-- Posted 3 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $672.70 | +$8.10 | +2.00% |
Silver | $13.09 | +$0.14 | +3.89% |
XAU | 143.72 | -1.88% | -0.75% |
HUI | 339.73 | -0.59% | +0.51% |
GDM | 1070.19 | -0.74% | +0.25% |
JSE Gold | 2520.99 | -1.43% | -1.64% |
USD | 80.19 | -0.48 | -0.98% |
Euro | 137.89 | +1.00 | +1.02% |
Yen | 84.36 | +0.44 | +0.15% |
Oil | $75.48 | -$1.38 | -2.00% |
10-Year | 4.700% | -0.053 | -1.84% |
Bond | 110.625 | +0.40625 | +0.77% |
Dow | 13181.91 | -2.09% | -0.63% |
Nasdaq | 2511.25 | -2.51% | -1.99% |
S&P | 1433.06 | -2.66% | -1.77% |
The Metals:
CoT Reports: Gold | Silver
Gold traded mostly slightly higher in Asia and London and then rose about 1% to above $671 by about 10AM EST in New York before it fell back off to about $666, but it then rallied back higher for the rest of the day and ended at its high of the session with a gain of 1.22%. Silver rose to over $13.10 by about 10AM EST before it fell back off a bit in late morning trade, but it also rallied back higher into the close and ended back near its earlier high with a gain of 1.08%.
Euro gold rose to about €489, platinum gained $6 to $1,287, palladium remained unchanged at $362, and copper fell another 8 cents to about $3.54.
Gold and silver equities ended roughly 1% lower despite over 1% gains in gold and silver as general market weakness dragged the indices lower.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | July | 92K | 135K | 126K |
Unemployment Rate | July | 4.6% | 4.5% | 4.5% |
Hourly Earnings | July | 0.3% | 0.3% | 0.4% |
Average Workweek | July | 33.8 | 33.9 | 33.9 |
ISM Services | July | 55.8 | 59.0 | 60.7 |
The BLS net birth/death adjustment added 26,000 jobs to July’s payrolls.
All of this week’s economic reports:
Next week’s economic highlights include Productivity, the FOMC policy statement, and Consumer Credit on Tuesday, Wholesale Inventories on Wednesday, Initial Jobless Claims on Thursday, and Export and Import Prices and the Treasury Budget on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil fell further from the new all-time high of $78.77 hit on Wednesday as the outlook remains relatively calm both on the geopolitical front and for weather forecasts of potential hurricanes.
The U.S. dollar index fell dramatically to back near the significant 80 level and treasuries rose on poor economic data and increased credit concerns that pushed interest rates lower ahead of the fed’s policy announcement next week. The yield on the 10-year fell to a new 2 and ½ month low and yield on the 2-year fell under 4.5% for the first time since January 2006.
The Dow, Nasdaq, and S&P fell over 2% on renewed credit concerns as Bear Stearns’ debt rating outlook was cut by S&P and the company’s CFO came out and said that fixed income market turmoil is the worst in 22 years.
Among the big names making news in the market Friday were Bear Stearns, Brookfield, Tomkins, Chrysler and Cerberus, Toyota, RBS, Allianz, American Home Mortgage, and Procter & Gamble.
The Commentary:
“December Gold finished up 7.8 at 684.4, 0.1 off the high and 7.4 up from the low.
September Silver closed up 0.163 at 13.158. This was 0.148 up from the low and 0.032 off the high.
Gold extended its rally this afternoon as the bulls were emboldened by the dollar's persistent weakness in the wake of disappointing jobs data this morning. Gold followed the dollar's lead for a change, instead of taking its cues from the stock market, which was also weaker. The fact that today's moves were triggered by a disappointing, regularly-scheduled economic report as opposed to a "shock" like the sub-prime scandal that has a lot more uncertainty is probably the reason gold buyers felt comfortable. Reports yesterday that two gold ETFs saw record investment levels recently also didn't hurt gold's prospects. Some of the central bank selling that was supposedly keeping a lid on prices earlier in the session apparently gave way, as the market continued to make new highs into the afternoon.
Silver gained today on the dollar weakness. Disappointing job data this morning triggered steep declines in the dollar against most of the major currencies, and the dollar fell to its lowest levels in over a week. Precious metals bulls feel less threatened by the stock market's weakness today than they do when the sub-prime issue erupts, perhaps because they view the threat posed by the weaker Payrolls report as much more isolated than the sub-prime story, which has a more global reach.”- The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Ron Paul remains longshot for Republican presidential nomination
Grandich manages to get quoted again on capping of gold price
What a mystery: Wednesday's late jump in stocks prompts questions
The Statistics:
As of close of business: 8/2/2007
Gold Warehouse Stocks: | 7,152,356 | - |
Silver Warehouse Stocks: | 132,181,519 | - 525,059 |
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 | 506.52 | 16,285,133 | US$ 10,850m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,822 | US$ 2,055m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,778 | US$ 271m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,272 | US$ 305m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/2/2007 | |
Total Net Assets | $993,521,363 | Ounces of Gold
in Trust | 1,494,949.081 |
Shares Outstanding | 15,100,000 | Tonnes of Gold
in Trust | 46.50 |
Note: No change in Total Tonnes from yesterday’s data.
Silver Trust (SLV)
Profile as of 8/2/2007 | |
Total Net Assets | $1,835,243,413 | Ounces of Silver
in Trust | 141,612,134.400 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,404.63 |
Note: Change in Total Tonnes from yesterday’s data: 1.86 tonnes were removed from the trust.
The Stocks:
International Tower Hill’s (THM) Amex listing, Centerra Gold’s (CG.TO) agreement with the Mongolian government, AngloGold’s (AU) mine deaths, Eldorado’s (EGO) quarterly results, MAG Silver’s (MVG) shareholder rights plan, and Silver Wheaton’s (SLW) second quarter earnings were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Paramount | PZG +9.09% $3.00 |
2. Solitario | XPL +8.33% $5.20 |
3. Eldorado | EGO+4.81% $4.79 |
LOSERS
1. Minco | MGH-5.98% $1.10 |
2. Metalline | MMG-5.41% $3.15 |
3. Entree | EGI -5.09% $2.61 |
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:
African Gold Group, Inc.: Private Placement of up to a Maximum of 7,000,000 Units - More
- August 03, 2007 | Item | E-mail
Millstream Grants Options - More
- August 03, 2007 | Item | E-mail
Prom Resources Acquires an Additional 16 Gold Perimeters to Its Toliara Concession - More
- August 03, 2007 | Item | E-mail
Romios Adopts Shareholder Rights Plan - More
- August 03, 2007 | Item | E-mail
Normabec Re-Prices Stock Options - More
- August 03, 2007 | Item | E-mail
Goldcliff Resource Corporation: Panorama Ridge Drilling in Progress - More
- August 03, 2007 | Item | E-mail
Shoshone Silver Increases Western Gold Group - More
- August 03, 2007 | Item | E-mail
98% Of the Outstanding Shares Have Been Submitted for the 95% Mandatory Buy Back; the Remaining 5% Remains Freely Tradeable without Restrictions - More
- August 03, 2007 | Item | E-mail
Kirkland Lake to Terminate its U.S. Reporting Obligations Under the Securities Exchange Act of 1934 - More
- August 03, 2007 | Item | E-mail
MAG Announces Adoption of Shareholder Rights Plan - "MAG Silver Corp. (CDNX:MAG.V - News)(AMEX:MVG - News) ("MAG" or "the Company") announces that its Board of Directors (the "Board") has adopted a Shareholder Rights Plan (the "Rights Plan"). The Rights Plan has been adopted to ensure the fair treatment of shareholders in connection with any take-over bid for common shares of MAG." More
- August 03, 2007 | Item | E-mail
Golden Valley Mines Ltd.: Mistassini and Otish Basins Uranium Projects Exploration Update - More
- August 03, 2007 | Item | E-mail
Farallon Provides Update on Legal Matters - More
- August 03, 2007 | Item | E-mail
Asia Now Appoints D. Richard Brown to Board of Directors - More
- August 03, 2007 | Item | E-mail
Gold Crest Mines Inc. Starts Alaskan Exploration - More
- August 03, 2007 | Item | E-mail
Typhoon Shareholders Approve Resolutions at Annual Meeting - More
- August 03, 2007 | Item | E-mail
Acquisition of Uramin: Remaining shares to be redeemed, and cancellation of AIM listing - More
- August 03, 2007 | Item | E-mail
UraMin Inc. - Board Changes - More
- August 03, 2007 | Item | E-mail
Columbia Metals Corporation Limited Announces Increase of Non-Brokered Private Placement to $1,000,000 - More
- August 03, 2007 | Item | E-mail
Silver Wheaton profit dips on production slip - "Silver Wheaton Corp. (SLW.TO: Quote, Profile, Research) (SLW.N: Quote, Profile, Research) said on Friday that second-quarter earnings slipped 9 percent as it sold less silver because of a production shortfall at Goldcorp's (G.TO: Quote, Profile, Research) Luismin mine in Mexico.
Silver Wheaton, which buys the silver produced by several miners, also reduced its 2007 forecast for silver sales of about 13 million ounces, down from an April estimate of 15 million ounces." More
- August 03, 2007 | Item | E-mail
TTM Resources Inc. - Molybdenum interval in hole 07-17 - 0.075 % mo over 264.1 meters including 0.108% mo over 86.0 meters - More
- August 03, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of International Tower Hill Mines Ltd. - "The American Stock Exchange® (Amex®) today lists the units of International Tower Hill Mines Ltd. under the ticker symbol THM. International Tower Hill Mines Ltd. is a resource exploration company, focused in Alaska and Nevada, which controls a number of exploration projects representing a spectrum of early stage to advanced gold and base metal discoveries." More
- August 03, 2007 | Item | E-mail
Update on exploration activities at the Lisbon Valley, Utah and San Javier, Sonora copper projects - More
- August 03, 2007 | Item | E-mail
Drake Gold Resources, Inc. Executive Summary of Its Business Expansion Plan - More
- August 03, 2007 | Item | E-mail
Campbell Reports Second Quarter 2007 Financial Results, Provides Summary of Activities - More
- August 03, 2007 | Item | E-mail
Mediterranean expands drilling campaign at Tac and Corak properties and will begin exploration at Cevreli - More
- August 03, 2007 | Item | E-mail
First Narrows Doubles the Size of Its Falls Creek Tungsten-Molybdenum Property in New Brunswick - More
- August 03, 2007 | Item | E-mail
Adex Announces Appointment of Dr. Norman Betts to Board of Directors - More
- August 03, 2007 | Item | E-mail
IAMGOLD Second Quarter Results Release-August 15, 2007 - "A conference call will be held on Wednesday August 15, 2007 at 11:00 a.m. (EDT) to discuss these results. A webcast of the conference call will be available through the Company's website - www.iamgold.com." More
- August 03, 2007 | Item | E-mail
Northwestern Mineral Ventures announces name change - More
- August 03, 2007 | Item | E-mail
Paladin Resources Ltd.: Settlement of Litigation by Summit Resources (Aust) Pty Ltd Against Resolute Limited and Mt Isa Uranium Pty Ltd - More
- August 03, 2007 | Item | E-mail
Victory Nickel Announces Second Quarter Financials, Provides Update of Activities - More
- August 03, 2007 | Item | E-mail
Sparton and WildHorse Energy Acquire Rights to Evaluate Uranium Bearing Coal Ash Waste Material in Hungary - More
- August 03, 2007 | Item | E-mail
Bayswater & Silver Spruce/Universal Uranium Joint Venture Claims Covering a Portion of & Adjoining the Stipec River Uranium Trend of Bayswater - More
- August 03, 2007 | Item | E-mail
Centerra Gold and Mongolian Government Enter Into an Amended Boroo Stability Agreement - "Centerra Gold Inc. (TSX:CG - News) announced today that after lengthy negotiations the Company and the Government of Mongolia have entered into an amended Boroo Stability Agreement which reaffirms the Company's rights to exploit the Boroo gold deposit under a stable tax and operational regime in Mongolia." More
- August 03, 2007 | Item | E-mail
New AngloGold Ashanti CEO to tackle mine deaths - "The incoming chief executive at the world's third biggest gold producer, AngloGold Ashanti Ltd (ANGJ.J: Quote, Profile, Research), wants to cut the firm's mine fatalities as a top priority, he said on Friday." More
- August 03, 2007 | Item | E-mail
Eldorado Gold Corporation: Q2 2007 Financial and Operational Results-Record Gold Production and Earnings - "Our consolidated net income for Q2, 2007 was $26.7 million or $0.08 per share compared with net income of $0.2 million or $0.00 per share in Q2 2006. Net income for the six month period ended June 30, 2007 was $39.3 million or $0.11 per share (2006 net loss - $7.2 million); ($0.02 loss per share). Cash flow generated from operations before changes in non-cash working capital totaled $37.1 million compared to $0.8 million in Q2 2006." More
- August 03, 2007 | Item | E-mail
Silver Wheaton Reports Q2 Earnings of US$23 Million and Operating Cash Flows of US$28 Million - "Silver Wheaton Corp. (Toronto:SLW.TO - News)(NYSE:SLW - News) is pleased to announce second quarter net earnings of US$22.9 million (US$0.10 per share) and operating cash flows of US$27.8 million (US$0.13 per share)." More
- August 03, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 3 August, 2007 | |
