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Gold Seeker Closing Report: Gold and Silver Gain Over 1% and 2%

By: Chris Mullen, Gold-Seeker.com


-- Posted 31 July, 2008 | | Source: SilverSeek.com

 

Close

Gain/Loss

Gold

$913.25

+$10.70

Silver

$17.71

+$0.35

XAU

168.82

-1.68%

HUI

403.93

+0.41%

GDM

1201.08

+0.02%

JSE Gold

2127.08

+54.15

USD

73.23

-0.10

Euro

155.95

+0.18

Yen

92.69

+0.20

Oil

$124.08

-$2.69

10-Year

3.979%

-0.069

T-Bond

115.53125

+0.703125

Dow

11378.02

-1.78%

Nasdaq

2325.55

-0.18%

S&P

1267.38

-1.31%

 
 

 

The Metals:

 

Gold held yesterday’s after hours gains in Asia and London and then spiked even more at the New York open to as high as $925.40 after Initial Jobless Claims surged to their highest level in five years.  The yellow metal than fell back off over $10 into the close, but it still ended with a gain of 1.19%.  Silver rose to as high as $17.897 before it also fell back off into the close, but it still ended with a gain of 2.02%.

 

Euro gold rose to about €586, platinum gained $24.50 to $1750.50, and copper gained over 3 cents to about $3.71.

 

Gold and silver equities rose roughly 2% at the open, but they then steadily fell back off for the rest of trade and ended mixed and near unchanged.

 

The Economy:

 

Report

For

Reading

Expected

Previous

GDP

Q2

1.9%

2.3%

0.9%

Chain Deflator

Q2

1.1%

2.4%

2.6%

Employment Cost Index

Q2

0.7%

0.7%

0.7%

Initial Claims

7/26

448K

395K

404K

Chicago PMI

July

50.8

49.0

49.6

 

Tomorrow at 8:30AM EST brings July’s jobs data.  Nonfarm payrolls are expected at -75,000, the Unemployment Rate is expected at 5.6%, Hourly Earnings are expected at 0.3%, and the Average Workweek is expected at 33.7.  At 10AM is Construction Spending for June expected at -0.3% and the ISM Index for July expected at 49.2.

 

The Markets:

 

Charts Courtesy of http://finance.yahoo.com/

 

Oil fell on concerns that weak economic data portends further demand destruction.

 

The U.S. dollar index fell and treasuries rose after economic data came in mostly worse than expected, but oil’s drop helped the dollar end well off its earlier lows with only a slight loss.

 

The Dow and S&P fell over 1% on worries raised over poor economic data, but the Nasdaq ended just slightly lower on news that Bristol-Myers Squibb was bidding for ImClone Systems.

 

Among the big names making news in the market today were Bristol-Myers Squibb and ImClone Systems, Exxon, Nymex, and AIG.

 

The Commentary:

 

“August Gold finished up 11 at 913.9, 0.1 off the high and equal to the low.

 

September Silver closed up 0.325 at 17.79. This was 0.35 up from the low and 0.15 off the high.

 

The gold market flashed higher in the wake of the latest evidence of slowing in the US economy. With GMAC reporting another big loss on Thursday, US initial claims jumping up sharply and the trade seemingly concerned about the potential for more slowing in the US monthly Non Farm payroll reading on Friday morning it appeared as if the gold market was seeing a return of flight to quality mentality. Some players suggested that renewed weakness in energy prices detracted from the buying interest in gold but in the end the gold market was able to forge a range up trade. Clearly the weak US numbers initially undermined the Dollar and that seemed to provide the gold market with its morning strength, but with the Dollar rejecting the initial slide off the scheduled US numbers, not all of the outside market forces stayed positive for gold.

 

The silver market forged a pretty impressive low to high rally of 55 cents from the prior session's lows in the wake of fresh evidence of slowing in the US economy. However, some traders suggested that getting above the next even number level of $18.00 might require more anxiety from the US Non farm payroll report. It is also possible that impressive gains in the copper and platinum markets provided silver with an indirect lift, but in the end the strength in gold and the weakness in the US Dollar appeared to provide the lion's share of the price gains Thursday.”- The Hightower Report, Futures Analysis and Forecasting

 

GATA Posts:

 

 

Don't despair -- the New Orleans conference is on the way

Inflation in Europe reported at 16-year high

 

The Statistics:

As of close of business: 7/30/2008

Gold Warehouse Stocks:

8,427,529

+81,351

Silver Warehouse Stocks:

138,522,063

+59,107

 

Global Gold ETF Holdings

[WGC Sponsored ETF’s]

 

 

Product name

Total Tonnes

Total Ounces

Total Value

New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx)

SPDR® Gold Shares

673.40

21,650,600

US$ 19,423m

London Stock Exchange (LSE) AND Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse )

Gold Bullion Securities

119.71

3,848,709

US$ 3,524m

Australian Stock Exchange (ASX)

Gold Bullion Securities

10.87

349,077

US$ 320m

Johannesburg Securities Exchange (JSE)

New Gold Debentures

30.16

969,697

US$ 870m

Note: No change in Total Tonnes from yesterday’s data.

 

COMEX Gold Trust (IAU)

Profile as of 7/30/2008

 

Total Net Assets

$1,776,272,357

Ounces of Gold
in Trust

1,967,972.052

Shares Outstanding

19,950,000

Tonnes of Gold
in Trust

61.21

Note: No change in Total Tonnes from yesterday’s data.

 

Silver Trust (SLV)

Profile as of 7/30/2008

 

Total Net Assets

$3,453,462,833

Ounces of Silver
in Trust

201,805,748.100

Shares Outstanding

204,000,000

Tonnes of Silver
in Trust

6,276.86

Note: No change in Total Tonnes from yesterday’s data.

 

IShares Silver holdings exceed 200 millon ounces - Reuters

Silver Exchange-Traded Fund Crosses Over 200 Million-Ounce Mark - The Silver Institute

 

The Stocks:

 

Goldcorp’s (GG) second-quarter results and offer to buy Gold Eagle (GEA.TO), Almaden’s (AAU) drill results, Buenaventura’s (BVN) project plans, Banro’s (BAA) drill results, NovaGold’s (NG) NovaGreenPower sale plans, Royal Gold’s (RGLD) plans to acquire Barrick’s (ABX) royalty profile, Barrick’s (ABX) second quarter results, Randgold’s (GOLD) second quarter results, AngloGold’s (AU) second quarter results and Sao Bento acquisition from Eldorado (EGO), Centerra’s (CG.TO) second quarter earnings, and Richmont’s (RIC) second quarter results were among the big stories in the gold and silver mining industry making headlines today.

 

WINNERS

1.  Coeur

CDE +9.89% $2.89

2.  Randgold

GOLD+9.08% $51.18

3.  Almaden

AAU +7.23% $1.93

 

LOSERS

1.  Metalline

MMG -9.86% $1.2349

2.  Western Goldfields

WGW -5.33% $2.13

3.  Freeport

FCX -4.58% $96.75

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:

VenCan Announces Amendment to Proposed Brokered and Non-Brokered Private Placement - More
- July 31, 2008 | Item | E-mail


Merc Announces Voluntary Extension of Hold Period - More
- July 31, 2008 | Item | E-mail


UME Engages Breakstone Group as Investor Relations Consultant - More
- July 31, 2008 | Item | E-mail


Tribute's Exploration Update - More
- July 31, 2008 | Item | E-mail


Opawica Explorations Inc. Announces Atikwa Lake Drill Results - More
- July 31, 2008 | Item | E-mail


Almaden Minerals Ltd.: 64.01 Metres Grading 1.02 g/t Gold at Caballo Blanco, Mexico - "Almaden Minerals Ltd. ("Almaden", "the Company") (Toronto:AMM.TO - News)(AMEX:AAU - News) is pleased to report that it has received additional assay results from the Cerro la Paila gold target of its Caballo Blanco project in Veracruz, Mexico from operating partner Canadian Gold Hunter Corp. ("CGH") (Toronto:CGH.TO - News)." More
- July 31, 2008 | Item | E-mail


Corriente Resources Inc.: Due Diligence Site Visits Underway in Ecuador - More
- July 31, 2008 | Item | E-mail


Peru's Buenaventura sees La Zanja producing in '10 - "Buenaventura (BUEv.LM: Quote, Profile, Research, Stock Buzz) (BVN.N: Quote, Profile, Research, Stock Buzz) sees production at its La Zanja gold project in northern Peru starting around the middle of 2010, the company's head of explorations said on Thursday." More
- July 31, 2008 | Item | E-mail


Lydian Appoints Fox-Davis Capital as a Capital Markets Advisor - More
- July 31, 2008 | Item | E-mail


Banro intercepts 192 metres grading 2.02 g/t Au, 149 metres grading 1.71 g/t Au, 68 metres grading 3.77 g/t Au, 77.8 metres grading 2.17 g/t Au - "Assay results have been received for an additional 30 core holes drilled at the Twangiza North and Twangiza Main deposits since the last drilling update in May 2008. These 30 core holes, which were drilled as part of the Company's bankable feasibility study, were not included in the mineral resource estimates for the Twangiza pre-feasibility study announced on July 7, 2008." More
- July 31, 2008 | Item | E-mail


Cypress / Skyharbour Update on their Red Lake / Bruce Channel Drill Program, Red Lake, NW Ontario - More
- July 31, 2008 | Item | E-mail


Eastmain Resources Inc.: Eau Claire Gold Deposit Drilling Underway - More
- July 31, 2008 | Item | E-mail


Eagle Plains/Blind Creek Commence Drilling Program at Blende Silver/Base-Metal Deposit, Yukon Territory - More
- July 31, 2008 | Item | E-mail


Rocmec Releases a Video Demonstration of the Thermal Fragmentation Mining Method - More
- July 31, 2008 | Item | E-mail


NWM Pours First Gold at Lluvia-Jojoba Project - More
- July 31, 2008 | Item | E-mail


Chariot Announces Additional Drill Results - More
- July 31, 2008 | Item | E-mail


Orex Exploration Inc.: Positive Assays Continue to Extend Gold Zones and Prompt Additional Land Acquisition Surrounding Goldboro Project - More
- July 31, 2008 | Item | E-mail


Mineral Deposits Limited: Quarterly Report for the Period Ended 30 June 2008 - More
- July 31, 2008 | Item | E-mail


Tamerlane Receives Land Use Permit For Its Pine Point Project - More
- July 31, 2008 | Item | E-mail


Tornado Gold Focuses Efforts to Drill Illipah: Potential to Host Seven Million (7,000,000) Ounces of Gold - More
- July 31, 2008 | Item | E-mail


Adex Drill Results Include Additional High-Grade Indium-Zinc Intersections at Mount Pleasant - More
- July 31, 2008 | Item | E-mail


Celtic Minerals grants options - More
- July 31, 2008 | Item | E-mail


Tao Minerals Announces Phase 1 of the Upgrade of El Colmillo Gold Mine - More
- July 31, 2008 | Item | E-mail


Quarterly report to the Australian Securities Exchange for the period ending 30 June 2008 - More
- July 31, 2008 | Item | E-mail


Ivernia Inc. Appoints Mr. Bruce Hooper as Vice President-Exploration and Development - More
- July 31, 2008 | Item | E-mail


NovaGold to Sell NovaGreenPower for $40 Million - "NovaGold Resources Inc. (Toronto:NG.TO - News)(NG - News) today announced that it has reached a binding agreement to sell 100% of its NovaGreenPower subsidiary for up to $40 million to AltaGas Ltd., a Calgary based energy infrastructure company. NovaGreenPower owns several development-stage run-of-river hydroelectric projects located in northwest British Columbia." More
- July 31, 2008 | Item | E-mail


Yukon-Nevada Gold Corp. moves to secure financing for mine expansion - More
- July 31, 2008 | Item | E-mail


Sage Exploration Update: Beardmore Geraldton Gold Camp - More
- July 31, 2008 | Item | E-mail


Bancroft Uranium Begins Implementation of N.I. 43-101 Engineering Report Recommendations at Monmouth Project -- New President and CEO Appointed - More
- July 31, 2008 | Item | E-mail


Ventura Announces Fiscal Year-End Results With Positive Working Capital of $7.6 Million - More
- July 31, 2008 | Item | E-mail


Zincore Drills 12 Metres of 15.0% Lead and 7.4% Zinc at Yanque - More
- July 31, 2008 | Item | E-mail


Change of directors and officers of Royal Roads following completion of plan of arrangment with Buchans River Ltd. - More
- July 31, 2008 | Item | E-mail


Midlands Minerals Reports Significant Gold Mineralization in Follow Up RC Drilling at Sian, Ghana - More
- July 31, 2008 | Item | E-mail


Andean Resources Announces Fourth Quarter Results - More
- July 31, 2008 | Item | E-mail


Serengeti Intersects 65 Meters Grading 1.09% Copper, 1.21 g/t Gold and 87 Meters Grading at 0.89% Copper, 1.18 g/t Gold at Kwanika - More
- July 31, 2008 | Item | E-mail


Louvem Mines Reports its 2008 Second Quarter Results - More
- July 31, 2008 | Item | E-mail


High River Gold Announces Agreement to Acquire the Remaining 50% of the Prognoz Silver Project - More
- July 31, 2008 | Item | E-mail


James Bay Resources Closes $9.3 Million IPO Financing and Commences Trading on the TSX Venture Exchange - More
- July 31, 2008 | Item | E-mail


Anglo Swiss Resources' Kenville Gold Mine Property Drill Program Extended Due to Recent Findings on New Multiple Gold Vein System - More
- July 31, 2008 | Item | E-mail


China Shen Zhou Mining & Resources, Inc. Announces Approval for the New Mining License of Kyrgyzstan Gold-copper Mine - More
- July 31, 2008 | Item | E-mail


Canadian Zinc Corporation: Memorandum of Understanding Signed With Parks Canada - More
- July 31, 2008 | Item | E-mail


VMS Ventures Inc.: RD-08-51 Through RD-08-56 Contain Intersections of Near Solid Sulphides or Sulphide Veinlets at Reed Lake, Manitoba - More
- July 31, 2008 | Item | E-mail


DOT Announces 2008 Exploration Program - More
- July 31, 2008 | Item | E-mail


Hunter Dickinson to Make Strategic Investment in Independent Nickel - More
- July 31, 2008 | Item | E-mail


Tiger Resources Limited - Issue of June 2008 Quarterly Report - More
- July 31, 2008 | Item | E-mail


Silverado Releases Mineral Resource Estimates for its Nolan Creek Property in Alaska - More
- July 31, 2008 | Item | E-mail


ROCA Reports Third Quarter Results - More
- July 31, 2008 | Item | E-mail


Centerra Gold Reports Second Quarter Earnings (Before Unusual Items) of $0.06 Per Share - "Centerra Gold Inc. (TSX:CG - News) today reported second quarter earnings before unusual items of $13.8 million or $0.06 per common share based on revenues of $142.6 million compared to net earnings of $18.6 million or $0.09 per common share on revenues of $103.7 million in the same quarter of last year." More
- July 31, 2008 | Item | E-mail


Richmont Mines Reports 27.4% Increase in Revenue in the Second Quarter of 2008 - "Richmont Mines Inc. (Toronto:RIC.TO - News)(RIC - News), a gold exploration, development and production company with operations in North America, today announced financial and operational results for its second quarter ended June 30, 2008. Financial results are based on Canadian GAAP and dollars are reported in Canadian currency, unless otherwise noted." More
- July 31, 2008 | Item | E-mail


Goldcorp Reports Second Quarter Results - "GOLDCORP INC. (Toronto:G.TO - News)(GG - News) today reported increased gold production of 551,600 ounces for the quarter ended June 30, 2008. Adjusted net earnings(1) in the quarter were $83.2 million, or $0.12 per share. A non-cash foreign exchange loss on the revaluation of future income tax liabilities led to a reported net loss of $9.2 million, or $0.01 per share, for the second quarter." More
- July 31, 2008 | Item | E-mail


Goldcorp Consolidates Red Lake District With $1.5 Billion Acquisition of Gold Eagle - "Goldcorp Inc. ("Goldcorp") (Toronto:G.TO - News)(GG - News) and Gold Eagle Mines Ltd. ("Gold Eagle") (Toronto:GEA.TO - News) today announced an agreement whereby Goldcorp will acquire, through a friendly plan of arrangement, all outstanding shares of Gold Eagle." More
- July 31, 2008 | Item | E-mail


Barrick Q2 Net Income Rises 22% to $0.56 per Share: Cash Margins Increase 68% to $477 per Ounce - "Barrick reported second quarter net income of $485 million ($0.56 per share) and operating cash flow of $531 million ($0.61 per share) compared to net income of $396 million ($0.46 per share) and operating cash flow of $336 million ($0.39 per share) in the prior year period. Net income rose 22% and operating cash flow increased 58% compared to the prior year period." More
- July 31, 2008 | Item | E-mail


Royal Gold to Acquire Barrick Gold's Royalty Portfolio - "ROYAL GOLD, INC. (Nasdaq: RGLD - News; TSX: RGL - News), the leading precious metals royalty company, announced that it has entered into a definitive agreement to acquire a portfolio of royalties from Barrick Gold Corporation ("Barrick") for net cash consideration of $150 million and a restructuring of certain Royal Gold royalty positions at Barrick's Cortez Pipeline Mining Complex ("Cortez") in Nevada. The restructuring of these royalty positions will reduce the royalty burden on the undeveloped Crossroads deposit at Cortez while having only a minimal impact on Royal Gold's royalty revenue from the current production." More
- July 31, 2008 | Item | E-mail


Barrick Sells Non-Core Royalties to Royal Gold-Achieves Lower Royalties on Cortez-Crossroads - "Barrick Gold Corporation (NYSE:ABX - News) (Toronto:ABX.TO - News) announced today that it has entered into a definitive agreement to sell certain non-core royalties to Royal Gold Inc. in exchange for $150 million in cash and a significant reduction of royalties otherwise payable to Royal Gold on Barrick's 100%-owned Cortez property." More
- July 31, 2008 | Item | E-mail


Randgold Resources announces Q2 results - "Randgold Resources (LSE:RRS.L - News)(NasdaqGS:GOLD - News) boosted its net profit for the six months to June to USD38.4 million (2007: USD19.6 million) in spite of the negative impact of a weakening dollar and rising input costs, the company reported today. Net profit of USD20.2 million for the second quarter was up 11% on the previous quarter and up 196% on the corresponding quarter in 2007." More
- July 31, 2008 | Item | E-mail


AngloGold Ashanti Agrees to Acquire 100% of Sao Bento - "AngloGold Ashanti Limited ("AngloGold Ashanti") is pleased to announce that it has entered into a letter agreement with Eldorado Gold Corporation ("Eldorado") to acquire 100% of Eldorado's wholly owned subsidiary, São Bento Gold Limited ("SBG"), which company in turn wholly owns São Bento Mineração S.A. ("SBMSA") for a consideration of US$70 million to be settled by the issue of AngloGold Ashanti shares to Eldorado ("the Transaction")." More
- July 31, 2008 | Item | E-mail


AngloGold Ashanti Results for the Second Quarter 2008 - "Operational performance saw second quarter production at 1.25Moz, 5% higher than the previous quarter and 3% better than guidance provided in May 2008, primarily due to improved performances from Mponeng and TauTona in South Africa and Geita Gold Mine in Tanzania. At its South African operations, the company achieved its target of a 5% saving of power, six months ahead of schedule, while operating at 100% production capacity." More
- July 31, 2008 | Item | E-mail


Goldcorp to buy Gold Eagle, reports surprise loss - "Goldcorp (G.TO: Quote, Profile, Research, Stock Buzz) has agreed to buy fellow Canadian gold miner Gold Eagle Mines (GEA.TO: Quote, Profile, Research, Stock Buzz) for about C$1.5 billion ($1.47 billion) to pick up the Bruce Channel gold discovery, an exploration project adjacent to Goldcorp's flagship Red Lake operation.

Goldcorp, Canada's No. 2 gold producer, also reported an unexpected second-quarter loss, cut its production outlook for the year and boosted its 2008 cost estimates." More
- July 31, 2008 | Item | E-mail


 

- Chris Mullen, Gold Seeker Report

 

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© Gold Seeker 2008

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 31 July, 2008 | |


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