-- Posted 1 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $663.80 | -$3.40 |
Silver | $12.88 | -$0.07 |
XAU | 145.38 | -2.24% |
HUI | 339.65 | -1.56% |
GDM | 1069.74 | -1.67% |
JSE Gold | 2541.71 | -3.45% |
USD | 80.86 | +0.07 |
Euro | 136.62 | -0.16 |
Yen | 84.29 | +0.19 |
Oil | $76.53 | -$1.68 |
10-Year | 4.759% | -0.012 |
T-Bond | 110.0625 | UNCH |
Dow | 13362.37 | +1.14% |
Nasdaq | 2553.87 | +0.30% |
S&P | 1465.81 | +0.72% |
The Metals:
Gold fell over 1% by midday in London before it bounced back fiercely in early New York dealings and traded just under unchanged on the day by about 10:30AM EST, but it then fell back off into the close and ended with a loss of 0.51%. Silver fell to about $12.70 in London before it rose to find slight gains in New York above $13.00, but it also fell back off into the close and ended with a loss of 0.54%.
Euro gold rose above €487, platinum lost $7 to $1,283, palladium lost $1 to $362, and copper fell over 10 cents to about $3.66.
Gold and silver equities saw over 2% losses in late morning and early afternoon trade, but they then rebounded in the last hour of the session and ended with about 1.5% losses.
The Economy:
Report | For | Reading | Expected | Previous |
ISM Index | July | 53.8 | 55.5 | 56.0 |
Pending Home Sales | June | 5.0% | -0.6% | -3.7% |
Also making economic news today was the ADP’s private report showing that jobs rose a less than expected 48,000, but most are waiting for Friday’s government report before drawing any conclusions. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 7/28 expected at 310,000 and at 10AM is the Factory Orders report for June expected at 1.0%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil had a fairly wild day as inventory reports showed oil inventories fell 6.5 million barrels, gasoline inventories rose 600,000 barrels, distillates rose 2.8 million barrels, and refinery utilization rose 1.9% to 93.6%. After initially hitting a new record intraday high at $78.77 on the huge crude inventory drop, oil prices soon fell back off and closed notably lower on profit taking as the drop seemed to be mostly due to the fact that refineries have been coming back online and processing that crude into to other energy products.
The U.S. dollar index rose on better than expected Pending Home Sales data, but gains were limited amid continued credit worries.
Treasuries ended near unchanged as poor ADP jobs data was offset by encouraging housing data.
The Dow, Nasdaq, and S&P were again roiled by subprime concerns and traded all over the place as rumors surfaced that major homebuilder Beazer may need to file for bankruptcy, but those rumors were widely denied and worries eased from earlier dramatic levels by the close. As a result, all three indices ended nicely higher and the Dow closed near its high of the day with an over 1% gain.
Among the big names making news in the market today were Bear Stearns, Ford, DaimlerChrysler, Nissan, Beazer Homes, Martha Stewart, MasterCard, Visteon, Qwest, News Corp., Jones Apparel and Barneys, Bally Total Fitness, Time Warner, and Transocean.
The Commentary:
“December Gold finished down 3.4 at 675.9, 2.8 off the high and 4.8 up from the low.
September Silver closed down 0.062 at 12.955. This was 0.145 up from the low and 0.115 off the high.
Gold started the day lower, largely on a weaker stock market, after more problems with the sub-prime loan sector emerged late yesterday and spooked international markets overnight. However, when the US stock market managed to avoid a freefall after the lower opening, gold steadied somewhat and even managed to trade briefly higher on the day. The dollar traded in a wide range today, at one point breaking on disappointing US jobs data, and this also contributed to the gold market's choppiness.
Silver started the day weaker after stock prices fell overnight but then traded in a choppy manner as the session progressed. The re-emergence of the sub-prime problem as a major news item late Tuesday sent US stock market lower and set the stage for steep declines in stocks and metals overnight. The dollar was lower at one point, and that appeared to provide some support, even allowing silver to trade higher on the day at one point, but for the most part silver was keying off the stock market. Like gold, silver found some support when stocks bounced early in the session. Choppy action in both the stock market and the dollar kept silver in a chopper lower range on the day.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Selling Italian reserves to close debt would be just 'a drop in the sea'
More bogeymen contrived to try to scare the gold market
Ted Butler sees 'an ugly new record'; and Paramount lists on AMEX
The Statistics:
As of close of business: 7/31/2007
Gold Warehouse Stocks: | 7,130,515 | +223,368 |
Silver Warehouse Stocks: | 132,105,969 | +528,678 |
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$ 10,620m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,889 | US$ 2,022m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,787 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,282 | US$ 305m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 7/31/2007 | |
Total Net Assets | $996,983,201 | 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 7/31/2007 | |
Total Net Assets | $1,831,054,452 | 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:
Northern Dynasty’s (NAK) partnership with Anglo American (AAUKD) announced late yesterday, Gammon Gold’s (GRS) complaint response, Paramount’s (PZG) Amex listing, quarterly results from Kinross (KGC) and Gold Fields (GFI), Great Basin’s (GBN) joint venture in Mozambique, Eldorado’s (EGO) Feasibility Study, Gold Fields’ (GFI) planned bond issue, Endeavour’s (EXK) silver production, and South Africa’s union dispute were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Banro | BAA+2.92% $10.951 |
2. Orezone | OZN +2.22% $1.84 |
3. Allied Nevada | ANV +2.19% $5.60 |
LOSERS
1. Northern Dynasty | NAK -13.45% $13.13 |
2. Gammon Gold | GRS -7.84% $10.34 |
3. DRDGOLD | DROOD -7.47% $6.32 |
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:
Yukon-Nevada Gold Corp. granted water license for Ketza River Property - More
- August 01, 2007 | Item | E-mail
Houston Lake Confirms High Gold Grades at Dogpaw Lake - More
- August 01, 2007 | Item | E-mail
Freeport Finds Molybdenite in Q's Adit No. 1 - More
- August 01, 2007 | Item | E-mail
Eloro Announces Additional $750,000 Financing with MineralFields Group - More
- August 01, 2007 | Item | E-mail
Eastern Goldfields, Inc. Announces Extension of Open Pit Operations, Phase IV Diamond Drilling and Receipt of Underground Mining Licence - More
- August 01, 2007 | Item | E-mail
Alamos Gold Inc. Provides Notice of Release of Second Quarter 2007 Financial Results and Conference Call - More
- August 01, 2007 | Item | E-mail
Gammon Gold Inc. responds to media reports of complaint filed by Midas Funds - "Gammon Gold Inc. (TSX: GAM / AMEX: GRS) ("Gammon") advises that it has become aware through media reports that Midas Funds Inc. appears to have filed a complaint with the United States District Court Southern District of New York claiming damages from Gammon in the amount of US$3 million. Gammon has not been served with the complaint, believes that such a complaint would be without merit, and, if served, would vigorously be defended. Further, the amount of the claim would not be financially material to the Company and will have no affect on its operations." More
- August 01, 2007 | Item | E-mail
Merrex Intersects 2.92 g/t Au over 34 Metres and Gold Mineralization at Depth at Siribaya Gold Project in West Mali, West Africa - More
- August 01, 2007 | Item | E-mail
Pan American Silver to Release Q2 2007 Financial Results August 13, 2007 - "Q2 2007 Financial Results Release: August 13, 2007 - after market close. Conference Call and Webcast: August 14, 2007 - 8:00 am PST (11:00 am ET)." More
- August 01, 2007 | Item | E-mail
Endeavour Reports Higher Silver Production in Q2, 2007, Up 23% to 430,248 Oz Silver (504,298 Oz Ag Equivalents) - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) reports higher silver production in Q2, 2007 compared to Q2, 2006, totalling 430,248 oz silver and 1481 oz gold (504,298 oz Ag equivalents at a 50 silver: 1 gold ratio), from the Company's two operating silver mines in Mexico." More
- August 01, 2007 | Item | E-mail
Agreement to Develop and Mine for High-Grade Manganese Ore Signed with Landowners in Southern Philippines, Pearl Asian Mining Industries Announces - More
- August 01, 2007 | Item | E-mail
Skyline Announces Initiation of Preliminary Economic Assessment Study - More
- August 01, 2007 | Item | E-mail
SAfrica unions declare dispute with gold firms - "South African trade unions declared a dispute against the country's major gold companies after the workers rejected a higher wage offer, a spokesman for one of the labour groups said on Wednesday." More
- August 01, 2007 | Item | E-mail
Vena Begins Pilot Mill Operations and Provides Infrastructure Update on Azulcocha Polymetallic Project - More
- August 01, 2007 | Item | E-mail
Zambia president in talks to avoid mine strikes - "Zambia President Levy Mwanawasa held talks on Wednesday with mining union leaders and agreed steps to prevent strikes in the industry after industrial action he said might discourage new investment, officials said." More
- August 01, 2007 | Item | E-mail
Amerix Precious Metals Update on the Limao Property - More
- August 01, 2007 | Item | E-mail
Bayswater & Ucore Joint Venture Mutual Claims in Previously Exempt Area for Staking in Labrador Uranium District - More
- August 01, 2007 | Item | E-mail
MDN Inc.: New Results on Isambara - More
- August 01, 2007 | Item | E-mail
HudBay to Host Conference Call for Second Quarter 2007 Results - More
- August 01, 2007 | Item | E-mail
Houston Lake Mining Retains Barnes McInerney for Investor Relations Consulting - More
- August 01, 2007 | Item | E-mail
Q2 2007 results conference call & webcast - More
- August 01, 2007 | Item | E-mail
Northern Dynasty & Anglo American Establish 50:50 Partnership to Advance Pebble Project to Production - "Northern Dynasty Minerals Ltd. ("Northern Dynasty") (CDNX:NDM.V - News)(AMEX:NAK - News) announces the signing and completion of a transaction with Anglo American plc ("Anglo American") (LSE:AAL.L - News)(JSE: AGL), whereby a wholly owned subsidiary of Anglo American ("Anglo") has become a 50% partner with The Northern Dynasty Partnership (a wholly owned affiliate of Northern Dynasty) in a limited partnership with equal rights in the Pebble Copper-Gold-Molybdenum Project (the "Pebble Project") in southwestern Alaska, USA, by making a staged cash investment of US$1.425 billion." More
- August 01, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Paramount Gold Mining Corp. - "Paramount Gold Mining Corp. is a precious metals exploration company with a focus on gold and silver. Its principal project is the San Miguel groupings in the Sierra Madre gold/silver belt in Mexico. Paramount also maintains an exploration team in South America and is party to the Andean Gold Alliance with Teck Cominco Ltd." More
- August 01, 2007 | Item | E-mail
EurOmax Sued by Dundee over Peroto Property; New Chief Financial Officer Appointed - More
- August 01, 2007 | Item | E-mail
Kinross second-quarter profit slips on costs - "Kinross Gold Corp. (K.TO: Quote, Profile, Research) reported a 19 percent slide in second-quarter profit on Wednesday as rising costs more than offset higher production." More
- August 01, 2007 | Item | E-mail
Changes in management for Robex - More
- August 01, 2007 | Item | E-mail
Western Goldfields Announces Second Quarter Results - More
- August 01, 2007 | Item | E-mail
Franconia Minerals Further Validates Copper-Nickel-PGM Mineralization in Duluth Complex Project - More
- August 01, 2007 | Item | E-mail
Douglas Lake Minerals Options Two Gold Properties for $500,000, Stock and $2.5 Million Work Program Expenditure - More
- August 01, 2007 | Item | E-mail
Happy Creek Minerals Ltd. initiates exploration of the Fox moly-tungsten property - More
- August 01, 2007 | Item | E-mail
Unico, Inc. Announces Completion of the Deer Trail Mine Purchase - More
- August 01, 2007 | Item | E-mail
Buffalo Gold Provides Update on Activities - More
- August 01, 2007 | Item | E-mail
Northland Mobilizes Drill to Salmivaara, Re-Assays Archived Core - More
- August 01, 2007 | Item | E-mail
ITH Discovers New Sediment Hosted High-Grade Gold Mineralization at Livengood Project, Alaska - More
- August 01, 2007 | Item | E-mail
Champion Bear Dryden area projects update - More
- August 01, 2007 | Item | E-mail
International KRL Resources and Logan Resources stake additional ground prospective for nickel at Turn River Project - More
- August 01, 2007 | Item | E-mail
Moly Mines Limited : Spinifex Ridge Increased to 20 Million Tonnes pa - More
- August 01, 2007 | Item | E-mail
Fieldex starts drilling on Midrim copper nickel property - More
- August 01, 2007 | Item | E-mail
Cream Minerals Engages CHF Investor Relations - More
- August 01, 2007 | Item | E-mail
Emgold Mining Corporation takes new direction - More
- August 01, 2007 | Item | E-mail
AMEX Exploration Inc. announces a private placement of a maximum of $300,000 - More
- August 01, 2007 | Item | E-mail
Lake Shore Intersects New High-Grade Gold Mineralization at Thunder Creek, Ontario - More
- August 01, 2007 | Item | E-mail
Phase II Drilling Underway at Jinshan's Dadiangou Gold Property, China - More
- August 01, 2007 | Item | E-mail
Pure Nickel Inc. Commences Exploration Drilling on Alaskan MAN Project - More
- August 01, 2007 | Item | E-mail
Second Quarter Results Conference Call on August 10 - More
- August 01, 2007 | Item | E-mail
Trophy Resources' JV Partnership Receives Exploratory Mining Permit for Uranium Property - More
- August 01, 2007 | Item | E-mail
Hinterland starts Hearne Uranium Exploration Program - More
- August 01, 2007 | Item | E-mail
East Asia Minerals Identifies New Ingiin-Nars Uranium Targets and Commences Drilling - More
- August 01, 2007 | Item | E-mail
Petaquilla Announces New Drill Results at Molejon Gold Project - More
- August 01, 2007 | Item | E-mail
Utah Uranium Announces Additional Property Acquisition - More
- August 01, 2007 | Item | E-mail
Kinross Gold Records Strong Second Quarter Results; Production Increases 14% - "Production was 439,783 gold equivalent ounces in the second quarter of 2007, 14% above the second quarter of 2006 and the Company is on track to meet full-year guidance for 2007 of approximately 1.65 million gold equivalent ounces." More
- August 01, 2007 | Item | E-mail
Great Basin Gold Forms a Joint Venture to Establish Exploration and Mining Activities in Mozambique - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that on July 11, 2007 it concluded a Memorandum of Understanding ("MOU") to enter into a joint venture with G S Minas E Refinaria Limitade (GSR) in Mozambique. The purpose of the Joint Venture is to establish a gold exploration and mining business in Mozambique. Great Basin Gold will have the exclusive right to explore all GSR's properties." More
- August 01, 2007 | Item | E-mail
Eldorado Gold Corporation: Efemcukuru Positive Feasibility Study - "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 a positive Feasibility Study (the "Study") for the 100% owned Efemcukuru Gold Project located in western Turkey. The Study has been prepared by the engineering group Wardrop Engineering Inc. ("Wardrop"), in conjunction with Norwest Corporation and Golder Associates Ltd. in accordance with standards set out in National Instrument 43-101." More
- August 01, 2007 | Item | E-mail
Gold Fields plans 7-12 year S.African bond issue - "Gold Fields Ltd, the world's fourth biggest gold producer, is planning to issue a long-term bond in South Africa to refinance debt within 12 months, an official said on Wednesday." More
- August 01, 2007 | Item | E-mail
S.Africa's Gold Fields Q4 adj EPS down 9.6 pct - "Gold Fields Ltd (GFIJ.J: Quote, Profile, Research), the world's fourth biggest gold producer, posted a 9.6 percent fall in fourth-quarter adjusted profit on Wednesday, at the bottom end of market forecasts, largely due to higher tax and depreciation." More
- August 01, 2007 | Item | E-mail
Operating Profit Increases 6 Per Cent to R1.95 Billion (US$274 Million) Generating Net Earnings of R528 Million (US$74 Million) - "Gold Fields Limited (NYSE:GFI; JSE: GFI) today announced net earnings for the June 2007 quarter of R528 million compared with R370 million in the March 2007 quarter and R645 million for the restated June quarter of 2006. In US dollar terms net earnings for the June 2007 quarter were US$74 million compared with US$52 million in the March 2007 quarter and US$101 million for the restated June quarter of 2006." More
- August 01, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 1 August, 2007 | |
