-- Posted 15 August, 2007 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $668.90 | +$0.10 |
Silver | $12.53 | -$0.17 |
XAU | 132.45 | -4.25% |
HUI | 316.33 | -4.29% |
GDM | 982.69 | -4.64% |
JSE Gold | 2288.06 | +1.41% |
USD | 81.86 | +0.37 |
Euro | 134.65 | -0.79 |
Yen | 85.27 | +0.38 |
Oil | $73.20 | +$0.82 |
10-Year | 4.706% | -0.026 |
T-Bond | 109.5625 | -0.25 |
Dow | 12861.47 | -1.29% |
Nasdaq | 2458.83 | -1.61% |
S&P | 1406.70 | -1.39% |
The Metals:
Gold traded slightly lower in Asia and steadily fell in London to see a low of $661.70 by early trade in New York, but it then rocketed over 1% off its low between about 9:45 and 10:30AM EST and found a small gain before it got knocked back down and traded just under unchanged on the day for most of the rest of trade. It was, however, able to edge up at the close and ended with a gain of 0.01%. Silver dropped all the way to $12.30 before it soared about 3% off its low, but it also fell back off from its mid-session rebound and ended with a notable loss of 1.34%.
Euro gold rose over €496, platinum lost $6 to $1,261, palladium lost $4 to $346, and copper fell slightly to about $3.40.
Gold and silver equities steadily fell throughout most of trade and ended with over 4% losses.
The Economy:
Report | For | Reading | Expected | Previous |
CPI | July | 0.1% | 0.1% | 0.2% |
Core CPI | July | 0.2% | 0.2% | 0.2% |
NY Empire State Index | Aug | 25.1 | 19.0 | 26.5 |
Net Foreign Purchases | June | $120.9B | - | $126.1B |
Industrial Production | July | 0.3% | 0.3% | 0.5% |
Capacity Utilization | July | 81.9% | 81.7% | 81.7% |
Tomorrow at 8:30AM EST brings Initial Jobless Claims for 8/11 expected at 315,000, Housing Starts for July expected at 1,405,000, and Building Permits expected at 1,400,000. At 10AM is the Philadelphia Fed survey for August expected at 8.0.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose as a tropical depression in the Gulf of Mexico was upgraded to tropical Storm Erin and landfall is expected along the Texas coast tomorrow, but tropical storm Dean is perhaps of greater concern as it is expected to become a “major hurricane” by Monday and is headed from the Atlantic into the Gulf of Mexico. Also of note today, though certainly a secondary note compared to weather forecasts, were inventory reports which came in worse than expected across the board and encouraged further buying in the energy sector. Crude inventories fell 5.2 million barrels, gasoline inventories fell 1.1 million barrels, distillates built 200,000 barrels, and refinery utilization rose 0.5% to 91.8%.
Short-dated treasuries and the U.S. dollar index continued their recent rises despite dollar losses versus the yen as investors and traders seem to be selling almost everything and moving into cash and bonds due to credit market concerns.
The Dow, Nasdaq, and S&P traded mostly higher for much of the day as financials rebounded from recent losses on apparent short covering while the fed added another $7 billion in liquidity, but all three indices fell markedly in the last two hours of trade and ended over 1% lower after rumors surfaced that Countrywide may need to file for bankruptcy due to problems with asset backed commercial paper. That certainly enhanced credit concerns for the entire market and brought the financials right back down to see notable losses along with most of the market.
Among the big names making news in the market today were Countrywide, Nestle, Sara Lee, Heinz, Alcoa, Bay Finance, Sentinel, Bear Sterns and Ford, Whole Foods, and Deere.
The Commentary:
“December Gold finished unchanged at 679.7, 1.5 off the high and 7.2 up from the low.
September Silver closed down 0.193 at 12.555. This was 0.19 up from the low and 0.16 off the high.
The gold market did manage to reject a quasi aggressive selling binge on Wednesday and even managed that action in the face of ongoing Dollar strength. With oil prices mounting a significant rally in the face of impending hurricane traffic, it is possible that the gold market was seeing yet another flight to quality issue moving onto the markets radar. However, the gold market hasn't exactly benefited consistently from flight to quality concerns and it would appear that severe macro economic concerns continue to discourage some would-be buyers of gold. It did seems as if a fresh cash infusion from the Fed provided the gold market with fresh hope that the market might eventually find too much liquidity in the system, but the failure to see inflationary readings from the US CPI report and the ongoing fear of more mortgage problems has seemingly built a cap over gold prices recently.
With a big range down extension in silver on Wednesday, it appeared as if another layer of spec longs were forced from their positions. With the copper and platinum markets remaining up pressure and the Press also noting moderate weakness in tin and lead prices, it was clear that a number of physical commodities were falling from favor. With the most recent production talk in silver coming down in favor of the bear camp, and the headlines mostly devoid of fresh investment talk, one gets the sense that both supply and demand forces are favoring the bear camp.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
You're back to normal, ECB chief tells markets, but they disagree
Ted Butler: Amid the turmoil, a great setup
The Statistics:
As of close of business: 8/14/2007
Gold Warehouse Stocks: | 7,131,738 | - |
Silver Warehouse Stocks: | 134,005,318 | + 61,338 |
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 | 510.21 | 16,403,846 | US$ 10,962m |
London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse ) | Gold Bullion Securities | 88.49 | 2,845,013 | US$ 1,903m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 12.71 | 408,390 | US$ 273m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 14.28 | 459,211 | US$ 306m |
Note: Change in Total Tonnes from yesterday’s data: The NYSE/SGX added 0.92 tonnes and the LSE subtracted 6.14 tonnes.
COMEX Gold Trust (IAU)
Profile as of 8/14/2007 | |
Total Net Assets | $1,015,915,476 | Ounces of Gold
in Trust | 1,519,696.371 |
Shares Outstanding | 15,350,000 | Tonnes of Gold
in Trust | 47.27 |
Note: Change in Total Tonnes from yesterday’s data: 0.77 tonnes were added to the trust.
Silver Trust (SLV)
Profile as of 8/14/2007 | |
Total Net Assets | $1,806,620,574 | 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:
Anatolia’s (ANO.TO) assay results, Newmont’s (NEM) Indonesian investment, Apollo Gold’s (AGT) second quarter results, U.S. Silver’s (USA.V) mine repair progress, Aquiline’s (AQI.TO) metallurgical study work, Revett’s (RVM.TO) resumed mining operations, Endeavour’s (EXK) second quarter highlights, and Silver Standard’s (SSRI) and Esperanza’s (EPZ.V) drill results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. DRDGOLD | DROOD+2.76% $5.58 |
2. Vista Gold | VGZ +0.46% $4.37 |
3. Apex Silver | SIL +0.30% $16.78 |
LOSERS
1. Endeavour | EXK-15.94% $3.85 |
2. Cardero | CDY-12.94% $1.48 |
3. Taseko | TGB-12.40% $4.24 |
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:
/R E P E A T/ - 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 (EDT)" More
- August 15, 2007 | Item | E-mail
Fortuna Reports Revenue of $8.8 Million, Operating Cash Flow of $3.06 Million and Net Income of $0.95 Million for 2Q 2007 - More
- August 15, 2007 | Item | E-mail
Melkior Resources Inc.: 30.06 g/t Gold at West Timmins - More
- August 15, 2007 | Item | E-mail
Duran Completes $3,707,000 Private Placement - More
- August 15, 2007 | Item | E-mail
Hathor & ESO Enter Into JV Agreement on Carswell Uranium Project - More
- August 15, 2007 | Item | E-mail
Altair Signs Option Agreement With Full Metal to Acquire Interest in High-Grade Gold Property in Alaska - More
- August 15, 2007 | Item | E-mail
Full Metal Signs Option Agreement With Altair to Explore High Grade Gold Property in Alaska - More
- August 15, 2007 | Item | E-mail
Closing of Private Placement with MineralFields Group for $1.0 Million - More
- August 15, 2007 | Item | E-mail
Richview Commences Drilling Program - More
- August 15, 2007 | Item | E-mail
New Guinea Gold Corporation: Imwauna Drilling Continues to Intersect High Grade Gold to 87.5g/t Over Narrow Intervals - More
- August 15, 2007 | Item | E-mail
Canadian Royalties Inc.-Nunavik Nickel Project: Contract Award for Diesel Generators and Mining Equipment to Hewitt Equipment/Caterpillar - More
- August 15, 2007 | Item | E-mail
Great Western Minerals Group Ltd. Closes Private Placement - More
- August 15, 2007 | Item | E-mail
Tinka updates Colquipucro drill program, Peru - More
- August 15, 2007 | Item | E-mail
Temoris Resources Inc.: Market Update - More
- August 15, 2007 | Item | E-mail
Benton Resources Corp. (BTC) Receives Confirmation of Additional Ground Acquisition From Partner on the King Lake Project in Labrador - More
- August 15, 2007 | Item | E-mail
ESO signs joint venture agreement with Hathor Exploration Ltd on Carswell Project, West Athabasca Basin Uranium Saskatchewan - More
- August 15, 2007 | Item | E-mail
Soho Resources Corp. is Pleased to Report Additional Drill Results From Tahuehueto and Comments on Multiple Events of Mineralization - More
- August 15, 2007 | Item | E-mail
Pure Nickel's Fond du Lac Drill Program Encounters Numerous Nickel Intersections - More
- August 15, 2007 | Item | E-mail
Sulliden anticipates nullity of arbitration award - More
- August 15, 2007 | Item | E-mail
GeoProMining announces agreement with Sterlite Gold shareholder - More
- August 15, 2007 | Item | E-mail
Merrex Gold Exploration at the Birch-Uchi Gold Project, Red Lake, Ontario Pursues 22 g/t, 24 g/t and 30 g/t Au Grab Samples - More
- August 15, 2007 | Item | E-mail
Andrew Brodkey Appointed as President and CEO of Pacific Copper Corp. - More
- August 15, 2007 | Item | E-mail
Royal Standard Minerals Inc.: Goldwedge Progress and Drilling Programs for Other Projects in Nevada - More
- August 15, 2007 | Item | E-mail
GLR Resources: New Gold Zone Discovered - More
- August 15, 2007 | Item | E-mail
USEC Spent $1.8M Lobbying in 2007 - More
- August 15, 2007 | Item | E-mail
Quadra Mining jumps to profit as production rises - More
- August 15, 2007 | Item | E-mail
Unico, Inc. Announces Additional Progress of Work at the New Electrical Substation at the Deer Trail Mine - More
- August 15, 2007 | Item | E-mail
Palladon Iron Update Exploration Drilling and JBR Environmental - More
- August 15, 2007 | Item | E-mail
Nevada Copper to Commence Trading on the Toronto Stock Exchange on August 16, 2007 - More
- August 15, 2007 | Item | E-mail
Verena Minerals Corporation Appoints Ron W. Stewart, P.Geo., as President & Chief Executive Officer - More
- August 15, 2007 | Item | E-mail
Geneva Resources, Inc. Reports on Further Gold Mineralizaton at Vilcoro Gold Property, Peru - More
- August 15, 2007 | Item | E-mail
Peruvian court rules in Algamarca's favor - More
- August 15, 2007 | Item | E-mail
Erdene Provides 2007 Project Update - More
- August 15, 2007 | Item | E-mail
Millstream Discloses Drill Hole Orientations at Potter - More
- August 15, 2007 | Item | E-mail
International PBX Ventures Ltd.-Drill Results: Copaquire Molybdenum-Copper Porphyry, Chile - More
- August 15, 2007 | Item | E-mail
Beartooth Platinum Temporarily Suspends Drill Program at Stillwater due to Wildfires - More
- August 15, 2007 | Item | E-mail
SearchGold Outlines Significant Gold Anomaly in Soil at Moyabi on Magnima in Gabon - More
- August 15, 2007 | Item | E-mail
Crew Gold Announces Financial Results for the Quarter and Six Months Ended June 30, 2007 - More
- August 15, 2007 | Item | E-mail
Yukon-Nevada Gold Corp. reports on second quarter results and progress at Jerritt Canyon - More
- August 15, 2007 | Item | E-mail
Positive Feasibility Study for Continental's Wholly Owned Xietongmen Project NPV of US$232 Million & IRR of 16.5% - More
- August 15, 2007 | Item | E-mail
Sterlite Gold Ltd. Announces Planned Cash Offer by GeoProMining Limited - More
- August 15, 2007 | Item | E-mail
Mercator Reports Record Second Quarter Results - More
- August 15, 2007 | Item | E-mail
Alexis Minerals Corporation: Drilling Continues to Expand All Gold Zones at Lac Herbin Project - More
- August 15, 2007 | Item | E-mail
Galway announces updated resource estimate for the Victorio molybdenum/tungsten project - More
- August 15, 2007 | Item | E-mail
Drilling commences in Carlin Trend - More
- August 15, 2007 | Item | E-mail
GWR Arranges $3 Million Brokered Private Placement - More
- August 15, 2007 | Item | E-mail
QGX Discovers Large Molybdenum-Fluorite System in Southern Mongolia - More
- August 15, 2007 | Item | E-mail
Ireland Inc. Acquires Rights to Columbus and Red Mountain Mineral Projects - More
- August 15, 2007 | Item | E-mail
Aurelio Announces Major Consolidation of Land Position in the Turquoise Mining District, Arizona - More
- August 15, 2007 | Item | E-mail
Grandview Gold Commences Carlin Trend Drilling Three Pony Creek/Elliot Dome Projects Targeted - More
- August 15, 2007 | Item | E-mail
Minera Andes announces progress and plans at San Jose mine - More
- August 15, 2007 | Item | E-mail
Uruguay Mineral Exploration Inc Announces Results for the Quarter and Full Year Ended May 31, 2007 - More
- August 15, 2007 | Item | E-mail
HudBay Reports Second Quarter 2007 Results - More
- August 15, 2007 | Item | E-mail
Anatolia Drilling Hits in Copler New Zones and Infill - "Anatolia Minerals Development Limited (Toronto:ANO.TO - News) ("Anatolia") is pleased to announce assay results at its 100% owned Copler Gold Project. The drill program was designed to target underlying sulfides in the Main Zone, further test new zones to the west of the Main Zone and southwest of the Marble Contact Zone, and infill drill in the Manganese Mine Zone." More
- August 15, 2007 | Item | E-mail
U.S. Silver Corporation Reports on the Progress of the Repairs in the Galena and Coeur Mines by Procon Mining Contractors - "U.S. Silver Corporation (CDNX:USA.V - News) is pleased to update the progress of the underground work conducted by Procon Mining Contractors at the Company's Galena and Coeur underground mines near Wallace, Idaho. Procon has been working on four primary development and rehabilitation projects within U.S. Silver's Galena mining complex over the past 2 months." More
- August 15, 2007 | Item | E-mail
Aquiline Initiates Metallurgical Test Program on Navidad - "Aquiline Resources Inc. (TSX:AQI - News) is pleased to announce that it has commissioned Chlumsky, Armbrust and Meyer LLC (CAM) of Lakewood, Colorado to review and oversee metallurgical study work and flow sheet development on its Navidad Silver Project located in the Chubut Province of Argentina." More
- August 15, 2007 | Item | E-mail
Revett Minerals Reports Resumption of Mining at Troy - "Revett Minerals Inc., (TSX-RVM) ("Revett" or the "Company") reports that on Wednesday August 8, 2007 milling operations resumed at its 67% Troy Mine located in northwestern Montana. On Friday August 10, 2007, representatives of the Mine Safety and Health Administration ("MSHA") approved the resumption of mining activities in most areas of the mine." More
- August 15, 2007 | Item | E-mail
Capella Resources Completes Airborne Surveys Over Four of its Uranium Properties in New Brunswick - More
- August 15, 2007 | Item | E-mail
Khan Resources Releases Pre-Feasibility Study Results for Mongolian Uranium Project - More
- August 15, 2007 | Item | E-mail
Nuclear Power Investment Fund Launched - More
- August 15, 2007 | Item | E-mail
Forum Appoints Steeves to Board of Directors - More
- August 15, 2007 | Item | E-mail
Uranium Energy Corp Expands Property Portfolio in New Mexico and Enters Into Strategic Alliance With Uranium Industry Specialists - More
- August 15, 2007 | Item | E-mail
Strathmore/Sumitomo Roca Honda, New Mexico, Uranium Property-Project Update - More
- August 15, 2007 | Item | E-mail
Paladin Resources Kayelekera Uranium Project, Malawi: Major Development Contracts Signed - More
- August 15, 2007 | Item | E-mail
Ditem Retains Leading Investor Relations Firm - More
- August 15, 2007 | Item | E-mail
Endeavour Reports Higher Quarterly Sales Revenues, Silver Production, Gold Production in Second Quarter, 2007 - "Endeavour Silver Corp. (Toronto:EDR.TO - News)(AMEX:EXK - News)(DBFrankfurt:EJD) today reported higher quarterly sales revenues, silver production and gold production for the 2nd Quarter, 2007. Sales totaled US$6.39 million, cost of sales amounted to US$5.10 million, mine operating cash-flows were US$1.29 million and mine operating earnings came in at US$0.68 million." More
- August 15, 2007 | Item | E-mail
Newmont Indonesia aids local gov't to invest in firm - "The Indonesian unit of U.S. firm Newmont Mining Corp. (NEM.N: Quote, Profile, Research) is offering loans to local governments to buy up to 10 percent of its shares, a top executive said on Wednesday.
The company is obligated under Indonesian law to sell 51 percent of shares to local investors."
More
- August 15, 2007 | Item | E-mail
Silver Standard and Esperanza Update San Luis Exploration - "Drilling on the Ayelen vein has identified a previously unknown sub-parallel vein. The Bianca vein, which does not outcrop, is located between the Ayelen and Ines veins. To date, two holes have intersected the new vein with additional drilling planned to further define it. Preliminary indications are that the Bianca vein is a splay off of the Ayelen vein."s More
- August 15, 2007 | Item | E-mail
Apollo Gold Announces Second Quarter 2007 Results with Improved Production and Profits - "Apollo Gold Corporation ("Apollo" or the "Company") (Amex: AGT - News; TSX: APG - News) is pleased to announce its operating results for the second quarter of 2007. Apollo recorded a net income of $2.4 million, or $0.02 per share, for the three months ended June 30, 2007, as compared to a net loss of $2.6 million, or $0.02 per share, for the three months ended June 30, 2006." More
- August 15, 2007 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 15 August, 2007 | |
