-- Posted 8 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $674.80 | +$3.90 |
Silver | $13.11 | +$0.06 |
XAU | 146.92 | +2.86% |
HUI | 347.26 | +3.53% |
GDM | 1087.63 | +2.97% |
JSE Gold | 2307.85 | +2.98% |
USD | 80.31 | -0.25 |
Euro | 138.03 | +0.53 |
Yen | 83.49 | -1.25 |
Oil | $72.15 | -$0.27 |
10-Year | 4.860% | +0.117 |
T-Bond | 108.9375 | -1.25 |
Dow | 13657.86 | +1.14% |
Nasdaq | 2612.98 | +2.01% |
S&P | 1497.49 | +1.41% |
The Metals:
Gold remained near unchanged in Asia before it began to rise in London and topped $676 at about 10:45AM EST in New York, but it then fell back off slightly into the close and ended about $2 off its high with a gain of 0.58%. Silver rose over $13.15 in morning New York trade before it also fell back off slightly into the close, but it still ended with a gain of 0.46%.
Euro gold rose near €489, platinum gained $3 to $1,284, palladium gained $3 to $361, and copper fell a few cents to about $3.62.
Gold and silver equities steadily rose throughout most of trade and saw about 4% gains by mid-afternoon before they fell back off in the last hour of trade, but they still ended with roughly 3% gains.
The Economy:
Report | For | Reading | Expected | Previous |
Wholesale Inventories | June | 0.5% | 0.4% | 0.5% |
Also making economic news today was a sharp rise in mortgage applications and a National Association of Realtors report that downwardly revised its home sales estimates for 2007. Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/04 expected at 310,000.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil initially rose after inventory data came in worse than expected, but it fell off to find slight losses by the close as a near record amount of longs in the market seemed to take profits and exit their positions. Crude inventories fell a large 4.1 million barrels, gasoline inventories fell 1.7 million barrels rather than an expected build, distillates built 1.0 million barrels, and refinery utilization surprisingly fell 2.3% to 91.3%.
The U.S. dollar index fell back near a 15-year low around the 80.00 level as China has recently been threatening its “nuclear option” of dumping its vast dollar reserves. For more on this, please see the GATA posts noted here yesterday of Chinese scholar warns U.S. to lay off currency issue and China threatens 'nuclear option' of dollar sales. Also see today’s post at GoldSeek by Justice Litle titled Tactical View: Midnight MADness.
Treasuries also fell markedly on worries that China may dump some of its large treasury holdings.
The Dow, Nasdaq, and S&P rose on mostly strong earnings reports.
Among the big names making news in the market today were Revlon, Tyco, Sprint, Toll, and Cisco.
The Commentary:
“December Gold finished up 4 at 686.3, 1.7 off the high and 1.6 up from the low.
September Silver closed up 0.075 at 13.17. This was 0.05 up from the low and 0.06 off the high.
The gold market at times showed signs of an upside breakout and probably managed the majority of the strength off the renewed weakness in the Dollar. It is also possible that gold was lifted indirectly by the strength in the equity market, as gains in stock prices might be a sign that the severe threat of slowing off the sub-prime loan situation are abating. We also can't rule out some buying interest off the idea that Iran might be implicated in Iraqi insurgent attacks. A number of traders pointed to the $680 level as a critical technical breakout level for the trade in the October gold contract and seeing the market rise above that level this week, in the wake of the recent macro economic threat, could be considered a turning point for the bull camp.
While the silver market managed to extend the prior session's strength the action in silver seemed to be a reaction to the Dollar slide and strength in gold, instead of relief toward the macro economic condition. It is possible that overt weakness in the copper market held back the silver market, as silver prices recently were attempting to track with the copper market. With both platinum and copper showing divergent and weak price action on Wednesday, it is not surprising that the silver market simply fought the early highs throughout the trading session.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Disorderly dollar fall could damage Treasuries
Democrats would unload junk mortgages onto Fannie and Freddie
The Statistics:
As of close of business: 8/7/2007
Gold Warehouse Stocks: | 7,151,958 | - |
Silver Warehouse Stocks: | 133,346,423 | -29,243 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) AND Singapore Exchange (SGX) | Streettracks Gold Shares | 509.60 | 16,384,063 | US$ 10,944m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.64 | 3,042,653 | US$ 2,053m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.48 | 400,756 | US$ 271m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,246 | US$ 306m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/7/2007 | |
Total Net Assets | $1,002,436,117 | 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 8/7/2007 | |
Total Net Assets | $1,839,365,806 | Ounces of Silver
in Trust | 141,612,134.500 |
Shares Outstanding | 14,250,000 | Tonnes of Silver
in Trust | 4,404.63 |
Note: No change in Total Tonnes from yesterday’s data.
The Stocks:
Quarterly results from Metallica (MRB), New Gold (NGD), Yamana (AUY), Golden Star (GSS), Hecla (HL), and Coeur (CDE), Rio Narcea’s (RNO) completed sale by Lundin Mining of the Tasiast Gold Mine to Red Back Mining, Pacific Booker’s (PBM) Amex listing, Fronteer’s (FRG) arrangement with NewWest Gold, Sterling Mining’s (SRLM.OB) Silver Summit Hoist commissioning, and Arian’s (AGQ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. US Gold | UXG +8.87% $6.75 |
2. Paramount | PZG +8.36% $2.98 |
3. Royal Gold | RGLD+8.34%$31.83 |
LOSERS
1. Kimber | KBX -4.88% $1.17 |
2. Arizona Star | AZS -3.43% $10.43 |
3. Allied Nevada | ANV -2.74% $5.68 |
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:
NewWest Gold Corporation Receives Interim Court Order for Arrangement With Fronteer Development Group - "Fronteer Development Group (Toronto:FRG.TO - News)(AMEX:FRG - News)("Fronteer") and NewWest Gold Corporation (Toronto:NWG.TO - News)("NewWest") announced today that the British Columbia Supreme Court has issued an interim order providing for the holding of a special meeting of NewWest shareholders and optionholders to consider the previously announced arrangement with Fronteer." More
- August 08, 2007 | Item | E-mail
Metallica Resources Announces Second Quarter 2007 Financial Results and Recent Corporate Developments - "Metallica Resources Inc. (Toronto:MR.TO - News)(AMEX:MRB - News) is pleased to report its second quarter 2007 financial results and corporate developments for the second quarter to date. Complete quarterly results will also be available on SEDAR, EDGAR and on the Company's website at www.metal-res.com. All dollar values are in U.S. currency unless otherwise stated." More
- August 08, 2007 | Item | E-mail
North American Palladium Second Quarter Conference Call Confirmation - "North American Palladium Ltd. ("NAP") (Toronto:PDL.TO - News)(AMEX:PAL - News) released its second quarter financial results on Wednesday, August 8, 2007. A conference call to discuss the results will be held on Thursday, August 9, 2007 at 8:30 a.m. ET, presided by Mr. James Excell, President and Chief Executive Officer. A question and answer period will immediately follow." More
- August 08, 2007 | Item | E-mail
Global Uranium Update on Tin Negouran Uranium Project, Niger - More
- August 08, 2007 | Item | E-mail
Knight Resources Ltd./New Discovery at West Raglan-Seahawk: 3.50 Metres of 3.22% Nickel and 1.93% Copper, Including 1.05 Metres of 8.60% Nickel and 3.41% Copper - More
- August 08, 2007 | Item | E-mail
Skygold Ventures Ltd.: Spanish Mountain Similar to Large Russian Deposits - More
- August 08, 2007 | Item | E-mail
Dave Clark Appointed CEO of Uranium Resources, Inc. - More
- August 08, 2007 | Item | E-mail
Tumi Resources Limited - Tumi Resources: Company and Exploration Update, 2007 Drill Programs Planned for Mexico and Sweden - More
- August 08, 2007 | Item | E-mail
Mediterranean intercepts 7.19 g/t gold over 11.10 metres in continued expansion of Tac resource mineralization - More
- August 08, 2007 | Item | E-mail
HuntMountain Finalizes Contract to Develop Argentine Gold Property - More
- August 08, 2007 | Item | E-mail
Jean Depatie to join Stellar's team as Technical Advisor for Vassan Project - More
- August 08, 2007 | Item | E-mail
NWT Uranium and Azimut select high-priority radioactive targets during $1.5 million exploration program in Quebec - More
- August 08, 2007 | Item | E-mail
Azimut and Northwestern identify three new extensive uranium targets at North Rae, Ungava Bay region, Quebec - More
- August 08, 2007 | Item | E-mail
Continuum retains Renmark Financial Communications Inc. - More
- August 08, 2007 | Item | E-mail
New Gold Inc.: Second Quarter 2007 Financial Results - "The Company incurred a loss of $2.0 million or $0.08 per share in the second quarter compared with a loss of $60,000 or $0.00 per share in the second quarter of 2006. On a year-to-date basis, the Company incurred a loss of $2.4 million or $0.10 per share as compared to $1.4 million in the comparative period in 2006." More
- August 08, 2007 | Item | E-mail
GBS Gold to Release Second Quarter Results on August 13, 2007 - More
- August 08, 2007 | Item | E-mail
Rio Narcea Gold Mines, Ltd.: Lundin Mining Completes Sale of Tasiast Gold Mine to Red Back Mining - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or the "Company") (Toronto:RNG.TO - News)(AMEX:RNO - News) reports that its parent corporation, Lundin Mining Corporation ("Lundin Mining"), has completed the sale of the Tasiast gold mine to Red Back Mining Inc. ("Red Back") (Toronto:RBI.TO - News). Red Back paid US $225 million in cash for the Tasiast project." More
- August 08, 2007 | Item | E-mail
Apollo Gold Announces Second Quarter 2007 Financial and Operating Results Release Date and Conference Call - "Apollo Gold Corporation (AMEX:AGT - News; TSX:APG - News) will be announcing the results of the second quarter 2007 financial and operating results on Wednesday, August 15, 2007 before market opens. The Company's management will host on the same day an earnings conference call at 2:00 PM MDT (1:00 PM PDT and 4:00 PM EDT). The second quarter 2007 10-Q and press release earnings report will be available on the Company website at www.apollogold.com." More
- August 08, 2007 | Item | E-mail
Gold Crest Mines Inc. Announces Additional Claim Staking in Southwest Alaska - More
- August 08, 2007 | Item | E-mail
Adanac President & CEO Michael E. MacLeod to Appear on BNN TV - More
- August 08, 2007 | Item | E-mail
Monroe Minerals advises completion of airborne survey at Alexis River uranium property - More
- August 08, 2007 | Item | E-mail
Marathon appoints Raymond Mason as VP of Operations - More
- August 08, 2007 | Item | E-mail
Goldbelt Resources Ltd.: Technical Report for Inata Resource Filed - More
- August 08, 2007 | Item | E-mail
First Narrows Quadruples Size of Susana D'Oro Copper-Gold Project in Sonora, Mexico - More
- August 08, 2007 | Item | E-mail
American Stock Exchange Lists the Common Stock of Pacific Booker Minerals, Inc. - "Pacific Booker Minerals, Inc. is a Canadian natural resource exploration company which is in the advance stage of development of the Morrison deposit, a porphyry copper, gold and molybdenum ore body situated within the Babine Lake Porphyry Copper Belt north-east of Smithers, BC." More
- August 08, 2007 | Item | E-mail
Wildwood Management Corporation Purchases Telamayu Tailings Properties in Bolivia - More
- August 08, 2007 | Item | E-mail
NWT Uranium Corp. announces change of OTCBB ticker symbol to NWURF - More
- August 08, 2007 | Item | E-mail
Phase 1 Drilling at Rice Lake Deep Completed, New Zones Added - More
- August 08, 2007 | Item | E-mail
Drake Gold Resources, Inc. Accounting Progress Report - More
- August 08, 2007 | Item | E-mail
Carmax Explorations Ltd.: Eaglehead Property Update - More
- August 08, 2007 | Item | E-mail
International Royalty Corporation - Second Quarter Conference Call - "International Royalty Corporation (TSX: IRC - News; AMEX: ROY - News; the "Company" or "IRC") will host its Second Quarter conference call on Thursday August 16, 2007 at 1:00 PM (E.S.T)" More
- August 08, 2007 | Item | E-mail
Luiri Gold Increases Gold Resource by 76% in Zambia - More
- August 08, 2007 | Item | E-mail
MetalCORP Acquires Extension to Gold Bearing Hemlo Fault Zone; New Property has Base Metal and Gold Potential - More
- August 08, 2007 | Item | E-mail
Update on Virgin Metals' Cuatro Hermanos Property - More
- August 08, 2007 | Item | E-mail
Sultan Acquires Additional Surface Rights At Jersey-Emerald Tungsten-Molybdenum Property, B.C. - More
- August 08, 2007 | Item | E-mail
Majescor Partners With Shield Mining to Fast-Track Development of the Besakoa Polymetallic Property in Madagascar - More
- August 08, 2007 | Item | E-mail
Advanced Mineral Technologies, Inc. Announces Appointments of New Board Members - More
- August 08, 2007 | Item | E-mail
Romarco Appoints Chief Financial Officer - More
- August 08, 2007 | Item | E-mail
High River Gold Announces First Gold Pour at Berezitovy - More
- August 08, 2007 | Item | E-mail
Scorpio Provides Nuestra Senora Project Update, Sinaloa State, Mexico - More
- August 08, 2007 | Item | E-mail
Results for Q2 2007 - Best quarterly results to date - Substantial growth in reserves and cash balance - More
- August 08, 2007 | Item | E-mail
El Capitan Precious Metals, Inc. Announces Gold and Minerals Company Merger Terms - More
- August 08, 2007 | Item | E-mail
Magnus International Resources, Inc. Provides Update on Uganda Properties - More
- August 08, 2007 | Item | E-mail
Gabriel Resources Ltd.: Second Quarter Report - More
- August 08, 2007 | Item | E-mail
Aquila Resources Retains the Services of two IR Firms: First Canadian Capital Corp. and Renmark Financial Communications Inc. - More
- August 08, 2007 | Item | E-mail
North American Palladium Reports Second Quarter 2007 Financial Results - "North American Palladium announced today revenue of $44.5 million in the second quarter of 2007, up $9.0 million or 25% compared to revenue of $35.5 million reported in the second quarter of 2006. Operating cash flow (1) was $12.9 million in the three months ended March 31, 2007, compared to cash used in operations of $1.0 million in 2006, and was $35.9 million for the first six months of 2007, an improvement of $37.1 million from the prior year when cash used in operations was $1.2 million." More
- August 08, 2007 | Item | E-mail
Powertech Uranium Corp.: Aladdin Project-Drilling Update - More
- August 08, 2007 | Item | E-mail
Pacific Bay Otish Airborne Uranium Survey Finds New Magnetic/Radiometric Anomaly, Drill Plan Update - More
- August 08, 2007 | Item | E-mail
Motapa Updates Gabon Uranium Exploration - More
- August 08, 2007 | Item | E-mail
Pitchstone Exploration Ltd.: Gabon Uranium Exploration - More
- August 08, 2007 | Item | E-mail
Energy Fuels Files NI 43-101 Technical Report on Its Energy Queen Property - More
- August 08, 2007 | Item | E-mail
Sterling in Final Commissioning of Silver Summit Hoist at Sunshine Mine - "Sterling Mining Company (OTCBB:SRLM - News) today reported that the re-engineered Silver Summit Hoist is entering the final stage of commissioning. In addition to performing design and engineering for the power supply, hoist drive and controls, oversight and testing of the hoist and its safety features is being provided by Spencer Engineering of Ontario, Canada, an internationally respected hoist engineering firm, in order to meet stringent federal mine hoist regulations. The hoist is expected to be ready for service by mid-August." More
- August 08, 2007 | Item | E-mail
Coeur Reports Second Quarter 2007 Results and Reserve Increases - "Coeur d'Alene Mines Corporation (NYSE:CDE - News; TSX:CDM - News) today reported quarterly net income of $11.9 million, or $0.04 per diluted share, for the second quarter of 2007, compared to net income of $32.6 million, or $0.11 per diluted share for the second quarter of 2006. The second quarter of 2006 included the one-time gain of $11.2 million from the Company's sale of its Coeur Silver Valley (CSV) property, and income of $1.4 million from CSV operations." More
- August 08, 2007 | Item | E-mail
Hecla Reports Second Quarter Income and Record Low Silver Cash Costs Per Ounce - "Hecla Mining Company (NYSE:HL - News) today reported another quarter of record low silver cash costs per ounce and the second highest recorded quarterly revenue in the company's 116-year history. During the second quarter of 2007, the company recorded net income of $24.3 million, or 20 cents per common share, compared to net income of $9.2 million, or 8 cents per common share, during the second quarter a year ago." More
- August 08, 2007 | Item | E-mail
Arian Silver Reports Initial Drill Results at Tepal and Confirms Historic Gold Grade and Thickness - "Arian Silver Corporation ("Arian" or the "Company") (TSX VENTURE:AGQ - News; AIM:AGQ)(FRANKFURT:I3A - News; PLUS:AGQ) is pleased to announce selected results for the first 5 holes of its planned phase-1 3,000 metre diamond drill programme at the Tepal Project. The selected results for the first 5 holes are outlined below with further results anticipated shortly. To date, only the gold values have been received and the results for silver, copper and other metals are expected shortly." More
- August 08, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 8 August, 2007 | |
