-- Posted 14 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $668.80 | -$1.00 |
Silver | $12.70 | -$0.07 |
XAU | 138.33 | -3.30% |
HUI | 330.52 | -3.00% |
GDM | 1030.46 | -2.98% |
JSE Gold | 2256.33 | -0.94% |
USD | 81.49 | +0.42 |
Euro | 135.44 | -0.79 |
Yen | 84.91 | -0.43 |
Oil | $72.38 | +$0.76 |
10-Year | 4.732% | -0.046 |
T-Bond | 109.8125 | +0.34375 |
Dow | 13028.92 | -1.57% |
Nasdaq | 2499.12 | -1.70% |
S&P | 1426.54 | -1.82% |
The markets opened today as if everyone seemed to know that there was another shoe to drop (if not a whole marathon of shoes) in the ongoing subprime contagion and credit fiasco, but few seemed to be looking up at that impending doom and instead walked with blinders on and went on about their merry way. While the ECB injected more liquidity for the fourth session in a row, the fed took no action in an effort to further assure the markets that everything was back to normal.
However, that next shoe did drop not long into trading as Sentinel Management Group Inc. asked the CFTC “to allow it to halt client redemptions until it can conduct them in an orderly fashion.” Many tried to downplay this problem as a singular event in a company that oversees only about $1.6 billion dollars in a much larger market, but the fact is that Sentinel deals in asset back commercial paper. This is not some fund that made a wrong bet on subprime mortgages, but one that deals in high quality investments and “makes money mainly by betting on overnight interest rates outpacing yields on short-term Treasury bonds.” To make matters worse for Sentinel, the CFTC responded later in the day and said it “had no authority to grant Sentinel's request to block client redemptions. ‘We have no role in whether or not the company does this and whether the client accepts this,’ a CFTC official said.” Clearly credit problems are not going away anytime soon. Also emerging at the end of the day appear to be some significant problems at Thornburg who is “citing ‘significant disruptions’ in the mortgage market” as reason to delay its dividend.
The Metals:
Gold traded mostly slightly lower in Asia and London and then dipped to $665.30 at about 9AM EST in early New York trade before it spiked over $5 higher off that low in the next 35 minutes of trade to above $670, but it then fell back off to trade slightly lower again for the rest of the day and closed with a loss of 0.15%. Silver dropped to $12.65 before it spiked to above $12.80, but it also fell back off into the close and ended with a loss of 0.55%.
Euro gold rose over €493, platinum lost $8 to $1,267, palladium lost $4 to $350, and copper fell over 14 cents to about $3.41.
Gold and silver equities fell over 2% in the first hour and a half of trade before they rebounded and saw only about 1.5% losses by early afternoon, but they then fell back off into the close along with the major indices and ended with roughly 3% losses.
The Economy:
Report | For | Reading | Expected | Previous |
PPI | July | 0.6% | 0.1% | -0.2% |
Core PPI | July | 0.1% | 0.2% | 0.3% |
Trade Balance | June | -$58.1B | -$61.0B | -$59.2B |
Tomorrow at 8:30AM EST brings CPI for July expected at 0.1%, Core CPI expected at 0.2%, and the NY Empire State Index for August expected at 19.0. At 9AM are Net Foreign Purchases for June and at 9:15 is Industrial Production for July expected at 0.3% and Capacity Utilization expected at 81.7%.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as a tropical depression was upgraded to tropical storm Dean in the Atlantic and brewing storms in the Gulf of Mexico also raised concerns. Indications also point towards OPEC keeping output levels unchanged at their next meeting despite the fact that they increased their overall demand outlook for 2007. OPEC did however mention that subprime problems could lessen demand due to slowing economic growth later in the year should those problems continue and that seemed to cap some gains in the energy sector.
The U.S. dollar index rose again as rate futures continued to reduce chances for a fed rate cut while PPI came in higher than expected and raised inflationary fears.
Treasuries rose by the close as interest rates moderated while stocks fell. Traders also speculated that recent European Central Bank injections may mean less tightening down the road from the ECB and that encouraged some U.S. treasury buying on the assumption that European yields will not rise as previously expected.
The Dow opened briefly higher as markets remained calm over night, but it soon fell over 175 points as a poor outlook from Wal-Mart raised worries over consumer spending and Sentinel announced that it wanted to halt client redemptions which raised credit concerns. The Dow then came off its lows in late morning trade along with the Nasdaq and S&P as Sentinel’s problems appeared to be contained, but all three indices fell back off to new lows by mid-afternoon and closed over 1.5% lower as traders looked further into these apparently worsening problems.
Among the big names making news in the market today were Sentinel, Fortress, Citigroup, Nokia, Mattel, Wal-Mart, Home Depot, Bear Stearns, and Goldman Sachs.
The Commentary:
“December Gold finished down 1.2 at 679.7, 2.3 off the high and 2.2 up from the low.
September Silver closed down 0.107 at 12.748. This was 0.038 up from the low and 0.152 off the high.
Despite the fact that equity prices were under moderate pressure throughout the trading session, the gold market was simply not able to benefit from the developing flight to quality conditions. In fact, the metals markets were presented with a fresh fund problem that was closer to the commodities market and yet beyond a light liquidation wave that seemed to be fostered by fears of fund liquidation, the metals markets weren't markedly impacted. Unfortunately the gold market clearly didn't see the fresh financial market issue as a flight to quality development. In the end, the sharp rise in the Dollar seemed to give the bear camp in gold the capacity to control prices for most of the session.
Like gold, the silver market remained under pressure in the wake of a significant upward extension in the Dollar. However, the fear of slowing off the continued slide in the equity market was probably weighing in on silver and copper prices throughout the trading session. In short, the silver trade isn't garnering much in the way of flight to quality interest and or the fear of a financial debacle just isn't being given that much credence.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Will commodities exchanges 'fail up' or 'fail down' with gold?
China eases foreign exchange controls
Hedge fund losses prompt exits as deadline nears
Learn from Rome's fall or else, U.S. comptroller general warns
The Statistics:
As of close of business: 8/13/2007
Gold Warehouse Stocks: | 7,131,738 | - |
Silver Warehouse Stocks: | 133,943,980 | - |
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 | 509.29 | 16,374,170 | US$ 10,949m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 94.63 | 3,042,450 | US$ 2,038m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,394 | US$ 274m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,216 | US$ 307m |
Note: No change in Total Tonnes from yesterday’s data.
COMEX Gold Trust (IAU)
Profile as of 8/9/2007 | |
Total Net Assets | $988,660,551 | 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 8/9/2007 | |
Total Net Assets | $1,837,191,153 | 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:
Yamana’s (AUY) boosted cash portion of its bid for Meridian (MDG), Tanzanian Royalty’s (TRE) repriced private placement, Rubicon’s (RBY) drill program, Great Basin’s (GBN) agreement signings, Apollo Gold’s (AGT) filed 43-101, Orezone’s (OZN) permit process, and quarterly results from Fronteer (FRG), Miramar (MNG), Glencairn (GLE), Rio Narcea (RNO), ECU Silver (ECU.TO), and Pan American Silver (PAAS) were among the big stories in the gold and silver mining industry making headlines today.
WINNER
1. Northern Orion | NTO +0.20% $5.04 |
LOSERS
1. Paramount | PZG-9.51% $2.57 |
2. Exeter | XRA-8.14% $2.71 |
3. Rubicon | RBY -8.12% $1.81 |
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:
Tanzanian Royalty Chairman Agrees to Reprice Second Tranche of $3 Million Private Placement - Tanzanian Royalty Exploration Corporation advises that Mr. James E. Sinclair has agreed to reprice the second tranche of the private placement. As announced on August 10, 2006, Mr. Sinclair agreed to purchase common shares of the Corporation representing an aggregate value of $3,000,000. Such shares are to be purchased in 8 quarterly tranches of $375,000 each, commencing February 1, 2007." More
- August 14, 2007 | Item | E-mail
Fronteer Reports Results From the Second Quarter of 2007 - "The Company's net loss for the three months ended June 30, 2007 was $9,488,197 or $0.14 per share compared to net loss of $1,811,489 or $0.03 for the three months ended June 30, 2006. The Company's net loss for the six months ended June 30, 2007 was $10,630,874 or $0.16 per share compared to net income of $8,202,874 for the six months ended June 30, 2006." More
- August 14, 2007 | Item | E-mail
Platinex Completes Second Closing of Private Placement - More
- August 14, 2007 | Item | E-mail
Miramar Announces Q2 2007 Financial Results - "Miramar Mining Corporation (Toronto:MAE.TO - News)(AMEX:MNG - News) today announced its financial results for the second quarter ended June 30, 2007. For the three month period, Miramar reported consolidated net loses of $2.8 million or $0.01 per share compared to net earnings of $1.9 million or $0.01 per share for the same period in 2006. The Company ended the quarter with cash and short term investments of $131.4 million." More
- August 14, 2007 | Item | E-mail
South American Silver Corp. Files June 30, 2007 Quarterly Report - More
- August 14, 2007 | Item | E-mail
Aurora Reports 2007 Second Quarter Results - More
- August 14, 2007 | Item | E-mail
General Minerals Corporation Files June 30, 2007 Quarterly Report - More
- August 14, 2007 | Item | E-mail
Augyva Closes a $167,500 Private Placement and Grants Options - More
- August 14, 2007 | Item | E-mail
Chester Mining Company Acquires 50% Interest in Tesorito Project in Mexico - More
- August 14, 2007 | Item | E-mail
Canadian Zinc Reports Second Quarter 2007 Results - More
- August 14, 2007 | Item | E-mail
Guyana Goldfields Inc.: Aurora Exploration Update-70m @ 5.29 g/t Au - More
- August 14, 2007 | Item | E-mail
Global Minerals Files a 43 101 Independent Technical Report on Dome Claims and Announces the Resignation of its CFO - More
- August 14, 2007 | Item | E-mail
Brazauro Resources Announces Results from Bulk Flotation and Cyanidation Tests of Tocantinzinho Gold Ore Very Positive - More
- August 14, 2007 | Item | E-mail
Olympus: Drill Results Yield Additional High-Grade Gold Mineralization at Phuoc Son - More
- August 14, 2007 | Item | E-mail
Cabo to drill 7,000 meters for Richview Resources Inc. - More
- August 14, 2007 | Item | E-mail
Diamond Drilling Begins on ''Crack Moly'' Molybdenum Prospect - More
- August 14, 2007 | Item | E-mail
Mineralized zones continue to be extended at Copper Mountain - More
- August 14, 2007 | Item | E-mail
Meridian Gold responds to revised unsolicited tender offer - "Meridian Gold Inc. ("Meridian Gold" or the "Company") (TSX:MNG - News; NYSE:MDG - News) announced today, in response to the revised unsolicited tender offer by Yamana Gold Inc. ("Yamana") to acquire all of the outstanding common shares of Meridian Gold on the basis of 2.235 Yamana common shares and Cdn$4.00 in cash for each common share of Meridian Gold, that the Company's Board of Directors will carefully review and consider the revised offer and will issue an update of its Directors' Circular and its related Solicitation/Recommendation Statement on Schedule 14D-9 in due course." More
- August 14, 2007 | Item | E-mail
Nithi Mountain Moly Porphyry Drill Results - More
- August 14, 2007 | Item | E-mail
Noront Resources Ltd.: Drilling Program at Lizar, Base Metal Property to Commence - More
- August 14, 2007 | Item | E-mail
Phase 1 Drill Program Reveals Multiple New Zones at Rice Lake Deep - More
- August 14, 2007 | Item | E-mail
North Atlantic Files Financial Statements, MDA and Report to Shareholders for Second Quarter 2007 - More
- August 14, 2007 | Item | E-mail
Silvermet Appoints Senior Executives for its Waelz Kiln Zinc Project in Turkey - More
- August 14, 2007 | Item | E-mail
Tribute Announces Updated Arrow Zone Independent Resource Estimation for the Garnet Lake Property, Confederation Lake Belt, Red Lake Mining District, Ontario - More
- August 14, 2007 | Item | E-mail
Update on Trun Exploration Program - More
- August 14, 2007 | Item | E-mail
MetalCORP Acquires Additional Land Along Strike of Hemlo & New Fearless Project; New Property has Several Significant Nickel Occurrences - More
- August 14, 2007 | Item | E-mail
Mega Uranium Ltd. Releases Unaudited Results for the Three and Nine Months Ended June 30, 2007 - More
- August 14, 2007 | Item | E-mail
CCM Research Issues Technical Research Report on Alhambra Resources, Ltd. - More
- August 14, 2007 | Item | E-mail
Azteca Gold Corp.: Silver Valley Two Mile Property Joint Venture - More
- August 14, 2007 | Item | E-mail
Nirek Resources Inc. Finalizes Joint Venture on Kirkland Goldfields Gold Mine - More
- August 14, 2007 | Item | E-mail
Bison Gold Exploration Inc. Announces a Management Change, a $250,000 Financing and the Grant of Stock Options - More
- August 14, 2007 | Item | E-mail
Bellhaven Copper & Gold & Empire Minerals Intersect 124.9 Meters of 1.32% Copper, 0.15 g/t Gold, and 4.8 g/t Silver at the Cerro Chorcha Porphyry Copper Project - More
- August 14, 2007 | Item | E-mail
Callinan Mines Limited: Drilling Commenced on Coles Creek - More
- August 14, 2007 | Item | E-mail
ABV Gold, Inc. Announces the Acquisition of 132 Million Shares of Common Stock - More
- August 14, 2007 | Item | E-mail
Peak Gold to release second quarter results on August 22, 2007 - More
- August 14, 2007 | Item | E-mail
EXMIN-Hochschild Joint Venture Comence Drilling Second Target at the Moris Exploration Project, Chihuahua Mexico - More
- August 14, 2007 | Item | E-mail
Geneva Resources, Inc. Updates Progress and Agreement to Extend Lease on Nigerian Property - More
- August 14, 2007 | Item | E-mail
Cloudbreak Intercepts Copper & Molybdenum at Derekoy Porphyry Project & Copper, Gold & Molybdenum at the Ikiztepe Hill Porphyry-Skarn Project - More
- August 14, 2007 | Item | E-mail
Redcorp Ventures Ltd.: Second Quarter Interim Highlights for the Three and Six Month Periods Ending June 30, 2007 - More
- August 14, 2007 | Item | E-mail
Caledonia's Blanket Mine Resumes Underground Operations After Shaft Expansion is Commissioned - More
- August 14, 2007 | Item | E-mail
Solitaire and Rubicon Commence 3,300 meter Drill Program on the Red Lake North Property, Red Lake, Ontario - More
- August 14, 2007 | Item | E-mail
Hemis Announces Additional El Tigre Drill Results - More
- August 14, 2007 | Item | E-mail
Crew Gold Corporation Quarter Ended June 30, 2007 Results Conference Call - More
- August 14, 2007 | Item | E-mail
CityView's Stake Increased in Angolan Metal Projects - More
- August 14, 2007 | Item | E-mail
Imperial Reports Results for the Second Quarter 2007 - More
- August 14, 2007 | Item | E-mail
Imperial Reports Red Chris Drill Results - More
- August 14, 2007 | Item | E-mail
First Narrows Discovers Gold-Silver Mineralization in Colluvium Chips Coincident With 4 km Long Pronounced ASTER Anomaly, Sonora, Mexico - More
- August 14, 2007 | Item | E-mail
Oriental Hits 205 Metres Grading 0.13% Tungsten Oxide at Sangdong -- Increases From 5 Drill Rigs to 8 - More
- August 14, 2007 | Item | E-mail
Prom Resources, Inc. Appoints Chief Geologist - More
- August 14, 2007 | Item | E-mail
Midland Acquires Key Zinc Properties - More
- August 14, 2007 | Item | E-mail
Grandview Intercepts 22.90 g/tonne over 2.86 meters at Dixie Lake Project and Extends Red Lake Drill Program, Visible Gold & Assays Send Drill Back to DC-10-07 - More
- August 14, 2007 | Item | E-mail
VentureNet Capital Group, Inc. Provides Update on Its Willow Creek Placer Mining Venture - More
- August 14, 2007 | Item | E-mail
Utah Uranium Announces Drill Program Approved - More
- August 14, 2007 | Item | E-mail
Petaquilla Updates Status of Audited Annual Financial Statements - More
- August 14, 2007 | Item | E-mail
Alberta Star Expands Its Drill Program and Adds Two More Drills to the Eldorado & Contact Lake IOCG & Uranium Projects - More
- August 14, 2007 | Item | E-mail
ECU Silver Announces Financial Results for the Second Quarter Ended June 30, 2007 - "In the 2nd quarter of 2007, revenues of $474,601 were generated from metals sales, compared with $1,282,615 in the same period in 2006 representing a decrease of 63%. The difference is essentially due to less silver, lead and zinc being processed as a result of a the shift in focus towards exploration and mineral resource definition and delineation. This work started in late 2006 and has been accelerated in the 2nd quarter of 2007 when essentially all the material processed in the mill came from development headings and bulk mining a test stope in new areas of the Mineralized Corridor that are being evaluated." More
- August 14, 2007 | Item | E-mail
Rubicon and Solitaire Commence 3,300 metre Drill Program at Red Lake North Project - "Rubicon (AMEX: RBY - News; TSX: RMX - News) and Solitaire Minerals Corporation (TSX-V: SLT - News) are pleased to announce the start of a 3,300 metre drill program at the Red Lake North Project. The property is under option to Solitaire Minerals Corp. ('Solitaire') who is required to fund $2.5 million of exploration over four years (prior to May 30, 2010) to earn a 55% interest. Through an aggressive exploration program, Solitaire and Rubicon are advancing the property and have identified four distinct target areas for drill testing along a 12-kilometre strike length of prospective stratigraphy." More
- August 14, 2007 | Item | E-mail
Great Basin Announces Signing of Final Bee Transaction Agreements 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 various of the conditions precedent to the proposed transaction as set out in the Transaction Framework Agreement entered into between Great Basin Gold, its wholly-owned subsidiary Southgold Exploration (Proprietary) Limited ("Southgold") and Tranter Gold (Proprietary) Limited ("Tranter") as a broad-based black economic empowerment ("BEE") shareholder in the Company (described in a news release of February 21, 2007) have been fulfilled." More
- August 14, 2007 | Item | E-mail
Apollo Gold Announces Filing of NI 43-101 Pre-Feasibility Study - "The pre-feasibility study economics, using reserves only, assuming a gold price of US$525 per ounce and assuming a milling capacity of 1,500 tonnes per day has a Net Present Value ("NPV") of US$104 million at a 4% discount rate and an Internal Rate of Return ("IRR") of 33%. The total cash cost per ounce of gold produced is calculated at $236 per ounce." More
- August 14, 2007 | Item | E-mail
Yellowcake Mining Completes Joint Venture Agreement on Jeep Project with Strathmore - More
- August 14, 2007 | Item | E-mail
Strathmore Completes Joint Venture With Yellowcake Mining on Jeep, Wyoming Uranium Project - More
- August 14, 2007 | Item | E-mail
Mega Uranium Announces Closing of Nu Energy Acquisition - More
- August 14, 2007 | Item | E-mail
Silver Spruce Resources Inc.-Dr. George Findlay Appointed New Director - More
- August 14, 2007 | Item | E-mail
Waseco Resources Inc.: Uranium Team in the Field - More
- August 14, 2007 | Item | E-mail
Orezone Resources Inc.: Essakane Project Mining Permit Process Underway - "Orezone Resources Inc. (Toronto:OZN.TO - News)(AMEX:OZN - News) and Gold Fields Ltd (NYSE:GFI - News)(JSE - News)(DIFX - News) are pleased to announce that the Environmental and Socio-economic Impact Assessment (ESIA) report for the Essakane Project has been submitted to the Burkina Faso Minister of Environment. This starts a three month approval process of the environmental plan required for the award of a Mining Permit. The ESIA was developed by Knight Piesold (South Africa) and RePlan (Canada)." More
- August 14, 2007 | Item | E-mail
Glencairn Gold reports Second Quarter Results - "For the first half of 2007, net income totalled $2,087,000, or $0.01 per share, compared to income of $3,821,000, or $0.02 per share, in the first half of 2006. Income from mining operations decreased in 2007 to $2,247,000 from $5,836,000 in the corresponding period of 2006. Revenue from gold sales increased in 2007 to $34,610,000 compared to $23,952,000 in the corresponding period of 2006." More
- August 14, 2007 | Item | E-mail
Yamana Boosts Cash Portion In Hostile Bid for Meridian - "Yamana Gold Inc. boosted the cash portion of its hostile-takeover bid for Meridian Gold Inc. by 27%, two weeks after Meridian rejected the prior 3.35 billion Canadian dollar (US$3.18 billion) offer.
The company is now offering C$4.00 and 2.235 Yamana shares per Meridian share. That values each Meridian share at US$28.34, a 3.3% premium to Monday's closing price and 26% above Meridian's price ahead of Yamana's initial proposal in June for a three-way merger with Northern Orion Resources Inc." More
- August 14, 2007 | Item | E-mail
Yamana Increases Offer for Meridian Gold; Northern Orion Continues to Recommend the Business Combination With Yamana - "Yamana has increased the cash component of the offer by C$0.85 per share to a total of C$4.00 per share. Meridian shareholders will now be entitled to receive 2.235 Yamana common shares plus C$4.00 in cash for each Meridian common share tendered and taken up by Yamana. The cash portion of the consideration will now be funded from a new $400 million acquisition five-year credit facility secured specifically for the purposes of this offer. Yamana does not intend to rely on the funds previously made available from Northern Orion to fund the cash portion of its offer." More
- August 14, 2007 | Item | E-mail
Yamana Extends Offer for Meridian Gold and Increases Cash Consideration to C$4.00 Per Share - "Yamana has raised the cash component of the offer by C$0.85 per share to a total of C$4.00 per share, which represents an approximate 27% increase in the cash portion of the consideration. Meridian Gold shareholders will now be entitled to receive 2.235 Yamana common shares plus C$4.00 in cash for each Meridian common share tendered and taken up by Yamana." More
- August 14, 2007 | Item | E-mail
Rio Narcea Announces Second Quarter 2007 Results Successful Takeover Bid by Lundin Mining Corp. - "Rio Narcea Gold Mines, Ltd. ("Rio Narcea" or the "Company") reported net income for the second quarter of 2007 of $16,623 or $0.10 per share compared to $5,623 and $0.04 per share in the same period of 2006. Revenues from Aguablanca mine amounted to $50,830 in the second quarter of 2007 ($36,855 in the same period 2006). " More
- August 14, 2007 | Item | E-mail
Pan American Silver Reports Record Quarterly Silver Production, $18.5 Million Net Income and $31.5 Million Operating Cash Flow in Q2 2007 - "Pan American Silver Corp. today reports that consolidated net income for the second quarter 2007 was $18.5 million, or $0.24 per share, as compared to $15.0 million, or $0.21 per share, in the year earlier period. The Company also experienced record quarterly cash flow from operations of $31.5 million, before changes in non-cash working capital items." More
- August 14, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 14 August, 2007 | |
