin, Argentina - More
- July 31, 2007 | Item | E-mail
Amerix Precious Metals Increases Size of Private Placement Financing - More
- July 31, 2007 | Item | E-mail
Forsys Bolsters Management Team by Appointing Dr. Roger Laine, Ph.D, Chief Geologist - More
- July 31, 2007 | Item | E-mail
ESO completes first 10 drill holes in the 100 hole Cluff Lake uranium program in Saskatchewan - More
- July 31, 2007 | Item | E-mail
Jacobsz to Head Up North American Investor and Media Relations for Gold Fields - "Over the past year Gold Fields' shareholder base in North America has seen significant growth, to the extent that more than half of our shareholders now reside in that market. Because of the growing importance of the North American markets to Gold Fields, we have decided to redeploy Willie to North America. He is a seasoned Gold Fields executive with an intimate knowledge of the Company and well-known in that market." More
- July 31, 2007 | Item | E-mail
Royal Gold and Battle Mountain Amend Definitive Merger Agreement - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News; "Royal Gold") and BATTLE MOUNTAIN GOLD EXPLORATION CORP. (OTC Bulletin Board: BMGX - News; "Battle Mountain") today announced that they have amended their definitive merger agreement signed on April 17, 2007, under which Royal Gold agreed to acquire 100% of the fully diluted shares of Battle Mountain. The amended merger agreement provides that Battle Mountain's shareholders will be offered an election to receive either cash consideration of $0.55 per Battle Mountain share or from 0.0172 to 0.0179 shares of Royal Gold common stock per Battle Mountain share, in each case assuming 91,563,506 Battle Mountain shares outstanding at closing." More
- July 31, 2007 | Item | E-mail
Revett Minerals Reports on Mine Fatality - "Revett Minerals Inc., (TSX-RVM) ("Revett" or the "Company") regretfully announces that there was a fatality at its 67% owned Troy Mine; located near Libby, Montana. Early yesterday morning (July 30, 2007) an isolated rock fall occurred in an active mining area. The rock fall resulted in the death of a mechanic who was trapped in a vehicle. Two other miners who were also injured in the incident were treated for minor injuries and have been released from the Libby hospital. All other workers at the mine have been safely accounted for." More
- July 31, 2007 | Item | E-mail
Uranium One and Energy Metals Receive CFIUS Approval for Proposed Arrangement - More
- July 31, 2007 | Item | E-mail
Copper Ridge exploration update - More
- July 31, 2007 | Item | E-mail
Kimberly Reports on Wildfires Near the Rescue Mine - More
- July 31, 2007 | Item | E-mail
Matamec: New Mineral Inventory in Progress on Vulcain - More
- July 31, 2007 | Item | E-mail
Craig Haase Elected to Royal Gold Board of Directors - "ROYAL GOLD, INC. (Nasdaq: RGLD - News); (TSX: RGL - News), the leading publicly-traded precious metals royalty company, today announced the election of M. Craig Haase to Royal Gold's Board of Directors. Haase will replace Edwin W. Peiker, Jr. who announced his plans to retire effective July 25, 2007. Peiker will retain the title of Director Emeritus." More
- July 31, 2007 | Item | E-mail
Vior Acquires New Nickel-Copper Property in The La Tuque Area, Quebec - More
- July 31, 2007 | Item | E-mail
Aurogin Receives Final Lead Assays from Lone Mountain - More
- July 31, 2007 | Item | E-mail
Drill program progresses at Copper Mountain - More
- July 31, 2007 | Item | E-mail
Eaglecrest Hires Barnes Mcinerney for Investor Relations Consulting - More
- July 31, 2007 | Item | E-mail
Felderhof acquitted on Bre-X securities charges - "John Felderhof — the only person to face charges in the Bre-X Minerals gold scandal of a decade ago — has been acquitted of all insider trading and other securities charges he faced." More
- July 31, 2007 | Item | E-mail
Unico, Inc. Announces New Photo Gallery Showing Delivery of Final Components for New Substation at the Deer Trail Mine - More
- July 31, 2007 | Item | E-mail
Ressources Appalaches Acquires Two More Gold Properties in Nova Scotia - More
- July 31, 2007 | Item | E-mail
Caledonia Extends 17,000,000 Warrants - More
- July 31, 2007 | Item | E-mail
Bellhaven Copper & Gold & Empire Minerals Intersect 114 meters of 2.01 % Copper Project - More
- July 31, 2007 | Item | E-mail
St. Eugene Mining Corp. intersects high-grade zinc/silver/lead mineralization at Moyie Lake Property, in southeastern B.C. - More
- July 31, 2007 | Item | E-mail
International Gold Resources Retains CRT Capital Group LLC as Its Financial Advisors and Investment Banker - More
- July 31, 2007 | Item | E-mail
Bellhaven Copper & Gold & Empire Minerals Intersect 114 meters of 2.01 % Copper, 0.43 g/t Gold, and 11.3 g/t Silver at the Cerro Chorcha Porphyry - More
- July 31, 2007 | Item | E-mail
Sarissa Resources Enters Into Agreement With Creso Resources for the Development of Sarissa's Uranium and Copper Prospects in the Elliot Lake Mining Camp - More
- July 31, 2007 | Item | E-mail
Alhambra Resources Ltd. - Operational Updates - More
- July 31, 2007 | Item | E-mail
Powertech Uranium Corp.: Centennial Project-Operatons Update - More
- July 31, 2007 | Item | E-mail
Cusac Gold Mines Ltd.: Taurus Drilling Yields 1.25 Grams Gold Over 80 Meters, 27.9 Grams Gold Over 5.5 Meters - More
- July 31, 2007 | Item | E-mail
4.8 km Gold Anomaly Discovered South of Gualcamayo by Golden Arrow - More
- July 31, 2007 | Item | E-mail
Eldorado Gold Announces Decision to Develop the Vila Nova Iron Ore Deposit, Brazil - "Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (Toronto:ELD.TO - News)(AMEX:EGO - News) is pleased to announce the results of the updated pre-feasibility study and the economic analysis of the Vila Nova Iron Ore Project (the "Project") in Amapa State, Brazil." More
- July 31, 2007 | Item | E-mail
ITH to Begin Trading on the AMEX on August 3, 2007 - More
- July 31, 2007 | Item | E-mail
Rochester Resources Ltd.: Mina Real Production Update - More
- July 31, 2007 | Item | E-mail
J-Pacific Completes Drill Program at Elizabeth Southwest Gold Vein - More
- July 31, 2007 | Item | E-mail
Pinetree Capital Ltd. Acquires Securities of Visible Gold Mines Inc. - More
- July 31, 2007 | Item | E-mail
UraMin Announces Declaration of Dividend relating to Shares of Niger Uranium Limited - More
- July 31, 2007 | Item | E-mail
Dia Bras Drills 19 Metres of 1.39% Cu in the Lower Skarn and 3 Metres of 12.4% Zn in the Upper Skarn at El Gallo Prospect of the Bolivar Property - More
- July 31, 2007 | Item | E-mail
Longview Capital Partners Inc. Options Coral Rapids Project From Baltic Resources - More
- July 31, 2007 | Item | E-mail
Teuton Resources Corp. -- Drilling Starts at Treaty Creek Property - More
- July 31, 2007 | Item | E-mail
Goldcrest Completes Sale of Youanmi Project to Apex Minerals - More
- July 31, 2007 | Item | E-mail
Major gold acquisition in Algeria for Cancor Mines - More
- July 31, 2007 | Item | E-mail
AuEx Ventures, Inc.: New Joint Venture and Staff Additions Announced - More
- July 31, 2007 | Item | E-mail
Gold Production Commences at Jinshan's 120,000 Ounce per Year CSH 217 Gold Mine, Inner Mongolia, China - More
- July 31, 2007 | Item | E-mail
Golden Goose Reports Multiple Gold Intersections From Magino Drill Program - More
- July 31, 2007 | Item | E-mail
Yamana Gold to Respond to Meridian Gold Directors' Circular in Due Course - "In response to the outstanding offer by YAMANA GOLD INC. (Toronto:YRI.TO - News)(NYSE:AUY - News)(LSE:YAU.L - News) to acquire the outstanding shares of Meridian Gold Inc., the Meridian Board of Directors today filed its Directors' Circular required by applicable securities laws." More
- July 31, 2007 | Item | E-mail
Freegold Drilling Hits 50.2 g/t, 34.8 g/t, and 21.9 g/t Au in Significant Beistline Area Expansion at Golden Summit - More
- July 31, 2007 | Item | E-mail
Cambridge Mineral Resources plc: Appointment of NOMAD and Brokers - More
- July 31, 2007 | Item | E-mail
American Creek commences Treaty Creek exploration program - More
- July 31, 2007 | Item | E-mail
Crosshair Delivers Substantial Growth to Uranium Resource - More
- July 31, 2007 | Item | E-mail
MAX begins 6,000 foot molybdenum drill program in Alaska - More
- July 31, 2007 | Item | E-mail
Paladin Resources Ltd.: Quarterly Activities Report for Period Ending-30 June 2007 - More
- July 31, 2007 | Item | E-mail
Korean consortium finalizing investment in Cree East Project - More
- July 31, 2007 | Item | E-mail
Meridian Gold's Board Unanimously Recommends Shareholders Reject Yamana's Unsolicited Offer - "Meridian Gold Inc. ("Meridian Gold" or the "Company") (NYSE:MDG - News; TSX:MNG - News) today announced that its Board of Directors unanimously recommends that shareholders reject the unsolicited offer by Yamana Gold Inc. ("Yamana") to acquire the common shares of Meridian Gold. The Board determined that the Yamana offer fails to provide full value for Meridian Gold shares and is an attempt by Yamana to acquire Meridian Gold without offering adequate consideration to Meridian Gold shareholders. Accordingly, the Board recommends that Meridian Gold shareholders reject the Yamana offer and not tender any of their shares." More
- July 31, 2007 | Item | E-mail
Bobby Godsell Retires as CEO at AngloGold Ashanti - "The Chairman of AngloGold Ashanti (NYSE:AU - News), Russell Edey, this morning announced that Bobby Godsell would be retiring from the company and the board with effect from 30th September 2007. Mr. Godsell was appointed Chief Executive Officer of the Gold and Uranium Division of Anglo American in July 1995 and Chief Executive Officer of AngloGold Ashanti in April 1998." More
- July 31, 2007 | Item | E-mail
AngloGold Ashanti Results for the Second Quarter Ended 30 June 2007 - "AngloGold Ashanti (NYSE:AU - News) reported adjusted headline earnings of $82m for the second quarter of 2007, lower than that of the previous quarter, primarily due to stronger local operating currencies, higher exploration spend and continued hedge book reduction." More
- July 31, 2007 | Item | E-mail
Polyus Gold H107 output down 6.4%, y-o-y, to 470,000 ounces - "Gold production by Polyus Gold [RTS, MICEX, LSE: PLZL] declined 6.4%, year-on-year, to 470,000 ounces in the first half of 2007, the leading Russian gold producer said Tuesday." More
- July 31, 2007 | Item | E-mail
Harmony agrees to sell South Kal to Dioro - "South African gold producer Harmony Gold Ltd (HARJ.J: Quote, Profile, Research) has agreed to sell its South Kal mine operations in Australia to Dioro Exploration NL (DIO.AX: Quote, Profile, Research) for a total of A$45 million ($38.40 million) in cash and shares, the group said on Tuesday." More
- July 31, 2007 | Item | E-mail
AngloGold Q2 adj EPS down 17 pct, CEO to retire - "AngloGold Ashanti Ltd posted a worse-than-expected 17 percent fall in second-quarter adjusted profit, hit by stronger currencies and more exploration costs, and said its Chief Executive Bobby Godsell would retire. South Africa's AngloGold (ANGJ.J: Quote, Profile, Research), the world's third biggest gold producer, said on Tuesday Mark Cutifani from Brazil's CVRD Inco (VALE5.SA: Quote, Profile, Research) (RIO.N: Quote, Profile, Research) would become new Chief Executive when Godsell retires at the end of September." More
- July 31, 2007 | Item | E-mail
AngloGold Ashanti Results for the Second Quarter Ended 30 June 2007 - "AngloGold Ashanti (NYSE:AU - News) reported adjusted headline earnings of $82m for the second quarter of 2007, lower than that of the previous quarter, primarily due to stronger local operating currencies, higher exploration spend and continued hedge book reduction." More
- July 31, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 31 July, 2007 | |
