-- Posted 2 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $664.60 | +$0.80 |
Silver | $12.95 | +$0.07 |
XAU | 146.48 | +0.76% |
HUI | 341.74 | +0.62% |
GDM | 1078.21 | +0.79% |
JSE Gold | 2557.69 | +0.63% |
USD | 80.67 | -0.19 |
Euro | 136.89 | +0.27 |
Yen | 83.92 | -0.37 |
Oil | $76.86 | +$0.33 |
10-Year | 4.753% | -0.006 |
T-Bond | 110.21875 | +0.15625 |
Dow | 13463.33 | +0.76% |
Nasdaq | 2575.98 | +0.87% |
S&P | 1472.20 | +0.44% |
The Metals:
Gold rose a few dollars in after hours access trade late yesterday before it fell back near unchanged in Asia and then climbed back higher in London to find over $2 gains by early trade in New York, but it then fell back off in midmorning trade, waffled on either side of unchanged for most of the rest of the day, and ended with a gain of just 0.12%. Silver rose over $13.00 in early New York trade before it also fell back off by late morning, but it remained higher throughout the day’s session and ended with a gain of 0.54%.
Euro gold fell under €486, platinum lost $2 to $1,281, palladium remained unchanged at $362, and copper fell another 4 cents to about $3.62.
Gold and silver equities traded mostly slight higher and ended with near 1% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Initial Claims | 7/28 | 307K | 310K | 303K |
Factory Orders | June | 0.6% | 1.0% | -0.5% |
Tomorrow at 8:30AM EST brings July’s jobs data. Nonfarm Payrolls are expected at 135,000, the Unemployment Rate is expected at 4.5%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.9. At 10AM is the ISM Services report for July expected at 59.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil traded mostly higher and ended with a slight gain as traders continued to debate yesterday’s conflicting inventory report and it appears less likely that OPEC will boost production anytime soon.
The U.S. dollar rebounded versus the yen, but it fell versus the euro as the ECB kept rates unchanged at 4.0% and unexpectedly indicated a likely rate hike next month. The Bank of England also kept its key interest rate unchanged at 5.75%.
Treasuries found modest gains by the close on continued subprime concerns.
The Dow, Nasdaq, and S&P rose on mostly strong earnings reports.
Among the big names making news in the market today were Clorox, Morningstar, Accredited Home, Northwest, Mattel, Viacom, CVS/Caremark, Kodak, and Fidelity.
The Commentary:
“December Gold finished up 0.7 at 676.6, 2.2 off the high and 2.4 up from the low.
September Silver closed up 0.04 at 12.995. This was 0.035 up from the low and 0.085 off the high.
Gold was mostly range bound today, trading in a choppy manner, and its failure to capitalize on neither gains in the stock market nor a weaker US Dollar may have promoted some liquidation. Press reports of hefty central bank selling may have also kept a lid on the market. With Europe heading into its prime vacation period in August, volume is thin. A lack of economic news, good or bad, also kept action quiet, as the trade remains "on edge" about the sub-prime loan mess. The unemployment report tomorrow will be monitored closely for signs of stability.
Silver showed a little more strength than gold today, possibly because it did not have the added pressure of central bank selling, but like gold it failed to make any significant gains through early afternoon. With calm once again returning to the markets after the latest round of sub-prime panic, silver seems to be benefiting from modest equity market gains and possibly the weaker dollar, even if the economic news hasn't been enough to really drive the market in one direction or another. With yesterday's threat of debt problems "infecting" the global economy fresh in everyone's mind, it's not surprising that market action is tentative today”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
'Remarkable' speedup in gold miners' dehedging
U.S. automakers lose majority of domestic market
Too big to fail: Germany rescues subprime lender
The Statistics:
As of close of business: 8/1/2007
Gold Warehouse Stocks: | 7,152,356 | +21,841 |
Silver Warehouse Stocks: | 132,706,578 | +600,609 |
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 | 506.69 | 16,290,581 | US$ 10,842m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,855 | US$ 2,025m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,783 | US$ 267m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.29 | 459,277 | US$ 305m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 10.16 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/1/2007 | |
Total Net Assets | $992,037,285 | 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 8/1/2007 | |
Total Net Assets | $1,808,361,879 | 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:
Quarterly results from Newmont (NEM), Randgold (RG), Richmont (RIC), Agnico-Eagle (AEM), and Barrick (ABX), Barrick’s Pascua-Lama gold project approval process, Great Basin’s (GBN) announced approval of the black economic empowerment transaction, Pacific Rim’s (PMU) El Dorado project progress, Exeter’s (XRA) updated resources, Ivanhoe’s (IVN) clarification, Sterling Mining’s (SRLM.OB) private placements and conditional approval for a TSX listing, Yale’s (YLL.V) work program, and Arian Silver’s (AGQ.V) private placement were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Taseko | TGB +11.97% $5.24 |
2. Northern Dynasty | NAK +6.09% $13.93 |
3. Richmont | RIC +5.69% $2.6846 |
LOSERS
1. Northgate | NXG -4.44% $3.01 |
2. Endeavour | EXK -3.07% $4.73 |
3. Claude Resources | CGR -2.76% $1.41 |
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:
Crosshair Appoints New Chief Financial Officer - More
- August 02, 2007 | Item | E-mail
Sterling Mining Completes Private Placements and Receives Conditional Approval for Toronto Stock Exchange Listing - "Sterling Mining Company (OTCBB: SRLM - News; the "Company") announced today that it has closed two private placement offerings, that in the aggregate raised a total of US$24,734,755.50." More
- August 02, 2007 | Item | E-mail
Denison Reaches 96.3% Ownership of OmegaCorp - More
- August 02, 2007 | Item | E-mail
Yale Starts Work Program at the La Verde Property - "The work program is programmed to last 3 months and will include the rehabilitation of the La Verde Grande Mine, detailed sampling within the mine, sampling of the other known workings within the project, prospecting, geological mapping and property wide sampling. It will be supervised by Yale's Exploration Manager, Julio Lopez, and utilize a project geologist, two junior geologists and two sampling crews." More
- August 02, 2007 | Item | E-mail
Bayswater Provides Project and Corporate Update - More
- August 02, 2007 | Item | E-mail
Farallon Begins Trading in the United States - More
- August 02, 2007 | Item | E-mail
Barrick cautious as Pascua-Lama approvals drag on - "Barrick Gold Corp. (ABX.TO: Quote, Profile, Research) is "cautious" about the approval process for its Pascua-Lama gold project and could face construction delays if it can't soon reach agreements with the governments of Chile and Argentina, Chief Executive Greg Wilkins said on Thursday." More
- August 02, 2007 | Item | E-mail
Gold miner Newmont posts quarterly loss on charges - "Gold miner Newmont Mining Corp. (NEM.N: Quote, Profile, Research) on Thursday posted a quarterly loss from charges linked to the sale of its merchant banking operation and the elimination of its gold hedge positions." More
- August 02, 2007 | Item | E-mail
Pershimco: Initial Grab Sample Results From Magistral Return High Grades Copper - More
- August 02, 2007 | Item | E-mail
Adanac Molybdenum Corporation: Ruby Creek Forges Ahead - More
- August 02, 2007 | Item | E-mail
Donner Metals Ltd.: 6 New Massive Sulphide Intersections, Including 19.75 Metres of 22.95% Zinc, 21.40 Metres of 12.47% Zinc at Bracemac - More
- August 02, 2007 | Item | E-mail
Hecla Announces Second Quarter 2007 Earnings Release and Conference Call Schedule - "Hecla Mining Company (NYSE: HL - News), a precious metals company, will hold its quarterly conference call to discuss second quarter 2007 results on Wednesday, August 8, 2007, at 2:00 p.m. Eastern Time (11:00 a.m. Pacific Time). Hecla will release its second quarter 2007 financial results on that morning." More
- August 02, 2007 | Item | E-mail
Afri-Can to Proceed With Equity Private Placement - More
- August 02, 2007 | Item | E-mail
Aurus Corp Is Back in Good Standing - More
- August 02, 2007 | Item | E-mail
Marathon Announces 2007 Q2 Financial Results - More
- August 02, 2007 | Item | E-mail
Beaufield Resources Inc.: 2007 Summer/Fall Exploration - More
- August 02, 2007 | Item | E-mail
Franklin Awarded Third COMIBOL Contract - More
- August 02, 2007 | Item | E-mail
Stingray Copper Inc.: Drill Results at El Pilar Copper Property, Mexico - More
- August 02, 2007 | Item | E-mail
Kimberly Appoints Radford B. Langston to Board of Directors - More
- August 02, 2007 | Item | E-mail
Dutch Gold Expands Core Drilling Program - More
- August 02, 2007 | Item | E-mail
Northland Receives Approval for Road Construction at the Tapuli Iron Project, Sweden - More
- August 02, 2007 | Item | E-mail
Crosshair delivers substantial growth to uranium resource - More
- August 02, 2007 | Item | E-mail
Hana Mining Appoints CFO - More
- August 02, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project Update - More
- August 02, 2007 | Item | E-mail
Capital Gold Pours First Gold at El Chanate Mine - More
- August 02, 2007 | Item | E-mail
Network appoints Robert Friesen to its Board of Directors - More
- August 02, 2007 | Item | E-mail
Uranium Hunter Retains Renowned Uranium Geologist and Updates Shareholders on New Uranium Sandstone Discovery in Southern Tanzania - More
- August 02, 2007 | Item | E-mail
GoldMountain Completes $600,000 First Year Exploration Expenditures on the Yoquivo Gold-Silver Project in the Sierra Madre District of Mexico - More
- August 02, 2007 | Item | E-mail
Oriental Minerals Increases Private Placement to $9.842 Million, Closes Second Tranche - More
- August 02, 2007 | Item | E-mail
Africo Resources - legal update on DRC proceedings - More
- August 02, 2007 | Item | E-mail
Farallon Announces Key Staff Appointments Including General Manager, Project Construction Team to Be Augmented by Axxent Engineering Ltd. - More
- August 02, 2007 | Item | E-mail
Golden China returns best ever intercept at Beyinhar: 68m (at) 5.3g/t, including 26m (at) 12g/t - More
- August 02, 2007 | Item | E-mail
Arabian American Development Co. to Announce 2007 Second Quarter Results on August 9, 2007 - More
- August 02, 2007 | Item | E-mail
Little Squaw Expands Chandalar Placer Gold Assessment - More
- August 02, 2007 | Item | E-mail
Wits Basin Completes Acquisition of China Global Mining Resources - More
- August 02, 2007 | Item | E-mail
Louvem Mines Reports its Second Quarter 2007 Results - More
- August 02, 2007 | Item | E-mail
El Nino Ventures to commence airborne geophysics, followed by initial drill program in the Democratic Republic of Congo (DRC) - More
- August 02, 2007 | Item | E-mail
Enterayon Issues Silver Leaf Property Update - More
- August 02, 2007 | Item | E-mail
Liberty Ships Concentrate to China - More
- August 02, 2007 | Item | E-mail
Stroud Intersects 7.01 (g/t) Gold Over 2.6 Metres at the Hislop Project - More
- August 02, 2007 | Item | E-mail
FNX Earns Record $35.0 Million in Second Quarter - More
- August 02, 2007 | Item | E-mail
FNX Drifts Into High-Grade Massive Cu-Ni-Pt-Pd-Au Mineralization at Podolsky Mine - More
- August 02, 2007 | Item | E-mail
Aurora Metals BVI Limited Announces the Passing of Its President and CEO, John A.A. James - More
- August 02, 2007 | Item | E-mail
Alhambra Resources Ltd. - Plan of Arrangement Receives Shareholder and Final Court Approval - More
- August 02, 2007 | Item | E-mail
Golden Phoenix Announces Annual Shareholder Meeting for Septemeber 8, 2007; Shareholders Invited to Tour Ashdown Molybdenum Mine - More
- August 02, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc: Operations Update - More
- August 02, 2007 | Item | E-mail
Great Basin Announces Approval of BEE Transaction by South African Reserve Bank for Burnstone Gold Project in South Africa - "Great Basin Gold Ltd. ("Great Basin Gold" or the "Company") (Toronto:GBG.TO - News)(AMEX:GBN - News)(JSE: GBGOLD) announces that further to Great Basin Gold announcements of February, May and July 2007, finalization of the black economic empowerment ("BEE") transaction with Tranter Gold (Pty) Ltd ("Tranter") has achieved a significant milestone with the approval of the transaction by the South African Reserve Bank ("SARB")." More
- August 02, 2007 | Item | E-mail
Exploration Update on the Hornby Bay Basin Project - More
- August 02, 2007 | Item | E-mail
Aldershot Resources Ltd.: Uranium Projects Update - More
- August 02, 2007 | Item | E-mail
Uracan triples strike length of Double S Zone on North Shore Property, Quebec; Which remains open - More
- August 02, 2007 | Item | E-mail
Western Uranium Corporation Announces Correction to July 30, 2007 Press Release - More
- August 02, 2007 | Item | E-mail
Silver Spruce Resources Inc.: More High Grade Uranium Values From the 649 Showing Area on the Mount Benedict Property - More
- August 02, 2007 | Item | E-mail
Arian Silver Corporation:Non-Brokered Private Placement - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)("PLUS":AGQ)(FRANKFURT:I3A - News) announces that it has provisionally placed 5,454,500 units of the Company (each, a "Unit") at Cdn$0.55 per Unit to raise Cdn$2,999,975 by way of a non-brokered private placement which it plans to close later today. The placement is also conditional upon receipt of TSX Venture Exchange approval." More
- August 02, 2007 | Item | E-mail
Pacific Rim Mining's Balsamo Gold Deposit Delineation Nearing Completion; Another New Gold-Bearing Vein Discovered - "On-going delineation drilling at the Balsamo deposit on Pacific Rim Mining Corp.'s ("Pacific Rim" or "the Company") (Toronto:PMU.TO - News)(AMEX:PMU - News) El Dorado gold project in El Salvador is nearing completion. Much like the Minita deposit roughly 1 km to the northwest, the Balsamo deposit comprises a high-grade zone where both vein widths and gold grades are robust and persistent, surrounded by a gradational zone of more moderate gold grades and 1 to 2 meter vein widths." More
- August 02, 2007 | Item | E-mail
Exeter Updates Don Sixto Gold Resources - "Exeter Resource Corporation (CDNX:XRC.V - News)(AMEX:XRA - News)(Frankfurt:EXB.F - News) ("Exeter" or the "Company") announces that it has received a new preliminary independent estimate of gold resources at its Don Sixto Project, in Mendoza Province, Argentina." More
- August 02, 2007 | Item | E-mail
Ivanhoe Mines Issues Clarification on Oyu Tolgoi Investment Agreement Approval - "In response to numerous inquiries and various inaccurate rumours, Peter Meredith, Ivanhoe Mines' Deputy Chairman, said today that no decision or announcement has been made by the Mongolian Parliament regarding a delay in the discussion and approval of the Oyu Tolgoi draft Investment Agreement." More
- August 02, 2007 | Item | E-mail
Randgold Resources announces 2nd Quarter Results - "The continuing increase in gold production at Randgold Resources' Loulo mine in Mali, together with the rolling out of hedges, boosted the company's gold sales revenue for the June quarter to US$66.2 million - up on the March quarter (US$63 million) and the comparable quarter in 2006 (US$63.4 million) - in spite of a lower contribution from its Morila joint venture." More
- August 02, 2007 | Item | E-mail
Newmont Reports Second Quarter Results and Impact of Strategic Initiatives - "Newmont Mining Corporation (NYSE: NEM - News) today announced second quarter financial and operating results, which include a negative $2.125 billion impact of strategic initiatives completed during the second quarter. For the quarter, the Company reported a net loss of $2.06 billion (-$4.57 per share), compared with net income of $161 million ($0.36 per share) for the second quarter of 2006." More
- August 02, 2007 | Item | E-mail
Richmont Mines Announces Second Quarter Gold Sales Increased 28% While Cash Costs Declined $147 per Ounce - "Net earnings of $8,811,511, or $0.36 per share, for the three-month period driven primarily by the $7.5 million pre-tax gain realized on the sale of East Amphi, a strategic asset sale for the Company. These results compare with net earnings of $473,951, or $0.02 per share for the same period in 2006. Mining operations before depreciation, depletion and taxes yielded earnings of $5.0 million during the second quarter of 2007, up over 400% compared with $1.2 million during the same period in 2006." More
- August 02, 2007 | Item | E-mail
Gold Fields to sell uranium assets - More
- August 02, 2007 | Item | E-mail
Cautious on Cameco due to uranium market - More
- August 02, 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 2 August, 2007 | |
